19 May 2009
The S&P/TSX Venture Index – Unplugged
Wendell Zerb • We use the S&P/TSX Venture Composite Index as a proxy for the overall
wendell.zerb@canaccordadams.com performance of the junior mining sector. It is, in our opinion, the best general
1.604.643.7485 representation of the performance of small cap mineral exploration/development
companies. To facilitate a better understanding of what the index represents,
Eric Zaunscherb we have outlined some important details on how the index is derived and
eric.zaunscherb@canaccordadams.com maintained, as well as what mining-related companies contribute.
1.604.699.0829
• Exploration updates:
Nicholas Campbell Alexco Resource Corp. (AXR : TSX : C$1.65 | Not rated)
nicholas.campbell@canaccordadams.com
Magma Metals Ltd. (MMB : ASX : A$0.44 | Not rated)
1.604.643.7027
Mantra Resources Limited (MRU : ASX : A$3.02 | Not rated)
Uracan Resources Ltd. (URC : TSX-V : C$0.29 | Not rated)
Adam Melnyk (Research Associate)
Ventana Gold Corp. (VEN : TSX : C$2.02 | Not rated)
adam.melnyk@canaccordadams.com
West Timmins Mining Inc. (WTM : TSX : C$0.78 | Not rated)
1.604.643.1655
Iris Varga (Research Assistant) Figure 1: Gold price versus average value US$/oz in situ
iris.varga@canaccordadams.com
120 1050.0
1.604.643.7412
Current value: US$40.14/oz ↓
110
1000.0
In this issue:
Market and Commodities Snapshot 2 100
950.0
Foreword 3
90
Other News 6 900.0
80
Average Val ue US$/oz i n si tu
Exploration Updates 850.0
Gol d Pr i ce (US$)
Alexco Resources Corp. 8 70
Magma Metals Ltd. 9 800.0
Mantra Resources Limited 12 60
Uracan Resources Ltd. 14 750.0
50
Ventana Gold Corp. 16
West Timmins Mining Inc. 18 40
700.0
Drill Bitz 20 30
650.0
Gold In Situ 21
Silver In Situ 22 20 600.0
5-Jul-07
19-Jul-07
2-Aug-07
16-Aug-07
30-Aug-07
13-Sep-07
27-Sep-07
11-Oct-07
25-Oct-07
8-Nov-07
22-Nov-07
6-Dec-07
20-Dec-07
3-Jan-08
17-Jan-08
31-Jan-08
14-Feb-08
28-Feb-08
13-Mar-08
27-Mar-08
10-Apr-08
24-Apr-08
8-May-08
22-May-08
5-Jun-08
19-Jun-08
3-Jul-08
17-Jul-08
31-Jul-08
14-Aug-08
28-Aug-08
11-Sep-08
25-Sep-08
9-Oct-08
23-Oct-08
6-Nov-08
20-Nov-08
4-Dec-08
18-Dec-08
9-Jan-09
23-Jan-09
5-Feb-09
20-Feb-09
6-Mar-09
20-Mar-09
2-Apr-09
17-Apr-09
1-May-09
15-May-09
Uranium In Situ 24
Research Universe 26 Average Value US$/oz in situ Gold Price
Ink Spots 27
Index 29 C$:US$ 0.85
Ag:Au ratio 67:1
Source: Capital IQ, Thomson ONE, Canaccord Adams
Canaccord Adams is the global capital markets group of Canaccord Capital Inc. (CCI : TSX|AIM)
The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal,
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.

Junior Mining Weekly | 2
19 May 2009
Figure 2: Junior market and commodities snapshot
In Situ Value % Change TSX Venture Daily Volume for the week
EV/attrib. lb eq. or Mkt. cap/oz or lb eq. 15 May 09 YTD WoW of 11-15 May 09 Date Volume
CA GOLD In Situ (US$/oz) 40.14 25.4% -1.9% Monday 11-May-09 156,531,902
CA SILVER In Situ (US$/oz) 0.39 77.3% 5.4% Tuesday 12-May-09 180,698,260
CA URANIUM In Situ (US$/lb) 2.73 60.6% -8.4% Wednesday 13-May-09 181,077,989
15 May 09 YTD WoW Thursday 14-May-09 212,404,049
CA COPPER In Situ (cents Cdn/lb) 2.10 105.9% -3.2% Friday 15-May-09 166,636,080
CA NICKEL In Situ (cents Cdn/lb) 12.71 134.1% 13.5%
CA ZINC In Situ (cents Cdn/lb) 1.48 122.2% 13.0% Total 897,348,280
CA MOLY In Situ (cents Cdn/lb) 11.12 133.1% 27.8% Average. Daily Volume 179,469,656
Value % Change S&P/TSX Venture Composite Index Volume and Value
Index 15 May 09 YTD WoW Jan 07- 15 May 09
S&P/TSX Venture Composite Index 1,063 33.4% -0.6%
S&P/TSX Composite Index 9,763 8.6% -4.6%
S&P/TSX Global Gold Index 313 0.1% 1.9%
3,200 370
S&P/TSX Diversified Metals & Mining 513 113.1% -13.1%
(SPDR) Streettracks Gold Trust 91.55 5.8% 1.7%
2,800
IShares Comex Gold Trust 91.60 5.7% 1.7%
AMEX Gold Bugs 345 14.0% 3.8% 295
2,400
T S X V e n tu r e V o lu m e (M )
S & P / T S X V e n tu r e In d e x
S&P/TSX Venture Composite Index
2,000
Selected companies Price
220
Highly active by % ∆ (11-15 May 09) Symbol 15 May 09 %∆
1,600
Kinbauri Gold Corp. KNB $0.56 42%
Rejects Orvana offer, to proceed with Glen Eagle transaction.
1,200
Underworld Resources Inc. UW $0.96 34% 145
Drilling commenced, land holdings expanded at White Gold property, Yukon. 800
Bear Lake Gold Ltd. BLG $0.37 16%
Drilled 8.5 m of 10.6 g/t gold at Larder Lake, NE Ontario. 400 70
Diamonds North Resources Ltd. DDN $0.19 15%
Ja n -0 7
Ja n -0 7
F e b -0 7
M a r -0 7
A p r -0 7
M a y -0 7
Ju n -0 7
Ju l-0 7
A u g-0 7
S e p -0 7
O c t-0 7
O c t-0 7
N o v -0 7
D e c -0 7
Ja n -0 8
F e b -0 8
M a r -0 8
A p r -0 8
M a y -0 8
Ju n -0 8
Ju l-0 8
Ju l-0 8
A u g-0 8
S e p -0 8
O c t-0 8
N o v -0 8
D e c -0 8
Ja n -0 9
F e b -0 9
M a r -0 9
A p r -0 9
M a y -0 9
Grab samples 5.8 g/t Au at Amaruk, Nunavut.
TSX-Venture Daily Trading Volume S&P/TSX Venture Index
Corsa Capital Ltd. CSO $0.55 8%
Colin Benner added to board.
CA commodity price and currency forecasts Value % Change
2009E 2010E 2011E Long Term 15 May /09 YTD WoW
Aluminum US$/lb 0.63 0.70 0.75 0.85 0.67 -1.5% -1.5%
Copper US$/lb 1.60 2.00 2.50 1.75 2.02 46.4% -4.7%
Nickel US$/lb 4.76 5.00 5.50 7.00 5.62 6.8% -4.9%
Zinc US$/lb 0.58 0.68 0.85 0.75 0.67 24.1% -2.9%
Lead US$/lb 0.54 0.55 0.55 0.50 0.67 45.7% 1.5%
Uranium US$/lb 46.4 57.5 65.0 70.00 51.00 -3.8% 10.9%
Molybdenum US$/lb 11.2 13.0 15.0 12.50 9.25 -25.3% 8.2%
Cobalt US$/lb 14.8 15.0 15.0 12.50 16.00 -8.6% -3.0%
Gold US$/oz 975.00 900.00 800.00 750.00 929.50 8.0% 2.5%
Silver US$/oz 13.50 13.75 14.00 14.00 14.01 24.0% 0.4%
Platinum US$/oz 1119.00 1200.00 1200.00 1200.00 1105.00 18.2% -4.0%
Palladium US$/oz 219 250 250 250.00 224.75 20.2% -6.9%
C$/US$ 0.82 0.84 0.89 0.90 0.85 3.9% -1.5%
A$/US$ 0.69 0.75 0.80 0.80 0.75 7.0% -1.7%
US$/Euro 1.34 1.35 1.35 1.30 1.35 -3.6% -0.9%
Rand/US$ 9.98 10.00 10.00 10.00 8.68 -6.9% 3.9%
WoW (week over week)
The CA commodity price (base metals) and currency forecasts – updated values published April 6, 2009.
In Situs: The basket of companies might vary quarterly. Silver In Situ first published on September 22/08.
CA - Canaccord Adams.
Past performance is not indicative of future results.
Source: Thomson ONE, Bloomberg, TSX Venture Exchange, Canaccord Adams

Junior Mining Weekly | 3
19 May 2009
THE S&P/TSX VENTURE COMPOSITE INDEX
The S&P/TSX Venture Composite Index (index) is up 30% since 9 March 2009 and 26%
since 31 December 2008. We use the performance of the index and the trading volumes
associated with the entire S&P/TSX Venture Exchange as a proxy for the performance
and outlook of the junior mining sector. To facilitate a better understanding of what the
index represents we have outlined some important details on how the index is derived
and maintained, as well as what mining-related companies contribute.
The S&P/TSX Venture Exchange consists of about 2,415 companies in the following
sectors: mining, technology, oil and gas, capital pools, manufacturing, and other
miscellaneous areas of concentration. Mining companies typically represent about 45-
55% of the total number of listed companies.
Figure 3: S&P/TSX Venture Composite Index Figure 4: S&P/TSX Venture Composite Index
– companies by industry – companies by industry
Sector % Share Other
Mining 47% 14%
Technology 11%
Oil & Gas 11%
Manufacturing
Capital Pools 12%
5%
Manufacturing 5%
Other 14% Mining
Total 100% 47%
Capital Pools
12%
Oil & Gas
11%
Technology
11%
Includes the S&P/TSX Venture Composite and NEX Indices Source: TSX Data Group, Canaccord Adams
Based on 2008 data.
Source: TSX Data Group, Canaccord Adams
The S&P/TSX Venture Composite Index is a value (market) weighted index that tracks
relative stock performance. The index currently consists of about 476 companies that
individually represent the largest market capitalizations on the S&P/TSX Venture
Exchange. There are numerous requirements for inclusion on the index including:
incorporation in a Canadian, provincial or territorial jurisdiction; an S&P/TSX Venture
Exchange listing for 12 months (exemption possible); and a market capitalization that
represents a minimum 0.05% of the cumulative market capitalization of the index,
calculated from the largest to the smallest security in the Venture universe.
The S&P/TSX Venture Composite Index is reviewed quarterly (calendar basis) with new
additions and exclusions determined by a managed committee at Standard and Poor’s.
Quarterly changes are reflected on the third Friday following quarter-end.
The mining sector represents about 50% of the total index constituents, or about 238
companies in total. While performance of the index is significantly influenced by non-
mining-related companies as well as the mining companies in general, the earlier-stage

Junior Mining Weekly | 4
19 May 2009
growth/speculative character of the S&P/TSX Venture Exchange–listed companies does,
in our opinion, tend to attract more risk-tolerant investors. Anecdotally, our observation
is that an increase in speculative capital as measured by volumes on the S&P/TSX
Venture Exchange can be more weighted to specific sectors in the index but filters
through to a broad cross-section of the represented sectors. In other words, we believe
positive or negative movement of the index should in general be a valid representation of
the performance of the small cap mining sector.
Tabled in Figure 5 is a subset of some of the higher market cap mining-related
companies currently included in the S&P/TSX Venture Composite Index.
Figure 5: S&P/TSX Venture Index top mining constituents by market cap
Price Shares O/S Mkt Cap
Symbol Cap IQ Ticker Company Name Industry 14 May 09 M C$M
1 SGR TSXV:SGR San Gold Corporation Metals and Mining $2.18 237.5 $517.6
2 GLW TSXV:GLW Gold Wheaton Gold Corp. Metals and Mining $0.21 1397.5 $293.5
3 SST TSXV:SST Silverstone Resources Corp. Metals and Mining $1.91 123.1 $235.1
4 XRC TSXV:XRC Exeter Resource Corporation Metals and Mining $3.40 62.4 $212.1
5 ARQ TSXV:ARQ Anooraq Resources Corporation Metals and Mining $1.05 185.6 $194.9
6 RML TSXV:RML Rusoro Mining Ltd. Metals and Mining $0.46 391.5 $180.1
7 R TSXV:R Romarco Minerals Inc. Metals and Mining $0.64 273.2 $174.9
8 CKG TSXV:CKG Chesapeake Gold Corp. Metals and Mining $4.45 38.3 $170.5
9 MAA TSXV:MAA MagIndustries Corp. Metals and Mining $0.56 288.4 $161.5
10 ITH TSXV:ITH International Tower Hill Mines Ltd. Metals and Mining $3.22 48.5 $156.3
11 RR TSXV:RR Rainy River Resources Ltd. Metals and Mining $2.70 56.4 $152.1
12 LGC TSXV:LGC Luna Gold Corp. Metals and Mining $0.38 345.1 $131.1
13 IZN TSXV:IZN Iberian Minerals Corp. Metals and Mining $0.50 259.7 $129.8
14 KMK TSXV:KMK Continental Minerals Corp. Metals and Mining $0.93 129.1 $120.0
15 ADM TSXV:ADM Andina Minerals, Inc. Metals and Mining $1.48 79.4 $117.5
16 NOT TSXV:NOT Noront Resources Ltd. Metals and Mining $0.71 153.7 $109.1
17 CPQ TSXV:CPQ Canplats Resources Corp. Metals and Mining $1.66 56.8 $94.4
18 BCM TSXV:BCM Bear Creek Mining Corp. Metals and Mining $1.67 56.5 $94.3
19 OK TSXV:OK Orko Silver Corp. Metals and Mining $0.82 106.9 $87.6
20 FVI TSXV:FVI Fortuna Silver Mines Inc. Metals and Mining $0.94 92.1 $86.6
21 TRX TSXV:TRX Terrane Metals Corp. Metals and Mining $0.23 363.2 $83.5
22 CFO TSXV:CFO Clifton Star Resources, Inc. Metals and Mining $3.24 23.1 $74.7
23 AAM TSXV:AAM Atacama Minerals Corp. Metals and Mining $0.41 164.1 $67.3
24 ANM TSXV:ANM Antares Minerals Inc. Metals and Mining $1.20 54.6 $65.5
25 FWR TSXV:FWR Freewest Resources Canada Inc. Metals and Mining $0.33 198.2 $65.4
26 GMN TSXV:GMN GobiMin Inc. Metals and Mining $0.92 70.5 $64.9
27 SBB TSXV:SBB Sabina Silver Corp. Metals and Mining $0.82 73.4 $60.2
28 BKM TSXV:BKM Pacific Booker Minerals Inc. Metals and Mining $5.79 10.2 $59.2
29 EGD TSXV:EGD Energold Drilling Corp. Metals and Mining $1.63 34.1 $55.6
30 KXL TSXV:KXL Kodiak Exploration Ltd. Metals and Mining $0.60 89.0 $53.4
31 ACS TSXV:ACS Archon Minerals Ltd. Metals and Mining $1.00 53.3 $53.3
32 NML TSXV:NML New Millennium Capital Corp. Metals and Mining $0.40 131.5 $52.6
33 QTA TSXV:QTA Quaterra Resources Inc. Metals and Mining $0.60 87.6 $52.6
34 MMY TSXV:MMY Monument Mining Limited. Metals and Mining $0.32 155.6 $49.8
35 TVC TSXV:TVC Tournigan Energy Ltd. Metals and Mining $0.39 122.7 $47.9
36 AGM TSXV:AGM Aldridge Minerals Inc. Metals and Mining $2.13 22.3 $47.6
37 CSG TSXV:CSG Castle Gold Corporation Metals and Mining $0.61 75.3 $45.9
38 VIT TSXV:VIT Victoria Gold Corp. Metals and Mining $0.32 134.2 $42.9
39 FST TSXV:FST Fortress Minerals Corp. Metals and Mining $0.40 106.7 $42.7
40 GOZ TSXV:GOZ Gold-Ore Resources Ltd. Metals and Mining $0.51 82.3 $42.0
41 ATW TSXV:ATW ATW Gold Corp. Metals and Mining $0.66 60.5 $39.9
42 BBR TSXV:BBR Brett Resources Inc. Metals and Mining $0.59 67.2 $39.7
43 NSM TSXV:NSM Northern Star Mining Corp. Metals and Mining $0.40 99.0 $39.6
44 VGO TSXV:VGO Ventura Gold Corp. Metals and Mining $0.29 136.4 $39.6
45 MTO TSXV:MTO Metanor Resources Inc. Metals and Mining $0.50 79.0 $39.5
46 USA TSXV:USA U.S. Silver Corporation Metals and Mining $0.18 214.9 $38.7
47 AVR TSXV:AVR Avion Resources Corp. Metals and Mining $0.34 113.3 $38.5
48 MDW TSXV:MDW Midway Gold Corp. Metals and Mining $0.51 75.1 $38.3
49 CAO TSXV:CAO Cadiscor Resources Inc. Metals and Mining $0.82 43.3 $35.5
50 CAA TSXV:CAA Callinan Mines, Ltd. Metals and Mining $0.80 44.1 $35.3
Source: TSX data Group, Capital IQ, Canaccord Adams

Junior Mining Weekly | 5
19 May 2009
Figure 6: S&P/TSX Venture Composite Index (year over year/January 2003–May 2009)
3,500
2007
3,000
2,500
2006
2,000
2005
1,500
2004 2003
1,000
2008
2009
500
August
March
June
September
October
November
December
January
February
April
May
July
2003 2004 2005 2006 2007 2008 2009
Source: TSX Data Group, Canaccord Adams

Junior Mining Weekly | 6
19 May 2009
OTHER NEWS
• Diamond market update: The polished diamond price index of
www.polisheddiamonds.com continued its strengthening trend last week, hitting
110.6 on 10 May. This is up 4.3% from the bottom established 19 April, after falling
22.9% from 10 August 2008. Certainly diamond retailers such as Blue Nile (NILE :
NASDAQ : US$42.28 | Not rated), Harry Winston (HW : TSX : C$5.79 | UNDER
REVIEW), Signet (SIG : NYSE : US$16.19 | Not rated), Tiffany & Co (TIF : NYSE :
US$25.4 | Not rated) and Zale (ZLC : NYSE : US$3.04 | Not rated) had been signalling
a rebound through to the beginning of May before hitting a brick wall in the second
week of May. Aside from the current bipolar view of the economy and markets in
general, the potential for an overhang of diamonds in the pipeline also appears to be
weighing on the jewellers. In the rough diamond markets, De Beers has severely
curtailed its production (-91% in Q1/09 vs. Q1/08) and has reduced its production
guidance for the current financial year by 40%. We consider it prudent to cut
production in a depressed market, but Russia’s state miner, Alrosa, couples ongoing
mining with minimal sales and is therefore building a considerable inventory. That
inventory not only vaults Alrosa ahead of De Beers as price-setter but will now also
likely dampen the rough diamond price recovery. We are not surprised to see the
diamond retailers (and producers) pause and/or stumble at this time.
• Uranium market update: The Ux Consulting and TradeTech spot price indicators
continued to climb, with UxC rising from a bottom of US$40.00/lb at the beginning
of April to hit US$51.00/lb last week. These increases appear to be related to a
switch from distressed selling by financial players to net buying. Rallies in recent
history have generally lost impetus after six weeks so it will be particularly
interesting to see if momentum is carried through the next two weeks. The junior
uranium explorers and developers have blossomed, taking enterprise value per in
situ pound from US$0.87 on 6 March 2009 to as high as US$2.45 last week (+182%).
In the meantime, companies such as Uranium Resource, Inc. (URRE : NASDAQ :
US$1.00 | Not rated) appear to be holding their breath until the price of uranium
appreciates enough to justify investing in new wellfields.
• Uranium and permitting: Quite rightly, the permitting hurdles for a new uranium
mine, whether open pit, underground or in situ recovery (ISR), are higher than for
virtually any other kind of mining. Many companies are waiting with baited breath
for the publication, expected “by June” of the US Nuclear Regulatory Commission’s
(NRC) Generic Environmental Impact Statement, which will be used in the process to
gain their Material Source Licence. The battle isn’t just on the federal level: Santoy
(SAN : TSX-V : C$0.11 | Not rated) is fighting the Commonwealth of Virginia to
overturn a state moratorium on uranium mining while Uranium Energy (UEC : N-A :
US$1.21 | Not rated) is opposed by neighbours and Goliad County, Texas. At least
these companies’ applications are acknowledged: Strathmore Minerals (STM : TSX-V
: C$0.52 | Not rated) published a news release recently correcting an erroneous
statement by the NRC and repeatedly in the media that the company’s Gas Hills, Pine
Tree-Reno Creek and Sky projects are no longer under consideration.
• Uranium in Saskatchewan: Uranium exploration in Saskatchewan is heating up again.
Aforementioned Santoy and Forum Uranium (FDC : TSX-V : C$0.09 | Not rated) have

Junior Mining Weekly | 7
19 May 2009
teamed up on the Karpinka project 30 kilometres southwest of Key Lake, Athabasca
Basin, Saskatchewan. The partners are following up mineralized boulder trains and
airborne EM anomalies seeking bedrock-hosted mineralization in a drill program later
this year. Pitchstone Exploration (PXP : TSX-V : C$0.39 | Not rated) has contracted a
3,000 metre core drill program on the wholly owned Gumboot project to begin on or
around 31 May. The project, located approximately 20 kilometres northwest of the
Cigar Lake deposit in the eastern Athabasca Basin, hosts encouraging alteration,
pathfinder metals and uranium mineralization. A five-hole drill program last year
tested only 150 metres of a 5-kilometre-long geophysical anomaly. Kodiak Exploration
(KXL : TSX-V : C$0.60 | Not rated) will follow up encouraging alteration and
mineralization on its Western Millennium project released last week.
• Uranium in Namibia: Namibia remains the hottest jurisdiction in the uranium space,
despite the extremely low grades of the country’s deposits in a global context. AREVA
has now successfully demonstrated production at a mini-pilot plant scale at the
Trekkopje project. Calcrete-hosted (in paleochannels) uranium mineralization will
ultimately be mined with a head grade of 120 ppm U3O8 and heap leached using an
alkaline solution. Production is expected to begin at an annual rate of 6.6 million
pounds U3O8 in 2010. West Australian Metals (WME : ASX : A$0.15 | Not rated)
continues to test for granite-hosted uranium mineralization akin to the Rössing mine
on the 80%-owned Marenica project immediately north of Trekkopje. Marenica
already hosts 111 million tonnes inferred at 140ppm U3O8 for 34 million pounds of
contained U3O8 in calcrete-hosted mineralization. An updated resource is expected
later this year as part of a preliminary economic assessment. South of Extract
Resources’ (EXT : ASX : A$4.75 | Not rated) world-class Rössing South project, Deep
Yellow (DYL : ASX : A$0.28 | Not rated) has moved from reconnaissance and regional
exploration to focus on resource development. More specifically, drilling is ongoing to
generate resource upgrades and estimates for three styles of uranium mineralization
on the exciting Reptile project: the Tubas Red Sand and Aussinanis targets, skarn-
hosted uranium at INCA and INCA Deeps and uraniferous paleochannels systems
between Tubas and Oryx south of Paladin’s (PDN : TSX : C$4.54 | BUY) Langer
Heinrich mine. In the deep south of Namibia, on the Orange River border with South
Africa, Xemplar (XE : TSX-V : C$0.40 | Not rated) continues to publish results from the
2008 drill program; the 2009 program is ongoing. One highlight intersection was from
Hole RCALU0105 on the Aluriesfontein target, which cut 103.6 ppm U3O8 over 57
metres. As we indicated in our site visit note published in Junior Mining Weekly dated
10 March 2009, the Warmbad project hosts abundant granite-hosted uranium
mineralization, but its complexity will make identifying an economic concentration of
mineralization more difficult, expensive and time-consuming.
• Uranium “in play”: Titan Uranium (TUE : TSX-V : C$0.47 | Not rated) and Uranium
Power (UPC : TSX-V : C$0.25 | Not rated) have entered into a definitive agreement
whereby Titan will acquire Uranium Power. Titan is expected to issue 0.5378 shares
per share of Uranium Power, subject to an adjustment targeting 50/50 ownership by
each company’s shareholders at closing. Uranium Power’s primary asset is a 50%
interest in the Sheep Mountain uranium mine in Wyoming, which has an NI 43-101
compliant inferred resource amounting to 15.6 million pounds at an average grade of
0.17% U3O8e. On 14 May, Uranium Power closed at an enterprise value per in situ
pound U3O8 of C$1.98 as compared with a peer mean (adjusted for outliers) of C$2.55.

Junior Mining Weekly | 8
19 May 2009
EXPLORATION UPDATES
ALEXCO RESOURCE CORP. Eric Zaunscherb, CFA 1.604.699.0829
(AXR : TSX : C$1.65 | NOT RATED)
Figure 7: AXR : TSX Figure 8: AXR : TSX
Shares O/S (M): 43.1 Past 12 months – purchased: $81,788
Shares FD (M): 49.0 Past 12 months – sold: $48,655
Working Cap. (M): C$12.4
Market Cap. (M): C$71.1 Since May 4/09 – acquisitions: Nil
Since May 4/09 – dispositions: 25,000 shares
Co. Website: www.alexcoresource.com
Price range: $1.55-1.60
Source: Company reports, StockCharts.com Source: INK Research
Alexco Resource is a Vancouver-based junior exploration and development company under the stewardship of President and
CEO Clynton Nauman. Alexco owns 100% of the 23,350 hectare Keno Hill silver district, Yukon Territory. The Keno Hill
district is located approximately 330 kilometres north of Whitehorse. From 1941 to 1989 the district produced more than 217
million ounces of silver from 5.4 million tonnes of ore from 35 mines. Alexco provided an exploration update recently with
highlights as follows:
• Alexco announced the initial results of underground chip-channel sampling at the Bellekeno mine in the Keno Hill
district in 2009. The Bellekeno mine hosts two styles of silver mineralization in three zones: silver- and lead-rich in the
“99” and Southwest zones and zinc- and silver-rich in the East zone. The “99” and Southwest zones combine for an
inferred resource of 357,800 tonnes grading 1,394 g/t Ag, 19.0% Pb and 5.5% Zn, while the inferred resource on the
East zone amounts to 179,600 tonnes grading 21.3% Zn, 263 g/t Ag and 2.0% Pb (January 2008 NI 43-101 estimates).
Initial sampling is highly encouraging. The right rib sample on the 48 vein in the Southwest zone returned 1,947 g/t
Ag, 0.45 g/t Au, 29.7% Pb and 13.2% Zn over a true width of 6.04 metres, while the left rib sample returned 1,661 g/t
Ag, 0.51 g/t Au, 36.6% Pb and 15.3% Zn over a true width of 5.18 metres.
• Last week Alexco outlined its 2009 surface exploration program for the Keno Hill silver district. Work will focus on the
known Lucky Queen, Keno 700, Coral-Wigwam and Silver King historical mine areas. Other foci include hanging wall
and on-strike targets at Bellekeno’s 48 vein and the testing of targets spilling from the first digitized compilation of all
of the district’s historical data. Targets generated from a district-wide study may, in our opinion, be particularly
prospective. At Lucky Queen, previous follow-up drilling encountered mineralization of up to 35,618 g/t silver over
0.52 metres over a 200 metre strike length. The Coral-Wigwam target is interpreted to be a projected extension of the
Hector-Calumet mine, which historically produced 96 million ounces at an average grade exceeding 1,000 g/t silver.
• Management plans a construction decision for Bellekeno by early Q3/09 and US$35 million in funds have been
earmarked as part of a silver stream purchase agreement with Silver Wheaton (SLW : TSX : C$10.00).
An analyst has not visited the properties held by Alexco Resources Corp.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus investment in the shares
of Alexco Resource Corp. is for risk accounts only.

Junior Mining Weekly | 9
19 May 2009
MAGMA METALS LTD. Eric Zaunscherb, CFA 1.604.699.0829
(MMB : ASX : A$0.44 | NOT RATED)
Figure 9: MMB : ASX Figure 10: MMB : ASX
N/A
Shares O/S (M): 128.0
Shares FD (M): 185.7
Working Cap. (M): C$8.2
Market Cap. (M): C$50.1
Co. Website: www.magmametals.com.au
Source: Company reports, StockCharts.com Source: INK Research
Experienced explorationists Dr. Keith Watkins, Managing Director, and Ralph Porter, Exploration Director, are guiding
Perth-based Magma Metals. The company is focused on advancing nickel-copper-platinum group metal (PGM) deposits in
Australia and Canada. The company’s primary asset is the Thunder Bay North (TBN) project in Ontario for which an
update was recently provided as follows:
• Magma Metals is largely focused on the wholly owned 500-square-kilometre TBN nickel-copper-PGM project northeast
of Thunder Bay, Ontario (Figure 11) as described in our initial Exploration Update on Magma published in the Junior
Mining Weekly on 28 April 2009. Last week, the company released the latest batch of drill results from a 31,000 metre
drill campaign testing an estimated 5 kilometre strike length along the Current Lake Intrusive Complex (CLIC, Figure 12).
Drilling is focused on the 500 metre Bridge zone (Figure 13) between the Beaver Lake and Current Lake zones. Results
continue to be exciting, demonstrating that the Bridge zone does appear to connect the Beaver Lake and Current Lake
areas in a continuous zone 3.4 kilometres long. Highlight holes include BL09-86 (5.56 g/t Pt+Pd, 0.28% Ni and 0.64% Cu
over 14.85 metres) and BL09-89 (17.13 g/t Pt+Pd, 1.29% Ni and 2.55% Cu over 5.98 metres). We note again the
consistent 1:1 ratio of platinum to palladium grades, which is highly unusual outside the Bushveld Intrusive Complex in
South Africa Nickel and copper grades are also substantive as by- or co-products. An initial resource estimate for the
entire CLIC is expected in Q3/09.
• Magma is making preparations for a separate drill program on the next intrusive complex approximately 3 kilometres west
of the CLIC, the Steepledge Lake Intrusive Complex (Figure 14). The barge-based program is designed to follow up last year’s
reconnaissance program intersection of 1.27 g/t Pt+Pd, 0.15% Ni and 0.23% Cu over 3.0 metres. A third intrusive complex,
the Lone Island Lake Intrusive Complex, is situated approximately 4 kilometres further to the southwest.
• The first 15 million share tranche of an over-subscribed 50 million share placement at A$0.32 per share has closed;
the second tranche is expected to close after shareholder approval at a meeting in May. The majority of the funds will
be applied to the TBN project but some will go towards exploration drilling on the East Yilgarn nickel sulphide projects
in Australia, general working capital and a planned TSX listing in late 2009. Anglo American is participating in the
placement pro rata to maintain its 12% equity interest in Magma Metals.
An analyst has not visited the properties held by Magma Metals Ltd.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus investment in the shares
of Magma Metals Ltd. is for risk accounts only.

Junior Mining Weekly | 10
19 May 2009
Figure 11: Thunder Bay North location map, Ontario
Source: Magma Metals Limited presentation, March 2009
Figure 12: Aeromagnetic anomalies and drilling, TBN, Ontario
Source: Magma Metals Limited news release, 15 May 2009

Junior Mining Weekly | 11
19 May 2009
Figure 13: Aeromagnetic anomalies and drilling, Bridge zone, TNB, Ontario
Source: Magma Metals Limited news release, 15 May 2009
Figure 14: Aeromagnetic anomalies and drilling, target intrusive complexes, TNB, Ontario
Source: Magma Metals Limited news release, 15 May 2009

Junior Mining Weekly | 12
19 May 2009
MANTRA RESOURCES LIMITED Eric Zaunscherb, CFA 1.604.699.0829
(MRU : ASX : A$3.02 | NOT RATED)
Figure 15: MRU : ASX Figure 16: MRU : ASX
N/A
Shares O/S (M): 85.1
Shares FD (M): 106.0
Working Cap. (M): C$18.7
Market Cap. (M): C$215.7
Co. Website: www.mantraresources.com.au
Source: Company reports, StockCharts.com Source: INK Research
Based in Perth, Western Australia, Mantra is focused on uranium exploration in Tanzania, Malawi and Mozambique. While
Namibia has received most of the attention in the African uranium space, recognition that sandstone-hosted mineralization
in the Karoo formation that extends across most of southern Africa including Tanzania, Malawi and Mozambique will, in
our opinion, become more intense. In our view, Mantra’s marquee Mkuju River project is arguably the leading exploration
and development project in the Karoo at this time. Management recently outlined its exploration plans as follows:
• The company’s marquee project is the wholly owned Mkuju River uranium project in Tanzania (Figure 17).
Mineralization was originally identified in one hole by Uranerz in the late 1970s. Mantra conducted a trenching
program in 2007 followed by drilling; approximately 650 holes totalling 40,000 metres have been drilled since
September 2007. An initial resource estimate (JARC compliant) amounted to 39.9 million tonnes inferred grading 409
ppm at a 200 ppm cut-off totalling 35.9 million pounds U3O8. We see significant exploration potential for the shallow,
flat-lying mineralization (Figure 18) to be expanded to depth and in area. A drill program including 3,000 metres of
diamond drilling and 20,000 metres air drilling has begun. The 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. It is expected to take three to four months but may be extended if
warranted. A third drill rig is being procured to test other targets within the project area. A scoping study is expected
imminently, with an updated resource estimate and commencement of a feasibility study anticipated later this year.
• 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 announced its
intention to seek a dual listing on the Toronto Stock Exchange later this year; 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.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus investment in the shares
of Mantra Resources is for risk accounts only.

Junior Mining Weekly | 13
19 May 2009
Figure 17: Mkuju River location map, Tanzania
Source: Mantra Resources Limited presentation, February 2009
Figure 18: Mkuju River conceptual section, Tanzania
Source: Mantra Resources Limited presentation, February 2009

Junior Mining Weekly | 14
19 May 2009
URACAN RESOURCES LTD. Eric Zaunscherb, CFA 1.604.699.0829
(URC : TSX-V : C$0.29 | NOT RATED)
Figure 19: URC : TSX-V Figure 20: URC : TSX-V
Shares O/S (M): 91.3 Past 12 months – purchased: $353,775
Shares FD (M): 120.1 Past 12 months – sold: $11,400
Working Cap. (M): C$5.3
Market Cap. (M): C$26.5 Since Dec. 12/09 – acquisitions or dispositions: Nil
Co. Website: www.uracanresources.com
Source: Company reports, StockCharts.com Source: INK Research
Uracan Resources is a Canadian uranium exploration company that has been exploring in Québec and Saskatchewan since
mid-2006. Uracan is under the direction of Gregg Sedun, President and CEO, and Tom Garagan, Vice President,
Exploration. We consider Tom Garagan, a founder of Bema Gold, one of the top geologists in Canada. Uracan’s primary
asset is the North Shore uranium project on the north shore of the St. Lawrence River in Québec. The project targets near-
surface, large-tonnage, granite-hosted uranium mineralization akin to that seen in Namibia. The company recently
provided a project update as follows:
• The wholly owned North Shore property covers approximately 1,000 square kilometres, 285 kilometres east of Sept-
Iles, Québec (Figure 21). Infrastructure is excellent with paved highways, power lines, and deep water port potential
within the project area. The project hosts a number of uraniferous zones. Earlier this year Uracan announced NI 43-
101 compliant inferred resource estimates for the TJ and Middle zones, part of the Double S trend (Figure 22), based
on 13,863 metres in 66 diamond drill holes drilled in 2008. The TJ zone amounts to 28.7 million tonnes grading 110
ppm U3O8, or 7.0 million pounds, while the Middle zone amounts to 52.0 million tonnes grading 120 ppm U3O8
containing 13.7 million pounds, both using a 90 ppm cut off grade. The TJ and Middle zones are part of the Double S
trend, a radiometric anomaly of 6 kilometres in length. The TJ zone is located approximately 3 kilometres northwest of
the previously discovered Double S zone, while the Middle zone is situated 1.3 kilometres west of the Double S zone.
Combining the three zones using a 90 ppm cut-off grade amounts to an inferred resource of 40.7 million pounds U3O8
at an average grade of 120 ppm. Applying a lower cut-off grade of 120 ppm cut-off yields 19.8 million pounds at an
average 150 ppm grade.
• Initial results have been released from the spring drill program on the Double S zone amounting to 4,819 metres in 21
diamond drill holes; the original program had been budgeted at 3,000 metres. Based on the initial 17 holes reported,
drilling has successfully extended the Double S zone up dip and to the west and north of the initial resource estimate.
Hole SS-07-62 was extended to demonstrate an intersected width of 181.5 metres grading 147 ppm U3O8, the widest
intersection to date. We fully expect additional drilling this summer on the Double S trend.
• The grade and potential project scale indicated by untested radiometric anomalies, detailed mapping and sampling
suggest a strong analogue to the granite-hosted uranium deposits found in Namibia, but with the advantage of superior
infrastructure (i.e., much lower power costs and the availability of water).
An analyst has not visited the properties held by Uracan Resources Ltd.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus investment in the shares
of Uracan Resources Ltd. is for risk accounts only.

Junior Mining Weekly | 15
19 May 2009
Figure 21: North Shore project location and infrastructure, Québec
Source: Uracan Resources presentation, May 2009
Figure 22: Double S area, North Shore project, Québec
Source: Uracan Resources presentation, May 2009

Junior Mining Weekly | 16
19 May 2009
VENTANA GOLD CORP. Nicholas Campbell 1.604.643.7027
(VEN : TSX : C$2.02 | NOT RATED)
Figure 23: VEN : TSX Figure 24: VEN : TSX
Shares O/S (M): 79.7 Past 12 months – purchased: $97,440
Shares FD (M): 96.1 Past 12 months – sold: $393,600
Working Cap. (M): $9.8
Market Cap. (M): C$170.0 Since Apr. 13/09 – acquisitions or dispositions: Nil
Co. Website: www.ventanagold.com
Source: Company reports, StockCharts.com Source: INK Research
Ventana Gold is a Vancouver-based junior gold exploration company under the stewardship of Richard Wark, CEO, and
Donald Clark, President. The company is focused on gold exploration in Colombia and specifically its La Bodega gold
project in the California-Vetas gold mining district in northeastern Colombia. The La Bodega project is contiguous to
Greystar Resources’ (GSL : TSX : C$3.59 | Not rated) Angostura project. Last week, the company released assay results
from three holes that were completed at the company’s La Bodega gold project.
• The three holes that were completed (holes 107-109) tested for down dip and strike extensions of mineralization at the
La Mascota zone. Previous drilling had defined the mineralization at the La Mascota zone over a 725 metre strike
length and to a depth of 100 metres down dip. Holes 107-109 intersected high-grade mineralization between 250 and
270 metres down dip in the southwestern portion of the La Mascota zone, almost tripling the known depth extension of
the zone. At La Mascota the zone dips approximately 60-75 degrees to the north-northwest.
• Hole DDH-09-LB-108 returned the best intercept with 5.1 metres grading 9.67 g/t Au. The hole also returned 21.0
metres at 1.44 g/t Au, 15.0 metres at 2.42 g/t Au and 4.0 metres at 6.55 g/t Au. The hole cut through nine mineralized
intervals starting at 185 metres down the drill stem and down to 309 metres down the drill stem. The hole was near
vertical, drilled at -87.5 degrees bearing due south. Intercepts reported are oblique to the true width of the mineralized
structure and therefore may overstate the true width.
• Hole DDH-09-107 returned two mineralized intervals, a 7.0 metre intercept grading 5.87 g/t gold (202 metres down
the drill stem) and a 24.7 metre interval grading 8.01 g/t gold (317 metres down the drill stem). Hole 107 was a
vertical hole and was drilled 125 metres to the southwest of Hole 108. Intercepts reported are oblique to the true width
of the mineralized structure.
• Hole DDH-09-109 returned four mineralized intercepts, a 9.0 metre interval grading 3.15 g/t Au, a 34.0 metre interval
grading 3.06 g/t Au, a 21.0 metre interval grading 1.26 g/t Au and a 42.0 metre interval grading 5.85 g/t Au. Hole 109
appeared to have deviated by 4 degrees in inclination to the southwest, which resulted in the hole cutting the same
zone 20 metres up dip from Hole 107. Hole 109 was drilled to a depth of 438 metres and intercepted what appears to
be a new footwall mineralized structure as represented by the 42.0 metre intercept grading 5.85 g/t Au.
An analyst has not visited the properties held by Ventana Gold Corp.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus investment in the shares
of Ventana Gold Corp. is for risk accounts only.

Junior Mining Weekly | 17
19 May 2009
Figure 25: Drill hole location map
Source: Ventana Gold Corp.
Figure 26: La Mascota cross section
Source: Ventana Gold Corp.

Junior Mining Weekly | 18
19 May 2009
WEST TIMMINS MINING INC. Wendell Zerb, P. Geol 1.604.643.7485
(WTM : TSX : C$0.78 | NOT RATED) Adam Melnyk 1.604.643.1655
Figure 27: WTM : TSX Figure 28: WTM : TSX
Shares O/S (M): 119.8 Past 12 months – purchased: $109,806
Shares FD (M): 134.6 Past 12 months – sold: $45,963
Working Cap. (M): $5.0
Market Cap. (M): $93.4 Since May 5/09 – acquisitions: 65,000 shares
Price range: $0.79-0.83
Co. Website: www.westtimminsmining.com
Since May 5/09 – dispositions: Nil
Insider: Mr. Michael Jones – acquisitions: 65,000 shares
Source: Company reports, StockCharts.com Source: INK Research
West Timmins Mining is a gold exploration company, focused in the Timmins camp of northern Ontario and in Mexico.
West Timmins is led by Darin Wagner, President and CEO, a 20-year veteran of the mining and exploration industry. In the
Timmins gold camp, West Timmins has interests in 114 square kilometres of exploration properties, including the Thunder Creek
joint venture (60% LSG; 40% WTM) and the Thorne project (100%).
• Last week, West Timmins announced that it had intersected 13.64 g/t over 8.20 metres at 206.8 metres down-hole in hole
GS09-31 at the North zone target at its 100%-owned Thorne project. Thorne is host to an NI 43-101 compliant mineral
resource of 400,000 ounces of gold at 3.0 g/t gold. The company is focused on the east-west striking Golden River trend at
Thorne, host to numerous zones of known gold mineralization (Figure 29) At the Golden River West zone at Thorne,
drilling has returned 37.5 metres grading 1.60 g/t gold. West Timmins indicates that the West zone, located 3.0
kilometres southeast of the Rusk zone, is open in all directions. At the high-grade sub-zone, assays have been reported as
high as 25.30 g/t gold over 1.50 metres. According to the company, this zone has now been traced from surface to a
vertical depth of 350 metres and remains open to the west and down plunge. Drilling at Thorne is ongoing with three
drills, with another 10,000 metres of drilling planned during the summer. An NI 43-101 compliant resource estimate is
expected in late Q3/09, based on more than 200 additional holes drilled since the previous resource estimate.
• West Timmins also has a JV with Lake Shore Gold (LSG : TSX : C$1.95 | SPECULATIVE BUY) at the Thunder Creek
project (60% LSG; 40% WTM), located approximately 800 metres south of Lake Shore’s wholly owned Timmins West shaft,
currently under construction by Lake Shore with completion expected in Q3/09. Additional assays were recently released
as a part of an ongoing 22,000 metre drill program. Wedge hole TC09-68a returned 10.09 g/t Au over 4.70 metres and
wedge hole TC09-69a intersected 7.97 g/t Au over 19.45 metres. Step-out hole TC09-70 intersected 13.00 metres of
2.25 g/t Au. The joint venture now believes the zone has been defined over a strike length of 175 metres along a north-
northeasterly trend, to a vertical depth of approximately 775 metres.
An analyst has not visited the properties held by West Timmins Mining Inc.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus investment in the shares
of West Timmins Mining Inc. is for risk accounts only.

Junior Mining Weekly | 19
19 May 2009
Figure 29: Thorne project, Golden River trend
Source: West Timmins Mining Inc.

Junior Mining Weekly | 20
19 May 2009
DRILL BITZ
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 turnaround 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
Source: www.Forsur-tools.com
well as the company ticker, shares issued, market capitalization and the name and
location of the project.
Figure 30: Drill Bitz for 11–19 May 2009
Sh o/s Price $ Mkt. Cap.
Co name Ticker Exch. M May 14/09 $M Project Description
Alexco Resource Corp. AXR TSX 43.1 $1.52 $65.5 Bellekeno mine, Keno Hill 10,000 metre underground
Ag project/Yukon Territory definition and exploration drilling
is underway. Additional 2009
surface drilling of up to 12,000
metres is being planned.
AuEx Ventures, Inc. XAU TSX 29.4 $2.45 $72.0 Long Canyon Au 2009 exploration program will
Fronteer Dev. Group Inc. FRG TSX 118.5 $3.49 $413.6 property/Pequop Gold consist of 35,000 metres of
District, Elko Country, drilling. Two drill rigs at site,
Nevada another one will be added
shortly. Budget US$10.0M.
Funded 51% by Fronteer and
49% by AuEx.
AuEx Ventures, Inc. XAU TSX 29.4 $2.45 $72.0 West Pequop Au 2009 exploration program set at
Agnico-Eagle Mines Limited AEM TSX 155.6 $62.55 $9,732.8 property/Pequop Gold 10,000 metres of drilling. Budget
District, Elko Country, over C$4.0, funded by Agnico-
Nevada Eagle.
Atacama Minerals Corp. AAM TSX-V 164.1 $0.41 $66.5 Potash project/NE coast Initial drill program to
of Brazil commence.
ATW Gold Corp. ATW TSX-V 61.3 $0.66 $40.5 Burnakura & Gullewa Au Drilling commenced with two
Mines/Western Australia drills rigs active at site. 10,000
metre drill program planned.
Golden Valley Mines Ltd. GZZ TSX-V 61.1 $0.18 $11.0 Ring of Fire JV (Zn &
Drilling underway. Five holes
Noront Resources NOT TSX-V 154.6 $0.71 $109.8 Cu)/McFauld’s Lake,
have been completed on the G1
White Pine Resources WPR TSX-V 14.8 $0.45 $6.7 James bay Lowlands,
anomaly.
Ontario
Helio Resource Corp. HRC TSX-V 50.4 $0.45 $22.7 Porcupine target, SMP Au 2009 diamond drilling program
project/Tanzania has commenced. 5,000 metre
RC drilling is planned to resume
in June.
Kodiak Exploration Limited KXL TSX-V 89.0 $0.60 $53.4 West Millenium Uranium Ongoing drilling. Five holes
project/Athabasca Basin, completed to date. Planning for
Saskatchewan the next exploration phase.
Lions Gate Metals Inc. LGM TSX-V 10.5 $0.85 $8.9 Poplar Cu-Mo Diamond drilling planned.
project/Smithers, BC
Pediment Gold Corp. PEZ TSX 43.9 $0.88 $38.6 La Colorada Au Set to commence 8,000 metres
mine/Hermosillo, Sonora, of drill program.
Mexico
Underworld Resources Inc. UW TSX-V 27.8 $0.94 $26.1 White Gold Commenced drilling. Two drills
property/Yukon Territory active at site.
Source: Marketwire, Thomson ONE, Canaccord Adams

Junior Mining Weekly | 21
19 May 2009
GOLD IN SITU SPREADSHEET
Figure 31: Canaccord Adams gold in situ valuation spreadsheet
Sh o/s Price C$ Mkt. Cap Sum Oz Sum Oz Sum Oz Mkt Cap/oz Mkt Cap/oz EV/oz EV/oz
Company Sym Exch M 5/15/09 $M Au /co Ag /co AuEq /co AuEq C$ AuEq US$ AuEq C$ AuEq US$
Alexis Minerals Corp AMC TSX 128.1 $0.57 $73.0 0.60 0.14 0.60 121.98 95.93 112.47 88.45
American Bonanza Gold Corp BZA TSX 121.2 $0.08 $9.7 1.20 0.00 1.20 8.10 6.37 1.58 1.24
Anatolia Minerals Dev Ltd ANO TSX 114.6 $2.89 $331.1 6.03 16.20 6.28 52.76 41.49 47.70 37.51
Andean Resources Limited AND TSX 402.9 $1.44 $580.1 2.29 23.72 2.65 219.32 172.48 210.42 165.48
Andina Minerals Inc ADM TSX-V 79.4 $1.51 $119.9 9.90 0.00 9.90 12.10 9.52 10.18 8.00
Atna Resources Ltd ATN TSX 83.3 $0.84 $70.0 1.71 0.00 1.71 40.91 32.17 30.90 24.30
Axmin Inc AXM TSX-V 298.9 $0.08 $22.4 3.73 0.00 3.73 6.01 4.73 4.54 3.57
Brett Resources Inc BBR TSX-V 66.9 $0.62 $41.5 5.30 0.00 5.30 7.84 6.16 6.46 5.08
Canarc Resource Corp CCM TSX 72.7 $0.08 $5.8 1.27 0.00 1.27 4.60 3.61 4.41 3.47
Canplats Resources Corp CPQ TSX-V 56.8 $1.69 $96.0 4.03 68.34 5.05 18.99 14.93 18.09 14.22
Comaplex Minerals Corp CMF TSX 52.7 $3.26 $171.8 2.85 0.00 2.85 60.28 47.40 52.58 41.35
Cbr Gold Corporation CBG TSX-V 29.2 $0.29 $8.5 1.01 3.69 1.06 7.95 6.25 6.27 4.93
Detour Gold Corp DGC TSX 45.3 $11.80 $534.1 14.55 0.00 14.55 36.70 28.86 33.95 26.70
Etruscan Resources Inc EET TSX 173.3 $0.28 $47.6 3.60 0.00 3.60 13.25 10.42 28.40 22.33
Gabriel Resources Ltd GBU TSX 255.5 $2.50 $638.6 13.80 59.38 14.69 43.47 34.18 42.97 33.79
Golden Queen Mng GQM TSX 85.6 $0.46 $39.4 2.68 48.88 3.41 11.55 9.08 10.55 8.29
Gold Reserve Inc GRZ TSX 56.9 $0.75 $42.7 14.13 0.00 14.13 3.02 2.37 3.56 2.80
Grayd Resource Corporation GYD TSX-V 64.3 $0.35 $22.5 1.72 30.70 2.18 10.32 8.12 8.48 6.67
Great Basin Gold Ltd GBG TSX 330.2 $1.74 $574.5 15.27 9.17 15.41 37.28 29.32 29.87 23.49
Greystar Res Ltd GSL TSX 58.1 $3.59 $208.6 15.07 81.35 16.29 12.80 10.07 10.47 8.23
Guyana Goldfields Inc GUY TSX 58.9 $3.00 $176.7 5.45 0.00 5.45 32.42 25.49 28.87 22.70
Intl Tower Hill Mine Ltd ITH TSX-V 48.5 $3.20 $155.3 7.17 0.34 7.18 21.63 17.01 19.71 15.50
Intrepid Mines Limited IAU TSX 427.9 $0.28 $119.8 2.23 82.86 3.47 34.49 27.12 30.76 24.19
Keegan Resources Inc KGN TSX 28.4 $2.53 $72.0 3.14 0.00 3.14 22.89 18.00 21.42 16.84
Kirkland Lake Gold Inc KGI TSX 58.5 $9.63 $563.8 3.16 0.00 3.16 178.38 140.28 170.80 134.32
Klondex Mines Ltd KDX TSX 25.2 $0.92 $23.2 1.05 0.00 1.05 22.18 17.44 22.73 17.88
Kimber Resources Inc KBR TSX 62.1 $0.67 $41.6 1.22 54.11 2.03 20.47 16.10 17.57 13.82
Lake Shore Gold Corp LSG TSX 212.6 $1.95 $414.5 2.20 0.00 2.20 188.34 148.11 128.32 100.91
Luna Gold Corp LGC TSX-V 320.5 $0.38 $121.8 1.31 0.00 1.31 92.72 72.91 73.65 57.92
Metallic Ventures Gold Inc MVG TSX 52.0 $0.51 $26.5 5.62 17.14 5.88 4.51 3.55 1.46 1.14
Nevsun Resources Ltd NSU TSX 128.3 $1.47 $188.6 1.30 37.11 1.86 101.53 79.84 88.87 69.89
Novagold Res NG TSX 181.8 $4.24 $770.8 27.24 105.46 28.82 26.74 21.03 29.34 23.08
Osisko Mining Corporation OSK TSX 255.0 $5.51 $1,405.2 10.44 0.00 10.44 134.58 105.83 89.44 70.34
Pacific Rim Mining Corp PMU TSX 116.9 $0.26 $30.4 1.55 11.40 1.72 17.66 13.89 15.46 12.15
Premier Gold Mines Ltd PG TSX 78.1 $2.22 $173.3 0.64 0.00 0.64 272.39 214.21 244.16 192.00
Rainy River Resources Ltd RR TSX-V 56.3 $2.74 $154.4 3.62 8.00 3.74 41.23 32.42 34.17 26.87
Seabridge Gold Inc SEA TSX 37.3 $29.17 $1,089.5 61.44 0.00 61.44 17.73 13.94 17.23 13.55
Tyhee Development Corp TDC TSX-V 171.3 $0.14 $24.0 2.12 0.00 2.12 11.33 8.91 9.17 7.21
Us Gold Corp UXG TSX 96.7 $2.32 $224.3 3.21 11.82 3.39 66.19 52.05 62.47 49.12
Vista Gold Corp VGZ TSX 34.5 $2.49 $85.8 16.51 0.00 16.51 5.20 4.09 5.56 4.37
Arithmetic Average 51.05 40.14 44.62 35.09
Weighted Average 32.60 25.63 28.97 22.78
US$/C$ : 0.85
Au:Ag = 67:1
Source: Company reports, Capital IQ, Canaccord Adams

Junior Mining Weekly | 22
19 May 2009
SILVER IN SITU CHART
Figure 32: Canaccord Adams silver in situ valuation spreadsheet
$0.90 $25
$0.80
$20
$0.70
$0.60
London Silver Fix (US$/oz)
Average In Situ EV US$/lb AgEq
$15
$0.50
$0.40
$10
$0.30
$0.20
$5
$0.10
$0.00 $0
Jan/07/08
Feb/04/08
Mar/03/08
Mar/31/08
Apr/28/08
May/26/08
Jun/23/08
Jul/21/08
Aug/18/08
Sep/15/08
Oct/13/08
Nov/10/08
Dec/08/08
Jan/05/09
Feb/02/09
Mar/02/09
Mar/12/09
Apr/03/09
May/01/09
EV (US$/oz) Price (US$/oz)
Source: Company reports, Capital IQ, Canaccord Adams

Junior Mining Weekly | 23
19 May 2009
SILVER IN SITU SPREADSHEET
Figure 33: Canaccord Adams silver in situ valuation spreadsheet
Shares WC Global Resource (5) Silver Implied AgEq
Price (Basic) MC (2) (3) EV (4) Project (Moz) Purity MC/oz EV/oz (7) Mkt.
Company Ticker (1) (M) (C$M) (C$M) (C$M) Location(s) Ag Ag Eq (6) (%) Ag Ag Eq Ag Ag Eq (Moz) ∆ (8)
Alexco AXR : TSX $1.65 43.1 $71.1 $9.7 $61.4 Yukon 18 35 51% $4.05 $2.06 $3.50 $1.78 158 357%
Aquiline AQI : TSX $2.58 68.1 $175.7 $2.0 $173.7 Argentina 762 1,066 71% $0.23 $0.16 $0.23 $0.16 446 -58%
Arian AGQ : AIM $0.04 258.1 $10.3 $1.4 $8.9 Mexico 43 221 19% $0.24 $0.05 $0.21 $0.04 23 -90%
Bear Creek BCM : TSX-V $1.75 56.5 $98.8 $9.8 $128.4 Peru 482 979 49% $0.21 $0.10 $0.27 $0.13 329 -66%
ECU ECU : TSX $0.64 280.0 $179.2 -$7.3 $206.9 Mexico 152 301 50% $1.18 $0.60 $1.37 $0.69 531 76%
Esperanza EPZ : TSX-V $0.69 47.5 $32.8 $9.4 $23.4 Peru, Mexico 8 87 10% $3.92 $0.38 $2.80 $0.27 60 -31%
Kimber KBR : TSX $0.67 62.1 $41.6 $5.9 $35.7 Mexico 54 142 38% $0.77 $0.29 $0.66 $0.25 92 -36%
MAG Silver MAG : TSX $6.03 49.2 $296.7 $53.3 $243.4 Mexico 83 132 63% $3.56 $2.24 $2.92 $1.84 624 372%
Minco Silver MSV : TSX $1.79 31.3 $56.0 $3.5 $52.5 China 141 181 78% $0.40 $0.31 $0.37 $0.29 135 -25%
Oremex ORM : TSX-V $0.13 50.4 $6.6 -$0.2 $6.7 Mexico 49 51 95% $0.13 $0.13 $0.14 $0.13 17 -67%
Orko OK : TSX-V $0.80 106.9 $85.5 $1.7 $83.8 Mexico 135 149 91% $0.63 $0.57 $0.62 $0.56 215 44%
Sabina SBB : TSX-V $0.82 73.4 $60.2 $34.4 $25.8 Nunavut 265 776 34% $0.23 $0.08 $0.10 $0.03 66 -91%
Silvercrest SVL : TSX-V $0.62 45.5 $28.2 $3.6 $27.6 Mex., El Salvador 62 114 54% $0.46 $0.25 $0.45 $0.24 71 -38%
Silvermex SMR : TSX-V $0.22 45.0 $9.9 $0.8 $9.1 Mexico 27 35 77% $0.37 $0.28 $0.34 $0.26 23 -33%
SNS Silver SNS : TSX-V $0.19 40.7 $7.7 $4.7 $3.0 Idaho 10 10 100% $0.76 $0.76 $0.29 $0.29 8 -25%
South American SAC : TSX $0.35 51.5 $18.0 $8.9 $9.2 Bolivia 322 375 86% $0.06 $0.05 $0.03 $0.02 23 -94%
Trevali TREV.F : OTCPK $1.04 34.6 $36.0 $1.6 $34.3 Peru 8 48 16% $4.63 $0.75 $4.42 $0.71 88 83%
Mean (C$) $1.28 $0.53 $1.10 $0.45
Mean (US$) $1.10 $0.46 $0.94 $0.39
Mean (Less outliers, C$) $1.14 $0.45 $0.95 $0.39
Mean (Less outliers, US$) $CADUSD $1.17 $0.98 $0.39 $0.81 $0.33
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.
Source: Company reports, Capital IQ, Canaccord Adams
e

Average In Situ Value US$/lb
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
Jul/06/06
Aug/03/06
Aug/31/06
Sep/28/06
Oct/26/06
Nov/23/06
Dec/21/06
Jan/18/07
Feb/15/07
Mar/15/07
Apr/12/07
May/10/07
Source: Company reports, Capital IQ, Canaccord Adams
Jun/07/07
Figure 34: Canaccord Adams uranium in situ chart
Jul/05/07
URANIUM IN SITU CHART
Aug/02/07
Aug/30/07
Sep/27/07
Oct/25/07
Nov/22/07
MC/lb
Dec/20/07
Jan/17/08
Feb/14/08
Mar/13/08
Apr/10/08
Spot
May/08/08
Jun/05/08
Jul/03/08
Jul/31/08
Aug/28/08
Sep/25/08
Oct/23/08
Nov/20/08
Dec/18/08
Jan/15/09
Feb/12/09
Mar/13/09
Apr/09/09
May/08/09
19 May 2009
$30
$50
$70
$90
$110
$130
$150
Uranium Spot Price (UxC)
Junior Mining Weekly | 24

Junior Mining Weekly | 25
19 May 2009
URANIUM IN SITU SPREADSHEET
Figure 35: Canaccord Adams uranium in situ valuation spreadsheet
Price Shares MC (2) WC (3) EV (4) Project Global Resource MC/lb EV/lb Implied (6) Market
Company Ticker (1) (Basic) (M) (C$M) (C$M) (C$M) Location(s) (5) (Mlb) M+I Global M+I Global (Mlb) ∆ (7)
Azimut Exploration Inc. AZM : T-V $0.58 17.3 $10.1 $2.3 $9.1 Quebec 0.0 3.6 n/a
Bannerman Resources Ltd. BMN : ASX $1.10 157.0 $153.6 $8.1 $152.1 Namibia 101.3 $2.15 $1.52 $2.13 $1.50 60.3 -40%
Continental Precious Mineral CZQ : T $0.64 51.4 $32.9 $24.6 $8.3 Sweden 442.8 $5.73 $0.07 $1.44 $0.02 3.3 -99%
Crosshair Exploration & Mining CXX : T-V $0.27 112.2 $25.1 $4.2 $21.0 Wyoming, Labrador 13.5 $4.15 $1.87 $3.46 $1.56 8.3 -38%
Cue Resources Ltd. CUE : T-V $0.16 38.8 $6.0 -$1.7 $7.7 Paraguay 9.5 $0.72 $0.63 $0.93 $0.81 3.1 -68%
Deep Yellow Ltd. DYL : ASX $0.28 1,121.2 $279.3 $43.8 $235.5 Namibia 38.8 $7.20 $6.07 93.3 141%
Energy Fuels Inc. EFR : T $0.44 52.8 $23.2 $9.0 $14.4 Utah, Colorado, Queensland 11.4 $2.68 $2.04 $1.66 $1.26 5.7 -50%
Extract Resources Limited EXT : ASX $4.75 228.4 $965.4 $17.5 $947.9 Namibia 133.4 $3,114.03 $7.24 $3,057.65 $7.10 375.7 182%
Forsys Metals Corp. FSY : T $5.35 78.9 $422.3 $34.5 $387.8 Namibia 81.7 $6.92 $5.17 $6.36 $4.75 153.7 88%
Hathor Exploration Limited HAT : T-V $2.18 86.0 $187.4 $35.0 $152.4 Saskatchewan 0.0 60.4 n/a
Khan Resources Inc. KRI : T $0.51 54.0 $27.6 $24.1 $3.5 Mongolia 32.1 $0.86 $0.86 $0.11 $0.11 1.4 -96%
Laramide Resources Ltd. LAM : T $1.82 67.6 $122.9 $4.0 $118.9 New Mexico, Queensland 57.9 $5.38 $2.12 $5.20 $2.05 47.1 -19%
Mantra Resources Limited MRU : ASX $3.02 80.8 $217.2 $21.0 $196.2 Tanzania 35.9 $6.05 $5.46 77.8 117%
Mega Uranium Ltd. MGA : T $1.71 187.1 $319.9 $38.9 $281.0 Queensland, Western Australia 26.1 $40.49 $12.25 $35.57 $10.76 111.4 327%
Pele Mountain Resources Inc. GEM : T-V $0.13 91.2 $11.4 $3.3 $8.1 Ontario 42.5 $1.78 $0.27 $1.26 $0.19 3.2 -92%
Pitchstone Exploration Ltd. PXP : T-V $0.39 33.4 $13.0 $7.2 $5.9 Nunavut 4.1 $3.18 $1.43 2.3 -43%
Powertech Uranium Corp. PWE : T $0.56 55.4 $31.0 $2.3 $32.5 Colorado, South Dakota 17.3 $1.79 $1.88 12.9 -26%
Rockgate Capital Corp. RGT : T-V $0.52 41.0 $21.3 $5.1 $16.2 Mali 23.4 $20.76 $0.91 $15.78 $0.69 6.4 -73%
Santoy Resources Ltd. SAN : T-V $0.10 245.2 $24.5 $6.4 $18.2 Virginia 23.9 $1.03 $1.03 $0.76 $0.76 7.2 -70%
Strateco Resources Inc. RSC : T $1.06 119.3 $126.4 $20.4 $106.0 Quebec 16.8 $33.89 $7.53 $28.43 $6.31 42.0 150%
Strathmore Minerals Corp. STM : T-V $0.49 72.5 $35.5 $8.4 $27.1 New Mexico, South Dakota 47.9 $1.14 $0.74 $0.87 $0.57 10.7 -78%
Terra Ventures Inc. TAS : T-V $0.47 53.2 $24.7 $8.4 $16.3 Saskatchewan, Quebec 0.0 6.5 n/a
Toro Energy Ltd. TOE : ASX $0.21 555.8 $101.4 $10.4 $91.0 Western Australia 23.9 $10.12 $4.25 $9.08 $3.81 36.1 51%
Tournigan Energy Ltd. TVC : T-V $0.35 122.7 $42.9 $8.8 $34.2 Slovakia 32.6 $2.93 $1.32 $2.33 $1.05 13.5 -58%
Triex Minerals Corp. TXM : T-V $0.28 20.0 $5.6 $7.9 -$2.3 Nunavut 4.1 $1.36 -$0.57 -0.9 -123%
U3O8 Corp. UWE : T-V $0.46 23.1 $10.5 $11.2 -$0.7 Guyana 7.2 $1.80 $1.47 -$0.12 -$0.09 -0.3 -104%
UEX Corporation UEX : T $1.36 192.4 $261.7 $19.5 $242.2 Saskatchewan 32.0 $8.89 $8.18 $8.23 $7.57 96.0 200%
Uracan Resources Ltd. URC : T-V $0.29 91.3 $26.5 $5.3 $21.2 Quebec 40.7 $0.65 $0.52 8.4 -79%
Uranerz Energy Corporation URZ : T $1.43 55.5 $79.3 $25.3 $54.0 Wyoming 10.5 $10.85 $7.54 $7.39 $5.13 21.4 103%
Uranium Energy Corp. UEC : N $1.27 46.4 $69.2 $8.9 $60.4 Texas 8.3 $12.65 $8.36 $11.02 $7.29 23.9 189%
Uranium North Resources Corp. UNR : T-V $0.11 43.0 $4.5 $1.4 $3.1 Nunavut 0.0 1.2 n/a
Uranium Power Corp. OPC : T-V $0.26 98.2 $25.1 $9.1 $15.9 Wyoming 7.8 $3.21 $2.04 6.3 -19%
Uranium Resources URRE : Q $1.07 56.3 $70.7 $11.7 $59.6 New Mexico, Texas 99.8 $0.71 $0.60 23.6 -76%
Ur-Energy Inc. URE : T $1.17 93.9 $109.9 $58.0 $51.9 Wyoming 24.9 $4.99 $4.41 $2.36 $2.08 20.6 -17%
Western Prospector Group WNP : T-V $0.38 54.3 $20.6 $7.7 $13.0 Mongolia 20.1 $1.15 $1.03 $0.72 $0.64 5.1 -74%
Mean (C$) $143.26 $3.39 $139.24 $2.69
Mean (US$) $122.45 $2.89 $119.01 $2.30
Mean (C$, less outliers) $8.59 $3.19 $6.91 $2.52
Mean (US$, less outliers) $CADUSD $1.17 $7.34 $2.73 $5.91 $2.16
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: Capital IQ, company news releases, Canaccord Adams

Junior Mining Weekly | 26
19 May 2009
RESEARCH UNIVERSE
WENDELL ZERB, ERIC ZAUNSCHERB AND NICHOLAS CAMPBELL
Figure 36: Research universe
12-mo Target 52-wk Sh. o/s Market
Company Symb Ex Analyst Rating $ P ($) P ($) Rtn (%) Hi ($) Lo ($) M Cap ($M) FYE
1 Alamos Gold Inc. AGI T WZ HOLD C $8.84 $9.05 2.38% $9.45 $3.50 107.3 $948.5 31-Dec
2 AXMIN Inc. AXM T NC HOLD C $0.09 $0.25 194.12% $0.54 $0.03 245.6 $20.9 31-Dec
3 B2Gold Corp. BTO T-V WZ SPECULATIVE BUY C $0.67 $0.95 41.79% $0.89 $0.30 245.0 $164.2 31-Dec
4 Bear Creek Mining Corp. BCM T-V EZ SPECULATIVE BUY C $1.67 $2.50 49.70% $7.40 $0.57 56.5 $94.4 31-Dec
5 Canplats Resources Corp. CPQ T-V NC SPECULATIVE BUY C $1.66 $3.60 116.87% $5.43 $1.03 56.7 $94.1 31-Jul
6 Chariot Resources Ltd. CHD T WZ HOLD C $0.24 $0.35 45.83% $1.09 $0.06 328.7 $78.9 30-Apr
7 Colossus Minerals Inc. CSI T NC SPECULATIVE BUY C $2.99 $5.00 67.22% $4.00 $0.43 54.5 $163.0 31-Jul
8 Copper Mountain Mining Corp. CUM T WZ HOLD C $0.57 $0.75 31.58% $2.29 $0.31 31.6 $18.0 31-Dec
9 Corriente Resources Inc. CTQ T WZ SPECULATIVE BUY C $7.03 $7.70 9.53% $8.15 $2.56 75.0 $527.3 31-Dec
10 Crosshair Explor. & Mining Corp. CXX T EZ HOLD C $0.30 $0.20 (32.20%) $0.99 $0.09 109.5 $32.3 30-Apr
11 Cue Resources Ltd. CUE T-V EZ RESTRICTED C $0.15 R R $0.60 $0.08 36.7 $5.5 30-Apr
12 Dynasty Metals & Mining Inc. DMM T WZ SPECULATIVE BUY C $4.65 $7.30 56.99% $5.71 $1.05 35.3 $164.1 31-Dec
13 Exeter Resource Corporation XRC T-V WZ SPECULATIVE BUY C $3.40 $7.00 105.88% $4.80 $1.05 62.4 $212.2 31-Dec
14 Forsys Metals Corp. FSY T EZ SPECULATIVE BUY C $5.54 $6.25 12.82% $6.60 $2.00 78.9 $437.1 31-Jan
15 Fronteer Development Group Inc. FRG T WZ SPECULATIVE BUY C $3.49 $3.60 3.15% $5.94 $1.55 118.2 $412.5 31-Dec
16 Gammon Gold Inc. GAM T WZ SPECULATIVE BUY C $7.72 $9.60 24.35% $11.20 $2.68 122.6 $946.5 31-Dec
17 GlobeStar Mining Corp. GMI T WZ SPECULATIVE BUY C $0.70 $0.95 35.71% $1.98 $0.29 105.3 $73.7 31-Dec
18 Harry Winston Diamond Corp. HW T EZ UNDER REVIEW C $5.79 UR N/A $31.70 $2.19 61.4 $355.5 31-Jan
19 Hathor Exploration Ltd. HAT T-V EZ SPECULATIVE BUY C $2.13 $4.50 111.27% $4.40 $1.03 86.0 $183.2 31-Mar
20 International Tower Hill Mines Ltd. ITH T-V WZ SPECULATIVE BUY C $3.22 $4.65 44.41% $3.74 $1.07 48.5 $156.2 31-May
21 Keegan Resources Inc. KGN T NC RESTRICTED C $2.50 R N/A $3.96 $0.49 28.4 $71.0 31-Mar
22 Kimber Resources Inc. KBR T WZ HOLD C $0.67 $0.55 (17.91%) $1.88 $0.53 62.1 $41.6 30-Jan
23 Lake Shore Gold Corp. LSG T WZ SPECULATIVE BUY C $1.97 $2.55 29.44% $2.18 $0.60 212.6 $418.8 31-Dec
24 MAG Silver Corporation MAG T EZ SPECULATIVE BUY C $6.09 $6.00 (1.48%) $12.25 $3.52 49.2 $299.6 31-Dec
25 Minefinders Corp. Ltd. MFL T WZ SPECULATIVE BUY C $9.14 $11.10 21.44% $12.15 $3.33 59.0 $539.3 31-Dec
26 Minera Andes Inc. MAI T WZ SPECULATIVE BUY C $0.67 $1.35 101.49% $1.59 $0.32 230.3 $154.3 31-Dec
27 Northern Dynasty Minerals Ltd. NDM T EZ SELL C $7.38 $7.00 (5.15%) $10.17 $1.92 92.6 $683.4 31-Dec
28 Rainy River Resources Ltd. RR T-V WZ SPECULATIVE BUY C $2.70 $2.50 (7.41%) $4.75 $0.62 58.6 $158.2 30-Sep
29 Red Back Mining Inc. RBI T NC BUY C $10.20 $13.00 27.45% $10.95 $3.28 228.1 $2,326.6 31-Dec
30 Silverstone Resources Corp. SST T-V NC RESTRICTED C $1.91 R N/A $2.84 $0.35 122.4 $233.8 31-Dec
31 Tournigan Energy Ltd. TVC T-V EZ SPECULATIVE BUY C $0.39 $0.80 107.79% $1.02 $0.14 122.7 $47.2 31-Aug
32 U3O8 Corp. UWE T EZ SPECULATIVE BUY C $0.43 $1.00 135.29% $0.92 $0.17 23.1 $9.8 31-Dec
33 Ur-Energy Inc. URE T EZ SPECULATIVE BUY C $1.20 $1.50 25.00% $2.42 $0.34 93.2 $111.9 31-Dec
Prices as of May 14, 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, Thomson ONE

Junior Mining Weekly | 27
19 May 2009
INK SPOTS
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
Source: www.squidinkbooks.com
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 37: Abacus Mining & Exploration Corp. (AME : TSX)
Past 12 months – purchased: $147,090
Past 12 months – sold: Nil
Since May 6/09 - acquisitions: 100,000 shares @ C$0.14
Since May 6/09 - dispositions: Nil
Officer: Mr. Douglas Fulcher – 100,000 shares
acquisitions:
Source: INK Research
Figure 38: International Tower Hill Mines Ltd. (ITH : TSX)
Past 12 months – purchased: $290,851
Past 12 months – sold: $545,921
Since May 5/09 - acquisitions: 42,500 shares
Price range: C$1.75-3.20
Since May 5/09 - dispositions: 27,000
Price range: US$2.75-2.81
Source: INK Research

Junior Mining Weekly | 28
19 May 2009
Figure 39: Queenston Mining Inc. (QMI : TSX)
Past 12 months – purchased: $108,000
Past 12 months – sold: $444,170
Since May 1/09 - acquisitions: Nil
Since May 1/09- dispositions: 45,000 shares
Price range: C$4.05-4.45
Source: INK Research

Junior Mining Weekly | 29
19 May 2009
JUNIOR MINING WEEKLY INDEX PREVIOUS 12 MONTHS
Figure 40: Junior Mining Weekly Index
Company/Commodity Sym Ex Date Company/Commodity Sym Ex Date Company/Commodity Sym Ex Date
Adriana Resources Inc. ADI TSX-V Aug/26/08 Copper In Situ Update May/05/09 Greencastle Resources Ltd. VGN TSX-V Jun/30/08
Alamos Gold Inc. AGI TSX Sep/15/08 Copper In Situ Update Jan/27/09 Guyana Goldfields Inc. GUY TSX Dec/18/08
Alexco Resource Corp. AXR TSX Apr/28/09 Copper In Situ Update Oct/22/08 Guyana Goldfields Inc. GUY TSX Aug/19/08
Alexco Resource Corp. AXR TSX Sep/22/08 Copper In Situ Update Jul/15/08 Hathor Exploration Ltd. HAT TSX-V Apr/15/09
Alexis Minerals Corp. AMC TSX Oct/22/08 Copper In Situ Update Apr/08/08 Hathor Exploration Ltd. HAT TSX-V Mar/10/09
Amarillo Gold Corp. AGC TSX-V Jul/22/08 Copper Mesa Mining Corp. CUX TSX Sep/22/08 Hathor Exploration Ltd. HAT TSX-V Nov/11/08
Amera Resources Corp. AMS TSX-V Jul/29/08 Cornerstone Capital Res. Inc. CPG TSX-V Dec/02/08 Hathor Exploration Ltd. HAT TSX-V Oct/27/08
American Bonanza Gold Corp. BZA TSX Mar/10/09 Corriente Resources Inc. CTQ TSX Nov/11/08 Hathor Exploration Ltd. HAT TSX-V Oct/07/08
Anatolia Minerals Dev. Ltd. ANO TSX Jan/13/09 Creston Moly Corp. CMS TSX-V Nov/04/08 Hathor Exploration Ltd. HAT TSX-V Sep/30/08
Anatolia Minerals Dev. Ltd. ANO TSX Nov/11/08 Cypress Development Corp. CYP TSX-V May/05/09 Hathor Exploration Ltd. HAT TSX-V Sep/03/08
Andina Minerals Inc. ADM TSX-V Nov/11/08 Detour Gold Corp. DGC TSX Nov/11/08 Hathor Exploration Ltd. HAT TSX-V Jul/29/08
Aquiline Resources Inc. AQI TSX Apr/21/09 Diamondex Resources Ltd. DSP TSX-V May/05/09 Hathor Exploration Ltd. HAT TSX-V Jul/15/08
Aquiline Resources Inc. AQI TSX Oct/14/08 Diamondex Resources Ltd. DSP TSX-V Jun/24/08 Hathor Exploration Ltd. HAT TSX-V May/26/08
Aquiline Resources Inc. AQI TSX Aug/12/08 Diamonds North Res. Ltd. DDN TSX-V Mar/04/09 Helio Resource Corp. HRC TSX-V Dec/18/08
Arctic Star Diamond Corp. ADD TSX-V Jun/10/08 Diamonds North Res. Ltd. DDN TSX-V Dec/18/08 Imperial Metals Corp. III TSX Sep/30/08
Atna Resources Ltd. ATN TSX Apr/08/08 Diamonds North Res. Ltd. DDN TSX-V Jun/03/08 International Royalty Corp. IRC TSX May/12/09
ATW Gold Corp. ATW TSX-V Jan/27/09 Donner Metals Ltd. DON TSX-V Jan/27/09 International Royalty Corp. IRC TSX Dec/18/08
AuEx Ventures, Inc. XAU TSX Jan/27/09 Donner Metals Ltd. DON TSX-V Jun/03/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Apr/21/09
Augusta Resource Corp. AZC TSX Jan/20/09 Dorato Resources Inc. DRI TSX-V Feb/17/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Apr/08/09
Aurcana Corporation AUN TSX-V Aug/06/08 Duran Ventures Inc. DRV TSX-V Dec/09/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Mar/10/09
Avion Resources Corp. AVR TSX-V Apr/28/09 Endeavour Silver Corp. EDR TSX Sep/30/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Feb/04/09
Avion Resources Corp. AVR TSX-V Mar/24/09 Endeavour Silver Corp. EDR TSX Aug/12/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Dec/18/08
B2Gold Corp. BTO TSX Jan/20/09 Endeavour Silver Corp. EDR TSX Jun/24/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Nov/04/08
B2Gold Corp. BTO TSX Oct/27/08 Endeavour Silver Corp. EDR TSX Jun/17/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Aug/12/08
B2Gold Corp. BTO TSX-V Sep/08/08 Energy Fuels Inc. EFR TSX May/26/08 Intl. Tower Hill Mines Ltd. ITH TSX-V Jul/08/08
B2Gold Corp. BTO TSX-V Aug/12/08 Esperanza Silver Corporation EPZ TSX-V Oct/07/08 Keegan Resources Inc. KGN TSX Mar/10/09
B2Gold Corp. BTO TSX-V Jun/03/08 Etruscan Resources Inc. EET TSX Sep/03/08 Keegan Resources Inc. KGN TSX Feb/23/09
Bannerman Resources Ltd. BAN TSX Nov/19/08 Etruscan Resources Inc. EET TSX Jul/08/08 Keegan Resources Inc. KGN TSX-V Dec/18/08
Bannerman Resources Ltd. BAN TSX-V Sep/30/08 Eurasian Minerals Inc. EMX TSX-V May/05/09 Kimber Resources Corp. KBR TSX Apr/15/08
Banro Corporation BAA TSX Mar/17/09 Evolving Gold Corp. EVG TSX-V Apr/21/09 Kirkland Lake Gold Inc. KGI TSX-V May/05/09
Banro Corporation BAA TSX Dec/18/08 Evolving Gold Corp. EVG TSX-V Sep/15/08 Kirkland Lake Gold Inc. KGI TSX-V Mar/24/09
Banro Corporation BAA TSX Nov/26/08 Exeter Resource Corp. XRC TSX-V Apr/08/09 Kirkland Lake Gold Inc. KGI TSX Jan/27/09
Banro Corporation BAA TSX Sep/22/08 Exeter Resource Corp. XRC TSX-V Apr/01/09 Kivalliq Energy Corp. KIV TSX-V Apr/15/08
Bard Ventures Ltd. CBS TSX-V Jul/15/08 Exeter Resource Corp. XRC TSX-V Mar/04/09 Kivalliq Energy Corp. KIV TSX-V Dec/18/08
Bard Ventures Ltd. CBS TSX-V Jun/03/08 Exeter Resource Corp. XRC TSX-V Feb/04/09 Kivalliq Energy Corp. KIV TSX-V Jul/15/08
Bear Creek Mining Corp. BCM TSX-V Nov/11/08 Exeter Resource Corp. XRC TSX-V Jan/20/09 Kodiak Exploration Ltd. KXL TSX-V Sep/03/08
Bitterroot Resources Inc. BTT TSX-V Jun/30/08 Exeter Resource Corp. XRC TSX-V Dec/02/08 Lake Shore Gold Corp. LSG TSX Apr/08/09
Blackstone Ventures Inc. BLV TSX-V Jul/29/08 Exeter Resource Corp. XRC TSX-V Oct/27/08 Lake Shore Gold Corp. LSG TSX Oct/28/08
Bravo Venture Group Inc. BVG TSX-V Oct/07/08 Exeter Resource Corp. XRC TSX-V Aug/06/08 Laramide Resources Ltd. LAM TSX Aug/19/08
Brett Resources Inc. BBR TSX-V Oct/22/08 Exeter Resource Corp. XRC TSX-V Jun/30/08 Laramide Resources Ltd. LAM TSX Aug/06/08
Brett Resources Inc. BBR TSX-V Jul/22/08 Exeter Resource Corp. XRC TSX-V May/06/08 Lumina Copper Corp. LCC TSX-V Dec/18/08
Brilliant Mining Corp. BMC TSX-V Mar/04/09 Exeter Resource Corp. XRC TSX-V Apr/01/08 Luna Gold Corp. LGC TSX-V Jan/20/09
Brilliant Mining Corp. BMC TSX-V Dec/18/08 Extract Resources Ltd. EXT TSX Mar/17/09 Luna Gold Corp. LGC TSX-V Jun/24/08
Brilliant Mining Corp. BMC TSX-V Oct/22/08 Extract Resources Ltd. EXT TSX Mar/04/09 Lydian International Limited LYD TSX Mar/24/09
Caledonia Mining Corp. CAL TSX-V Apr/15/09 Extract Resources Ltd. EXT TSX Feb/04/09 MAG Silver Corp. MAG TSX Nov/11/08
Canadian Gold Hunter Corp. CGH TSX Apr/29/08 Extract Resources Ltd. EXT TSX Dec/18/08 MAG Silver Corp. MAG TSX Oct/27/08
Canadian Royalties Inc. CZZ TSX Oct/22/08 Extract Resources Ltd. EXT TSX Nov/26/08 MAG Silver Corp. MAG TSX Sep/22/08
Canadian Royalties Inc. CZZ TSX Oct/07/08 Extract Resources Ltd. EXT TSX Nov/19/08 MAG Silver Corp. MAG TSX Jun/24/08
Canplats Resources Corp. CPQ TSX-V Nov/11/08 Extract Resources Ltd. EXT TSX Oct/07/08 Magma Metals Ltd. MMB ASX Apr/28/09
Canplats Resources Corp. CPQ TSX-V Apr/15/08 Fancamp Exploration Ltd. FNC TSX-V Sep/15/08 Mantra Resources Limited MRU ASX Apr/15/09
Capella Resources Ltd. KPS TSX-V Apr/08/09 Farallon Resources Ltd. FAN TSX Apr/01/08 Marathon PGM Corp. MAR TSX Oct/14/08
Capstone Mining Corp. CS TSX Feb/23/09 Farallon Resources Ltd. FAN TSX May/21/08 Mega Uranium Ltd. MGA TSX Mar/04/09
Capstone Mining Corp. CS TSX Sep/15/08 First Point Minerals Corp. FPX TSX-V Nov/26/08 Mega Uranium Ltd. MGA TSX Oct/28/08
Capstone Mining Corp. CS TSX May/26/08 First Uranium Corp. FIU TSX Sep/30/08 Merrex Gold Inc. MXI TSX-V Feb/17/09
Cardero Resource Corp. CDU TSX Oct/22/08 Fortress Minerals Corp. FST TSX-V Dec/18/08 Merrex Gold Inc. MXI TSX-V Aug/26/08
Carpathian Gold Inc. CPN TSX May/12/09 Fortuna Silver Mines Inc. FVI TSX-V Mar/17/09 Merrex Gold Inc. MXI TSX-V Apr/01/08
Carpathian Gold Inc. CPN TSX Apr/01/09 Fronteer Dev. Group Inc. FRG TSX Oct/27/08 Metalex Ventures Ltd. MTX TSX-V Jun/10/08
Castle Gold Corp. CSG TSX-V Apr/08/09 Fronteer Development Gp. Inc. FRG TSX May/12/09 Minco Silver Corp. MSV TSX May/06/08
CGA Mining Ltd. CGA TSX Nov/11/08 Fronteer Development Gp. Inc. FRG TSX Mar/17/09 Minera Andes Inc. MAI TSX Oct/27/08
Chesapeake Gold Corp. CKG TSX-V May/12/09 Full Metal Minerals Ltd. FMM TSX-V Aug/19/08 Minera Andes Inc. MAI TSX Sep/15/08
Claude Resources Inc. CRJ TSX Apr/28/09 Gammon Gold Inc. GAM TSX Mar/17/09 Molybdenum In Situ Update Nov/19/08
Cogitore Resources Inc. WOO TSX-V Dec/09/08 Globestar Mining Corp. GMI TSX Jan/20/09 Molybdenum In Situ Update Aug/19/08
Colossus Minerals Inc. CSI TSX Dec/02/08 Gold In Situ in all editions Nickel In Situ Update Nov/26/08
Colossus Minerals Inc. CSI TSX Nov/11/08 Gold In situ Update Mar/24/09 Nickel In Situ Update Aug/26/08
Colossus Minerals Inc. CSI TSX Oct/27/08 Gold In Situ Update Oct/14/08 Noront Resources Ltd. NOT TSX-V Jul/08/08
Colossus Minerals Inc. CSI TSX Oct/07/08 Gold In Situ Update Aug/19/08 North American Gem Inc. NAG TSX-V Jun/30/08
Colossus Minerals Inc. CSI TSX Aug/26/08 Gold In Situ Update Apr/29/08 Northern Dynasty Minerals Ltd. NDM TSX Oct/27/08
Colossus Minerals Inc. CSI TSX Jul/29/08 Gold Star Resources Corp. GXX TSX-V Jun/30/08 Northern Freegold Res. Ltd. NFR TSX-V Jan/20/09
Colossus Minerals Inc. CSI TSX Jun/17/08 Golden Arrow Resources Corp. GRG TSX-V Dec/18/08 Northern Shield Res. NRN TSX-V Jun/24/08
Columbia Goldfields Ltd. GOL TSX May/12/08 Golden Predator Mines Inc. GP TSX Aug/06/08 NovaGold Resources Ltd. NG TSX May/05/09
Commander Resources Ltd. CMD TSX-V Dec/09/08 Golden Share Mining Corp. GSH TSX-V Dec/02/08 Orex Minerals Inc. REX TSX-V Apr/15/09
Commander Resources Ltd. CMD TSX-V Jul/29/08 Goldsource Mines Inc. GXS TSX-V Jun/30/08 Orezone Resources Inc. OZN TSX Nov/11/08
Condor Resources Inc. CN TSX-V Feb/23/09 Goldsource Mines Inc. GXS TSX-V May/06/08 Orko Silver Corp. Ok TSX-V Apr/15/09
Condor Resources Inc. CN TSX-V Dec/18/08 Grayd Resource Corp. GYD TSX-V Nov/11/08 Orko Silver Corp. Ok TSX-V Apr/01/09
Condor Resources Inc. CN TSX-V Aug/19/08 Grayd Resource Corp. GYD TSX-V Jul/08/08 Orko Silver Corp. OK TSX-V Feb/23/09
Condor Resources Inc. CN TSX-V Jul/29/08 Greystar Resources Ltd. GSL TSX Apr/01/09 Orko Silver Corp. OK TSX-V Jul/08/08
Great Panther Res. Ltd. GPR TSX Jun/17/08
Source: Canaccord Adams

Junior Mining Weekly | 30
19 May 2009
Figure 40: Junior Mining Weekly Index (cont’d)
Company/Commodity Sym Ex Date Company/Commodity Sym Ex Date Company/Commodity Sym Ex Date
Oromin Explorations Ltd. OLE TSX Apr/21/09 Silver In Situ Mar/17&24/09 Uranium In Situ in all editions
Oromin Explorations Ltd. OLE TSX Jan/20/09 Silver In Situ Oct/22/08 Uranium In Situ Update Feb/04/09
Pacific Rim Mining Corp. PMU TSX May/12/08 Silver Standard Resources Inc. SSO TSX Dec/09/08 Uranium In Situ Update Nov/04/08
Panoro Minerals Ltd. PML TSX-V Aug/19/08 Silverstone Resources Corp. SST TSX-V Oct/27/08 Uranium In Situ Update Aug/12/08
PC Gold Inc. PKL TSX Feb/17/09 Sinchao Metals Corp. SMZ TSX-V May/05/09 Uranium Participation Corp. U TSX Apr/23/08
PC Gold Inc. PKL TSX Nov/04/08 Skyharbour Resources Ltd. SYH TSX-V Mar/24/09 Ur-Energy Inc. URE TSX Nov/11/08
Pele Mountain Resources Inc. GEM TSX-V Jan/13/09 Skygold Ventures Ltd. SKV TSX-V Mar/24/09 Ur-Energy Inc. URE TSX Oct/27/08
Peregrine Diamonds Ltd. PGD TSX Dec/18/08 Skygold Ventures Ltd. SKV TSX-V Apr/01/08 Ur-Energy Inc. URE TSX Sep/30/08
Peregrine Diamonds Ltd. PGD TSX Sep/03/08 Stornoway Diamond Corp. SWY TSX Apr/08/09 Ur-Energy Inc. URE TSX Sep/15/08
Quest Uranium Corp. QUC TSX-V Sep/30/08 Stornoway Diamond Corp. SWY TSX Apr/01/09 Ventana Gold Corp. VEN TSX Apr/01/09
Rainy River Resources Ltd. RR TSX-V Oct/27/08 Stornoway Diamond Corp. SWY TSX Nov/04/08 Ventana Gold Corp. VEN TSX Mar/10/09
Rainy River Resources Ltd. RR TSX-V Sep/15/08 Stornoway Diamond Corp. SWY TSX Oct/14/08 Virginia Mines Inc. VGQ TSX-V Apr/21/09
Remstar Resources Ltd. REM TSX-V Jun/30/08 Stornoway Diamond Corp. SWY TSX Sep/08/08 VMS Ventures Inc. VMS TSX-V Nov/11/08
Rockwell Diamonds Inc. RDI TSX Oct/14/08 Swift Resources Inc. SWR TSX-V Jun/30/08 VMS Ventures Inc. VMS TSX-V Oct/07/08
Rockwell Diamonds Inc. RDI TSX Sep/15/08 Tenajon Resources Corp. TJS TSX-V May/21/08 VMS Ventures Inc. VMS TSX-V Sep/08/08
Romarco Minerals Inc. R TSX-V Feb/11/09 Terrane Metals Corp. TRX TSX-V Sep/22/08 VMS Ventures Inc. VMS TSX-V Apr/29/08
Romarco Minerals Inc. R TSX-V Feb/04/09 Thundermin Resources Inc. THR TSX Dec/02/08 West Timmins Mining Inc. WTM TSX Apr/08/09
Rubicon Minerals Corp. RMX TSX Dec/18/08 Tournigan Energy Ltd. TVC TSX-V Nov/11/08 West Timmins Mining Inc. WTM TSX Dec/18/08
Rubicon Minerals Corp. RMX TSX Sep/03/08 Tournigan Energy Ltd. TVC TSX-V Sep/30/08 Westar Resources Corp. WER TSX-V Jun/30/08
Rubicon Minerals Corp. RMX TSX Jul/15/08 Tournigan Gold Corp. TVC TSX-V Apr/01/08 WSR Gold Inc. WSR TSX-V Jun/10/08
Rubicon Minerals Corp. RMX TSX May/26/08 TTM Resources Inc. TTQ TSX-V Sep/08/08 Xemplar Energy Corp. XE TSX-V Apr/08/09
Rubicon Minerals Corp. RMX TSX Apr/23/08 TTM Resources Inc. TTQ TSX-V Jul/22/08 Xemplar Energy Corp. XE TSX-V Mar/10/09
Rye Patch Gold Corp. RPM TSX-V Dec/02/08 TTM Resources Inc. TTQ TSX-V Jun/10/08 Xemplar Energy Corp. XE TSX-V Jan/13/09
Salazar Resources Limited SRL TSX-V Apr/28/09 UEX Corp. UEX TSX Apr/01/09 Xemplar Energy Corp. XE TSX-V Nov/19/08
San Gold Corp. SGR TSX-V Feb/23/09 UEX Corp. UEX TSX Mar/04/09 Xemplar Energy Corp. XE TSX-V Jun/30/08
Sandstorm Resources Ltd. SSL TSX-V Mar/17/09 UEX Corp. UEX TSX Jan/13/09 Zazu Metals Corp. ZAZ TSX Aug/26/08
Saturn Minerals Inc. SMI TSX-V Jun/30/08 UEX Corp. UEX TSX Oct/07/08 Zinc In Situ Update May/12/09
Seabridge Gold Inc. SEA TSX Dec/09/08 Underworld Resources Inc. UW TSX-V Dec/18/08 Zinc In Situ Update Feb/11/09
Serengeti Resources Inc. SIR TSX-V Dec/18/08 Uracan Resources Ltd URC TSX-V Mar/04/09 Zinc In Situ Update Oct/28/08
Serengeti Resources Inc. SIR TSX-V Apr/01/08 Uracan Resources Ltd. URC TSX-V Dec/18/08 Zinc In Situ Update Aug/06/08
Sherwood Copper Corp. SWC TSX-V Sep/15/08 Uracan Resources Ltd. URC TSX-V Dec/02/08
Shore Gold Inc. SGF TSX Jan/13/09 Uracan Resources Ltd. URC TSX-V Jul/15/08
Shore Gold Inc. SGF TSX Oct/28/08 Uranium Energy Corp. UEC AMEX May/26/08
Source: Canaccord Adams

Junior Mining Weekly | 31
19 May 2009
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