(Portfolio = San Gold) GCIC LTD (FORMERLY GOODMAN & CO) ^^^ INCREASED its holdings of SAN GOLD CORPORATION (SGR) by 13,124,000 to hold 39,200,000 shares as of 29/Feb/2012 (Modified on 13/Mar/2012)

(Portfolio = San Gold) DYNAMIC STRATEGIC GOLD CLASS INCREASED its holdings of SAN GOLD CORPORATION (SGR) by 4,150,000 to hold 9,300,000 shares as of 31/Dec/2011 (Modified on 13/Mar/2012)

Do the math. Add up GCIC, Dynamic, Canada Dominion and CMP. Those are under control of the leader. That's 80 million shares or 25%.

Targeted Security Holder List

	Holder Name	Shares Held	% of O/S	Report Date	Change
	GCIC LTD (FORMERLY GOODMAN & CO) ^^^	39,200,000	1.27 %	20120229	13,124,332
	DYNAMIC PRECIOUS METALS FUND ^^	23,300,000	0.75 %	20111231	100,000
	VAN ECK MARKET VECTORS ETF TRUST - JUNIOR GOLD MINERS ETF	16,497,300	0.53 %	20120222	-241,973
	OPPENHEIMER GOLD & SPECIAL MINERALS FUND, INC. ^^	11,589,748	0.37 %	20111230	-10,399,965
	USAA INVESTMENT TRUST-PRECIOUS METALS & MINERALS FUND ^^	10,050,000	0.32 %	20111130	3,550,000
	DYNAMIC STRATEGIC GOLD CLASS	9,300,000	0.30 %	20111231	4,150,000
	WYNNE, HUGH	8,160,002	0.26 %	20110519	270,000
	FRANKLIN GOLD & PRECIOUS METALS FUND ^^^	7,500,000	0.24 %	20111031	0
	SPROTT GOLD AND PRECIOUS METALS FUND	7,231,100	0.23 %	20110630	2,200,000
	INVESTORS CANADIAN NATURAL RESOURCE FUND	6,917,600	0.22 %	20110930	1,375,400
	VAN ECK INTERNATIONAL INVESTORS GOLD FUND ^^	5,684,000	0.18 %	20111231	0
	FIDELITY SELECT PORTFOLIOS - GOLD ^^^	4,474,400	0.14 %	20111130	1,587,000
	CMP 2011 RESOURCE LP	3,400,000	0.11 %	20110630	new
	CARMIGNAC COMMODITIES ^^	3,100,000	0.10 %	20100630	new
	JOHN HANCOCK FUNDS II - SMALL CAP EQUITY FUND	3,041,611	0.10 %	20111031	270,853
	MANULIFE GROWTH OPPORTUNITIES FUND	2,801,419	0.09 %	20101231	102,755
	INVESTORS CANADIAN SMALL CAP FUND	2,800,000	0.09 %	20110930	925,000
	CANADA PENSION PLAN INVESTMENT BOARD ^^	2,718,000	0.09 %	20110331	new
	KALMAR INVESTMENTS INC. ^^	2,652,942	0.09 %	20101231	-142,931
	CANADA DOMINION RESOURCES 2010 LP	2,205,200	0.07 %	20110630	1,910,400
	CMP 2010 RESOURCE LIMITED PARTNERSHIP	2,205,200	0.07 %	20110630	0
	TD PRECIOUS METALS FUND	1,600,000	0.05 %	20110630	0
	RENAISSANCE CANADIAN SMALL-CAP FUND	1,427,040	0.05 %	20110831	new
	US GLOBAL INVESTORS - WORLD PRECIOUS MINERALS FUND	1,400,000	0.05 %	20111231	-85,000
	DYNAMIC SMALL BUSINESS FUND (FORMERLY FOCUS + SMALL BUSINESS FUND)	1,400,000	0.05 %	20101231	215,000
	GINN, DALE	1,306,140	0.04 %	20110519	-150,000
	SPROTT CANADIAN EQUITY FUND	1,298,200	0.04 %	20110630	0
	ISHARES S&P/TSX GLOBAL GOLD INDEX FUND	1,275,212	0.04 %	20110630	new
	SHORT POSITIONS	1,202,018	0.04 %	20120228	-34
	HUBERT, BENJAMIN ARTHUR	1,181,200	0.04 %	20110502	-50,000
	DYNAMIC GOLD & PRECIOUS METALS FUND	1,100,000	0.04 %	20110930	250,000
	BMO JUNIOR GOLD INDEX ETF	1,098,216	0.04 %	20110630	259,407
	SCOTIA RESOURCE FUND	1,000,000	0.03 %	20110630	new
	VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	990,036	0.03 %	20110731	new
	SA FDS INV TR- CANADIAN SMALL COMPANY SERIES ^	898,095	0.03 %	20111231	197,378
	TD EMERALD CANADIAN EQUITY INDEX FUND	804,900	0.03 %	20110630	new
	SPROTT 2010 FLOW-THROUGH LP	775,000	0.03 %	20110630	0
	BOULAY, RICHARD ALBERT	760,763	0.02 %	20110531	-114,800
	SPROTT 2011 FLOW-THROUGH LP	700,000	0.02 %	20110630	new
	US GLOBAL INVESTORS - GOLD & PRECIOUS METALS FUND (FORMERLY GOLD SHARES FD)	700,000	0.02 %	20111231	-45,000
	KALMAR POOLED INVESTMENT TR-GROWTH-WITH-VALUE-SMALLCAP FUND	679,435	0.02 %	20100930	0
	CANADA DOMINION RESOURCES LP 1011	600,000	0.02 %	20110630	new
	OPPENHEIMER GLOBAL ALLOCATION FUND (FORMERLY QUEST BALANCED FUND) ^^	535,438	0.02 %	20111031	-70,061
	WELLS FARGO ADVANTAGE SMALL/MID CAP VALUE FUND ^^^	522,020	0.02 %	20111031	-39,000
	JOHN HANCOCK INVESTMENT TRUST-GLOBAL OPPORTUNITIES FUND	498,543	0.02 %	20110731	new
	PERENNIAL INVESTORS LLC	461,300	0.01 %	20110930	461,300
	SEI CANADIAN EQUITY FUND	426,200	0.01 %	20100630	-86,400
	COLLEGE RETIREMENT EQUITIES FUND-STOCK ACCOUNT ^	414,800	0.01 %	20110930	0
	ALTAMIRA RESOURCE FUND ^^	375,000	0.01 %	20100630	-675,000
	ISHARES S&P/TSX CAPPED MATERIALS INDEX FUND	280,958	0.01 %	20110630	new

Targeted Security Holder List

	Holder Name	Shares Held	% of O/S	Report Date	Change
	TD RESOURCE FUND	275,000	0.01 %	20110630	new
	ISHARES S&P/TSX CAPPED COMPOSITE INDEX FUND	274,996	0.01 %	20110630	new
	SEI CANADIAN SMALL COMPANY EQUITY FUND	244,200	0.01 %	20100630	26,900
	INVESTORS CANADIAN GROWTH CLASS	214,900	0.01 %	20100930	new
	TD CANADIAN INDEX FUND	193,600	0.01 %	20110630	new
	QWEST ENERGY 2010 FLOW-THROUGH LP - WOUND UP	185,000	0.01 %	20100630	new
	ISHARES S&P/TSX COMPLETION INDEX FUND	161,130	0.01 %	20110630	new
	CRESTSTREET 2011 FLOW-THROUGH NATIONAL CLASS LP	133,300	0.00 %	20110630	new
	FORUM FUNDS, INC.-ABSOLUTE OPPORTUNITIES FUND	131,380	0.00 %	20101231	new
	CIBC CANADIAN RESOURCES FUND	126,982	0.00 %	20101231	0
	IQ CANADA SMALL CAP ETF	105,714	0.00 %	20111031	-53,652
	WELLS FARGO ADVANTAGE SMALL CAP VALUE PORTFOLIO	88,375	0.00 %	20110831	new
	METROPOLITAN SER FD-MET/DIMENSIONAL INTERNATIONAL SMALL COMPANY PORTFOLIO	84,387	0.00 %	20111231	2,887
	BERZINS, IAN MARTIN	54,500	0.00 %	20110519	5,000
	MANULIFE GLOBAL NATURAL RESOURCES FUND	52,669	0.00 %	20101231	new
	KRISTJANSSON, GESTUR	51,724	0.00 %	20120120	2,500
	SPROTT ALL CAP FUND	50,000	0.00 %	20110630	25,000
	FRONT STREET FLOW THROUGH 2009-2 LP	47,875	0.00 %	20100630	new
	STONE & CO RESOURCE PLUS CLASS	40,000	0.00 %	20101231	40,000
	MARKLAND AGF PRECIOUS METALS FUND	39,152	0.00 %	20110630	-23,060
	POWERSHARES GLOBAL GOLD & PRECIOUS METALS PORTFOLIO	37,600	0.00 %	20111031	new
	WELLS FARGO ADVANTAGE MASTER PORTFOLIOS - STR SM CAP VALUE PORTFOLIO ^	33,945	0.00 %	20100930	new
	JOHN HANCOCK FUNDS III - SMALL CAP OPPORTUNITIES FUND	25,988	0.00 %	20110930	10,758
	SHEARER, COURTNEY ADAIR	19,538	0.00 %	20110418	-300,000
	POWER, MICHAEL	19,000	0.00 %	20101231	0
	JOHN HANCOCK FUNDS II - INTERNATIONAL SMALL COMPANY FUND	18,482	0.00 %	20111130	0
	STONE & CO GROWTH INDUSTRIES FUND	13,000	0.00 %	20101231	new
	PATHWAY MULTI SERIES FUND - RESOURCE FLEX SERIES	12,000	0.00 %	20110630	2,000
	HORIZONS ADVANTAGED EQUITY FUND	11,700	0.00 %	20110831	new
	MCCUTCHEON, JAMES W.	9,633	0.00 %	20110131	0
	OLD WESTBURY GLOBAL SMALL & MID CAP FUND	3,200	0.00 %	20111030	new
	ANDERSON, MICHAEL	3,000	0.00 %	20110704	new
	MANULIFE GLOBAL OPPORTUNITIES CLASS	1,000	0.00 %	20111031	-118,846
	CI CANADIAN SMALL/MID CAP FUND	0	0.00 %	20100331	-1,746,200
	RBC GLOBAL PRECIOUS METALS FUND	0	0.00 %	20101231	-5,093,800
	RENAISSANCE GLOBAL RESOURCE FUND	0	0.00 %	20110831	-47,472
	RBC GLOBAL RESOURCES FUND	0	0.00 %	20100630	-671,700
	NATIONAL BANK SMALL CAP FUND	0	0.00 %	20100630	-1,714,060
	SCEPTRE EQUITY GROWTH FUND ^^^	0	0.00 %	20110630	-1,775,300
	SCOTIA CYCLICAL OPPORTUNITIES FUND	0	0.00 %	20101231	-150,000
	IA CLARINGTON CANADIAN GROWTH FUND (FORMERLY CANADIAN EQUITY FUND)	0	0.00 %	20100630	-412,000
	GWLIM CANADIAN GROWTH FUND	0	0.00 %	20100930	-61,800
	FAIRCOURT RESOURCE FUND LP	0	0.00 %	20110630	-28,000
	MACKENZIE UNIVERSAL WORLD PRECIOUS METALS CLASS	0	0.00 %	20100930	-194,400
	CIBC PRECIOUS METALS FUND	0	0.00 %	20110630	-878,923
	ALTAMIRA PRECIOUS AND STRATEGIC METAL FUND	0	0.00 %	20101231	-285,200
	BMO PRECIOUS METALS FUND	0	0.00 %	20110930	-510,000
	FEDERATED PRUDENT BEAR FUND	0	0.00 %	20100331	-1,345,000
	FRONT STREET RESOURCE FUND	0	0.00 %	20110430	-554,520
	WELLS FARGO ADVANTAGE PRECIOUS METALS FUND ^^ (FORMERLY EVERGREEN PM FUND)	0	0.00 %	20110131	-1,603,900

Targeted Security Holder List

	Holder Name	Shares Held	% of O/S	Report Date	Change
	FAIRCOURT GOLD INCOME CORP	0	0.00 %	20110630	-190,000
	IG MACKENZIE GLOBAL PRECIOUS METALS CLASS	0	0.00 %	20110930	0
	DWS GOLD & PRECIOUS METALS FUND ^^	0	0.00 %	20110731	-785,600
	RUSSELL CANADIAN EQUITY FUND	0	0.00 %	20110630	-394,100
	EXEMPLAR CANADIAN FOCUS PORTFOLIO	0	0.00 %	20110630	-78,000
	RBC PRIVATE CANADIAN MID CAP EQUITY POOL	0	0.00 %	20110630	-260,300
	GABELLI GOLD FUND ^^	0	0.00 %	20101231	-250,000
	RUSSELL CANADIAN EQUITY POOL (FORMERLYSOVEREIGN CANADIAN EQUITY POOL)	0	0.00 %	20101231	-319,200
	FRONT STREET CANADIAN EQUITY FUND	0	0.00 %	20101031	-298,400
	INVESTORS CANADIAN GROWTH FUND	0	0.00 %	20110930	-164,000
	CI ALPINE GROWTH EQUITY FUND	0	0.00 %	20110930	-235,007
	FIDELITY CONTRAFUND INC ^^^	0	0.00 %	20110930	-5,432,500
	FIDELITY ADVISOR NEW INSIGHTS FUND ^^	0	0.00 %	20110930	-1,017,900
	OCM GOLD FUND ^^	0	0.00 %	20111130	-610,000
	IA CLARINGTON MONTHLY INCOME BALANCED FUND	0	0.00 %	20101231	-205,000
	AMERICAN CENTURY GLOBAL GOLD FUND ^^	0	0.00 %	20110630	-1,995,400
	MACKENZIE UNIVERSAL PRECIOUS METALS FUND	0	0.00 %	20110930	-1,000,000
	MANULIFE GROWTH OPPORTUNITIES CLASS	0	0.00 %	20111031	-241,425