Tuesday, April 3, 2007

Major Mining Companies Enterprise Value to Gross Value of Ore Rerserves

Ticker Name Primary Reserves 2nd Reserves 3rd Res 4th Res 5th Res Net Value Enterprise Value EV/Net Value Resource
Notes: - means no reserves in this catagory, * deveolpment stage company, ** inferred resources not available

NEM Newmont Mining 132 M ounces Gold 9.5m tons Cu - - - $102.9Bn $23.8Bn 23.1%

ABX Barrick Gold 139 M ou Gold 933M ou Sil 6.2BlbsCu - - $109Bn $29Bn 26.6%

AU Anglo Gold 78.9M ou Gold ** - - - - $47.3Bn $15.3Bn 32.3%

GFI Gold Fields 64.8M ou Gold - - - -
$38.9Bn $10.53Bn 27%

KCG Kinross 24.7M ou Gold 24.4M ou Silver - - -
$15.1Bn $4.07Bn 27.2%

HMY Harmony Gold 56M ou Gold - - - -
$33.6Bn $6.61Bn 19.6%

AEM Agnico-Eagle Mines - - - $4.24Bn n/a n/a

FCX Freeport McMoRan 43.9M ou Gold 40.3 Bn lbs Copper - - $147Bn $12.6Bn 8.6%

CGR Claude Resources 178K ou Gold - - - - $106.8M $88M 82%

NCMGY Newcrest Mining (Australia) 59M ou Gold 5.5M tones Copper - $6.1Bn n/a n/a

KRY* Crystallex 26M ou Gold - - - -
$15.6Bn $704M 4.5%

AZK Aurizon Mines 2.83M ou Gold - - - -
$1.7Bn $360M 21.2%

TSX: JAG Jaguar Mining 4 M ou – targ 8-10 M ou $4.8Bn (at 8 M ou) n/a n/a

GG GoldCorp 25.01M ou Gold 69.7M ou Silver 1,481 MlbsCu - - $19.3Bn $10.6Bn 55%

BGO Bema Gold 25.6M ou 83M ou Silver 1.5Mlb - - $20.0Bn $2.81Bn 14.1%

OPYGY Polyus (Russia) 101M ou Gold - - - -
$60.6Bn $8.0Bn 13.2%

GLG Glamis Gold 22.6M ou 878M ou Silver 11.9Blbzinc - - $40.3Bn $6.15Bn 15.2%

Centerra (66% in Kygryz Rep) 12.2 M ou - - - - $2.6Bn n/a n/a

CBJ Cambior 8.0M ou Gold - - - -
$4.8Bn $865M 18.0%

GSS Golden Star 3.78M ou Gold - - - - $2.27Bn $633.5M 28%

EGO Eldorado 9.7M ou Gold - - - - $5.82Bn $1.64Bn 28.1%

PD Phelps Dodge 23 M Tons Copper 2bn lbs Molyd - - - $158Bn $15.9Bn 10.00%

NXG Northgate Minerals 1.88M Tons Copper 8.5 M ou Gold - - $15.9Bn $550M 3.5%

PCU Soutrn Peru 33M Tons Copper - - - -
$198Bn $12.9Bn 6.50%

ETQ* Corriente 4.3 M Tons Copper 4M ou Gold 30MouSilver - $24.2Bn $200M 0.8%

CUP* Peru Copper 20Bn lbs copper 444 M ou Silver 758Mol
$57Bn $468M 1%

TCK Teck Cominco ~20M Ton Zinc ~4M T Copper ~10M ouGld ~7MT Pb 250K TMoly $86Bn ($ 125B/Cl $15.0Bn 17.4% (12%)

EZM EuroZinc 4.55M Ton Zinc 2.55M T Copper - - - $13.5Bn $1.49Bn 11%

SIL* Apex Silver 467 M Ou Sil 3.7M tons Zinc 1.3MT lead - - $15.8Bn $1.6Bn 10.10%

HL Hecla Mines 49.4M ou Silver 618K ou Gold 185mP 265Z - $1.86Bn $584M 31.4%

CDE Coer’s D’Alene 230.7M Ou Sil 1.5M ou Gold - - - $3.1Bn $1.12Bn 36.1%

SLW Silver Wheaton Corp 144.0M ou Sil - - - - $1.58Bn $2.26Bn 143%

SSRI* Silver Standard Res 1100M Ou Sil - - - - $12.1Bn $1.05Bn 8.7%

PAAS Pan American Silver 647 M Ou Sil - - - - $6.2Bn $1.5Bn 24.20%

NILSY Norilsk Nickel 8.13 Bl ton Nickel 140m ou Pd 40.2M ou Pt 16.M TCu 8.8mou Gold $280.4Bn $19Bn 6.70%

N Inco 4.5 Bl ton Nickel 2.8M Tons Cu ? Pd Pt - - $66.3Bn $11.2Bn 16.90%

AGGPY Anglo Platinum 103M ou Pt 85M ou Pd - - - $132Bn $24Bn 18.20%

IMPUY Impala Platinum 41.8M ou Pt 33.2M ou Pd - - -
$49Bn $15Bn 30.00%

POT Potash Corp Sask 15.1 bn Tons K 122.7M Ton Phos - - - $6 T $10.9Bn 0.20%

CCJ Camaco Corp 160M lbs U3O8 - - - -
$8Bn $13.3Bn 166%

Price Assumptions Metals (note: intended to be conservative):
Nickel: $6.00/lb Copper: $2.50 lb Platinum: $1100 ou Potash: $0.22 lb Zinc: $1.30 lb Molybdenum: $10/lb
Gold: $600ou Silver: $9.50 ounce Pallidum: $350 ou Uranium: $50 lb Lead: $1,400 ton

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