Name(XXX) XXX-XXXXemail @canaccord

Transcription

Name(XXX) XXX-XXXXemail @canaccord

25 November 2009
Taxes, trading and traditions
Wendell Zerb
[email protected]
1.604.643.7485
•
Next week, December will be upon us. For many, ’tis the start of a season of
holidays, family and friends. Of course, ’tis also a traditional season of tax
loss selling. However, this year’s seasonality may be a little different. With
the TSX Venture Index up 77.7% in 2009, could we see investors crystallize
profits rather than losses? In this week’s Junior Mining Weekly, we look at
the seasonal trading trend and consider how this year’s unique performance
could impact year-end trade.
•
Exploration updates:
Eric Zaunscherb
[email protected]
1.604.699.0829
Nicholas Campbell
[email protected]
1.604.643.7027
Corex Gold Corporation
Extract Resources Limited
Mantra Resources Limited
Salazar Resources Limited
UEX Corporation
Adam Melnyk (Research Associate)
[email protected]
1.604.643.1655
(CGE : TSXTSX-V : C$0.90 | Not rated)
(EXT : TSX : C$7.77
C$7.77 | Not rated)
rated)
(MRL
MRL : TSX : C$
C$4.55 | Not rated)
rated)
(SRL : TSXTSX-V : C$1.05 | Not rated)
(UEX : TSX : C$0.94
C$0.94 | Not rated)
rated)
Figure 1: Gold price versus average value US$/oz in situ
Iris Varga (Research Assistant)
[email protected]
1.604.643.7412
120
1200.0
Current value: US$83.72/oz
US$83.72/oz ↑
110
1100.0
In this issue:
Market and Commodities Snapshot
Foreword
Other News
100
2
3
4
90
1000.0
Corex Gold Corp.
Salazar Resources Ltd.
UEX Corporation
8
10
12
14
16
70
900.0
60
800.0
50
40
700.0
30
Average Value US$/oz in situ
Nov-09
Aug-09
Jun-09
Mar-09
Dec-08
Oct-08
Jul-08
May-08
Feb-08
600.0
Dec-07
20
Sep-07
18
19
20
22
24
26
27
29
Jul-07
Drill Bitz
Gold In Situ
Silver In Situ
PGM In Situ
Uranium In Situ
Research Universe
Ink Spots
Index
Gold Price
C$:US$ 0.93
Ag:Au ratio 62:1
Source: Canaccord Adams, Capital IQ
Canaccord Adams is the global capital markets group of Canaccord Capital Inc. (CCI : TSX|AIM)
The recommendations and opinions expressed in this Investment
Analyst’’s personal,
Investment Research accurately reflect the Investment Analyst
independent and objective views about any and all the Designated Investments and Relevant Issuers discussed herein. For important
information, please see the Important Disclosures section in the appendix of this document or visit or visit
http://www.canaccordadams.com/research/Disclosure.htm.
Go l d Pr i ce (U S$)
Exploration Updates
Av e r a ge Va l ue U S$/o z i n si tu
80
Junior Mining Weekly | 2
25 November 2009
Figure 2: Junior market and commodities snapshot
TSX Venture Daily Volume for the week
CA commodity price and currency forecasts
2009E
Aluminum US$/lb
0.73
Copper US$/lb
2.28
Nickel US$/lb
6.59
Zinc US$/lb
0.71
Lead US$/lb
0.75
Uranium US$/lb
46.7
Molybdenum US$/lb
11.9
Cobalt US$/lb
17.2
Gold US$/oz
948.00
Silver US$/oz
14.29
Platinum US$/oz
1197
Palladium US$/oz
253
C$/US$
A$/US$
US$/Euro
0.88
0.78
1.40
1,307,128,173
261,425,635
370
3,200
2,800
2,000
220
1,600
TSX Venture Volume (M)
295
2,400
1,200
145
800
2010E
0.80
2.75
7.50
0.90
0.90
52.5
15.0
17.5
1,100.00
18.00
1425
300
2011E
0.80
3.00
7.50
1.00
0.80
60.0
15.0
15.0
1,000.00
17.00
1475
300
Long Term
0.85
2.00
7.00
0.80
0.50
70.0
12.5
12.5
800.00
15.00
1500
300
Value
20 Nov 09
0.92
3.09
7.50
1.01
1.05
44.00
10.75
22.00
1150.60
18.51
1447.00
364.25
0.95
0.90
1.50
0.95
0.90
1.50
0.90
0.80
1.50
0.93
0.91
1.49
WoW (week over week).
The CA commodity price and currency forecasts – updated values published September 28 and October 7, 2009.
PGM In Situ YTD value is Oct 20, 2009 (since inception) to date.
In Situs: The basket of companies might vary quarterly. CA - Canaccord Adams.
Past performance is not indicative of future results.
Source: Canaccord Adams, Capital IQ, Bloomberg, TSX Venture Exchange.
Oct-09
Nov-09
Jul-09
Sep-09
Jun-09
Aug-09
Apr-09
May-09
Feb-09
Mar-09
Oct-08
Jan-09
Dec-08
Jul-08
Oct-08
Jul-08
TSX-Venture Daily Trading Volume
Sep-08
Jun-08
Apr-08
May-08
Jan-08
Mar-08
Oct-07
Jan-08
Nov-07
70
Jul-07
400
Oct-07
S&P/TSX Venture
Venture Composite Index
Selected companies
Price
Highly active by % ∆ (16
Symbol
20 Nov 09
%∆
(1616-20 Nov 09)
09)
Challenger Development Corp.
CDQ.H
$0.48
140%
Option to acquire 70% in the Buziba-Busolwa Au claims, Lake Victoria Gold
Fields, Tanzania.
Western Troy Capital Resources, Inc.
WRY
$0.41
100%
Application for 48 claims in the Strange Lake Area of Quebec, near Quest
Uranium’s REE project.
Wildcat Exploration Ltd.
WEL
$0.17
65%
Channel samples returned 13.41 g/t Au over 0.4 m. Jeep property Bissett,
Manitoba.
Volume
278,822,694
242,777,038
286,150,839
245,041,872
254,335,730
S&P/TSX Venture Composite Index Volume and Value
Jan 07
07- 20 Nov 09
Jun-07
% Change
YTD
WoW
76.7%
3.54%
28.8%
1.50%
19.2%
3.05%
312.8%
5.84%
30.5%
2.92%
30.3%
2.83%
56.3%
2.64%
Aug-07
Value
20 Nov 09
1,408
11,579
372
993
112.94
112.96
473
Date
16-Nov-09
17-Nov-09
18-Nov-09
19-Nov-09
20-Nov-09
Total
Average.
Average. Daily Volume
May-07
Index
S&P/TSX Venture Composite Index
S&P/TSX Composite Index
S&P/TSX Global Gold Index
S&P/TSX Div. Metals & Mining
(SPDR) Streettracks Gold Trust
IShares Comex Gold Trust
AMEX Gold Bugs
of 1616-20 Nov 09
Monday
Tuesday
Wednesday
Thursday
Friday
May-07
WoW
11.9%
1.9%
-1.6%
-2.3%
WoW
2.2%
5.2%
3.5%
0.5%
Jan-07
YTD
161.6%
145.5%
3.0%
101.2%
YTD
271.6%
162.1%
164.3%
253.2%
Mar-07
CA COPPER In Situ (cents Cdn/lb)
CA NICKEL In Situ (cents Cdn/lb)
CA ZINC In Situ (cents Cdn/lb)
CA MOLY In Situ (cents Cdn/lb)
20 Nov 09
83.72
0.54
11.94
3.42
20 Nov 09
3.79
14.23
1.76
16.85
Jan-07
% Change
Mar-07
Value
S&P/TSX Venture Index
In Situ
EV/attrib. lb eq.or oz or
Mkt. cap/oz or lb eq.
CA GOLD In Situ (US$/oz)
CA SILVER In Situ (US$/oz)
CA PGM In Situ (US$/oz)
CA URANIUM In Situ (US$/lb)
S&P/TSX Venture Index
% Change
YTD
35.3%
123.9%
42.6%
86.9%
128.3%
-17.0%
-13.2%
25.7%
33.6%
63.8%
54.8%
94.8%
14.3%
31.0%
6.2%
WoW
5.7%
4.7%
3.0%
3.6%
2.9%
1.1%
0.0%
0.0%
2.9%
6.1%
3.9%
2.3%
-1.8%
-2.0%
-0.3%
25 November 2009
TAXES, TRADING AND TRADITIONS
December is typically a time when investors think ahead to the coming year. At this time
they often crystallize losses on underperforming investments to mitigate taxes payable on
capital gains earned during the year. In December 2008, capital losses were endemic
and December tax loss selling was in full force. To date in 2009, the TSX Venture Index
is up 77.7% and capital gains, rather than losses, have been the norm. So what should
we expect this December?
Undoubtedly, we will see some tax loss selling again this year. The TSX Venture Index
may be up substantially in 2009, but there are winners and losers within the group.
Fewer equities may have registered negative returns in 2009, but they are there and
likely to be targeted for tax loss selling this December.
While tax loss selling may not have the same impact on trading this December, we suspect
that there could be other sources of supply. Fund managers looking to crystallize profits for
the year-end and wary of a potential market correction that could erode the relative
returns of their portfolios could reduce positions in some of their better-performing
investments. It is also worth noting that, based on Canadian tax law, if tax losses exceed
capital gains in any one fiscal year, the excess losses can be applied indefinitely to future
taxable gains. Based on the substantial losses incurred in 2008, there could be some
significant historical losses that could be applied to offset 2009 capital gains and reduce
taxes, which could overall reduce the need for tax loss selling this year.
In general, tax loss selling tends to be focused in the first two weeks of December, with
some investors back into the market after this to take advantage of reduced equity values
in the second half of the month. We think that the worst- and best-performing equities
are the ones to monitor during the month of December: look for tax loss selling and
profit taking, respectively.
25 November 2009
OTHER NEWS
•
Last week, Petaquilla Minerals (PTQ : TSX-V : C$0.51 | Not rated) announced that the
government of Panama had granted approval for the company’s 100%-owned Molejon
gold mine to advance to the commercial production stage. The project is currently in
its final stages of commissioning, having achieved its first gold pour on April 7, 2009,
since which date the mine has produced a total of 25,699 ounces of gold.
•
Shareholders of Gabriel
Gabriel Resources (GBU : TSX : C$3.55 | UNDER REVIEW) will have
to wait a bit longer to gain clarity on the political situation in Romania. The latest
tally from Sunday’s election shows incumbent President Traian Basescu of the
centrist Democrat-Liberals with 32% of the vote versus 31% for leftist Mircea Geoana
of the Social Democrats. Both candidates will square off in a run-off election
scheduled for December 6. Third-place candidate Crin Antonescu (20%) has already
thrown his support behind Geoana. Gabriel’s Environmental Impact Assessment
(EIA) for the Rosia Montana gold project, hosting a 10.1 million ounce reserve, has
been held up in the Ministry of Environment since September 2007. Leftist
governments tend not to be too friendly towards foreign mining companies but we
will have to await the conclusion of the election, formation of a cabinet and a sense
of the new Minister of Environment’s take on Rosia Montana. New shareholder BSG
Capital Markets PCC Limited with a fully diluted ownership of 16%, part of the
Benny Steinmetz Group, will have to await clarity along with the rest of us.
•
Uranium market:
market Ux Consulting’s (UxC) spot price indicator fell US$1.00 to
US$43.00 per pound U3O8 while the long-term price indicator remained flat at
US$64.00/lb. UxC notes six spot transactions this past week. For the month of
November, 16 spot transactions have been noted amounting to 1.8 million lbs U3O8,
a relatively low figure. Year-to-date, however, 203 spot transactions amount to 45.5
million lbs, already exceeding last year’s record 43.3 million lbs. Low prices are
generating spot buying interest and UxC suggests “that the market may be firming
somewhat.” This may be reflected in the daily UxC Broker Average Price, which
ticked up for the first time in one month on Monday.
•
Uranium equities:
equities Last week we noted that Denison Mines (DML : TSX : C$1.49 | Not
rated) had announced a production decision for the Arizona 1 uranium deposit in
Arizona. The Center for Biological Diversity, Grand Canyon Trust and the Sierra Club
filed a lawsuit last week against the US Bureau of Land Management for its decision
allowing the proposed mine about 35 kilometres north of the Grand Canyon’s
northern boundary. Energy Fuels (EFR : TSX : C$0.26 | Not rated) also faces public
opposition to its proposed Piñon Ridge uranium mill in Montrose County, Colorado.
The company has filed its Radioactive Material License Application with the
Colorado Department of Public Health and Environment. The licence review process
will take from 10 to 14 months including public meetings. In more uranium-friendly
Namibia, West Australian Metals (WME : ASX : A$0.13 | Not rated) has updated its
interim resource for the 80%-owned Marenica deposit to 16 million tonnes indicated
at 170 ppm U3O8 for 5.9 million lbs plus 106 million tonnes inferred grading 140
ppm for 32.7 million lbs U3O8, based on a 80 ppm cut-off grade. With drilling
ongoing, we can expect expansion and upgrading of tonnages. African Energy
Resources (AFR : ASX : C$0.17 | Not rated) has also expanded its resource for the
Njame South prospect on the 50%-owned Chirundu joint venture, Zambia. Chirundu
25 November 2009
resources at a 100 ppm cut-off grade now total 11.3 million tonnes measured and
indicated grading 293 ppm for 7.3 million lb U3O8 plus 7.4 million tonnes inferred
grading 227 ppm for 3.7 million lbs U3O8. Two Canadian companies are busy in
Australia. Mega Uranium (MGA : TSX : C$0.81 | Not rated) is advancing the Lake
Maitland uranium project in Western Australia, filing referral documents for its
environmental assessment and signing a memorandum of understanding regarding
the possible sharing of infrastructure with an adjoining gold project. Laramide
Resources (LAM : TSX : C$1.35 | Not rated) has commenced an initial drill program
of 30 holes (3,000 metres) to test exploration targets on the Westmoreland project in
Queensland. The area appears highly prospective but we await a change in
government in the state allowing uranium mining.
•
Lithium equities:
equities Very few days pass without some impactful news in the lithium
battery industry. Recently we learned that Porsche will be using lithium-ion battery
powered starters in the 2010 911 GT3, 911 GT 3 RS and Boxster Spyder models as a
weight-saving and fuel-efficiency measure. Orocobre (ORE : ASX : A$1.10 | Not
rated) has expanded its ground position around the Salar de Olaroz lithium-potash
brine project in Argentina by 14,000 hectares to 51,000 hectares. More importantly,
ground covering the salar nucleus and margins have been nearly doubled to 14,000
hectares. This will likely extend the current inferred resource of 350 million kilolitres
(kL) of brine grading 800 g/kL and 6,600 g/kL of potassium. A definite feasibility
study is in progress to tap the 1.5 million tonnes of lithium carbonate and 4.4 million
tonnes of potash currently estimated at Salar de Olaroz. Reed Resources (RDX : RDR
: A$0.54 | Not rated) and Mineral Resources (MIN : ASX : A$7.33 | Not rated) are
advancing the Mount Marion Lithium project in Western Australia towards a target
2010 start-up. The joint venture partners target a resource of 7-8 million tonnes
grading 1.2% to 2.0% Li2O for Mount Marion, based on historical resources.
Metallurgical testwork to upgrade the spodumene to a concentrate is ongoing.
Talison Lithium Limited,
Limited another Australian company, is expected to be listed on the
TSX shortly as part of an IPO variably reported to be raising from C$100 million to
C$170 million. Talison produces mineral lithium at the Greenbushes mining
operation in Western Australia. Concentrate is shipped to China for processing into
lithium carbonate largely used in the battery industry. In 2008, Talison produced an
estimated 69% of global mineral lithium supply or 20-25% of total lithium supply.
We speculate that the Talison IPO is increasing the level of understanding of the
lithium theme in the equity markets. We have noted a rise in the amount the market
is willing to pay for in situ lithium resources. The average enterprise value per
pound of Li2O of explorers and developers we follow has increased by 38% from
C$0.08 to C$0.11 over the past two weeks.
•
Rare earth element equities:
equities Among more advanced Canadian rare earth element
(REE) companies, Great Western Minerals (GWG : TSX-V : C$0.30 | Not rated) has
reported a 123% increase in resource estimate for the wholly owned Hoidas Lake
project in Saskatchewan. The JAK zone now hosts 2.56 million tonnes measured and
indicated grading 2.03% total rare earth elements, of which 87% of the value is in
high-value lanthanum, cerium and neodymium. Great Western is moving toward a
PEA on the project. Avalon Rare Metals (AVL : TSX : C$2.60 | Not rated) is moving
toward a prefeasibility study for the Nechalacho REE deposit, part of the Thor Lake
project in the Northwest Territories. A 44-hole summer drill program amounting to
9,098 metres targeted the high-value Basal zone and should lead to an upgrade of
the resource estimate; an interim update is expected in early December and a full
25 November 2009
update is expected in early January 2010. We also expect an update on
hydrometallurgical studies in early 2010. Ucore Uranium (UCU : TSX-V : C$0.48 |
Not rated) has released the first round of assays from its 2,810 metre (27-hole)
summer drill program on the Bokan-Dotson Ridge project, Alaska. REE are found
over a 3 kilometre long strike length in multiple REE-bearing dykes and veins within
a structural corridor. Current assays support an historical (non-compliant) resource
34.2 million tonnes grading 0.48% total rare earth oxides (TREO), with a strong
component of heavy (high-value) rare earth oxides. Surface grab samples are
encouraging for Forum Uranium (FDC : TSX-V : C$0.12 | Not rated) and Quest
Uranium (QUC : TSX-V : C$3.11 | Not rated). Forum is getting 1.0-2.7% TREO with
variable heavy and light rare earth oxide enrichment on the recently discovered
Nutaaq alkalic intrusive within the wholly owned North Thelon project, located 13
kilometres east of AREVA’s Kiggavik uranium deposit, Nunavut. Quest has
discovered a new REE-bearing alkalic intrusive called Misery, near Strange Lake,
Québec. A total of 73 grab samples returned trace to 8.56% TREO plus iron,
titanium, phosphate and niobium. The property package is being extended and
Quest intends to follow up with drilling in 2010.
•
IBC Advanced Alloys (IB : TSX-V : C$0.16 | Not rated) is an intriguing company focused
on beryllium products. The company has three specialty manufacturing subsidiaries
with combined 2009 pro forma revenue estimated by management to be US$22-26
million. One of the subsidiaries, Beralcast, has proprietary beryllium-aluminum casting
technology for the aerospace industry. The company is currently conducting nuclearfuels research with Purdue and Texas A&M universities studying the use of beryllium
oxide in nuclear fuel rods with the potential to lengthen the fuel cycle significantly,
increase MW days per tonne, lower core temperatures and lower the half-life of waste.
IBC sources raw beryllium from Kazatomprom, the state nuclear company of
Kazakhstan. The company and Kazatomprom have signed a letter of intent concerning
a strategic partnership. The companies will negotiate a three-year supply agreement,
explore investments in new initiatives, and assess the feasibility of building a high
volume beryllium oxide production facility in Kazakhstan.
25 November 2009
EXPLORATION UPDATES
25 November 2009
COREX GOLD CORPORATION
(CGE : TSX-V : C$0.90 | NOT RATED)
Figure 3: CGE : TSX-V
Shares o/s (M):
Shares fd (M):
Cash. (M):
Market Cap. (M):
Co. Website:
Wendell Zerb, P. Geol
Adam Melnyk
1.604.643.7485
1.604.643.1655
Figure 4: CGE : TSX-V
31.0
40.0
C$3.5
$27.9
www.corexgold.com
Source: Company reports, StockCharts.com
Past 12 months – purchased:
Past 12 months – sold:
$42,695
$21,780
Since Oct. 29/09 – acquisitions or dispositions:
Nil
Source: INK Research
Corex Gold is a Canadian mineral exploration company focused on precious metal targets in Mexico. Corex is currently
exploring its flagship property, the Santana project, in Sonora, Mexico. The company is under the direction of President
and CEO, Craig Schneider, who has over 15 years’ experience in the mineral resource sector.
•
Last week the company released a series of drill results from its Santana property, Sonora State, Mexico. Drilling in
2008 and 2009 has outlined epithermal gold mineralization within a 0.80 by 2.3 kilometre area. Drilling along the
northwest trend between the El Nicho and El Nicho North zones, and on a secondary northeast trend of mineralization
in the area of the Benjamin zone, has intersected encouraging gold intercepts in RC drilling. Step-out hole SR09-27
(southwest 400 metres from SR08-39), on the northwest trend, returned 121.6 metres of 0.80 g/t Au. SR08-39
returned 66.4 metres of 0.97 g/t Au. Other intercepts of interest include: SR09-31 60.8 metres of 1.05 g/t Au and SR0933 returned 19.9 metres of 2.3 g/t Au 444 g/t Ag (new high-grade feeder zone at Benjamin).
•
The Santana prospect is located about 50 kilometres southeast of Alamos Gold’s Mulatos deposit. A paved road passes
within 15 kilometres of the project. Being on the western shoulder of the Sierras, the topography could be described as
having moderate relief.
•
The company is proceeding with an IP geophysical survey and the planning of the 2010 drill program. Initial guidelines
are for a 30,000-40,000 metre drill program that will test continuity between the known corridors and test newly
identified gold zones. Corex plans to use two diamond drill rigs and one RC rig in the upcoming program. In addition,
initial bottle roll metallurgical tests will be completed, and within one year the company suggests it could have its first
NI 43-101 mineral resource released.
An analyst has not visited the properties held by Corex Gold Corp.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares
of Corex Gold Inc. is for risk accounts only.
25 November 2009
Figure 5: Santana plan map with drill traces and geochemistry
Source: Corex Gold Corp.
Figure 6: Long section looking NE
Source: Corex Gold Corp.
25 November 2009
EXTRACT RESOURCES LIMITED
(EXT : TSX : C$7.77 | EXT : ASX | NOT RATED)
Figure 7: EXT : TSX
Shares O/S (M):
Shares FD (M):
Working Cap. (M):
Market Cap. (M):
Co. Website:
Eric Zaunscherb, CFA
1.604.699.0829
Figure 8: EXT : TSX
230.8
236.3
C$53.0
C$1,705
www.extractresources.com
Past 12 months – acquisitions & dispositions:
Nil
Extract Resources is a Perth-based uranium exploration company focused on the advancement of the wholly owned Husab
uranium project in Namibia, situated immediately south of the world-class Rössing mine. The Husab project includes the
world-class Rössing South deposit. Extract’s share price performance has been the best of the U3O8 sector through 2009.
Highlights from a recent exploration update include:
•
Extract has been exploring the Rössing South prospect, which currently hosts an estimated global resource of 249
million tonnes grading 543 ppm at a 100 ppm cut-off grade, for 268 million pounds U3O8. Both zones 1 and 2 (Figure
9) remain open along strike and to depth, and Zone 3 is emerging 1.2 kilometres south of Zone 2. Eleven rigs are
currently active on site with more to be sourced in the new year. Infill drilling on zones 1 and 2 is demonstrating
continuity and extension to depth; in our opinion, the gap between zones 1 and 2 will likely be filled. Current pit
optimization work is guiding toward maximum pit depths greater than 400 metres. Overall, we do not think a global
target resource of 500 million lbs U3O8 on the Husab project is unreasonable, making this one of the most important
uranium projects globally. A feasibility study is expected mid-2010.
•
A RadonX survey is expected to commence shortly. The survey measures radon gas emissions through up to 70 metres
of overburden, a very useful technique for “seeing” mineralization normally invisible through overburden. The survey
should generate additional uranium targets along the 15 kilometre long Rössing South trend, in parallel structures and
in possible surficial paleochannels. One of these targets is Salem where 14 holes totalling 3,955 metres have been
drilled. Results to date suggest a slightly different mineralization model (granite intruding an earlier granite) with
slightly narrower zones of mineralization.
•
Extract is currently searching for a CEO as a replacement for Peter McIntyre. Mr. McIntyre was forced out recently
despite deserving most of the credit for the early advancement of the project. A strategic review is ongoing by
Rothschild, including the evaluation of “potential development pathways” and expressions of interest in participation.
An analyst has visited Extract Resources Ltd.’s Husab property in Namibia. Partial payment or reimbursement was
received from the issuer for the related travel costs.
Investment risks
of Extract Resources Ltd. is for risk accounts only.
25 November 2009
Figure 9: Husab project map with Rössing South zones on total magnetic intensity image
Source: Extract Resources Ltd. news release, November 18, 2009
25 November 2009
MANTRA RESOURCES LIMITED
(MRL : TSX : C$4.55 | MRU : ASX | NOT RATED)
Figure 10: MRU : ASX
1.604.699.0829
Figure 11: MRU : ASX
N/A
Shares O/S (M):
Shares FD (M):
Working Cap. (M):
Market Cap. (M):
Co. Website:
109.3
123.1
C$17.2
C$475.2
mantraresources.com.au
Based in Perth, Western Australia, Mantra is focused on uranium exploration in Tanzania, Malawi and Mozambique. While
granite-hosted uranium exploration in Namibia has received most of the attention in the African uranium space,
exploration for sandstone-hosted mineralization in the Karoo formation in southern Africa, including Tanzania, Malawi,
and Mozambique, is intensifying. In our view, Mantra’s marquee Mkuju River project in Tanzania (Figure 12) is arguably
the leading uranium exploration project in the Karoo at this time. Management recently updated its exploration with the
following highlights:
•
Approximately 650 holes totalling 40,000 metres have been drilled at Mkuju River since September 2007. An initial
resource estimate (JORC compliant) for the Nyota prospect amounted to 39.9 million tonnes inferred grading 409 ppm
at a 200 ppm cut-off, containing 35.9 million pounds U3O8. We see significant exploration potential beyond the known
shallow, flat-lying mineralization to be expanded laterally and to depth. Recent mapping and historical data
compilation has guided the company in developing priority targets for drill testing at Nyota (Figure 13).
•
A drill program including 3,000 metres of diamond drilling and 20,000 metres of air drilling is ongoing with three rigs
on site. The four-month program is designed to upgrade and expand the existing resource, evaluate higher-grade
portions at surface, provide detailed geotechnical information and provide core samples for pilot plant metallurgical
studies. Drilling has discovered a new area at Nyota, Nyota NE, with a surface area of approximately 2 square
kilometres remaining open to the north and south. It has been drilled on a 100 by 100 metre grid and will be included
in the updated resource estimate expected in Q1/10. A recent highlight intersection was provided by Hole MNEA0123,
which cut 63 metres grading 559 ppm eU3O8 from 9 metres downhole.
•
A scoping study was delivered in June 2009 indicating a robust operation delivering 2.5 million pounds U3O8 per
annum. A prefeasibility study has commenced. Mantra has a strategic alliance with Highland Park (19.2% equity
interest), the founders of highly successful LionOre Mining International purchased in 2007 by Norilsk Nickel of Russia
for C$6.8 billion. Mantra has commenced trading on the Toronto Stock Exchange; the company’s Australian Securities
Exchange listing will be maintained as its primary listing.
An analyst has not visited the properties held by Mantra Resources Limited.
Investment risks
of Mantra Resources Limited is for risk accounts only.
25 November 2009
Figure 12: Mkuju River uranium project location map, Tanzania
Source: Mantra Resources Limited press release, November 23, 2009
Figure 13: Nyota prospect priority exploration targets
Source: Mantra Resources Limited press release, November 23, 2009
25 November 2009
SALAZAR RESOURCES LTD.
(SRL : TSX-V : C$1.05 | NOT RATED)
Figure 14: SRL : TSX-V
Shares O/S (M):
Shares FD (M):
Working Cap. (M):
Market Cap. (M):
Co. Website:
Wendell Zerb, P.
P. Geol
Adam Melnyk
1.604.643.7485
1.604.643.1655
Figure 15: SRL : TSX-V
28.9
31.8
C$4.0
C$30.3
www.salazarresources.com
In the past 12 months – acquisitions:
In the past 12 months – dispositions:
$33,747
$60,462
Past 12 months – Oct. 2/09 – acquisitions &
dispositions:
Nil
Salazar Resources is a mineral exploration company focused on gold-silver, copper-gold, and VMS opportunities in
Ecuador. Last week, Salazar announced a corporate update that included a revised exploration plan on its Ecuadorian
projects. There is geological evidence to suggest the company’s Curipamba VMS project could encompass a new welldeveloped VMS district, which typically is host to multiple deposits including a large tonnage deposit. The company is led
by Freddy Salazar, President and CEO, who has over 20 years of experience in the mineral resource sector in Ecuador.
•
A new mining law was approved in Ecuador on January 29, 2009, and mining regulations have now been officially
gazetted as of November 16, 2009. The company has a government-approved updated environmental plan and a
temporary water permit for its flagship Curipamba project (100%). The company also expects a government
community consultation to be completed and approved by the beginning of December 2009. Kinross Gold Corp. (K :
TSX : C$19.49 | HOLD) and Corriente Resources Inc. (CTQ : TSX : C$6.55 | SPECULATIVE BUY) have recently received
authorization from the Ecuadorian Ministry of Non-renewable Natural Resources to recommence work activities.
•
Salazar’s flagship asset is the 42,900 hectare Curipamba VMS project (100%), located in the Western Cordillera of
Ecuador. It hosts volcanic massive sulphide mineralization (gold, silver, copper, lead and zinc) observed over a 20 by
10 kilometre area in the Las Naves area. Phase 1 drilling, which consisted of 10,000 metres in 51 diamond drill holes,
investigated a number of IP geophysical anomalies, with the best results coming from the El Domo anomaly, which was
tested by 13 holes totalling 2,634 metres. This drilling was used as the basis for a NI 43-101 resource estimate,
released in February 2009, which estimated an inferred resource of 4.08 million tonnes, grading 3.49 g/t Au (453,000
oz Au), 76.33 g/t Ag (9.9 million oz Ag), 2.51% Cu (225.3 million lbs Cu), 0.47% Pb (42.2 million lbs Pb), and 4.55% Zn
(409.3 million lbs Zn). Indications from Salazar are that the zone is open to the north, south and west.
•
A follow-up Phase II program of up to 14,000 metres of drilling at Curipamba is planned. The program includes 5,000
m of drilling (25 holes) at El Domo; 3,500 m of drilling (20 holes) on geochemical and geophysical anomalies with the
Las Naves area (host to El Domo); 3,500 m of drilling (20 holes) on geochemical and geophysical anomalies at Sesmo
Sur (5km south of Las Naves). Also planned is regional geophysics consisting of 100 linear kilometres of IP and mag
that will cover the area between El Gallo and Sesmo areas and in the El Domo deposit area.
An analyst has not visited the properties held by Salazar Resources Ltd.
Investment risks
of Salazar Resources Ltd. is for risk accounts only.
25 November 2009
Figure 16: Curipamba target location map
Source: Salazar Resources
25 November 2009
UEX CORPORATION
(UEX : TSX : C$0.94 | NOT RATED)
Figure 17: UEX : TSX
Shares O/S (M):
Shares FD (M):
Working Cap. (M):
Market Cap. (M):
Co. Website:
1.604.699.0829
Figure 18: UEX : TSX
192.6
209.0
C$14.1
C$181.0
www.uex-corporation.com
$12,520
Nil
Since Sep. 11/09 – acquisitions or dispositions:
Nil
UEX is a Vancouver-based exploration and development company advancing an extensive portfolio of uranium projects in
the Athabasca Basin, Saskatchewan. The Athabasca Basin yields approximately one-quarter of global mine supply of U3O8
annually. This past week, UEX provided an update on the Shea Creek project in the western Athabasca Basin as follows:
•
The Shea Creek project (Figure 19) is owned 49/51 by UEX and AREVA (operator), respectively. During 2009,
exploration was focused on infill and step-out drilling at the Kianna and Anne deposits, exploration in the gap between
Kianna and Anne, and drill testing of the 58B target between Kianna and the Colette deposit to the north. Three pilot
holes were drilled along with 51 directional cuts. Drill results were very good including 5.55% eU3O8 over 15.8 metres
in Hole SHE-114-20, which significantly upgrades the eastern portion of the Kianna deposit. The program successfully
extended the Anne deposit to the southeast, defined unconformity related mineralization in the gap between Kianna
and Anne, and has enhanced the prospectivity of the 58B target area. Mineralization at Shea Creek is quite deep,
generally over 700 metres, but directional drilling from surface is proving effective.
•
A 2010 exploration budget for Western Athabasca projects has been established at C$12.3 million, of which UEX is
responsible for approximately C$6 million. Work will include a compliant Shea Creek resource estimate, likely in
Q1/10, $8.0 million on Shea Creek exploration and C$3.1 million on exploration shaft design, preliminary mine design
and surface infrastructure.
•
This summer, UEX updated resource estimates for the Raven and Horseshoe deposits found within the Hidden Bay
project in the eastern Athabasca Basin. A winter drill program there successfully targeted extensions of known
mineralization and demonstrated continuity. Total Hidden Bay resources at a cut-off grade of 0.05% U3O8 amount to
10.4 million tonnes indicated grading 0.160% U3O8 for 36.6 million pounds and 1.1 million tonnes inferred grading
0.111% U3O8 for 2.72 million pounds U3O8 . Economic studies will follow, especially germane considering the project’s
proximity to the under-utilized Rabbit Lake (five kilometres to the northeast) and McClean Lake (12 kilometres to the
northwest) mills.
An analyst has not visited the properties held by UEX Corporation.
Investment risks
of UEX Corporation is for risk accounts only.
25 November 2009
Figure 19: Shea Creek property map, Athabasca Basin, Saskatchewan
Source: UEX Corporation website
25 November 2009
DRILL BITZ
Source: www.Forsur-tools.com
The Drill Bitz section is designed to provide the reader with a very quick overview of
juniors that have announced drill programs in the past week. The intent of this data is to
identify those juniors that may provide news in the near future and also to allow us to
track turn-around time from the initiation of drilling to first results. The old adage that
good news travels fast will be under the microscope. The layout of Drill Bitz will remain
constant. We will provide a short one to two line description of the program planned as
well as the company ticker, shares issued, market capitalization and the name and
location of the project.
Figure 20: Drill Bitz for 16-23 November, 2009
Co name
Ticker
Exch.
Sh o/s
M
Price $
20 Nov/09
Nov/09
Mkt. Cap.
$M
Explor Resources Inc.
EXS
TSX-V
66.4
$0.60
$39.8
Levon Resources Ltd.
LVN
TSX-V
50.4
$0.63
$31.7
New Dimension Resources Ltd.
NDR
TSX-V
23.4
$0.13
$2.9
Odyssey Resources Ltd.
Virginia Mines Inc.
ODX
VGQ
TSX-V
TSX
31.5
29.2
$0.20
$5.15
$6.3
$150.4
Source: Canaccord Adams, Marketwire, Capital IQ
Project
Description
Timmins Porcupine
West/ Timmins, Ontario
Norma Sass
Property/Cortez Gold
Trend/Ladner County,
Nevada
Reese River Project/
Nevada
Commenced drilling.
Auclair & FCI
Projects/James Bay
region, Quebec
Ongoing drilling. Explored by Barrick
Gold.
Drill mobilized to commence a two
drill-hole program (aprox. 1,500
feet).
Auclair Project: 2010 winter drill
program of 5,000 metres. FCI
Project: 2010 winter drill program of
3,500 metres. 50% JV between ODX
& VGQ. VGQ also initiated a drill
program on the La Grande Sud
project of eight holes totaling 2,150
metres; a 2,500 metre drilling
program for the Anatacau Wabamisk
Property; a 3,000 metre drilling
program for Lac Pau Project.
25 November 2009
GOLD IN SITU SPREADSHEET
Figure 21: Canaccord Adams gold in situ valuation spreadsheet
Company
Alexis Minerals Corp.
American Bonanza Gold Corp
Anatolia Minerals Development Ltd.
Andean Resources Ltd.
Andina Minerals, Inc.
ATNA Resources Ltd.
Axmin Inc.
Brett Resources Inc.
Canarc Resource Corp.
Canplats Resources Corp.
Comaplex Minerals Corp.
CBR Gold Corp
Detour Gold Corporation
Etruscan Resources Inc.
Gabriel Resources, Ltd.
Golden Queen Mining Co. Ltd.
Gold Reserve Inc.
Grayd Resource Corp.
Great Basin Gold Ltd.
Greystar Resources Ltd.
Guyana Goldfields Inc.
International Tower Hill Mines Ltd.
Intrepid Mines Limited
Keegan Resources Inc.
Kirkland Lake Gold Inc.
Klondex Mines Ltd.
Kimber Resources Inc.
Lake Shore Gold Corp.
Luna Gold Corp.
Metallic Ventures Gold Inc.
Nevsun Resources Ltd.
NovaGold Resources Inc.
Osisko Mining Corporation
Pacific Rim Mining Corporation
Premier Gold Mines Limited
Rainy River Resources Ltd.
Seabridge Gold, Inc.
Tyhee Development Corp.
US Gold Corporation
Vista Gold Corp.
Sym
AMC
BZA
ANO
AND
ADM
ATN
AXM
BBR
CCM
CPQ
CMF
CBG
DGC
EET
GBU
GQM
GRZ
GYD
GBG
GSL
GUY
ITH
IAU
KGN
KGI
KDX
KBR
LSG
LGC
MVG
NSU
NG
OSK
PMU
PG
RR
SEA
TDC
UXG
VGZ
Exch
TSX
TSX
TSX
TSX
TSXV
TSX
TSXV
TSXV
TSX
TSXV
TSX
TSXV
TSX
TSX
TSX
TSX
TSX
TSXV
TSX
TSX
TSX
TSXV
TSX
TSX
TSX
TSX
TSX
TSX
TSXV
TSX
TSX
TSX
TSX
TSX
TSX
TSXV
TSX
TSXV
TSX
TSX
Sh o/s
Price C$ Mkt. Cap
Sum Oz
Sum Oz
Sum Oz Mkt Cap/oz Mkt Cap/oz
EV/oz
EV/oz
o/s
M 20 Nov 09
$M Au /co (M) Ag /co (M) AuEq /co (M)
AuEq C$
AuEq US$ AuEq C$ AuEq US$
147.7
$0.44
$64.2
0.59
0.14
0.60
107.70
100.55
5
85.33
79.67
100.5
118.2
$0.15
$17.1
1.46
0.00
1.46
11.78
11.00
9.03
8.43
137.9
$2.55
$351.6
6.50
15.38
6.75
52.08
48.62
44.10
41.17
462.4
$2.49 $1,151.3
2.58
23.21
2.96
389.27
363.42 360.05
336.14
105.0
$1.75
$183.7
7.99
0.00
7.99
22.98
21.46
17.25
16.10
83.3
$0.68
$56.6
3.53
5.19
3.61
15.69
14.65
15.23
14.22
305.7
$0.12
$35.2
5.06
0.00
5.06
6.94
6.48
6.59
6.15
86.3
$1.68
$144.9
5.18
0.00
5.18
27.96
26.10
24.49
22.87
81.8
$0.14
$11.0
1.27
0.00
1.27
8.73
8.15
8.25
7.70
57.1
$3.53
$201.5
4.03
68.34
5.12
39.32
36.71
38.61
36.05
58.4
$6.80
$397.3
2.66
0.00
2.66
149.32
139.40 136.80
127.71
33.2
$0.57
$18.9
0.90
2.23
0.94
20.14
18.80
15.80
14.75
49.7
$15.44
$767.0
25.52
0.00
25.52
30.06
28.06
27.61
25.78
309.7
$0.49
$150.2
2.61
0.00
2.61
57.48
53.66
64.32
60.05
337.3
$3.56 $1,200.6
13.80
59.38
14.75
81.38
75.98
70.31
65.64
88.0
$1.07
$94.1
2.68
48.88
3.46
27.18
25.38
26.14
24.40
58.2
$1.27
$73.9
14.13
0.00
14.13
5.23
4.88
7.59
7.08
73.7
$0.63
$46.4
1.72
30.70
2.21
20.98
19.58
19.09
17.82
333.7
$1.67
$557.3
15.92
12.36
16.12
34.57
32.28
35.66
33.29
70.8
$6.22
$440.6
15.07
81.35
16.38
26.90
25.11
22.00
20.54
65.2
$7.08
$461.5
4.55
0.00
4.55
101.53
94.79
95.22
88.90
57.7
$6.84
$394.5
12.94
0.36
12.95
30.47
28.45
28.37
26.49
427.9
$0.27
$115.5
0.92
28.84
1.38
83.64
78.09
52.30
48.83
42.8
$7.25
$310.0
3.14
0.00
3.14
98.62
92.08
81.22
75.82
63.1
$10.05
$634.3
3.28
0.00
3.28
193.47
180.62 174.26
162.69
30.9
$1.44
$44.5
2.15
0.00
2.15
20.71
19.34
18.67
17.43
62.1
$1.05
$65.2
1.28
57.11
2.20
29.66
27.69
28.69
26.78
347.7
$4.09 $1,422.1
2.59
0.00
2.59
549.74
513.24 467.33
436.30
357.5
$0.51
$182.3
1.31
0.00
1.31
138.78
129.56 121.07
113.03
52.0
$1.14
$59.3
5.62
17.14
5.89
10.05
9.39
7.29
6.81
139.5
$2.95
$411.5
1.30
37.11
1.90
217.03
202.62 220.49
205.85
184.5
$5.64 $1,040.5
28.98
105.46
30.67
33.92
31.67
36.68
34.25
328.3
$8.12 $2,665.8
10.77
0.00
10.77
247.49
231.06 187.22
174.79
118.1
$0.24
$27.7
1.55
11.40
1.73
16.00
14.94
15.28
14.27
84.4
$3.82
$322.3
0.64
0.00
0.64
506.55
472.92 469.00
437.86
60.0
$2.17
$130.1
4.03
7.93
4.16
31.32
29.24
24.44
22.82
37.6
$26.92 $1,012.2
61.44
0.00
61.44
16.47
15.38
16.26
15.18
196.8
$0.15
$28.5
2.12
0.00
2.12
13.48
12.58
11.96
11.17
121.9
$3.10
$377.9
3.42
11.78
3.61
104.57
97.63
91.00
84.96
44.6
$3.15
$140.5
17.51
17.74
17.79
7.90
7.37
7.33
6.84
Arithmetic
Arithmetic Average
Weighted Average
US$/C$ : 0.93
Au:Ag = 62:1
Source: Canaccord Adams, Company reports, Capital IQ.
89.68
50.50
83.72
47.15
79.71
45.15
74.42
42.15
25 November 2009
SILVER IN SITU CHART
Figure 22: Canaccord Adams silver in situ valuation spreadsheet
$25
$2.00
$1.80
$1.60
$20
$1.20
$15
$1.00
$0.80
$10
$0.60
$0.40
$5
$0.20
EV Ag (US$/oz)
EV AgEq (US$/oz)
Price (US$/oz)
Nov-09
Sep-09
Jul-09
Jun-09
Apr-09
Mar-09
Feb-09
Dec-08
Nov-08
Sep-08
Jul-08
Jun-08
Apr-08
Mar-08
$0
Jan-08
$0.00
London Silver Fix (US$/oz)
Average In Situ EV US$/lb
$1.40
25 November 2009
SILVER IN SITU SPREADSHEET
Figure 23: Canaccord Adams silver in situ valuation spreadsheet
Price
Company
Ticker
(1)
Alexco
TSX:AXR
$2.77
Aquiline
TSX:AQI
$6.84
Argentex
OTCBB:AGXM $0.75
Arian
AIM:AGQ
$0.03
Aurcana
TSXV:AUN
$0.23
Bear Creek
TSXV:BCM
$4.05
ECU
TSX:ECU
$0.80
Esperanza
TSXV:EPZ
$0.98
Golden Minerals OTCPK:GDMN $6.50
Kimber
TSX:KBR
$1.05
MAG Silver
TSX:MAG
$5.90
Minco Silver
TSX:MSV
$2.10
Oremex
TSXV:ORM
$0.16
Orko
TSXV:OK
$1.11
Sabina
TSXV:SBB
$1.05
Silvercrest
TSXV:SVL
$0.68
Silvermex
TSXV:SMR
$0.35
SNS Silver
TSXV:SNS
$0.16
South American TSX:SAC
$0.41
Sulliden
TSX:SUE
$0.81
Trevali
OTCPK:TREV.F $0.82
Zazu
TSX:ZAZ
$0.22
Mean (C$)
Mean (US$)
Mean (Less outliers, C$)
Mean (Less outliers, US$)
Shares
(Basic)
(M)
43.3
76.3
36.7
258.1
109.6
56.6
290.3
47.8
3.2
62.1
49.3
39.4
50.4
114.5
107.7
58.1
54.1
40.7
51.5
132.7
34.6
30.7
MC (2)
(C$M)
$119.9
$521.8
$27.3
$9.0
$24.7
$229.2
$232.3
$46.8
$21.0
$65.2
$291.0
$82.8
$7.8
$127.0
$113.1
$39.5
$18.9
$6.3
$21.1
$107.5
$28.3
$6.6
WC
(3)
(C$M)
$10.5
$13.7
$0.5
-$0.2
-$0.6
$6.7
-$5.5
$7.6
$14.5
$3.4
$35.9
$0.9
-$0.4
$3.8
$40.5
$2.4
-$0.3
$3.2
$6.5
-$6.1
-$2.7
$4.1
EV (4)
(C$M)
$109.4
$508.1
$26.8
$9.2
$36.1
$259.9
$258.5
$39.3
$6.5
$61.8
$255.0
$81.9
$8.2
$123.2
$72.6
$37.2
$19.2
$3.1
$14.6
$115.8
$30.9
$2.5
Project
Location(s)
Yukon
Argentina
Argentina
Mexico
Texas
Peru
Mexico
Peru, Mexico
Peru, Mexico
Mexico
Mexico
China
Mexico
Mexico
Nunavut
Mex., El Salvador
Mexico
Idaho
Bolivia
Peru
Peru
Alaska
Global Resource
Resource (5)
(Moz)
Ag
Ag Eq (6)
18
34
762
1,056
33
147
43
202
47
47
482
977
152
276
8
74
17
17
57
135
83
129
141
178
49
51
135
147
265
753
62
106
27
35
10
10
322
377
35
126
8
47
33
295
$CADUSD $1.07
1.
Priced in local currency.
2.
Market Capitalization.
3.
Working Capital.
4.
Enterprise Value = MC + LT Debt - WC.
5.
Global resource includes 43-101 compliant Measured, Indicated and Inferred resources.
6.
Silver equivalent on a gross basis (no recovery factors) using current spot metal prices.
7.
Implied resource is a conceptual resource indicated by the company’s EV at the mean peer EV/oz Ag Eq multiple.
8.
The percentage difference between the implied resource and the global resource.
Silver
Purity
(%)
51%
72%
23%
21%
100%
49%
55%
11%
100%
42%
65%
79%
96%
92%
35%
58%
78%
100%
86%
28%
16%
11%
MC/oz
Ag Ag Eq
$6.83 $3.49
$0.68 $0.49
$0.82 $0.19
$0.21 $0.04
$0.52 $0.52
$0.48 $0.23
$1.53 $0.84
$5.59 $0.63
$1.27 $1.27
$1.14 $0.48
$3.49 $2.26
$0.59 $0.47
$0.16 $0.15
$0.94 $0.87
$0.43 $0.15
$0.64 $0.37
$0.70 $0.54
$0.62 $0.62
$0.07 $0.06
$3.05 $0.85
$3.64 $0.60
$0.20 $0.02
EV/oz
Ag Ag Eq
$6.23 $3.19
$0.67 $0.48
$0.81 $0.18
$0.22 $0.05
$0.76 $0.76
$0.54 $0.27
$1.71 $0.94
$4.69 $0.53
$0.39 $0.39
$1.08 $0.46
$3.06 $1.98
$0.58 $0.46
$0.17 $0.16
$0.91 $0.84
$0.27 $0.10
$0.60 $0.35
$0.71 $0.55
$0.31 $0.31
$0.05 $0.04
$3.29 $0.92
$3.98 $0.65
$0.08 $0.01
$1.53
$1.43
$1.34
$1.25
$1.41
$1.32
$1.24
$1.16
$0.69
$0.64
$0.58
$0.54
$0.62
$0.58
$0.52
$0.49
Implied AgEq
(7) Mkt.
(Moz) ∆ (8)
210 512%
976
-8%
52 -65%
18 -91%
69 46%
499 -49%
497 80%
75
2%
13 -24%
119 -12%
490 280%
157 -12%
16 -69%
237 61%
139 -81%
71 -33%
37
6%
6 -41%
28 -93%
222 76%
59 25%
5 -98%
25 November 2009
PGM IN SITU CHART
Figure 24: Canaccord Adams PGM in situ chart
$60
$2,500
$50
$40
Average In Situ EV US$/lb
$1,500
$30
$1,000
$20
$500
$10
EV 4E (US$/oz)
Source: Canaccord Adams, Companies news releases, Capital IQ, Kitco
EV PtEq (US$/oz)
Price (US$/oz)
Nov-09
Sep-09
Jul-09
Jun-09
Apr-09
Mar-09
Feb-09
Dec-08
Nov-08
Sep-08
Jul-08
Jun-08
Apr-08
Mar-08
$0
Jan-08
$0
London PM Platinum Fix (US$/oz)
$2,000
25 November 2009
PGM IN SITU SPREADSHEET
Figure 25: Canaccord Adams PGM in situ valuation spreadsheet
Price Shares (Basic)
Company
Ticker
Canadian Royalties
Duluth Metals
Franconia Minerals
Magma Metals
Marathon PGM
Mustang Minerals
Platinum Group Metals
Polymet Mining
Starfield Resources
TSX:CZZ
TSX:DM
TSX:FRA
ASX:MMB
TSX:MAR
TSXV:MUM
TSX:PTM
TSX:POM
TSX:SRU
(1)
(M)
$0.80
$1.46
$0.30
$0.70
$1.05
$0.14
$1.78
$2.71
$0.10
102.0
80.7
59.1
163.7
30.2
81.2
92.8
139.1
480.8
MC (2) WC (3)
L-T
EV (4)
Project
Debt
(C$M)
Location(s)
$81.6 $31.6 $93.4
$117.8 $5.1 $0.0
$17.7 $2.6 $2.4
$114.6 $14.6 $0.0
$31.7 $13.0 $0.0
$11.4 $1.0 $0.0
$165.2 $4.1 $0.0
$376.9 -$1.6 $31.1
$45.7 $1.2 $0.0
$143.4
$112.7
$17.5
$100.1
$18.7
$10.4
$161.1
$409.6
$44.5
(C$M)
(C$M)
Quebec
Minnesota
Minnesota
Ontario
Ontario, Manitoba
Manitoba
South Africa
Minnesota
Nunavut
Global Resource (5) (Moz) Pt/PtEq (6) Pd/Pt
4E
PtEq (6)
(%)
(x)
2.5
17.7
5.1
0.6
3.7
0.2
7.2
9.1
2.8
6.2
59.5
11.6
0.7
3.3
1.0
6.2
23.8
8.3
8%
8%
12%
43%
24%
4%
66%
7%
5%
4.0
2.2
2.2
0.9
3.4
3.5
0.6
3.6
6.1
Mean (C$)
Mean (US$)
Mean (Less outliers, C$)
Mean (Less outliers, US$)
$CADUSD
$1.07
1. Priced in Canadian dollars.
2. Market Capitalization.
3. Working Capital.
4. Enterprise Value = MC + LT Debt - WC.
5. Global resource includes 43-101 compliant Measured, Indicated and Inferred resources.4E
4E includes: Platinum, Palladium, Rhodium and Gold.
6. Platinum equivalent on a gross basis (no recovery factors) using current spot metal prices.
7. Implied resource is a conceptual resource indicated by the company’s EV at the mean peer EV/oz PtEq multiple.
8. The percentage difference between the implied resource and the global resource.
Source: Canaccord Adams, Companies news releases, Capital IQ, Kitco
EV/oz
4E
Implied PtEq (7) Market
PtEq
(Moz)
∆ (8)
$58.15 $23.27
$6.37
$1.90
$3.46
$1.51
$159.87 $133.70
$5.02
$5.70
$65.05 $10.31
$22.23 $25.80
$45.22 $17.21
$15.71
$5.37
11
9
1
8
1
1
13
32
3
82%
-85%
-88%
945%
-55%
-19%
102%
35%
-58%
$42.34
$39.52
$31.11
$29.03
$24.97
$23.31
$12.79
$11.94
25 November 2009
URANIUM IN SITU CHART
$50
$2.00
$40
$1.50
$30
$1.00
$20
$0.50
$10
$0.00
$0
MC/lb
EV/lb
May/09
Spot
U3O8 Long-Term
Uranium Price Indicator (UxC)
$2.50
Nov/09
$60
Oct/09
$3.00
Aug/09
$70
Jun/09
$3.50
Mar/09
$80
Jan/09
$4.00
Dec/08
$90
Oct/08
$4.50
Sep/08
Average In Situ Value US$/lb
Figure 26: Canaccord Adams uranium in situ chart
25 November 2009
URANIUM IN SITU SPREADSHEET
Figure 27: Canaccord Adams uranium in situ valuation spreadsheet
Price
Company
Ticker
(1)
A-Cap Resources
ACB: ASX
$0.41
African Energy Resources Limited AFR : ASX $0.18
Alliance Resources
AGS : ASX $0.58
Azimut Exploration Inc.
AZM : T-V
$0.53
Bannerman Resources Ltd.
BMN : ASX $1.23
Berkeley Resources Ltd.
BKY : ASX $1.13
Continental Precious Mineral
CZQ : T
$0.70
Crosshair Exploration & Mining
CXX : T-V
$0.23
Cue Resources Ltd.
CUE : T-V
$0.11
Deep Yellow Ltd.
DYL : ASX $0.37
Energy Fuels Inc.
EFR : T
$0.27
EXT : ASX $7.94
Forsys Metals Corp.
FSY : T
$4.19
Forte Energy NL
FTE : ASX $0.17
Hathor Exploration Limited
HAT : T-V
$1.78
Khan Resources Inc.
KRI : T
$0.32
Laramide Resources Ltd.
LAM : T
$1.33
MRU : ASX $4.44
Mega Uranium Ltd.
MGA : T
$0.76
Monaro Mining NL
MRO : ASX $0.10
Pele Mountain Resources Inc.
GEM : T-V $0.16
Pitchstone Exploration Ltd.
PXP : T-V
$0.37
Powertech Uranium Corp.
PWE : T
$0.39
Rockgate Capital Corp.
RGT : T-V
$0.58
Strateco Resources Inc.
RSC : T
$0.85
Strathmore Minerals Corp.
STM : T-V
$0.62
Titan Uranium Incorporated
TUE : T-V
$0.29
Toro Energy Ltd.
TOE : ASX $0.16
Tournigan Energy Ltd.
TVC : T-V
$0.21
Triex Minerals Corp.
TXM : T-V
$0.26
U3O8 Corp.
UWE : T-V $0.37
UEX Corporation
UEX : T
$0.94
Uracan Resources Ltd.
URC : T-V
$0.37
Uranerz Energy Corporation
URZ : N
$1.65
Uranium Energy Corp.
UEC : N
$3.24
Uranium North Resources Corp.
UNR : T-V
$0.07
Uranium Resources
URRE : Q
$1.02
Ur-Energy Inc.
URE : T
$0.80
Virginia Energy Resources Inc.
VAE : T-V
$0.28
West Australian Metals Limited
WME : ASX $0.13
Mean (C$)
Mean (US$)
Mean (C$, less outliers)
Mean (US$, less outliers)
$CADUSD
Shares
WC
(Basic)
MC (2)
(3)
EV (4)
(M)
(C$M) (C$M)
(C$M)
161.2
$63.9 $6.0
$57.9
254.8
$44.9 $1.2
$44.2
341.2
$193.7 $46.8
$146.9
20.4
$10.8 $1.5
$10.3
201.7
$242.9 $33.3
$217.1
123.5
$136.0 $11.3
$124.7
51.4
$36.0 $25.9
$10.1
112.2
$25.2 $2.0
$23.2
62.6
$6.6 -$2.1
$8.7
1,124.6
$401.9 $44.5
$357.4
76.5
$20.7 $8.8
$11.9
242.5 $1,884.9 $25.0 $1,860.0
79.0
$330.9 $34.5
$296.5
567.2
$91.6 $6.1
$85.5
91.2
$162.3 $32.3
$130.0
54.0
$17.3 $19.3
-$2.0
67.5
$89.8 $8.8
$81.1
109.3
$475.2 $22.8
$452.3
245.9
$186.9 $22.7
$112.8
118.8
$11.1 $1.1
$10.0
91.3
$14.6 $2.0
$12.6
35.0
$12.9 $6.2
$6.7
55.4
$21.6 $3.6
$25.7
67.4
$39.1 $2.9
$36.2
119.3
$101.4 $15.1
$86.3
72.5
$44.9 $5.2
$39.7
106.0
$30.7 $3.3
$27.4
827.0
$129.6 $7.8
$121.7
122.7
$25.2 $5.0
$20.2
20.0
$5.2 $5.7
-$0.5
23.1
$8.4 $7.9
$0.5
192.6
$181.0 $18.6
$162.4
91.3
$33.8 $3.5
$30.3
64.2
$113.5 $21.2
$92.2
56.7
$196.9 $25.6
$171.3
45.8
$3.2 $1.2
$2.0
56.8
$62.1 $5.7
$56.8
93.9
$75.2 $48.0
$27.2
59.1
$16.6 $1.8
$14.7
449.5
$58.4 $8.7
$49.7
Project
Location(s)
Botswana
Zambia
South Australia
Quebec
Namibia
Spain
Sweden
Wyoming, Labrador
Paraguay
Namibia
Utah, Colorado, Queensland
Namibia
Namibia
Guinea
Saskatchewan
Mongolia
New Mexico, Queensland
Tanzania
Queensland, Western Australia
New Mexico
Ontario
Nunavut
Colorado, South Dakota
Mali
Quebec
New Mexico, South Dakota
Wyoming, Saskatchewan, Nunavut
Western Australia
Slovakia
Nunavut
Guyana
Saskatchewan
Quebec
Wyoming
Texas
Nunavut
New Mexico, Texas
Wyoming
Virginia
Namibia
$1.07
1.
Priced in local currency
2.
Market Capitalization
3.
Working Capital
4.
Enterprise Value = MC + LT Debt - WC
5.
Global resource includes 43-101 compliant Measured, Indicated and Inferred resources
6.
Implied resource is a conceptual resource indicated by the company’s EV at the mean peer EV/lb multiple
7.
The percentage difference between the implied resource and the global resource
Source: Canaccord Adams, Capital IQ, company news releases.
Global
Resource
(5) (Mlb)
(Mlb)
97.5
7.7
61.0
0.0
128.1
21.0
442.8
16.7
9.5
38.8
11.4
292.2
81.7
11.6
10.8
32.1
57.9
35.9
27.1
11.4
42.5
4.1
22.3
23.4
16.8
47.9
15.6
24.4
32.6
4.1
7.2
32.0
40.7
11.0
8.3
13.0
99.8
24.9
26.5
38.6
MC/lb
M+I
Global
$0.66
$8.79
$5.83
$3.18
EV/lb
M+I Global
$0.59
$8.66 $5.74
$2.41
$2.82
$2.52
$3.42
$0.62
$9.91
$1.90
$6.48
$0.08
$1.51
$0.69
$10.36
$1.81
$6.45
$4.05
$7.93
$14.96
$0.54
$1.55
$13.24
$6.91
$0.97
$0.34
$3.16
$0.97
$1.67
$6.04
$0.94
$1.97
$5.31
$0.77
$1.27
$1.18
$5.66
$0.83
$10.36
$23.77
$0.25
$0.62
$3.02
$0.62
$1.51
$12.55
$11.71
$10.25
$9.57
$4.09
$3.81
$3.66
$3.42
$3.42
$6.27
$3.67
$0.79
$2.38
$77.38
$5.43
$27.40
$0.54
$3.93
$20.07
$2.28
$38.04
$27.19
$1.44
$11.92
$1.72
$1.45
$6.15
$14.15
$35.96
$1.24
$0.56
$8.43
$1.69
$5.94
$0.02
$1.39
$0.91
$9.21
$1.05
$6.37
$3.63
$7.40
$11.99
-$0.06
$1.40
$12.60
$4.17
$0.88
$0.30
$1.64
$1.15
$1.55
$5.13
$0.83
$1.76
$4.99
$0.62
-$0.12
$0.07
$5.08
$0.74
$8.42
$20.68
$0.15
$0.57
$1.09
$0.56
$1.29
$10.81
$10.09
$8.43
$7.87
$3.43
$3.20
$3.06
$2.86
$1.76
$3.38
$1.04
$1.37
$76.35
$4.86
$21.95
-$0.06
$3.55
$12.11
$1.97
$35.24
$23.13
$1.27
$11.20
$1.38
$0.09
$5.52
$11.50
$31.28
Implied
(6) Market
(Mlb)
∆ (7)
18.9
-81%
14.4
88%
48.0
-21%
3.4
n/a
70.9
-45%
40.7
94%
3.3
-99%
7.6
-55%
2.8
-70%
116.7 201%
3.9
-66%
607.6 108%
96.8
19%
27.9 142%
42.5 292%
-0.7 -102%
26.5
-54%
147.8 312%
36.8
36%
3.3
-71%
4.1
-90%
2.2
-46%
8.4
-62%
11.8
-49%
28.2
68%
13.0
-73%
9.0
-43%
39.8
63%
6.6
-80%
-0.2 -104%
0.2
-98%
53.1
66%
9.9
-76%
30.1 175%
55.9 575%
0.6
-95%
18.6
-81%
8.9
-64%
4.8
-82%
16.2
-58%
25 November 2009
RESEARCH UNIVERSE
WENDELL ZERB, ERIC ZAUNSCHERB AND NICHOLAS CAMPBELL
Figure 28: Research universe
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Company
Symb Ex Analyst Rating
$
P ($)
Alamos Gold Inc.
Avion Gold Corporation
AXMIN Inc.
B2Gold Corp.
Bear Creek Mining Corp.
Canada Lithium Corp.
Chariot Resources Ltd.
Colossus Minerals Inc.
Copper Mountain Mining Corp.
Corriente Resources Inc.
Crosshair Explor. & Mining Corp.
Cue Resources Ltd.
Dynasty Metals & Mining Inc.
Exeter Resource Corporation
Forsys Metals Corp.
Fronteer Development Group Inc.
Gabriel Resources Ltd.
Gammon Gold Inc.
GlobeStar Mining Corp.
Harry Winston Diamond Corp.
Hathor Exploration Ltd.
International Tower Hill Mines Ltd.
Kimber Resources Inc.
Lithium One Inc.
MAG Silver Corporation
Minefinders Corp. Ltd.
Minera Andes Inc.
Northern Dynasty Minerals Ltd.
Orezone Gold Corporation
Red Back Mining Inc.
U3O8 Corp.
Underworld Resources Inc.
UR-Energy Inc.
Ventana Gold Corp.
Western Lithium Corporation
AGI
AVR
AXM
BTO
BCM
CLQ
CPQ
CHD
CSI
CUM
CTQ
CXX
CUE
DMM
XRC
FSY
FRG
GBU
GAM
GMI
HW
HAT
ITH
KGN
KBR
LSG
LI
MAG
MFL
MAI
NDM
ORE
RR
RBI
TVC
UWE
UW
URE
VEN
WLC
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
$11.97
$0.42
$0.12
$0.95
$4.05
$0.47
$3.53
$0.33
$5.45
$1.58
$6.55
$0.23
$0.11
$6.15
$5.95
$4.19
$4.74
$3.56
$11.85
$1.10
$10.39
$1.78
$6.84
$7.25
$1.05
$4.09
$0.89
$5.90
$12.04
$0.73
$7.78
$0.61
$2.17
$15.29
$0.21
$0.37
$1.30
$0.80
$12.14
$1.56
T
T-V
T
T
T-V
T-V
T-V
T
T
T
T
T
T-V
T
T
T
T
T
T
T
T
T-V
T-V
T
T
T
T-V
T
T
T
T
T
T-V
T
T-V
T
T-V
T
T
T-V
WZ
EZ
NC
WZ
EZ
EZ
NC
WZ
NC
WZ
WZ
EZ
EZ
WZ
WZ
EZ
WZ
EZ
WZ
WZ
EZ
EZ
WZ
NC
WZ
WZ
EZ
EZ
WZ
WZ
EZ
NC
WZ
NC
EZ
EZ
WZ
EZ
NC
EZ
SPECULATIVE BUY
RESTRICTED
HOLD
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
HOLD
SPECULATIVE BUY
SPECULATIVE BUY
RESTRICTED
SPECULATIVE BUY
SPECULATIVE BUY
UNDER REVIEW
SPECULATIVE BUY
SPECULATIVE BUY
UNDER REVIEW
SPECULATIVE BUY
SPECULATIVE BUY
RESTRICTED
HOLD
HOLD
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
SPECULATIVE BUY
1212-mo Target
P ($) Rtn (%)
$11.60
R
$0.14
$1.30
$3.75
$0.70
$3.60
$0.55
$8.25
$3.00
$9.25
$0.20
$0.15
$6.65
R
$5.50
$5.75
UR
$13.20
$1.40
UR
$4.50
$8.40
R
$0.55
$3.40
$1.20
$7.00
$13.50
$1.35
$12.50
$1.00
$3.25
$18.00
$0.80
$0.90
$2.25
$1.50
$15.00
$1.90
(3.09%)
N/A
21.74%
36.84%
(7.41%)
48.94%
1.98%
66.67%
51.38%
89.87%
41.22%
(11.11%)
42.86%
8.13%
N/A
31.26%
21.31%
N/A
11.39%
27.27%
N/A
152.81%
22.81%
N/A
(47.62%)
(16.87%)
34.83%
18.64%
12.13%
84.93%
60.67%
63.93%
49.77%
17.72%
290.24%
146.58%
73.08%
87.50%
23.6%
21.79%
52Market
52-wk
Sh. o/s
Hi ($) Lo ($)
M Cap ($M) FYE
$12.44
$0.50
$0.18
$1.06
$4.48
$0.89
$3.60
$0.51
$6.35
$2.03
$8.29
$0.36
$0.23
$6.20
$6.56
$6.70
$5.16
$3.71
$11.95
$1.20
$11.40
$3.69
$7.03
$7.30
$1.13
$4.37
$2.03
$8.00
$12.27
$0.99
$9.60
$0.75
$3.00
$16.08
$0.51
$0.77
$2.64
$1.39
$12.91
$1.62
$4.11
$0.04
$0.03
$0.34
$0.57
$0.04
$1.03
$0.06
$0.43
$0.31
$2.56
$0.09
$0.08
$1.09
$1.15
$2.76
$1.55
$0.99
$2.68
$0.29
$2.19
$1.30
$1.07
$0.50
$0.47
$0.60
$0.06
$4.30
$3.33
$0.32
$2.51
$0.26
$0.62
$3.52
$0.14
$0.18
$0.13
$0.43
$0.04
$0.10
112.5
220.5
305.7
243.4
56.6
115.9
56.7
328.7
70.3
31.6
75.0
109.5
36.7
35.6
62.4
79.0
119.5
307.3
136.2
105.3
61.4
91.2
57.7
36.7
62.1
325.7
37.5
49.3
65.4
262.3
92.6
54.0
56.4
231.0
122.7
23.1
40.9
93.9
88.3
80.6
$1,346.6
$91.5
$35.2
$231.2
$229.2
$54.5
$200.2
$108.5
$382.9
$49.9
$491.3
$24.6
$3.9
$218.9
$371.3
$331.0
$566.4
$1,094.0
$1,614.0
$115.8
$637.9
$162.3
$394.7
$266.1
$65.2
$1,332.1
$33.4
$290.9
$787.4
$191.5
$720.4
$32.9
$122.4
$3,532.0
$25.2
$8.4
$53.2
$75.1
$1324.5
125.736
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
28-Feb
31-Jul
30-Apr
31-Jul
31-Dec
31-Dec
30-Apr
30-Apr
31-Dec
31-Dec
31-Jan
31-Dec
31-Dec
31-Dec
31-Dec
31-Jan
31-Mar
31-May
31-Mar
30-Jan
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
30-Sep
31-Dec
31-Aug
31-Dec
30-Sep
31-Dec
30-Jun
30-Sep
Prices as of 20 November, 2009.
UR – Under Review.
WZ – Wendell Zerb; EZ – Eric Zaunscherb; NC – Nicholas Campbell.
Past performance is not indicative of future results.
Further information on the methodologies used to derive our target prices, and the risks that could impede achievement of these targets, is available
upon request. Disclosure information for all Canaccord Adams research coverage can be found at
http://www.canaccordadams.com/research/Disclosure.htm.
Source: Canaccord Adams, Capital IQ.
25 November 2009
INK SPOTS
Source: www.squidinkbooks.com
Canaccord employs INK Research. This system reports, among other information, daily
changes on insider trading. Security regulators require corporate insiders to report their
trades within ten days of each transaction. We highlight recent changes below; noting
the acquisition or disposition of a position. Our intention is not to evaluate or analyze any
purchases or sales, but to note them for the interest of all investors. We include charts
generated by INK Research that note purchase and disposition points relative to share
price performance.
Figure 29: Alamos Gold Inc. (AGI : TSX)
$4,808,975
$12,290,678
Since Nov. 9/09 - acquisitions:
Since Nov. 9/09 - dispositions:
Price range:
Nil
5,500 shares
C$10.65
Insider: Nathaniel Jon Morda – dispositions:
5,500 shares
Figure 30: Keegan Resources Inc. (KGN : TSX)
$572,644
$2,288,367
Since Nov. 9/09 - dispositions:
Price range:
Nil
30,000 shares
C$6.03-1.01
Insider: Mr. Gordon Fretwell – dispositions:
Price range:
Insider: Mr. Daniel McCoy – dispositions:
Price range:
10,000 shares
US$6.03-6.67
20,000 shares
C$6.50-7.01
25 November 2009
Figure 31: Lake Shore Gold Corp. (LSG : TSX)
$722,101
$3,364,891
Since Nov. 13/09- dispositions:
Nil
336,666 shares
Insider: Mr. Jorge Benavides Alfaro – exercise
of options and dispositions:
336,666 options
$481,055
$68,500
Since Nov. 12/09- dispositions:
Price range:
250,000 options
50,000 shares
C$0.58
Insider: Mr. Gary Ralph Robertson – exercise
of options and dispositions:
250,000 options
50,000 shares
Figure 32: Levon Resources Ltd. (LVN : TSX-V)
25 November 2009
JUNIOR MINING WEEKLY INDEX PREVIOUS 12 MONTHS
Figure 33: Junior Mining Weekly Index
Company/Commodity
Alexco Resource Corp.
Alexis Minerals Corp.
American Bonanza Gold Corp.
Anatolia Minerals Dev. Ltd.
Anatolia Minerals Dev. Ltd.
Andean Resources Ltd.
Andina Minerals Inc.
Anfield Ventures Inc.
Aquiline Resources Inc.
Aquiline Resources Inc.
Argentex Mining Corp.
ATAC Resources Ltd.
ATAC Resources Ltd.
ATAC Resources Ltd.
ATW Gold Corp.
ATW Gold Corp.
ATW Gold Corp.
AuEx Ventures, Inc.
AuEx Ventures, Inc.
Augusta Resource Corp.
Avion Resources Corp.
B2Gold Corp.
B2Gold Corp.
Banro Corporation
Banro Corporation
Banro Corporation
Banro Corporation
Banro Corporation
Bear Creek Mining Corp.
Blue Sky Uranium Corp.
Bravo Venture Group Inc.
Brilliant Mining Corp.
Caledonia Mining Corp.
Canadian Royalties Inc.
Capella Resources Ltd.
Capstone Mining Corp.
Cardero Resource Corp.
Carpathian Gold Inc.
Castle Gold Corp.
CGA Mining Ltd.
Chariot Resources Ltd.
Chesapeake Gold Corp.
Claude Resources Inc.
Claude Resources Inc.
Cogitore Resources Inc.
Commander Resources Ltd.
Condor Resources Inc.
Continental Minerals Corp.
Sym
AXR
AXR
AXR
AXR
AMC
BZA
ANO
ANO
AND
ADM
ANF
AQI
AQI
ATX
ATC
ATC
ATC
ATW
ATW
ATW
XAU
XAU
AZC
AVR
AVR
AVR
BTO
BTO
BAN
BAN
BAN
BAN
BAN
BAA
BAA
BAA
BAA
BAA
BCM
BSK
BVG
BBR
BBR
BMC
BMC
BMC
BMC
CAL
CZZ
CZZ
CZZ
CZZ
CPQ
KPS
CS
CDU
CPN
CPN
CPN
CPN
CPN
CSG
CGA
CHD
CKG
CRJ
CRJ
WOO
CSI
CSI
CSI
CSI
CMD
CN
CN
CN
KMK
Source: Canaccord Adams
Ex
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX
TSX
TSX-V
TSX
TSX
TSX-V
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
Date
Nov/17/09
Oct/20/09
May/26/09
Apr/28/09
Oct/22/08
Mar/10/09
Jan/13/09
Nov/11/08
May/26/09
Nov/11/08
May/26/09
Apr/21/09
Oct/14/08
Sep/22/09
Aug/18/09
Jul/21/09
Jul/14/09
Aug/25/09
Jun/16/09
Jan/27/09
Oct/20/09
Jan/27/09
Jan/20/09
May/26/09
Apr/28/09
Mar/24/09
Jan/20/09
Oct/27/08
Oct/27/09
Jul/29/09
Jul/07/09
May/26/09
Nov/19/08
Jun/23/09
Dec/18/08
Nov/26/08
Jun/16/09
Mar/17/09
Nov/11/08
Nov/17/09
Oct/07/08
Nov/17/09
Oct/22/08
Jun/23/09
Mar/04/09
Dec/18/08
Oct/22/08
Apr/15/09
Sep/02/09
Aug/11/09
Oct/22/08
Oct/07/08
Nov/11/08
Apr/08/09
Feb/23/09
Oct/22/08
Oct/20/09
Aug/25/09
May/26/09
May/12/09
Apr/01/09
Apr/08/09
Nov/11/08
Aug/25/09
May/12/09
Aug/04/09
Apr/28/09
Dec/09/08
Dec/02/08
Nov/11/08
Oct/27/08
Oct/07/08
Dec/09/08
Jun/23/09
Feb/23/09
Dec/18/08
May/26/09
Company/Commodity
Copper In Situ Update
Copper Mountain Mining Corp.
Cornerstone Capital Res. Inc.
Corriente Resources Inc.
Creston Moly Corp.
Creston Moly Corp.
Cypress Development Corp.
Deep Yellow Ltd.
Detour Gold Corp.
Diamondex Resources Ltd.
Diamonds North Res. Ltd.
Donner Metals Ltd.
Dorato Resources Inc.
Duluth Metals Ltd.
Duran Ventures Inc.
East Asia Minerals Corp.
Endeavour Silver Corp.
Esperanza Silver Corporation
Etruscan Resources Inc.
Eurasian Minerals Inc.
Evolving Gold Corp.
Evolving Gold Corp.
Evolving Gold Corp.
Excellon Resources Inc.
Exeter Resource Corp.
Extract Resources Ltd.
First Point Minerals Corp.
Fortress Minerals Corp.
Fortuna Silver Mines Inc.
Fronteer Development Gp. Inc.
Fronteer Development Gp Inc.
Galway Resources Ltd.
Galway Resources Ltd.
Gammon Gold Inc.
Geoinformatics Exploration Inc.
Gleichen Resources Ltd.
Globestar Mining Corp.
Gold In Situ
Gold In Situ Update
Gold In-Situ Update
Gold In Situ Update
Golden Arrow Resources Corp.
Golden Arrow Resources Corp.
Sym
Ex
CUM
CPG
CTQ
CMS
CMS
CYP
DYL
DGC
DSP
DDN
DDN
DDN
DON
DRI
DM
DRV
EAS
EAS
EAS
EAS
EAS
EDR
EPZ
EET
EMX
EVG
EVG
EVG
EXN
XRC
XRC
XRC
XRC
XRC
XRC
XRC
XRC
XRC
EXT
EXT
EXT
EXT
EXT
EXT
EXT
EXT
EXT
EXT
EXT
EXT
EXT
FPX
FST
FST
FST
FVI
FRG
FRG
FRG
FRG
FRG
GWY
GWY
GAM
GXL
GRL
GMI
TSX
TSX-V
TSX
TSX-V
TSX-V
TSX-V
ASX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX-V
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX
TSX-V
TSX-V
TSX
GRG
GRG
TSX-V
TSX-V
Date
Aug/11/09
May/05/09
Jan/27/09
Oct/22/08
Jun/16/09
Dec/02/08
Nov/11/08
Jun/02/09
Nov/04/08
May/05/09
Sep/09/09
Nov/11/08
May/05/09
Jun/26/09
Mar/04/09
Dec/18/08
Jan/27/09
Feb/17/09
Nov/03/09
Dec/09/08
Sep/15/09
Sep/02/09
Aug/18/09
Aug/04/09
Jun/09/09
Sep/09/09
Oct/07/08
Sep/29/09
May/05/09
Sep/29/09
Jul/21/09
Apr/21/09
Aug/11/09
Sep/29/09
Sep/22/09
Apr/08/09
Apr/01/09
Mar/04/09
Feb/04/09
Jan/20/09
Dec/02/08
Oct/27/08
Sep/02/09
Aug/11/09
Jul/29/09
Jul/07/09
Jun/26/09
Jun/02/09
Mar/17/09
Mar/04/09
Feb/04/09
Dec/18/08
Nov/26/08
Nov/19/08
Oct/07/08
Nov/26/08
Jul/07/09
Jun/23/09
Dec/18/08
Mar/17/09
Sep/22/09
Jun/09/09
May/12/09
Mar/17/09
Oct/27/08
Aug/18/09
Aug/04/09
Mar/17/09
Jun/09/09
Aug/11/09
Jan/20/09
in all editions
Aug/25/09
Mar/24/09
Oct/14/08
Jun/23/09
Dec/18/08
Company/Commodity
Golden Predator Royalty and Dev. Corp.
Golden Share Mining Corp.
Grayd Resource Corp.
Greystar Resources Ltd.
Hana Mining Ltd.
Hana Mining Ltd.
Helio Resource Corp.
Hudson Resources Inc.
Imperial Metals Corp.
Inter-Citic Mineral Inc.
International Royalty Corp.
Intl. Tower Hill Mines Ltd.
Kaminak Gold Corp.
Kiska Metals Corp.
Kiska Metals Corp.
Kivalliq Energy Corp.
Kivalliq Energy Corp.
La Mancha Resources Inc.
Levon Resources Ltd.
Lumina Copper Corp.
Lumina Copper Corp.
Luna Gold Corp.
Lydian International Limited
MAG Silver Corp.
MAG Silver Corp.
Magma Energy Corp.
Magma Energy Corp.
Magma Metals Ltd.
Magma Metals Ltd.
Magma Metals Ltd.
Magma Metals Ltd.
Marathon PGM Corp.
Mega Uranium Ltd.
Mega Uranium Ltd.
Mega Uranium Ltd.
Merrex Gold Inc.
Minera Andes Inc.
Minera Andes Inc.
Molybdenum In Situ Update
Molybdenum In Situ Update
Sym
GPD
GSH
GYD
GSL
GUY
GUY
GUY
HMG
HMG
HAT
HAT
HAT
HAT
HAT
HRC
HRC
HRC
HUD
III
ICI
IRC
IRC
IRC
ITH
ITH
ITH
ITH
ITH
ITH
ITH
ITH
ITH
KAM
KGN
KGN
KGN
KGN
KGI
KGI
KGI
KGI
KSK
KSK
KIV
KIV
LMA
LMA
LMA
LSG
LSG
LSG
LSG
LVN
LCC
LCC
LGC
LYD
MAG
MAG
MXY
MXY
MMB
MMB
MMB
MMB
MRU
MRU
MRU
MAR
MGA
MGA
MGA
MXI
MAI
MAI
Ex
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
TSX
TSX
TSX
TSX
TSX-V
TSX
TSX
Date
Nov/11/09
Dec/02/08
Nov/11/08
Apr/01/09
Sep/02/09
Jun/23/09
Dec/18/08
Oct/27/09
Jun/09/09
Apr/15/09
Mar/10/09
Nov/11/08
Oct/27/08
Oct/07/08
Jun/23/09
May/26/09
Dec/18/08
Jun/02/09
Oct/30/09
Jul/14/09
Jun/23/09
May/12/09
Dec/18/08
Sep/15/09
Aug/11/09
Jun/23/09
Apr/21/09
Apr/08/09
Mar/10/09
Feb/04/09
Dec/18/08
Nov/04/08
Oct/14/09
Jun/23/09
Mar/10/09
Feb/23/09
Dec/18/08
Jun/30/09
May/05/09
Mar/24/09
Jan/27/09
Nov/11/09
Aug/11/09
Jun/23/09
Dec/18/08
Nov/11/09
Sep/15/09
Jun/02/09
Aug/25/09
Aug/04/09
Apr/08/09
Oct/28/08
Nov/11/09
Jun/23/09
Dec/18/08
Jan/20/09
Mar/24/09
Nov/11/08
Oct/27/08
Aug/25/09
Aug/04/09
Sep/09/09
Jul/07/09
May/19/09
Apr/28/09
Jun/16/09
May/19/09
Apr/15/09
Oct/14/08
Jul/14/09
Mar/04/09
Oct/28/08
Feb/17/09
Oct/14/09
Oct/27/08
Jun/02/09
Nov/19/08
25 November 2009
Figure 34: Junior Mining Weekly Index (cont’d)
Company/Commodity
Moto Gold Mines Limited
Nevada Copper Corp.
Nickel In Situ Update
Nickel In Situ Update
Northern Dynasty Minerals Ltd.
Northern Freegold Res. Ltd.
Northern Freegold Res. Ltd.
NovaGold Resources Ltd.
Orex Minerals Inc.
Orezone Resources Inc.
Orko Silver Corp.
Orko Silver Corp.
Orko Silver Corp.
Oro Gold Resources Ltd.
Oromin Explorations Ltd.
PC Gold Inc.
PC Gold Inc.
PC Gold Inc.
Pele Mountain Resources Inc.
Peregrine Diamonds Ltd.
Queenston Mining Inc.
Richfield Ventures Corp.
Richfield Ventures Corp.
Rimfire Minerals Corp.
Rockwell Diamonds Inc.
Romarco Minerals Inc.
Romarco Minerals Inc.
Rubicon Minerals Corp.
Rye Patch Gold Corp.
Salazar Resources Limited
San Gold Corp.
San Gold Corp.
Sandstorm Resources Ltd.
Seabridge Gold Inc.
Serengeti Resources Inc.
Shore Gold Inc.
Shore Gold Inc.
Silver In Situ
Silver In Situ
Silver Standard Resources Inc.
Silverstone Resources Corp.
Sinchao Metals Corp.
Skygold Ventures Ltd.
Skyharbour Resources Ltd.
Stornoway Diamond Corp.
Strateco Resources Inc.
Tenajon Resources Corp.
Thundermin Resources Inc.
UEX Corp.
UEX Corp.
UEX Corp.
UEX Corp.
UEX Corp.
UEX Corp.
Uracan Resources Ltd
Sym
MGL
NCU
Ex
TSX
TSX
NDM
NFR
NFR
NG
REX
OZN
Ok
Ok
OK
OGR
OLE
OLE
OLE
PKL
PKL
PKL
GEM
PGD
PGD
PGD
QMI
RR
RVC
RVC
RFM
RDI
R
R
RMX
RMX
RMX
RMX
RPM
SRL
SGR
SGR
SSL
SEA
SIR
SIR
SIR
SGF
SGF
TSX
TSX-V
TSX-V
TSX
TSX-V
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX
TSX
TSX
TSX
TSX-V
TSX
TSX
TSX-V
TSX
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX-V
TSX-V
TSX-V
TSX
TSX
SSO
SST
SMZ
SKV
SYH
SWY
SWY
SWY
SWY
SWY
RSC
TJS
THR
TVC
UEX
UEX
UEX
UEX
UEX
UEX
UW
UW
UW
UW
UW
UW
UW
URC
URC
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
Source: Canaccord Adams
Date
Jul/29/09
Oct/08/09
Jun/16/08
Nov/26/08
Oct/27/08
Jul/21/09
Jan/20/09
May/05/09
Apr/15/09
Nov/11/08
Apr/15/09
Apr/01/09
Feb/23/09
May/26/09
Sep/15/09
Apr/21/09
Jan/20/09
Oct/08/09
Feb/17/09
Nov/04/08
Jan/13/09
Sep/29/09
Jun/23/09
Dec/18/08
Jul/14/09
Oct/27/08
Nov/11/09
Oct/08/09
Jun/09/09
Oct/14/08
Feb/11/09
Feb/04/09
Sep/22/09
Aug/04/09
Jun/23/09
Dec/18/08
Dec/02/08
Apr/28/09
Jul/29/09
Feb/23/09
Mar/17/09
Dec/09/08
Oct/20/09
Jun/23/09
Dec/18/08
Jan/13/09
Oct/28/08
Mar/17&24/09
Oct/22/08
Dec/09/08
Oct/27/08
May/05/09
Mar/24/09
Mar/24/09
Jul/14/09
Apr/08/09
Apr/01/09
Nov/04/08
Oct/14/08
Jul/14/09
Jun/02/09
Dec/02/08
Nov/11/08
Jul/29/09
Jun/16/09
Apr/01/09
Mar/04/09
Jan/13/09
Oct/07/08
Oct/30/09
Sep/15/09
Aug/11/09
Jul/21/09
Jun/30/09
Jun/23/09
Dec/18/08
Oct/20/09
Sep/02/09
Company/Commodity
Uranium In Situ
Uranium In Situ Update
Uranium In Situ Update
Ur-Energy Inc.
Ur-Energy Inc.
US Gold Corporation
US Gold Corporation
Vantex Resources Ltd.
Ventana Gold Corp.
Ventana Gold Corp.
Ventana Gold Corp.
Ventana Gold Corp.
VG Gold Corp.
VG Gold Corp.
Victoria Gold Corp.
Victoria Gold Corp.
Virginia Mines Inc.
Virginia Mines Inc.
Vista Gold Corp.
VMS Ventures Inc.
VMS Ventures Inc.
West Timmins Mining Inc.
White Canyon Uranium Ltd.
White Canyon Uranium Ltd.
Xemplar Energy Corp.
Zazu Metals Corp.
Zinc In Situ Update
Zinc In Situ Update
Zinc In Situ Update
Zinc In Situ Update
Sym
URC
URC
URC
URC
URC
URC
Ex
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
TSX-V
URE
URE
UXG
UXG
VTX
VEN
VEN
VEN
VEN
VG
VG
VIT
VIT
VGQ
VGQ
VGZ
VMS
VMS
WTM
WTM
WTM
WTM
WTM
WCU
WCU
XE
XE
XE
XE
ZAZ
TSX
TSX
TSX
TSX
TSX-V
TSX
TSX
TSX
TSX
TSX
TSX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
TSX-V
TSX-V
TSX
TSX
TSX
TSX
TSX
ASX
ASX
TSX-V
TSX-V
TSX-V
TSX-V
TSX
Date
Jun/16/09
Jun/12/09
May/19/09
Mar/04/09
Dec/18/08
Dec/02/08
in all editions
Feb/04/09
Nov/04/08
Nov/11/08
Oct/27/08
Sep/02/09
Jul/14/09
Jun/02/09
Jun/16/09
May/19/09
Apr/01/09
Mar/10/09
Oct/27/09
Aug/04/09
Oct/27/09
Jun/30/09
Sep/09/09
Apr/21/09
Sep/09/09
Nov/11/08
Oct/07/08
Jun/30/09
Jun/23/09
May/19/09
Apr/08/09
Dec/18/08
Oct/27/09
Aug/04/09
Apr/08/09
Mar/10/09
Jan/13/09
Nov/19/08
Jun/02/09
Nov/03/09
May/12/09
Feb/11/09
Oct/28/08
25 November 2009
APPENDIX: IMPORTANT DISCLOSURES
Analyst Certification:
Each authoring analyst of Canaccord Adams whose name appears on the front page of this investment
research hereby certifies that (i) the recommendations and opinions expressed in this investment research
accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the
designated investments or relevant issuers discussed herein that are within such authoring analyst’s
coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed by the authoring analyst in the
investment research.
Price Chart:*
In order to obtain these (6 or more) stock price charts or additional applicable disclosures and
information concerning Canaccord Capital’s recommendations of companies under coverage
mentioned in this report, please contact Canaccord Capital at 1-800-382-9280 or visit
www.canaccord.com.
* Price charts assume event 1 indicates initiation of coverage or the beginning of the measurement period.
Distribution of Ratings:
Global Stock Ratings
(as of 2 November 2009)
Canaccord Adams
Ratings System:
Rating
Buy
Speculative Buy
Hold
Sell
Coverage Universe
#
%
364
56.9%
70
10.9%
186
29.1%
20
3.1%
640
100.0%
IB Clients
%
27.7%
52.9%
17.2%
5.0%
BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.
HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.
SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months.
NOT RATED: Canaccord Adams does not provide research coverage of the relevant issuer.
“Risk-adjusted return” refers to the expected return in relation to the amount of risk associated with the
designated investment or the relevant issuer.
Risk Qualifier:
SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental
criteria. Investments in the stock may result in material loss.
Canaccord Adams is the business name used by certain subsidiaries of Canaccord Capital Inc., including
Canaccord Adams Inc., Canaccord Adams Limited, and Canaccord Adams, a division of Canaccord Capital
Corporation.
The authoring analysts who are responsible for the preparation of this investment research are employed
by Canaccord Adams, a securities broker-dealer with principal offices located in Vancouver, Calgary,
Toronto, Montreal (all Canada), Boston, New York, San Francisco (all US) and London (UK).
In the event that this is compendium investment research (covering six or more relevant issuers), Canaccord
Adams and its affiliated companies may choose to provide specific disclosures of the subject companies by
reference, as well as its policies and procedures regarding the dissemination of investment research. To
access this material or for more information, please send a request to Canaccord Adams Research, Attn:
Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or
[email protected].
The authoring analysts who are responsible for the preparation of this investment research have received
(or will receive) compensation based upon (among other factors) the Corporate Finance/Investment Banking
revenues and general profits of Canaccord Adams. However, such authoring analysts have not received, and
will not receive, compensation that is directly based upon or linked to one or more specific Corporate
Finance/Investment Banking activities, or to recommendations contained in the investment research.
Canaccord Adams and its affiliated companies may have a Corporate Finance/Investment Banking or other
relationship with the company that is the subject of this investment research and may trade in any of the
designated investments mentioned herein either for their own account or the accounts of their customers, in
good faith or in the normal course of market making. Accordingly, Canaccord Adams or their affiliated
companies, principals or employees (other than the authoring analyst(s) who prepared this investment
research) may at any time have a long or short position in any such designated investments, Related
designated investments or in options, futures or other derivative instruments based thereon.
Some regulators require that a firm must establish, implement and make available a policy for managing
conflicts of interest arising as a result of publication or distribution of investment research. This investment
research has been prepared in accordance with Canaccord Adams’ policy on managing conflicts of interest,
and information barriers or firewalls have been used where appropriate. Canaccord Adams’ policy is
available upon request.
25 November
The information contained in this investment research has been compiled by Canaccord Adams from
sources believed to be reliable, but (with the exception of the information about Canaccord Adams) no
representation or warranty, express or implied, is made by Canaccord Adams, its affiliated companies or
any other person as to its fairness, accuracy, completeness or correctness. Canaccord Adams has not
independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and
other information contained in this investment research constitute Canaccord Adams’ judgement as of the
date of this investment research, are subject to change without notice and are provided in good faith but
without legal responsibility or liability.
Canaccord Adams salespeople, traders, and other professionals may provide oral or written market
commentary or trading strategies to our clients and our proprietary trading desk that reflect opinions that
are contrary to the opinions expressed in this investment research. Canaccord Adams’ affiliates, proprietary
trading desk, and investing businesses may make investment decisions that are inconsistent with the
recommendations or views expressed in this investment research.
This investment research is provided for information purposes only and does not constitute an offer or
solicitation to buy or sell any designated investments discussed herein in any jurisdiction where such offer
or solicitation would be prohibited. As a result, the designated investments discussed in this investment
research may not be eligible for sale in some jurisdictions. This investment research is not, and under no
circumstances should be construed as, a solicitation to act as a securities broker or dealer in any
jurisdiction by any person or company that is not legally permitted to carry on the business of a securities
broker or dealer in that jurisdiction. This material is prepared for general circulation to clients and does not
have regard to the investment objectives, financial situation or particular needs of any particular person.
Investors should obtain advice based on their own individual circumstances before making an investment
decision. To the fullest extent permitted by law, none of Canaccord Adams, its affiliated companies or any
other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to
any use of the information contained in this investment research.
For Canadian Residents:
This investment research has been approved by Canaccord Adams, a division of Canaccord Capital
Corporation, which accepts responsibility for this investment research and its dissemination in Canada.
Canadian clients wishing to effect transactions in any Designated Investment discussed should do so
through a qualified salesperson of Canaccord Adams, a division of Canaccord Capital Corporation in their
particular jurisdiction.
For United Kingdom
Residents:
This investment research complies with the Financial Services Authority’s Handbook chapter on Conduct of
Business and is approved by Canaccord Adams Limited, which is authorized and regulated by the Financial
Services Authority, in connection with its distribution in the United Kingdom. This material is not for
distribution in the United Kingdom to retail clients, as defined under the rules of the Financial Services
Authority. Canaccord Adams Limited accepts responsibility for this investment research and its
dissemination in the United Kingdom. The information contained in this investment research is only
intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties,
as defined under the rules of the Financial Services Authority.
For United States
Residents:
Canaccord Adams Inc., a US registered broker-dealer, accepts responsibility for this Investment Research
and its dissemination in the United States. This Investment Research is intended for distribution in the
United States only to certain US institutional investors. US clients wishing to effect transactions in any
Designated Investment discussed should do so through a qualified salesperson of Canaccord Adams Inc.
For European Residents:
If this investment research is intended for disclosure in any jurisdiction other than the United Kingdom, the
US or Canada, then the relevant rules and regulatory requirements of that jurisdiction will apply.
Additional information is available
available on request.
Copyright © Canaccord Adams, a division of Canaccord Capital Corporation 2009. – Member IIROC/CIPF
Copyright © Canaccord Adams Limited 2009. – Member LSE, authorized and regulated by the Financial
Services Authority.
Copyright © Canaccord Adams Inc. 2009. – Member FINRA/SIPC
All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under
copyright to Canaccord Adams, a division of Canaccord Capital Corporation, Canaccord Adams Limited, and
Canaccord Adams Inc. None of the material, nor its content, nor any copy of it, may be altered in any way,
or transmitted to or distributed to any other party, without the prior express written permission of the
entities listed above.

Name(XXX) XXX-XXXXemail @canaccord

Transcription

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