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