Industry Overview: Gold Mining & Exploration Part II Company Profiles

Industry Overview: Gold Mining & Exploration Part II Company Profiles

Industry Overview: Gold Mining & Exploration Part II Company Profiles

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 2 of 31 Copper Ridge Explorations Inc Symbol (Exchange) KRX (TSX Venture) Commodity Focus: Gold/Copper Status: Exploration Share Price (01/18/2005): C$0.21 Market Cap: C$7,614,160 Average Volume: 248,500 Cash (October 31, 2004): C$998,632 Company Address: Suite 500 625 Howe Street Vancouver, British Columbia Canada V6C 2T6 Phone: (604) 688-0833 www.copper-ridge.com Share Price Performance $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Copper Ridge Explorations explores and develops mineral resource properties. The company has secured twelve large-scale, early-stage gold and copper properties in the Yukon, Alaska, British Columbia, and Mexico. Five of these properties are under option to other mining and mineral exploration companies. This strategy enables the company to minimize risk and financial exposure freeing up resources to seek out new acquisitions. The company focuses primarily in copper and precious metal exploration. Major Exploration/Development Projects Lucky Joe Yukon Copper/Gold • Potentially significant metamorphic, porphyry copper-gold deposit located in two zones. Large area of potential mineralization on flat-lying strata with strong copper/gold correlation.

• Kennecott Canada Exploration Inc. (sub of Rio Tinto plc) has option on up to 75% of property and is responsible for further development. Completed approximately a $1 million soil sampling program in 2003. Drilling program to begin in 2005. Yukon Olympic Yukon Copper/Gold • Iron oxide copper-gold deposit with mineralization similar to the Olympic Dam deposit in Australia. • Previous exploration included geophysical exploration program, including gravity, an induced polarization (IP) survey and a detailed magnetometer scan, during the 2003 field season. Two drill holes produced no significant copper mineralization.

• Drilling expected to continue, contingent on successful IPO of new exploration partner, Janina Resources Ltd. Quitovac Property Mexico Gold • Located in northern Sonora state, Mexico. Oxidized, structurally controlled gold deposit similar to nearby La Choya heap leach mine. • Drilling by previous owner produced resource estimate of 143,230 ounces of gold. The results of recent drilling have been less encouraging, but management believes that these results are not indicative of actual resources. • Further exploration plans at this site are undetermined, but the company is continuing to investigate other opportunities in Mexico in order to extend its exploration season.

Scheelite Dome Yukon Gold • Scheelite Dome is a gold exploration property located in the Mayo Mining District, Central Yukon Territory. According to management, gold mineralization is similar to Pogo and Fort. Knox deposits. • During 2003, exploration partner Golden Patriot surveyed the property, including an IP survey and a 310-meter drilling program. Results included: 5.06 g/t gold over 1.22 meters in hole TOM1; 7.09 g/t over 6.4 meters in hole TOM2 (including 24.42 g/t over 1.7 meters); and 10.0 g/t over 1.37 meters in hole TOM4. • Golden Patriot did not carry out an exploration program during the 2004 field season and has not announced any future exploration plans. They are likely to be replaced.

Ogopogo Alaska Gold • High-grade, intrusive gold deposit. Similar characteristics to nearby Sumitomo-Tech Pogo project. • No significant exploration in 2004, but proximity to Pogo gold mine may make access easier, allowing for exploration in 2005. Copper Ace British Columbia Copper/Zinc/Gold • Porphyry-style targets adjacent to the Gibraltar copper-molybdenum mine north of Williams Lake, British Columbia. Acquired in 2004, farmed out to Bell Resources Corporation. • 1000-meter drilling program planned for Q4 2004. Gibraltar has gone back into production, improving access to site. Shamrock & Thistle British Columbia Copper/Gold • The properties share similar geology with neighboring property Lucky Joe. Target is a large copper-gold deposit, thought be either metamorphosed porphyry or a variety of iron oxide copper-gold.

• Kennecott gave up Shamrock option in late 2004; Copper Ridge will be seeking a partner to continue exploration on this property. • Ongoing exploration will include geophysics, detailed mapping, and sampling to define drill targets. Joss’Alun British Columbia Copper • Copper massive sulfide discovery made by a survey party of the British Columbia Geological Survey in 2002. • A program of five kilometers of line cutting and IP geophysical surveying completed in 2004. • Previous development agreement with Imperial Metals Corporation expired in 2004. Company recently entered into agreement with Consolidated Norsemont Ventures Ltd. Drilling is planned for 2005.

Chimo Property Yukon Copper/Gold • Copper-molybdenum-gold porphyry project located in the Dawson Range area of central Yukon. • Recent work has identified strong gold and copper soil geochemical anomaly stretching 1.6 kilometers along the property. • Company completed a five-kilometer line cutting and IP geophysical survey in 2004. Results have not yet been received. Hart River Project Yukon Copper/Gold • Company has begun a gravity geophysical survey on this IOCG (iron oxide copper-gold) exploration target. A property- wide, helicopter-supported gravity survey, further geological mapping, prospecting, and soil geochemistry surveys completed in 2004.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 3 of 31 Consolidated Odyssey Exploration Inc. Symbol (Exchange) ODE (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): C$0.21 Market Cap: C$4,892,752 Average Volume: 172,405 Cash (September 30, 2004): C$931,550 Company Address: Suite 303 595 Howe Street Vancouver British Columbia Canada V6C 2T5 Phone: 604-718-2800 www.odysseyexplorations.com Share Price Performance 0.05 0.1 0.15 0.2 0.25 0.3 0.35 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Consolidated Odyssey Exploration, a Canadian junior exploration company, recently contracted with White Knight Resources (TSX.V-WKR) to explore two gold properties in north-central Nevada. The agreement represents the company’s planned first step towards developing a portfolio of high-quality exploration projects. Consolidated Odyssey also continues to build a strong management team, highlighted by its recent director-level appointment of a respected industry veteran, Glen Garratt, P.Geo. The company also maintains interests in various oil and gas properties in Texas, including nine producing gas wells. Although these properties may continue to generate positive cash flow in the future, the company has shifted its core focus to gold exploration. Major Exploration/Development Projects New Pass Property Nevada Gold • Previously calculated resource of 3,371,000 tons at an average grade of 0.042 ounce/ton gold (1.8 g/t) –a total of 141,500 ounces of gold (not NI 43-101 compliant).

• The company has restricted most exploration to a large jasperoid deposit. Limited drilling and sampling suggest that additional gold reserves may be present in decalcified zones adjacent to the jasperoid and in a volcanic sequence located to the west of the deposit. • The property is easily accessible via Highway 50, simplifying any future mining and processing operations. • The New Pass claims are 100% owned by White Knight Resources (through its U.S. subsidiary White Knight Gold, Inc.). Consolidated Odyssey has agreed to explore the property.

• The company plans to develop the property at a measured pace, allowing it to maximize the return for each exploration dollar spent. In 2005, Consolidated Odyssey will likely drill only a handful of holes outside of the jasperoid deposit. • The company is finalizing its exploration plans for 2005, indicating that it intends to focus its initial efforts on the jasperoid, with the aim of further defining and possibly expanding the existing resources there. Squaw Creek Nevada Gold • The property is located along the Carlin gold trend, believed to be the most gold-rich region in North America. • Previous owners have encountered significant gold mineralization across an area approximately one mile wide by three miles long, suggesting the presence of a large gold-bearing hydrothermal system and the possible existence of a large, still-undiscovered ore deposit • The Squaw Creek Property is a strong early-stage exploration opportunity with the potential for large gold discoveries.

• Squaw Creek claims are 100% owned by White Knight Resources (through its U.S. subsidiary White Knight Gold, Inc.). Consolidated Odyssey has agreed to explore the property. • The company intends to continue exploring the region using advanced geophysics and additional geochemical sampling to determine targets for deeper drilling. • Given the greater exploration risk involved at the Squaw Creek project, the company is likely to focus initially on developing New Pass continuing exploration at Squaw Creek.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 4 of 31 St. Jude Resources Ltd. Symbol (Exchange) SJD (TSX Venture) Commodity Focus: Gold/Copper/Iron Status: Exploration/Development Share Price (01/18/2005): C$1.89 Market Cap: C$72,620,007 Average Volume: 100,720 Cash (October 30, 2004): C$4,356,650 Company Address: Suite #200, 5405 48th Avenue Delta, British Columbia Canada, V4K 1W6 Phone: (604) 940-6565 www.stjudegold.com Share Price Performance 0.5 1 1.5 2 2.5 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary St. Jude Resources is a leading West African explorer focused on the discovery and development of low-cost gold mines. The company’s projects in West Africa now cover over 2900 square kilometers (716,605 acres) of one of the most productive gold bearing regions in the world with a total of 1,316,000 ounces of measured and indicated resources and 799,000 ounces of inferred resources. The company expects to complete a pre-feasibility study for the Hiwni-Butre and Benso by April 2005. The company intends to apply for listing on the TSX.

Major Exploration/Development Projects Hwini-Butre Republic of Ghana Gold • The Hwini-Butre concession straddles approximately 20 kilometers of the main Ashanti belt, host to several multi-million-ounce gold deposits including the 40-million-ounce Ashanti mine. • Property contains independently verified measured and indicated gold resources of 829,000 ounces and inferred resources of 14,000 ounces. Resources have been estimated only for the southern deposits. • The company has completed over 30,000 meters of diamond drilling on the project. An proven economic grade of mineralization exists in the southern deposits over a strike length of 1000 meters. • Extensive pitting in the southern sector has identified large areas of surface enrichment down to a depth of three to five meters. The company is optimistic that this surface enrichment has the potential to become a low cost source of ore that can be processed quickly and profitably.

• Excellent infrastructure for mining, including all-weather roads, railroad access, and connection to the power grid. Sekondi-Takoradi, Ghana’s third largest city and the country’s largest seaport, is a 25-minute drive away. • St. Jude can earn up to a 65% interest in the property by carrying out a fixed dollar amount of exploration (already completed) combined with a $800,000 cash payment. Benso Republic of Ghana Gold • The Benso property immediately adjoins the Hwini-Butre property to the north. • Property contains independently verified measured and indicated gold resources of 487,000 ounces gold and inferred resources of 11,000 ounces.

• Benso is one of several gold occurrences found along a newly discovered mineralized trend on the eastern side of the Tarkwaian sedimentary basin. • St. Jude owns 100% of the Benso concession (subject to the standard government 10% carried interest). • Blue sky potential: these high-grade deposits are open at depth and along strike. Other advanced exploration targets remain to be tested. Goulagou /Rounga North Central Burkina Faso Gold • Previous operator established significant oxide resources within four gold deposits called GG1, GG2, Rounga, and Sobona North. These deposits are open for further development. Several advanced targets remain to be explored. • Inferred resource of 774,700 ounces gold (not NI 43-101 compliant). To date, the company has drilled 133 holes totaling approximately 18,000 meters at Goulagou. Previous owners completed 421 holes totaling 22,869 meters. The company expects to complete a NI 43-101 initial resource estimate before the end of Q1 2005. • Test results indicate that the oxide can be mined using low cost heap leach mining techniques. • St. Jude can own up to 100% of the project (subject to the standard government 10% carried interest). Shieni Hills Republic of Ghana Gold/Copper/Iron • The property is centered on the Shieni Hills iron ore deposits in northeastern Ghana. The host rock is 50- kilometer belt of iron-enriched late Proterozoic clastic sediment in the Buem Formation in the Voltaian basin. • The company is testing the theory that the iron is hosted in hydrothermal breccias. This source makes the Shieni Hills an IOCG candidate (iron ore, copper, gold), and the geological setting is similar to the Adelaide Basin/Olympic Dam IOCG deposit.

• The Shieni Hills appear to overlay the strike extension of the Ashanti gold belt. • St. June owns 100% of the project. Deba / Tialkam Niger, West Africa Gold • The Deba and Tialkam permits are strategically located along an established, 150-kilometer gold mineralization corridor. The permits cover 90 kilometers of this corridor with areas of 742 square kilometers and 1100 square kilometers, respectively. • The heavy concentration of gold anomalies at Deba and Tialkam is similar to the nearby Samira Hill Mine, located fewer than five kilometers away. With success at this property, St. Jude expects to discover and develop additional gold resources in Niger in the future.

• Drill program commenced in October 2004. The program will include up to 10,000 meters of rotary air blast drilling to test numerous gold targets that have been established by a combination of geochemical data, previous trenching and drilling, and extensive artisanal gold mining activity.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 5 of 31 Gold Canyon Resources Symbol (Exchange) GCU (TSX Venture) Commodity Focus: Gold/Gallium Status: Exploration Share Price (01/18/2005): C$0.62 Market Cap: C$15,594,659 Average Volume: 21,498 Cash (August 31, 2004): C$2,414,199 Company Address: Suite 810 - 609 Granville Street P.O. Box 10356, Pacific Centre Vancouver, British Columbia Canada V7Y 1G5 (604) 682-3234 www.goldcanyon.ca Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Gold Canyon Resources acquires and explores mineral and precious metals properties. The company controls and operates the Springpole Gold Project in the Red Lake mining district of Ontario and the Cordero Gallium Project in Humboldt County, Nevada. In December 2004, the company announced gross proceeds of $560,000 after successfully closing the private placement of 622,222 flow-through units. With these proceeds, the company now has approximately $1.6 budgeted for the company’s planned 2005 winter drilling campaign which is scheduled to begin February 1, 2005.

Major Exploration/Development Projects Springpole Lake Gold Project Ontario, Canada Gold • The Springpole Lake gold project is located in the Red Lake mining district, approximately 115 kilometers east- northeast of the town of Red Lake in northwestern Ontario. The project covers approximately 11,720 acres with 168 unpatented and 30 patented claims. The claims are 100% owned by the company. • Historically there has been approximately C$15.0 million spent on the property to create 320 diamond drill core holes totaling 74,535 meters (244,550 feet). Drilling has been confined to a core area of roughly 1000 acres. 90% of the Springpole property remains unexplored.

• Early exploration at Springpole Lake focused on the possible development of a low grade, high tonnage resource. Analysis of historical data and recent drilling, however, has led the company to believe that the property could instead support a high-grade, low-tonnage shear system. • The company is currently processing the historic and recent drilling data using 3D computer modeling programs. These models will be used to guide drilling programs during the Winter 2004-2005 drilling campaign in the core area of the property.

• Gold Canyon’s management believes that detailed modeling of existing data and follow up drilling of selected targets will rapidly move high-grade mineralization at Springpole into the potentially lucrative reserve/resource category. • The company plans to conduct up to 20,000 feet of core drilling in three general areas of the property during the Winter 2004-2005 drill season. The objective of this drilling will be the delineation of high-grade mineralization for which an updated NI 43-101 compliant resource estimate can be completed. Gold Canyon currently has up to C$1.6 million dedicated to this winter’s drilling campaign.

• Blue sky potential exists at the recently staked Sandy Point area of the property, which the company believes could share similar geology with the nearby Trade Winds (TWD – TSX.V) Birch Lake Highgrade Island Property. The company intends to drill at this location as part of the winter program. Cordero/Caley Gallium Project Nevada Gallium • Gold Canyon's Cordero Gallium project covers approximately 1800 acres at a site approximately seven miles southwest of the town of McDermitt, in Humboldt County, Nevada.

• The company has an assignment agreement with Tech Industries Ltd. for the exploration and production of valuable minerals and commodities (excluding gold and silver) on Cordero Property. The company also has a lease agreement with Tech Industries for the Caley property, a series of 70 unpatented mining claims bordering the Cordero property. • Surface sampling and reverse circulation drilling (approximately 80 holes) have identified an area approximately 1000 feet wide and over 6000 feet long which hosts gallium concentrations of up to 430 g/t. This gallium deposit could potentially represent an important new metal discovery in the U.S.

• Gold Canyon expects to have completed metallurgy on the property by early 2005, which should enable them to estimate the potential extraction rates, cost, and resource size. • Gallium has unique physical, chemical, and electrical properties that make it useful to the computer, communications, and electronics markets. Its largest single use is in gallium-arsenide compound semiconductors. Integrated circuits used in cell phones, power converters, microwave amplifiers, satellite dishes, and missile guidance systems account for about half of current demand. LEDs, blue lasers, fiber optics, light- and heat- detection photocells, night vision devices, and some medical treatments may also require the use of gallium.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 6 of 31 Minefinders Corporation Ltd. Symbol (Exchange) MFL (TSX) MFN (AMEX) Commodity Focus: Gold/Silver Status: Production/Exploration Share Price (01/18/2005): C$8.01 Market Cap: C$292,179,496 Average Volume: 195,633 Cash (September 30, 2004): US$42,119,000 Company Address: 2288-1177 W Hastings St. Vancouver, British Columbia Canada V6E 2K3 Phone: (604) 687-6263 www.minefinders.com Share Price Performance 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Minefinders Corporation is an exploration and development company operating primarily in Mexico and Nevada. Its main asset is the Dolores deposit in Chihuahua, Mexico. The company's resource holdings have increased from less than 30,000 ounces to well over five million ounces of gold equivalent in the past seven years. The company reports resources of approximately 2.89 million ounces of gold and 130 million ounces of silver—most of it in the Dolores deposit. In addition to Dolores, the company has properties at five other locations in various stages of exploration.

Major Exploration/Development Projects Dolores Project Mexico Gold/Silver • The Dolores project contains measured and indicated resources of 101 million tons at an average gold-equivalent grade of 1.34 g/t—a total of 2.65 million ounces of gold and 128 million ounces of silver—together with inferred resources of 668,000 ounces of gold and 24 million ounces of silver. • The Dolores deposit is a true gold-silver deposit, with equal values of gold and silver mined. Predicted recovery should reach 1.8 million ounces of gold and 81.6 million ounces of silver.

• The Dolores project is the subject of an ongoing feasibility study to determine the economic viability of the project. The results of the study are expected during Q1 2005. • Minefinders has drill rigs currently active on the property, conducting infill and step out drilling on selected targets within the main resource area in order to continue to convert inferred resources to measured and indicated so that they may be included in the feasibility economics. • In the past, production at Dolores consisted of underground mining of high-grade ores. Drilling has intercepted bonanza-grade gold and silver—up to 233.5 g/t (6.8 ounces per ton) gold and 5502.9 g/t (160.5 ounces per ton) silver. High-grade zones have also been shown to be remarkably continuous.

• The calculated Dolores resources account for less than one-third of a four-kilometer-long surface gold-silver anomaly. Additional areas of drill-intersected ore-grade mineralization are present elsewhere on the anomaly. Exploration continues on additional large areas of alteration within the district. La Bolsa Project Mexico Gold/Silver • The La Bolsa Deposit is approximately 30 kilometers (19 miles) west of the border city of Nogales, Mexico. It is the most advanced exploration project among Sonora concessions (see below). The drilled resource at La Bolsa is currently 208,000 ounces of gold and 2.1 million ounces of silver at a 0.3 g/t gold-only cutoff. • The company feels that the La Bolsa resource could become a low-cost producer for Minefinders after infill drilling and resource expansion are complete. Additional drill targets in the area are under development and have the potential to significantly increase the resource base in the region.

Sonora Properties Mexico Gold/Silver • Minefinders controls a large block of concessions in Northern Sonora, west of Nogales, which host numerous prospective mineralized systems, including the La Bolsa Project. • The company is currently conducting exploration programs at several of its properties, including a 20-hole drill program presently underway at the Real Viejo silver project. In June 2004, the company announced the discovery of significant silver mineralization in an initial drilling program at its Real Viejo project. Minefinders began an additional drill program of 2000 meters of reverse circulation drilling in October. • Exploration continues on the 500-hectare Planchas de Plata mineral concession, approximately eighteen kilometers west-southwest of Nogales. The company has obtained the surface rights necessary to start drilling and expects to begin a first-phase program in January 2005.

Nevada Properties Nevada Gold • Minefinders holds the mineral rights to three properties within the prolific Carlin, Battle Mountain, and Getchell gold belts in north-central Nevada. • A six-hole diamond drilling program is under way on the Dottie property in Elko County, Nevada. The company completed the first hole to a depth of 1577 feet; the second hole is currently being drilled. The Dottie target is a deep-seated, high-grade gold structure similar to, and approximately 35 kilometers from, Newmont’s Midas deposit.

• Following completion of the drill program at Dottie, the core rig is scheduled to complete a twelve- to fifteen-hole program at the company’s Clear Project. There the company will explore for mineralization peripheral to high- grade gold zones that were discovered during Minefinders summer drilling on the project. At that time, fourteen reverse-circulation drill holes, totaling 2706 meters (8877 feet), were completed as a follow-up to the company’s 1997 drill program.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 7 of 31 Apolo Gold Corporation Symbol (Exchange) APLL (Bulleten Board) Commodity Focus: Gold/Silver Status: Production/Exploration Share Price (01/18/2005): US$0.082 Market Cap: US$4,270,000 Average Volume: 194,863 Cash (September 30, 2004): US$59,794 Company Address: 1458 - 409 Granville Street Vancouver, British Columbia Canada V6C 1T2 Phone (604) 687-4150 www.apologold.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Apolo Gold retains absolute development and mineral rights over two neighboring Indonesian gold-silver projects run by capable management advisors and an experienced mining team. The company maintains it has established excellent relationships with the Indonesian government, business, financial, and mining communities. While exploration continues on both properties, Apolo has recently refurbished its mill. The company recently announced that it would shift its 2005 production focus from the Karya Bukit Utama (KBU) project to the Napal Umbar Picung (NUP) project, which it believes to have significantly higher mineralized values. In September, the company appointed Tim Scott as vice president of operations for the company’s gold and silver project in Indonesia. Mr. Scott, who resides in Jakarta, has extensive mining experience in Indonesia, including an eight-year period as administrator and president of Barrick Gold Corporation Indonesia, where he oversaw an extensive exploration budget.

Major Exploration/Development Projects Napal Umbar Picung (NUP) Indonesia Gold/Silver • NUP is a 733.9-hectare gold and silver property located about 48 kilometers southwest of Bandar Lampung, Sumatra, Indonesia. It lies along the Trans-Sumatra Fault Zone, a major strike-slip fault that runs the length of Island of Sumatra and continues into West Java. The property is a volcanic-hosted, low-sulfidation, epithermal gold-silver deposit of Mio-Pliocene age, hosted within the Sunda magmatic arc. • Apolo Gold technical personnel have analyzed data from a total of 36 holes (10,000 feet) drilled over a 15-year period, including recent drilling completed in July 2003. This data confirms the existence of a four- to five- hectare mineralized area known as the Camp Zone that is 1500 feet long, 1000 feet wide, and 200 feet deep. The company geologist estimates that 85,000 tons could be processed with an average grade of 7.5 g/t gold and 163 g/t silver.

• Following up on these estimates, the company has been extending a crosscut on the Camp Zone, drilling an exploration adit to intercept the Camp Zone vein. Currently 100 meters long, the adit should intercept the vein in the near future. • The Camp Zone is open to the south and at depth. The company intends to carry out additional drilling on the zone in 2005, which could appreciably increase known mineralized values and significantly expand the expected three-year production schedule. • The mineral rights agreement at NUP calls for semi-annual payments to Apolo’s partner, PT Metro Astatama, of $25,000 for six years for a total $375,000. As of September 30, 2004, the company had paid $175,000. Payments are made in March and September each year. The last payment is due September 15, 2008. PT Karya Bukit Utama (KBU) Indonesia Gold/Silver • The KBU consists of a total of 933.3 hectares located directly north of NUP. The mill used to process material for both sites is located on this property. Production has continued sporadically at KBU since April 2004. • In December 2004, the company completed its exploration program on the KBU. After comparing its test results with drilling and test results previously obtained at NUP, the company decided to focus its production activity in 2005 on the Camp Zone area in NUP.

• The company has an agreement with PT Metro Astatama to acquire development rights to the property. The company agreed to pay a total of $2,500,000 on a payment schedule that runs through December 15, 2007. The company has paid $200,000 to date on this property. In December 2004, this agreement was amended: any remaining payments currently due plus payments due in January and February 2005, totaling $200,000, have been deferred until March 31, 2005.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 8 of 31 American United Gold Company Symbol (Exchange) AMUG (Bulletin Board) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): US$0.20 Market Cap: US$4,308,903 Average Volume: 17,434 Cash (June 30, 2004): US$3,734 Company Address: 555 Burrard Street, Suite 900 Vancouver , British Columbia Canada V7X 1M8 Phone: (604) 692-2808 www.americanunitedgold.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary American United Gold, along with its affiliate company Anderson Gold (China) Inc., intends to acquire, finance, and develop base and precious metal properties in China. Currently, American United Gold has the right to buy up to an 85% interest in Daguan Exploration Property in Guizhou Province, China. Its affiliate Anderson Gold has been able to foster close business and personal relationships with various high-ranking dignitaries from the resource-rich province of Guizhou. Ken Thorsen, the current senior vice president of exploration and former president of Teck Exploration, has had extensive experience in evaluating resource potentials around the world. The company previously operated under the name MPAC Resources Corp.

Major Exploration/Development Projects Daguan Exploration Property Guizhou Province, China Gold/Silver • The Daguan Exploration Property sits directly adjacent to Daguan Mine, a Chinese operation not run by American United. Ten different local operators control the mining operation of the Daguan Mine, producing an estimated 2000 tons per along a 1.5-kilometer stretch of a fault that runs through American United’s property as well. Gold production has not been disclosed. No geologists, mining engineers, or professionals are involved in these operations.

• The Daguan property is a deposit similar to those found in the Carlin Trend in Nevada. These Carlin-style deposits are typically low-grade/high-tonnage deposits. Production is made financially feasible due to the low cost of mining. The mines use conventional open-pit mining methods where gold is extracted by heap leaching, a process that can be used effectively in China. • The local Chinese operators are mining with a gold recovery of 20 to 30 percent. With Western mining technology and techniques, American United believes gold recovery can be more than doubled—possibly tripled. With proper exploration of the ore bodies, a more comprehensive and efficient mining plan can be created than the “follow-the-ore” style of mining used by the locals.

• Despite existing operations at Daguan Mine, previous owners did no exploration of the Daguan Exploration Site. The company plans an accelerated exploration program, consisting of trenching and mapping, which the company intends to begin in January 2005 and quickly finish. A second phase of drilling is expected to follow in mid- tolate-2005. The company has budgeted approximately $628,000 for these two stages of exploration. • American United Gold has the exclusive right to acquire 100% of Anderson Gold (China) Inc. Anderson Gold has entered into a Joint Venture Corporation with the Guizhou Gold Corporation for the exploration rights to the Daguan Exploration Property. American United Gold can earn an 85 % interest in the Daguan Property by putting US$1,880,000 in registered capital into the property over four years; American United Gold must also pay the Guizhou Gold Corp staged payments of US$600,000 over four years.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 9 of 31 Corex Gold Corporation Symbol (Exchange) CGE (TSX Venture) Commodity Focus: Gold/Silver Status: Exploration Share Price (01/18/2005): C$0.68 Market Cap: C$8,023,396 Average Volume: 31,023 Cash (October 31, 2004): C$100,898 Company Address: Suite 590-1199 W. Pender St Vancouver, British Columbia Canada V6E 2R1 Phone: (604) 683-2505 www.corexgold.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Corex Gold Corporation is a newly formed junior gold exploration and development company focused on evaluating gold projects that have low production cost potential and the likelihood of containing a 1,000,000-ounce-plus deposit. Dr. John R. Carden, Ph.D directs exploration. Mr. Carden has more than 25 years of experience in exploration management, research, and teaching. He was previously the director of U.S. Exploration for Echo Bay Mines and has acted as a consultant to TSX-listed Minefinders Corporation Ltd. The company is actively exploring two properties in Mexico, one of which is ready for drilling. The other is a true greenfield property. Corex recently announced that, subject to regulatory approval, it will raise up to C$1,300,000 through private placement. Major Exploration/Development Projects El Trébol Property Zacatecas, Mexico Gold/Silver • The El Trébol property is located approximately 55 kilometers northwest of the town of Concepción del Oro. Trébol consists of four parcels of land situated in the Transverse Ranges of the Sierra Madre Oriental. The main area of exploration is at the Canelas Mine, along the north flank of the Sierra El Trébol Range. Corex is the sole owner of El Trébol’s 478 hectares. In May 2004, Corex added to the property though the acquisition of the 25- hectare Puerto De Los Viejos mineral concession.

• The company finds the property attractive because it is a shallow target with large footprint, making the deposit ideal for open-pit mining. Mineralization is open in several directions with multiple high-grade gold occurrences. The property has not been explored using modern exploration techniques, and the main target has never been drill tested. Corex anticipates that the property has all the elements for a major discovery, including a strong gold- bearing hydrothermal system. • The company recently completed geologic mapping for the property around the mine. The survey showed a series of limestone deposits of Upper Jurassic age, part of the Zuloaga Formation, exposed in the core of a sharp east- west striking anticline. Gold mineralization on the property is widespread, consisting of Manto-style pipes in the Taraises Limestone and disseminated gold mineralization in the La Caja Shale.

• Corex received assay results from a third round of surface and underground sampling in July 2004. The 157 samples collected ranged from detection to 13.8 g/t with 39 of the samples containing over 1.0 g/t and 17 samples containing over 4.0 g/t. The average gold content of the 157 samples collected is 1.21 g/t (0.035 ounces per ton). The samples all have a high gold-to-silver ratio, an anomalously high toxic elements signature, and low base metal content. • The company anticipates an initial 3000-meter drill program that could be followed up by a more aggressive program if warranted. Drilling is expected to begin in Q1 2005.

Zuloaga Concession Zacatecas, Mexico Gold/Silver • The Zuloaga concession is a g reenfield exploration project consisting of two areas totaling 399 square kilometers in the Melchor Ocampo mining district. The Melchor Orcampo District is known to contain widespread mineralization. Sampling at the Zuloaga concession has been encouraging. Gold has been mined in the area since the 16th century. The company believes the region may have already produced as much as 250 million ounces of silver and 1.5 million ounces of gold. The concession is 100% owned by Corex Gold. • Corex has defined three separate areas of up to seven kilometers in strike length that are indicative of gold and silver deposits. Target areas have been defined by past producing gold mines, prospect pits, favorable geology, gold anomalies, and Mexican governmental maps—all of which should help expedite the exploration process. • Mapping and sampling are under way; to date, the company has collected 240 samples. 51 of those samples contain over 1.0 g/t gold.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 10 of 31 Houston Lake Mining Inc. Symbol (Exchange) HLM (TSX Venture) Commodity Focus: Gold/PGM/Other Status: Exploration Share Price (01/18/2005): C$0.35 Market Cap: C$6,015,603 Average Volume: 7,884 Cash (April 30, 2004): C$85,550 Company Address: 2892 White Street Val Caron, Ontario Canada P3N 1B2 Phone (705) 897-7622 www.houstonlakemining.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Houston Lake Mining explores and develops properties in the strategic and high technology metals sector that have excellent supply/demand fundamentals. The company has amassed a portfolio of properties with gold, platinum group metals, and other rare metal deposits in Ontario, where excellent geology, positive legislation, an advantageous tax climate, and management experience combine to facilitate effective exploration and development. Relying on over 100 years of mining industry experience, Houston Lake management strives to position itself in key properties ahead of supply/demand trends in various sectors of the metals market. Major Exploration/Development Projects West Cedartree Lake Gold Properties Ontario, Canada Gold • West Cedartree is composed of four separate properties, covering 604 hectares in the Kenora mining district of northwestern Ontario. The properties are called the McLennan, the Jesse (North), the West Cedartree, and the North Block. Recent exploration work has focused on the Angel Hill Gold Zone in the McLennan Property area. • The Angel Hill Gold Zone (AHGZ) sits within a large gabbro sill at the contact of ultramafic rocks forming the footwall to the gabbroic rocks of the hanging wall. The AHGZ contains gold-in-soil anomalies and a gold occurrence along 2.1 kilometers of its strike extension.

• The company has now completed a two phase drilling program—with twenty-six holes in the AHGZ—totaling 1840 meters. Results have been highly encouraging. A resource calculation is being prepared and should be completed in early 2005. The company believes that it has explored less than 1% of the total gold system. • The other major gold zone is The McLennan Shear Zone, identified in 1944-45 by Noranda Mines Ltd. The zone contains 918 feet of gold mineralization. Tib Lake Palladium Property Ontario, Canada PGM/Gold • Tib Lake is a 1904-hectare property located approximately fifteen kilometers northwest of the Lac des Iles Complex in the Thunder Bay Mining District of northwestern Ontario. The property is also fifteen kilometers from the Roby Zone open-pit mine of North American Palladium Ltd., which processes 15,000 tons per day. • Positive characteristics include large intrusion size, high background values of PGEs (platinum-palladium and gold), and shared provenance with that of the rocks hosting the nearby Lac Des Iles mine. • The company has spent over C$1million in exploration on the property. This work includes 70 kilometers of line cutting, geophysical surveys (IP, magnetic and VLF-EM), geological mapping, trenching and stripping, channel sampling, and 2770 meters (9086ft) of diamond drilling.

• The company has identified four PGE occurrences: the Kuhner, the West Shore, the Road, and the Jewelweed. The Kuhner Zone has been the main target of previous exploration. It remains open to depth below previous drill intersections of 18.47 meters of core length grading 1.68 g/t PGEs at an average depth of 35 meters and 22 meters of core length grading 1.456 g/t PGEs at an average depth of 65 meters. • A $500,000 program of detailed magnetic surveys, channel sampling, and a 2000m (6560ft) diamond drilling survey has been recommended.

Pakeagama Lake Rare Metals Property Ontario, Canada Ta/Cs/Rb/Li • The Pakeagama Lake Rare Metals Property consists of three adjoining properties known as Pakeagama Lake, Pakeagama Lake West, and Pakeagama Lake Northwest Properties. They are located about 170 kilometers north of Red Lake, Ontario. • The Pakeagama Lake rare-metal pegmatite is contained within the northwestern end of the Pakeagama Lake pluton. The width varies from 30 to 125 meters and appears to be widening at both extremities, where a thin overburden masks the pegmatite.

• The Pakeagama Lake pegmatite has the large size, high concentration of rare metals, and internal zonation shown by exploitable rare-metals deposits found elsewhere in the world. Pakeagama Lake is thus an important exploration target. Houston Lake intends to carry out the recommended $300,000 trenching and drilling program contingent upon more favorable rare-metal commodity prices.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 11 of 31 Eagle Plains Resources Ltd. Symbol (Exchange) EPL (TSX Venture) Commodity Focus: Gold/Silver/Copper/Other Status: Exploration Share Price (01/18/2005): C$0.68 Market Cap: C$26,884,888 Average Volume: 121,605 Cash (September 30, 2004): C$3,375,747 Company Address: Suite 200, 16 – 11th Ave. S. Cranbrook, British Columbia Canada VIC 2P1 Phone (250) 426-0749 www.eagleplains.ca Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Eagle Plains Resources Ltd. (EPL:TSX-V) is a junior exploration company aggressively exploring for minerals in British Columbia, the Yukon and the Northwest Territories. Eagle Plains seeks to attract joint-venture participation on its properties, thereby leveraging exploration spending to the ultimate benefit of the company’s shareholders. The company is currently operating 30 projects at various stages of development, seven of which are under joint venture or option, committing Eagle Plains to over $18 million in exploration over the next five years. Joint venture partners include: NovaGold Inc., Amarc Resources Ltd. (a Hunter-Dickinson Company), Northern Continental Resources Inc., Shoshone Silver Mining Co., and Golden Cariboo Resources Inc.

Major Exploration/Development Projects Copper Canyon British Columbia, Canada Gold/Silver/Copper • The project is located approximately 75 kilometers northwest of Barrick Gold's Eskay Creek gold-silver mine that produces 350,000 ounces of gold annually. It lies 150 kilometers northeast of the tidewater port of Stewart, British Columbia. • Eagle Plains and NovaGold Inc. (NG: AMEX, TSX), have reached an agreement whereby NovaGold may acquire up to an 80% interest in the Copper Canyon project by completing C$3 million in exploration expenditures over the next four years, issuing 296,000 shares of NovaGold and making payments totaling C$250,000. NovaGold may earn an additional 20% interest in the project by paying Eagle Plains C$1 million and completing a feasibility study on the project.

• The project adjoins NovaGold’s Galore Creek project, one of the largest and highest-grade alkalic intrusive- related gold-silver-copper deposits in North America. Management believes that consolidation of the two properties can provide significant benefits for development of both the Galore Creek and Copper Canyon deposits. NovaGold plans to develop the projects as a single consolidated project. • Past work at Copper Canyon indicates the widespread presence of copper, gold, and silver. Geology consists of a suite of Upper Triassic-Middle Jurassic alkalic intrusives emplaced into a coeval volcanic pile. Mineralization is hosted within both intrusives and volcanics, often associated with k-spar flooding and biotization. • The current exploration concept is to outline a resource of 80-150 million tons of material with bulk grades exceeding 2.0 to 3.0 g/t gold equivalent suitable for selective open-pit and underground mining operations. • NovaGold recently announced a new Inferred Category on Copper Canyon based on 2004 drilling and historic results that contains over 2.86 million ounces of gold, 37.9 million ounces of silver and 1.16 billion pounds of copper. Planning is underway for a drill program in 2005 in preparation for a Feasibility Study in 2006. Blende Project Yukon Territory, Canada Silver/Lead/Zinc • The Blende is a sixteen-claim, carbonate-hosted deposit located approximately 65 kilometers northeast of Keno in central Yukon Territory. Based on exploration work completed in 1991, drill-indicated reserves are reported to contain 19.6 million tons grading 56 g/t silver and 5.84 % lead-zinc. Within this resource are 15,300,000 tons grading 67.5 g/t silver and 6.27% combined lead-zinc. The recently completed NI 43-101 report stated the property holds at least 35 million ounces of silver, 1.3 billion pounds of zinc and 1.2 billion pounds of lead. At the completion of work in 1994, the deposit was found to be open along strike to the west, and down-dip. • While the property was initially explored by Billiton Metals Canada Ltd. as an open-pit target, Eagle Plains management feels that there is good potential to develop the property as an underground operation. • The company’s geologist has recommended a two-phase, $1.6 million exploration program consisting of extensive diamond drilling to outline a higher-grade resource which may be suitable for underground development.

Kalum Project British Columbia, Canada Gold • The Kalum Gold Project consists of over 500 claims (more than 30,000 acres) located 35 kilometers northwest of Terrace, British Columbia. Eagle Plains has sole ownership of the claims, representing the first time the mineral showings have been consolidated by a single owner. • In 2003, Eagle Plains completed a significant exploration program on the Kalum property. The program defined numerous new, high-grade zones of Au-Ag mineralization. • In 2004, the company completed a nineteen-hole, 1958-meter diamond drilling program, which confirmed the widespread existence of high-grade gold systems over the approximately 120-square-kilometer property. Elsiar (LCR) Property British Columbia, Canada Copper/Moly • The property is located in west-central British Columbia, approximately 40 kilometers north of Terrace, British Columbia. Elsiar lies two kilometers north of Eagle Plains’s Kalum project and shares many geologic similarities. • Elsiar is currently under option to Northern Continental Resources (NCR:TSX-V), which recently completed a preliminary exploration program including a three-hole, 490-meter diamond drilling program at the property. The program found ore-grade copper intercepts in all holes over narrow widths, with mineralization noted throughout the entire length of the drill-holes.

• The company plans an aggressive drill program; permitting for road-construction and additional diamond drilling has been initiated. A 3000-meter diamond drilling program will begin in the target area during the 2005 field season, concurrent with reconnaissance-scale work to be conducted in other areas of the property.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 12 of 31 Andean American Mining Corporation Symbol (Exchange) AAG (TSX Venture) Commodity Focus: Gold/Silver Status: Production/Exploration Share Price (01/18/2005): C$0.80 Market Cap: C$34,733,970 Average Volume: 38,547 Cash (September 30, 2004): C$5,831 Company Address: 1005 - 750 West Pender Street Vancouver , British Columbia Canada V6C 2T8 Phone: (604) 681-6186 www.andeanamerican.com Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Andean American Mining is a profitable international gold mining and exploration company with two 100%-owned key assets in Peru: The Santa Rosa Mine and the polymetallic Sinchao exploration project. The company expects significant cash flow from its Santa Rosa property to finance future growth. Fiscal year 2005’s production is expected to be 20,000 ounces, rising to more than 40,000 ounces in fiscal year 2006. There are currently 21 exploration targets surrounding the mine; the potential for additional discovery of gold and silver mineralization is excellent.

Major Exploration/Development Projects Santa Rosa Peru Gold/Silver • The 24,000-hectare Santa Rosa open-pit gold and silver mine is located in southern Peru, approximately 550 kilometers southeast of Lima. The area surrounding the mine is the target of significant exploration activity. • A new, NI 43-101-compliant resource estimate is being prepared. • In operation since 2001 (fully operational since March 2002), the mine currently processes approximately 50,000 tons of dry fresh ore per month grading an average 2.0 g/t gold and 44.0 g/t silver. • By September 30, 2004, there were 33,700 ounces of gold and more than 940,000 ounces of silver on the heap- leach pads in the process of being recovered in a recycling program which commenced in mid-December 2005. • Cash costs are less than $175/ounce. Additional non-cash costs are approximately $25 per ounce. • Significant exploration in the area surrounding the Santa Rosa mine suggests blue sky potential. The company is examining 21 targets, many of which are currently being drilled. Andean American believes that the geological potential for the zones and targets surrounding the open-pit mine is greater than 25 million tons. Sinchao Peru Gold/Silver/Zinc/Copper • The Sinchao is an exploration property containing copper, gold, silver, zinc, and lead located within the Yanacocha-Hualgayoc mining district in northern Peru. It consists of four exploration rights (Valled de Sinchao 1 to 4) covering 1300 hectares that overlie seventeen mining concessions.

• The company completed three drill programs in 1997 and 1998: 32 holes totaling 8449 meters. • Four distinct styles of mineralization have been identified within the property: gold-zinc-copper (silver) skarn (exploration target: 437 million tons); central fault and breccia zone (exploration target: 41 million tons); high sulfidation epithermal system (exploration target: 55 million tons); and massive sulfide lenses (exploration target: six million tons). • Management believes that the combined mineralization systems at Sinchao have the potential to exceed 500 million tons of true polymetallic mineralization.

• Excess cash flow from the Santa Rosa Mine will be used to fund future exploration program at Sinchao.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 13 of 31 Canarc Resource Corporation Symbol (Exchange) CCM (TSX) CRCUF (OTB Bulletin Board) Commodity Focus: Gold Status: Production/Exploration Share Price (01/18/2005): C$0.55 Market Cap: C$31,855,146 Average Volume: 74,711 Cash (September 30, 2004): US$478,000 Company Address: 800 - 850 West Hastings St. Vancouver, British Columbia Canada V6C 1E1 Phone: (604) 685-9700 www.canarc.net Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Company Summary Canarc Resource Corp. owns interests in one small producing gold mine in Suriname, two large gold deposits ready for development in Canada and Costa Rica,and exciting exploration projects in Mexico and Suriname. Canarc’s principal asset is the 1.3-million-ounce (the resource estimate precedes NI 43-101, is not compliant with it and therefore should not be relied upon) gold resource on its New Polaris property, a high grade, past producing underground mine, located in northwestern British Columbia. The company has an experienced management team and major shareholders include Barrick Gold and Kinross Gold Corp. Major Exploration/Development Projects New Polaris British Columbia, Canada Gold • New Polaris is a prior producing mine located in northwestern British Columbia, 60 miles south of Atlin, British Columbia, and 40 miles east of Juneau, Alaska, on the west bank of the Tulsequah river. The property consists of 61 crown-granted mineral claims and one modified grid claim totaling 2956 acres. It is 100% owned by Canarc, subject to a 15% net profits interest (NPI) to Rembrandt Gold Mines, which Canarc can reduce to 10% NPI. While access is currently difficult, Redcorp Ventures recently received final government approval to build their Tulsequah Chief mine and access road only three miles away from New Polaris.

• New Polaris is an advanced exploration project: infill drilling is now under way to further define proven and probable ore reserves, to be followed by a feasibility study. A scoping study determined that the property could support a 65,000to 100,000-ounce-per-year, high-grade underground gold mine after three years of development. • Canarc's immediate goal is to develop a 550,000-ounce reserve suitable for a 600-ton-per-day mine that could produce over 65,000 ounces of gold per year. Current resources are estimated at 3.6 million tons at a grade of 0.36 ounces per ton of gold, yielding 1.3 million ounces (not N.I 43-101 compliant). • In early January 2005, Canarc announced that all eleven holes of its entire in-fill drilling program returned economically significant gold intercepts.

• Individual drill intercepts returned assays including 0.93 opt (31.9 gpt) gold over 26.4 ft (8.05m) in the lower C vein and 0.45 opt (15.3 gpt) over 29.5 ft (9.0 m) in the Upper C vein. Bellavista Mine Costa Rica Gold • Bellavista is a large, low-grade epithermal gold deposit, located 80 kilometers west of San Jose near the town of Miramar. • Glencairn Gold, the operator, is currently developing a 70,000-ounce-per-year, low-cost, open-pit, heap-leach mine at the site. Canarc owns a 20% carried interest. Glencairn Gold must incur all development costs to production, subject to payback from cash flows.

• Glencairn expects to achieve commercial production in Q1 2005. Canarc is currently evaluating its interests with a view to selling it if an attractive offer is made. • Mineable reserves and resources of 37.4 million tons grading 1.63 g/t for a total of 1.96 million ounces of gold. Glencairn Gold has identified a smaller proven reserve of 11.2 million tons grading 1.54 g/t for 556,000 ounces (436,000 recoverable ounces) suitable for low-cost open-pit mining and heap-leach processing. • The base case production model calls for 60,000 to 70,000 ounces per year for 7.3 years at a mill rate of 5745 tons per day and a strip ratio of 1.32:1. Capital costs are estimated at US$28.3 million. Operating costs come in at a low US$156 per ounce.

Benzdorp Property Republic of Suriname Gold/Copper • The Benzdorp property consists of four exploration concessions measuring 42 kilometers by 31 kilometers, totaling 138,000 hectares in southeastern Suriname, 300 kilometers southeast of the capital, Paramaribo. • Canarc believes that Benzdorp holds the potential for a major new gold discovery; extensive exploration sampling indicates a multi-million ounce, porphyry type gold prospect. The main target is the JQ Prospect anomaly. JQ is open in all directions with the potential for five to fifteen million ounces gold to a depth of 300 meters. • Past exploration began in 1994. For the next five years Canarc completed 20,000 soil and silt samples, hundreds of deep auger holes, several kilometers of machine trenching, and a 28-hole diamond drill program at a cost exceeding US$4 million.

• A 20-hole deep drilling program is currently under way to test the first of twelve prospect areas. Upon completion, Canarc intends to seek additional financing to further develop Benzdorp.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 14 of 31 Cangold Limited Symbol (Exchange) CLD (TSX - Venture) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): C$0.11 Market Cap: C$5,720,804 Average Volume: 43,724 Cash (September 30, 2004): C$989,987 Company Address: 2100-1177 West Hastings Street Vancouver , British Columbia Canada V6E 2K3 Phone: (604) 608-1766 www.cangold.ca Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Cangold Limited focuses on the exploration and development of precious and base metals in Canada, principally in northern Ontario and northwestern British Columbia. The company is active at four exploration properties, none of which have delineated mineral resources. In October 2004, the company announced the appointment of Robert A. Archer, P.Geo. as CEO, in addition to his position as president. The former CEO Bryan J. Frost will remain as a non-executive director. In August 2004, the company completed a brokered private placement, issuing a total of 6,500,000 common shares for net cash proceeds of $1,100,500. The proceeds from this financing will be used in the advancement of the Canadian property interests and for general working capital purposes.

Major Exploration/Development Projects Argosy Gold Mine Property Ontario, Canada Gold • The Argosy Gold Mine Property is located in the Red Lake mining division, 110 kilometers east-northeast of Red Lake, Ontario. It consists of 44 patented and 57 unpatented claim units over 1616 hectares. • The Argosy Gold Mine Project is a 51/49 joint venture between Cangold and Wolfden Resources Inc. (TSX: WLF). Cangold is the operator. The Argosy mine produced 102,000 ounces of gold at a grade of 12.7g/t at a depth of 270 meters before closing in 1952.

• Twelve zones of mineralization are known to exist. A drilling program during the winter of 2004, which consisted of 1815 meters in nine holes, tested both the new zone of sulfide-related gold mineralization identified in October 2003, as well as several vein targets at the Argosy Mine. The four holes drilled at Argosy continued to extend zones of high-grade gold mineralization below the historical mine workings and remain open at depth. The five holes drilled on the new Casummit Creek Sulfide Zone encountered numerous intersections of quartz ankerite veins in silicified, sericitized intermediate tuffs, argillite and mafic tuffs. • The company is evaluating additional drill targets in light of a helicopter-borne aeromagnetic and electromagnetic survey conducted in April 2004.

Thorn Property British Columbia, Canada Gold/Silver/Copper • The Thorn Property is located in the Atlin Mining Division of northwestern British Columbia, 130 kilometers southeast of Atlin. The Golden Bear Mine lies 50 kilometers to the southeast, and provides the closest road access to the Thorn Property. The Thorn Property consists of 394 mineral claim units (9850 hectares or 24,625 acres) under option to Cangold. • In September 2004, the company vested for a 51% interest in the property from Rimfire Minerals Corporation (RFM :TSX-V). Cangold will be the operator of the newly formed Thorn Joint Venture, with ongoing exploration being funded on a pro-rata basis according to the 51/49 ownership of the property. • The target at the Thorn Property is a world-class high-sulfidation deposit similar to the El Indio Mine in Chile. The 1.5-kilometer-long system at Thorn is roughly twice the length of the El Indio deposit. • The 2004 drilling program tested eight separate targets in twelve holes and 1810 meters. Cangold drilled three of the holes to test the continuity of high-grade gold-silver-copper mineralization in massive sulfide veins along the 1.5 kilometer-long-Camp Creek Structural Corridor. Four holes targeted silver-gold mineralization at depth and along strike of previous drilling at the Oban Breccia Zone. The remaining holes tested IP geophysical anomalies. • Prospecting conducted in conjunction with the drilling program resulted in the discovery of three new showings, including the Balvenie Showing, where an angular boulder assayed at 12.80 g/t gold and 321 g/t silver. • In January 2005, Cangold Limited and Rimfire Minerals Corporation announced the discovery of a new zone of gold-silver-copper mineralization on the North Grid of the Thorn Property. This new zone, dubbed the Talisker Zone, represents a potentially significant discovery.

Birch Lake Property Ontario, Canada Gold • The Birch Lake Property comprises 240 claims (3840 hectares) staked by Cangold in the Red Lake region. The property is located just to the southeast of Cangold’s Argosy Gold Mine Property, 115 kilometers east-northeast of Red Lake. • In September 2004, the company entered into an agreement with Trade Winds Ventures Inc. that earned it the exclusive working rights and option, for a period of three years, to purchase up to a 70% interest in the Birch Lake Property.

• The Birch Lake Property is situated in the northeastern part of the Birch-Uchi Greenstone Belt between the prolific Red Lake and Pickle Lake Greenstone Belts and contains similar geology. The target model is an iron- formation-hosted gold deposit similar to Placer Dome's Musselwhite Mine, approximately 200 kilometers to the northeast of Birch Lake. Alteration and mineralization in the Birch Lake iron formation is similar to that at Musselwhite. • Cangold recently flew a high resolution helicopter-borne aeromagnetic and electromagnetic survey over the property that isolated numerous targets for detailed ground follow-up. Trade Winds partnered on this survey by flying their own claims. The two companies combined their data in order to outline the regional trend of gold- bearing structures.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 15 of 31 Dumont Nickel Inc. Symbol (Exchange) DNI (TSX - Venture) Commodity Focus: Gold/Silver/Copper/Diamond Status: Exploration Share Price (01/18/2005): C$0.19 Market Cap: C$13,810,477 Average Volume: 149,864 Cash (September 30, 2004): C$904,876 Company Address: Suite 802 230 Richmond Street West Toronto, Ontario Canada M5V 1V6 Phone: (416) 595 - 1195 www.dumontnickel.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Dumont Nickel has mineral exploration operations in Ontario and Utah with a primary focus on gold and diamond exploration. At the Utah site, Dumont is the operator of a joint venture with Clifton Mining Company. The site consists of 33 contiguous square miles of mineral properties across the historic Clifton-Gold Hill gold-silver- copper mining district in western Utah. Dumont also holds one of the largest prospective land positions in the Attawapiskat diamond area in the James Bay Lowlands, Ontario. In December 2004, Dumont completed a non-brokered private placement of 15,405,000 units at $0.18 per unit for a total of $2,772,900. The company will use the proceeds for working capital purposes and to advance drilling in the Kiewit Gold Zone and elsewhere in the Utah properties. Major Exploration/Development Projects Clifton-GoldHill Projects Utah, USA Gold/Silver/Copper • Dumont is the operator of a joint venture established in December 2002 with Clifton Mining Company (CFTN: OTC) and Woodman Mining Corporation to explore and develop the historical Clifton-Gold Hill Mining District near the Nevada border in Utah. While this region has historically been productive, recent efforts at exploration have been hampered by highly fragmented claim ownership. Dumont has successfully consolidated these claims and begun a systematic exploration program in the region.

• Based on pre-existing data, Dumont exploration work has concentrated on five sectors within the 33-square-mile land position. These five project areas are: Iba Project, Kiewit Project, Clifton Shears Project, Cane Springs Project, and Silica Breccias Project. Dumont is searching for large-tonnage, bulk-mineable gold and gold-copper deposits with simple mineralogy. • Ten large targets have already been identified, including three drill-ready gold-copper targets at the Iba Project Area and several in the Kiewit Gold Zone that have been advanced to the definition drilling stage. These targets are proceeding to a second stage of exploration and development.

• Dumont recently finalized drilling contracts for over 20,000 feet of planned reverse circulation drilling and over 4,000 feet of core drilling in the Kiewit Gold Zone in early February 2005. The planned work involves the definition drilling of 50-70 in the Kiewit Gold Zone to advance it toward resource estimation. • Dumont considers the Kiewit Gold Zone a significant gold target with the potential of delivering some 100 to 200 million tons of mineralized material from its exposed portions with a target grade in the range of 0.7g/t to 1.5g/t. • Other activities include ongoing district-wide surface work to determine future project areas, completion of the surface mapping of the hanging wall of the historic Cane Springs Gold Mine, and completion of work over the peripheries of the Clifton Shears Corridor.

Attawapiskat Property Ontario, Canada Diamond • Dumont’s Attawapiskat Property comprises 91 square kilometers (9129 hectares) held in six claim blocks (a total of 48 claims) in the James Bay Lowlands of Ontario. • The Attawapiskat Property is currently being explored under a joint venture operated by Kel-Ex Development Ltd., a private corporation under the control of Mr.Charles Fipke, on behalf of Metalex Ventures Ltd (MTX; TSX Venture). Dumont has a 10% carried interest in production and a 5% carried interest in certain surrounding areas. • To date, the venture has drilled some 552 power auger holes totaling 5358 meters and 67 core holes totaling 2370 meters, collecting 1385 power auger samples. Results are available for 940 of them. Kel-Ex has conducted helicopter aeromagnetic and electromagnetic surveys over 6000 line kilometers and ground electromagnetic over approximately 23 line kilometers. Some 122 samples of kimberlitic material and glacial till have been analyzed for diamonds.

• The helicopter geophysical survey yielded three anomalies that are scheduled for testing by core drilling. Testing of these helicopter targets together with several other areas of strong diamond indicator counts will be carried out in the upcoming drilling program.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 16 of 31 GlobeStar Mining Corporation Symbol (Exchange) GMI (TSX - Venture) Commodity Focus: Gold/Copper/Diamond/Other Status: Exploration Share Price (01/18/2005): C$0.55 Market Cap: C$16,656,970 Average Volume: 45,996 Cash (September 30, 2004): C$135,731 Company Address: 133 Kendall Street Point Edward, Ontario Canada N7V 4G7 Phone: (519) 337-0535 www.globestarmining.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary GlobeStar Mining operates six properties in the Dominican Republic and three in Quebec, Canada. The bulk of its efforts are focused on two gold projects: one in the Dominican republic, one in Quebec. GlobeStar mines the other four properties for copper, diamonds, and industrial mineral products. On October 26 2004, the company announced its intention to re-acquire over 2.09 million company shares, representing 5% of the issued and outstanding common shares of GlobeStar, over the next 12 months.

Major Exploration/Development Projects Cerro de Maimón Dominican Republic Gold/Silver/Copper • Cerro de Maimón is a massive sulfide deposit located near the center of the Dominican Republic. The company is in the process of developing the mine site from exploration to production. The project has already received its mining and environmental permit. A feasibility study is in the final stages of review. • GlobeStar holds a 50% NPI in Maimón. The private, U.S.-based 4Star Group controls the remaining 50%. • The Cerro de Maimón deposit contains an oxidized measured and indicated resource of 664,000 tons grading 2.5 g/t gold and 63.8 g/t silver (1.0 g/t gold cut-off) from the surface to approximately 30 meters. This resource overlies a sulfide measured and indicated resource of 4,111,000 tons grading 2.9 % copper, 1.8% zinc, 1.0 g/t gold, 35.0 g/t silver (1% copper cut-off).

• Because of the high price of copper, the company intends to develop the sulfide ore immediately, while stockpiling the oxidized material for future processing. GlobeStar’s development plan is to mine ore known to exist within this resource base by open-pit methods. Further mill feed may come from underground mining or from potential satellite deposits. Capital expenditures are expected to be between $20 million and $30 million. • The company believes there is significant potential for expanding the reserve base for the milling operation to satellite deposits in GlobeStar's 100%-owned Maimón Concessions, which surrounds the Cerro de Maimón deposit.

Poste Lemoyne Quebec, Canada Gold • Poste Lemoye is located approximately 475 kilometers to the northeast of the town of Matagami, in the James Bay Lowlands. GlobeStar is a 50% partner in the project with Virginia Gold Mines, which controls the operation. • Drilling in 2002 led to the discovery of the Orfee auriferous zone. This zone had a number of impressive intersections, including 34.79g/t gold over 9.0 meters, 43.09g/t gold over 11.65 meters, 14.13g/t gold over 13 meters, and 24.48g/t gold over3.82 meters. A resource calculation on the Orfee Zone led to a cubing of 203,483 tons grading 14.5g/t gold for a total of 95,000 ounces of gold. The company completed a second drilling program consisting of 18 holes totaling 3132 meters in early 2004.

• GlobeStar plans a new drill program for early 2005 to further evaluate the potential of both the Orfee Zone and the Quartz Feldspar Porphyry. Bayaguana Joint Venture Dominican Republic Gold • The Bayguana project is located approximately five kilometers to the north of the town of Bayaguana, 50 kilometers to the northwest of the Dominican Republic's capital city, Santo Domingo. Several targets have been evaluated by the joint venture: Dona Loretta, Donna Amanda, and Cerro Kiosko/Zone C. These targets are associated with the Managua volcanic center, located in the Managua and Rincon Abajo concessions, part of an extensive hydrothermal alteration zone related to the dacitic dome complex.

• A 2004 drilling program at Dona Loretta turned up to 0.6% copper over 93 meters, including 1.1% copper over 15.2 meters, in drill hole number CC-08. The program followed up earlier drilling where CC-01 returned 2.0% copper over 64 meters. The company will conduct metallurgical testing of core in Canada in order to determine the leachable copper recoveries at Dona Loretta. Five kilometers west of Dona Loretta, the Dona Amanda deposit contains an inferred resource of 45.5 million tons grading 0.45% copper and 0.22 g/t gold between ten and 140 meters.

• The company intends to follow up with more drilling and a deep IP interpretation.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 17 of 31 Great Panther Resources Ltd. Symbol (Exchange) GPR (TSX - Venture) Commodity Focus: Gold/Silver/Other Status: Exploration Share Price (01/18/2005): C$0.45 Market Cap: C$7,039,311 Average Volume: 14,622 Cash (September 30, 2004): C$2,746,974 Company Address: Suite 2100 1177 West Hastings Street Vancouver, British Columbia Canada V6E 2K3 Phone: (604) 608-1766 www.greatpanther.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Company Summary Great Panther Resources focuses on the exploration and development of precious and base metals in Mexico and Arizona. The company currently operates two properties: the San Antonio Project in Chihuahua, Mexico and the Topia Mine in Durango, Mexico. While there are no proven mineral reserves on the properties, the company is relying on historical (not NI 43-101 compliant) data to move forward with plans to open Topia Mine. Great Panther has also recently acquired an interest in silver properties in in the historic Cerro Colorado mining district of Arizona. In addition to being listed on the TSX Venture Exchange, as of November 2004 the company is now also a foreign private issuer whose shares of common stock are registered with the SEC in the United States.

Major Exploration/Development Projects Topia Mine Mexico Silver/Lead/Zinc • The Topia Mine Project, a silver-lead-zinc project in the municipality of Topia, Durango, consists of mining concessions covering 10,364 hectares. • Peñoles operated the Topia Silver Mine from 1952 to 1989, when a private company took over the mine and carried out a small scale operation until 1999. From1952 to 1999, recorded production exceeded fifteen million ounces of silver, 18,500 ounces of gold, 48,000 tons of lead, and 44,500 tons of zinc. Total past production for the district has been estimated at up to 30 million ounces of silver.

• Great Panther, through its wholly owned Mexican subsidiary, Minera Mexicana el Rosario, S.A. de C.V. (MMR), holds an option to acquire a 100% interest in the Topia Mine in Durango, including the complete mining infrastructure. Work on the project commenced in March 2004. • Topia is a typical silver-lead zinc epithermal vein system. Individual veins have a productive vertical extent of 200 to 300 meters and a strike length exceeding 3.5 kilometers. The district contains multiple veins, most of which lie on the MMR property.

• In January, the company announced the results of an independent engineering evaluation of the Topia Mine Project. The evaluation recommended that the company exercise its option to acquire a 100% interest in the property and proceed with strategic development for the resumption of mining. The report further suggested that, as an initial source of mill feed, the Company should consider reprocessing the historical mine tailings, which have demonstrated a possible recovery of 75% of the gold and silver and include an inferred resource of one million tonnes at 70 g/t silver, 0.4 g/t gold, 0.3% lead, and 0.7% zinc.

• Great Panther began transferring historical mine records, reserve estimations, and 2004 drilling results into a single database in order to identify areas for future investigation for reserve potential. San Antonio Project Mexico Gold/Copper • The San Antonio Project, a gold-copper project located in the Guadalupe y Calvo Mining District in Chihuahua, consists of six contiguous mining concessions covering 10,199.7 hectares. The road-accessible project is about eight hours driving time from the city of Hidalgo del Parral and ten hours from Chihuahua City. • The project contains a large mineralizing system spread over two kilometers that may be related to a nearby intrusive. High-grade gold-copper veins covering a three-square-kilometer area are evidence of the intensity of the mineralization. To date, these veins have been mined only on a small scale. Preliminary sampling of the Sary Vein returned values up to 31.7g/t gold and 2.97% copper over 0.9 meters. Detailed sampling of the Santo Niño Vein returned 7.75 g/t gold over an average width of 3.03 meters and a strike length of 25 meters. • Detailed mapping and sampling of outcrop and underground workings in 2004 focused on the vein systems. The veins locally exceed 300 meters in strike length before disappearing under cover and are believed to have a vertical extent of at least 200 meters.

• The company has proposed a 2000-meter diamond drill program of 15 to 17 holes to test the Santo Nino, Piedra Verde, and Sary veins and any targets generated within the Gossan zone. Road building and site preparation for the drill program will start early in 2005. Drilling is scheduled to begin in early February. Great Panther hopes to demonstrate that the San Antonio project can produce a threshold of at least one million ounces of gold. Cerro Colorado Properties Arizona, USA Silver • In January 2005, the company signed a letter of intent to acquire up to an 80% interest in certain mineral properties located in the historic Cerro Colorado Mining District of Pima County , southern Arizona. The agreement joins twelve individual properties to form a contiguous block covering approximately 7600 hectares, marking the first time that the majority of the Cerro Colorado District has been consolidated under one operation. The project aims to define a large silver deposit with open-pit potential.

• The company analyzed several initial grab samples of sulfide-bearing vein material, including one sample with an assay of 17,755 g/t silver, 1.96 g/t gold, and 6.4% copper. A sample of mineralized wallrock adjacent to this vein also returned strong results. A more comprehensive and representative sampling program will begin on the property as part of the due diligence process in Q1 2005.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 18 of 31 Mines Management Inc. Symbol (Exchange) MGN (AMEX) Commodity Focus: Gold/Silver/Other Status: Exploration Share Price (01/18/2005): US$4.30 Market Cap: $45,490,000 Average Volume: 41,136 Cash (September 30, 2004): $2,689,572 Company Address: 905 West Riverside Avenue Suite 311 Spokane, WA 99201 USA Phone: (509) 838-6050 www.minesmanagement.com Share Price Performance 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 A p r - 4 M a y - 4 J u n - 4 J u l - 4 A u g - 4 S e p - 4 O c t - 4 N o v - 4 D e c - 4 J a n - 5 Company Summary Mines Management acquires, explores, and develops silver-dominant mineral resource projects. The company's chief asset is the Montanore silver-copper deposit in northwestern Montana, one of the largest silver occurrences in the world. As a result of Mines Management's acquisition of Montanore, the company believes it ranks as one of the top four North American silver companies both in resources of silver and in silver equivalent owned. While many investors view Montana as unfriendly to mining interests (due in part to the defeat of Initiative 147), the company believes it has surmounted many of the obstacles to permitting for the project. Major Exploration/Development Projects Montanore Project Montana, USA Silver/Copper • The Montanore Project is a proposed underground silver/copper mine located in northwestern Montana near the town of Libby. The deposit, called the Rock Lake Deposit, lies in Sanders County; the facilities would be located in Lincoln County.

• Early exploration found significant bedded mineralization within an area measuring more than 12,000 feet in length and an average of 3000 feet in width. Drilling did not establish a limit on the deposit in its long dimension; indeed, the geologic model suggests the possibility of a significant extension to the deposit. • Noranda Minerals, the former operators of the project, spent over $100 million in acquisition and exploration costs, including initiated in-depth engineering planning and environmental studies. • Noranda's environmental impact statement lists a resource of 135 million tons containing 260 million ounces of silver and 2 billion pounds of copper. The study anticipated a mine life of sixteen years at a production rate of 17,500 tons per day.

• In 2002, Noranda announced that it was abandoning its interest in the Montanore project. Noranda quitclaimed its rights to the patented mining claims, which cover the ownership-controlling outcrop of the deposit, to Newhi, Inc., a wholly owned subsidiary of Mines Management. • Mines Management is currently in the process of optimizing the design and plans for the new operation. Based on a preliminary assessment, the general project description and disturbance footprint would be virtually the same as those previously approved for permits under Noranda.

• While Noranda’s original plans called for a production rate of 20,000 tons per day, after analyzing the data, Mines management is pushing for a production rate of 12,00 tons per day using a mechanized room and pillar mining method. This reduction in rate allows for more flexibility in the mining sequence and equipment selection. Under this plan, the mine would produce an estimated eight million ounces of silver and 64 million pounds of copper per year. • The company is seeking to re-permit the mine using Noranda’s Environmental Impact Statement as its basis for re-permitting, which should speed up the process. The company will also reevaluate the reserve estimates, believing that the actual mineable reserves will be less than 135 million tons. • Permitting is expected to take approximately 20 to 24 months, with construction continuing for 2.5 years. The capital cost is estimated to be $236 million with a cash operating cost of less than $3.00 per ounce of silver equivalent.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 19 of 31 Soho Resources Corporation Symbol (Exchange) SOH (TSX Venture)) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): C$0.36 Market Cap: C$16,119,816 Average Volume: 97,422 Cash (August 31, 2004): C$236,402 Company Address: Suite 450 - 650 West Georgia Street Vancouver, British Columbia Canada V6B 4N8 Phone: (604) 684-8071 www.sohoresources.ca Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Company Summary Soho Resources, an exploration and development company, owns a majority interest in the Tahuehueto Project, a mineral exploration and mining project located in Durango, Mexico. Until recently, Soho also held oil and gas assets, but these businesses were sold in December 2004. In October 2004, the company announced that it had closed a private placement of 2,000,334 units at a price of $0.15 per unit for a total of $300,050. The proceeds will be used to expand the drilling program at the Tahuehueto Project from ten to 20 holes.

Major Exploration/Development Projects Tahuehueto Project Mexico Gold/Silver • The Tahuehueto Gold-Silver Project in Durango consists of 23 exploitation and exploration claims, totaling 2,062 hectares. The property covers a large, structurally controlled epithermal system containing strong gold, silver, and base metal mineralization. • The company has a controlling interest in the project through its wholly owned subsidiary, Samarkand de Mexico S.A. de C.V., which owns 90% of Sacramento de la Plata S.A. de C.V, which controls the property. • Soho’s management considers the Tahuehueto project to have the potential to host a large-scale gold deposit within the El Creston-Cinco de Mayo Trend, a 2.5-plus-kilometer-long structure, one of eleven mineralized zones known to occur on the property. Inferred mineral resources from the El Creston zone total 240,000 tons grading 9.7g/t gold, 77.g/t silver, 2.6% lead, and 4.0% zinc which could yield 2,300,000 grams or 74,000 ounces of gold. This inferred resource has an average width of 4.5 meters and occurs within the central silica flooded zone of the El Creston structure (not NI 43-101 compliant).

• From April to August 2004, the company completed IP geophysical surveying, geological mapping, sampling, and grid establishment on the Tahuehueto Project. The geophysical data displayed IP chargeability responses that are potentially indicative of sulfide mineralization between and including the El Creston and Cinco De Mayo zones within the El Creston-Cinco De Mayo Trend. • In December 2004, Soho announced that it will drill approximately 20 holes during the upcoming drill program, targeting the very strong geophysical anomalies along the El Creston-Cinco de Mayo Trend. The company will also test the very strong IP chargeability responses along the Texcalama Trend.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 20 of 31 Great Quest Metals Ltd. Symbol (Exchange) GQ (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): C$0.55 Market Cap: C$8,153,015 Average Volume: 16,023 Cash (September 30, 2004): C$6,510 Company Address: Suite 515, 475 Howe Street Vancouver, British Columbia Canada V6C 2B3 Phone: (604) 689-2882 www.greatquest.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Company Summary Great Quest Metals currently holds an option on fourteen concessions totaling 411 square kilometers, in Mali, West Africa. The Baroya, Bourdala, Manankoto, and Kenieba concessions are all in western Mali; the Baoulé River and Winza concessions are in southwestern Mali. The company also holds the gold-copper-molybdeunum Taseko property in British Columbia. The company's concessions in Mali occur in metamorphosed sedimentary and volcanic rock of the Birimian System, which was formed approximately 2.5 billion years ago. The concessions are associated with granitic intrusives and dykes emplaced over an interval ranging from 1.9 to 2.0 billion years ago. The sites contain extensive areas of orpaillage—areas where 1.0- to 1.5-meter holes were dug by hand miners to search for and to recover gold. The company’s chief geologist Mamadou Keita was the chief geologist of a consortium formed by the Malian and French Government for the purpose of doing a regional geological survey in Western Mali with an emphasis on gold.

Major Exploration/Development Projects Baroya - Kenieba Concessions Mali, West Africa Gold • The eight-square-kilometer Baroya and 32-square-kilometer Kenieba concessions share a 12.5-kilometer border with the 82-square-kilometer concessions of Nevsun Resources, which cover the Segala and Tabakoto deposits. Nevsun is preparing to bring the Tabakoto deposit into production in 2005. The Kenieba concession is currently the company’s main focus in this area. • Keneiba has two main gold zones: Djambaye 1 and Djambaye 2. Great Quest completed sampling at Djambaye 1 dyke in August 2004, producing a total of nine samples. Exploration continues, with particular focus on the area within the property known as “Teachers Place.” • At the recently discovered Djambaye 2 gold zone, Great Quest traced gold mineralization for 2342 meters along a diorite-rhyodacite dyke within a zone of silicification. Three sets of quartz veins have been identified in both the dyke and silicified zone. The company is planning a drilling program that will include the Djambaye 2 gold zone with the objective of determining the altitude of the dyke, width of the zone of mineralization, and grade of gold across the zone.

Bourdala Concessions Mali, West Africa Gold • The Bourdala concessions, covering 86 square kilometers, are underlain by rock of the Birimian System with ample evidence of granitic intrusive rock. The introduction of gold in the Birimian System is thought to be related to the intrusion of granitic rock. • Great Quest completed a 923-meter diamond drill program on the Bourdala concessions in November 2002. A second diamond drill program of 2000 meters was completed in early 2004. Results were encouraging, although follow-up drilling is required before any final conclusions on the viability of the concession can be reached. Sepola Concession Mali, West Africa Gold • Sepola is a recently acquired 117-square-kilometer concession, located west of and adjacent to the company’s Bourdala concessions. The combined land package covers 205 square kilometers.

• The concession covers a two- by three-kilometer granitic intrusion with associated gabbro that is the same age as intrusive rock near the Sadiola and Segala gold deposits. Mapping and exploration of the area has already begun. Taseko Property British Colombia, Canada Gold/copper/molybdeunum • The Taseko Property, located 225 kilometers north of Vancouver, hosts the Empress area, where a mineral resource of eleven million tons of 0.61% copper and 0.023 ounces per ton gold has been discovered in the highly altered volcanic rock above a granitic intrusive. A geologically similar mineral occurrence is 1200 meters east of the Empress area. Two futher zones of disseminated copper and molybdenum (Buzzer and Buzzer West) occur approximately 3200 meters east of the Empress area.

• The company is considering either initiating a work program or exploring a joint venture possibility. Baoulé River Concession Mali, West Africa Gold • The company has an option on the 207-square-kilometer Baoulé River concession and the nearby 78-square- kilometer Winza concession (for a total of 285 square kilometers) in the Filimana area in southwestern Mali. • Great Quest completed an extensive soil sampling program at Winza concession in Winter 2000. Soil sampling results were inconclusive for a similar program at the Baoulé River concession. • The company is currently looking for a joint venture partner on the project. Work will begin either when a joint venture partner is found or when money is independently raised for the project.

Manankoto Gold Concession Mali, West Africa Gold • In November 2004 the company acquired an option on the 105-square-kilometer Manankoto concession in western Mali. This concession extends 55 kilometers southwest from the Yatia granite, just north of the Segala and Tabakoto gold deposits of Nevsun Resources, and through the Kenieba gold concession to the border with Guinea. • A Malian-French consortium mapped this area in the early 1980s. Mamadou Keita led the study. Great Quest is developing exploration plans.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 21 of 31 Acrex Ventures, Ltd. Symbol (Exchange) AKV (TSX Venture) Commodity Focus: Gold/Nickel Status: Exploration Share Price (1/18/2005): C$0.16 Market Cap: C$1,922,007 Average Volume: 8,915 Cash (November 21, 2004): C$260,874 Company Address: Suite 1400 – 570 Granville Street Vancouver, British Columbia Canada, V6C 3P1 Phone: (604) 277-1752 www.acrexventures.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Acrex Ventures Ltd. is a junior resource company whose principal asset is the Michaud property located along the Destor Porcupine Fault Zone (DPFZ), approximately 100 kilometers east of Timmins and 40 kilometers west of the Quebec-Ontario border. The property lies one of the most prolific gold producing belts in the world, having produced over 120 million ounces of gold. Acrex can gain a 60% interest in the Southwest Zone, which has an has an inferred resource of 624,500 ounces of gold, by completing a bankable feasibility study.

African Metals Corporation Symbol (Exchange) AFR (TSX Venture) Commodity Focus: Gold/Diamonds Status: Exploration Share Price (1/18/2005): C$0.70 Market Cap: C$9,866,239 Average Volume: 8,895 Cash (May 31, 2004): C$86,606 Company Address: Suite 515 – 475 Howe Street Vancouver, British Columbia Canada, V6C 2B3 Phone: (604) 684-4100 www.africanmetals.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 African Metals holds the rights to the Kenieba Nord and Kenieba Sud Diamond Concessions. The property lies in the center of the West African Diamond Belt which begins in the diamond-rich areas of Sierra Leone, passes through the alluvial diamond regions of Guinea, and continues north to the newly discovered diamond region of Mauritania. They also hold the rights to the 27-square-kilometer Kofeba gold concession, located within the Kenieba Sud diamond concession. African Gold Group, Inc.

Symbol (Exchange) AGG (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$1.02 Market Cap: C$19,328,406 Average Volume: 17,267 Cash (September 30, 2004): C$4,514,571 Company Address: 27th Floor, 161 Bay Street Toronto, Ontario Canada, M5J 2S1 Phone: (416) 572-2252 www.africangoldgroup.com Share Price Performance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 African Gold Group has an impressive portfolio of exploration properties strategically positioned on three of the largest gold belts in Ghana. AGG controls the 108- square-kilometer Mankranho License, located at the northern end of the Sefwi Gold Belt, through its 68.84% controlling interest in Columbia River Resources Inc. Mankranho lies along strike, and adjoins Newmont Mining Corporation's Ahafo gold project where a gold reserve of more than nine million ounces has been identified. They also control 100% of the Twedee and Moseaso gold concessions, with a strike length of nine kilometers and land covering 304 square kilometers, and 100% of the Nyankumasi concession, which covers approximately 71 square kilometers in the northeastern section of the Ashanti gold belt.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 22 of 31 Alexis Minerals Corporation Symbol (Exchange) AMC (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$0.46 Market Cap: C$18,697,016 Average Volume: 100,789 Cash (July 31, 2004): C$8,697,534 Company Address: Suite 815 - 65 Queen Street West Toronto, Ontario Canada, M5H 2M5 Phone: (416) 861-5888 www.alexisminerals.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Alexis Minerals has assembled a property portfolio consisting of the bulk of the world-class Val-d’Or Mining Camp in northwestern Quebec. This property forms part of the Southern Abitibi Belt, a particularly metal-rich domain with over 173 million ounces of gold production to date in an area stretching from Timmins and Kirkland Lake in the west to Val-d’Or in the east. The company has a clear route to 100% ownership of three large properties representing the largest gold/base metal land position in the Val-d’Or camp.

Amerix Precious Metals Corp. Symbol (Exchange) APM (TSX Venture) Commodity Focus: Gold/Silver Status: Exploration Share Price (1/18/2005): C$0.43 Market Cap: C$15,281,113 Average Volume: 53,268 Cash (July 31, 2004): C$1,609,695 Company Address: 56 Temperence St., 4th Floor Toronto, Ontario Canada, M5H 3V5 Phone: (706) 467-9427 www.amerixcorp.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Amerix Precious Metals Corporation focuses on the exploration of precious metals properties in the Americas. Amerix currently has two gold properties in Brazil and a joint-venture silver-gold property in Mexico. The Vila Porto Rico and Limão properties are located in the Tapajós Gold Province of the Amazon Basin in Brazil, an area that may have produced as much as 20 million ounces of alluvial gold since the late 1950s. The Santo Domingo Mexico property, located about 90 kilometers north of Guadalajara, has exceptional potential in both size and quality for an epithermal vein mineralized zone.

Axmin Inc. Symbol (Exchange) AXM (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$0.61 Market Cap: C$59,600,920 Average Volume: 96,915 Cash (September 30, 2004): C$4,512,000 Company Address: Suite 2500 – 120 Adelaide Street West Toronto, Ontario Canada, M5H 1T1 Phone: (416) 368-0993 www.axmininc.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Axmin Inc, a gold exploration company, offers dynamic growth with a strong track record of finding productive mines in Africa. Axmin controls two large areas within Archaen greenstone belts in the Central African Republic. In Mali, they hold licenses strategically located on the Senegal-Mali shear within 10 kilometers of Rangold’s Loulo and Nevsun’s Tabakto-Segala developments. In Sierra Leone, Axmin is working in a joint venture to explore AFCAN’s Nimini East and West projects. In June 2004, they sold their 100% interest in the Bouroum reserves to High River Gold for $3.3 million. They have since established a joint venture with High River Gold to explore the remainder of the Bouroum and adjacent Yeou and Ankouma permits.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 23 of 31 Boulder Mining Corp. Symbol (Exchange) BDR (TSX Venture) Commodity Focus: Gold/Copper Status: Exploration Share Price (1/18/2005): C$0.16 Market Cap: C$6,262,133 Average Volume: 65,795 Cash (September 30, 2004): C$652,020 Company Address: Suite 800 – 850 West Hastings Street Vancouver, B.C Canada, V6C 1E1 Phone: (604) 899-4300 www.bouldermining.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Boulder Mining Corporation is focused on advancing its Indian River gold project near Dawson City, Yukon to production. A $1million work program in 2004 established over 200 million tonnes of gold bearing gravel sitting on 16 km of raised terraces. Ongoing work is being performed to establish the overall gold content of the gravel. With this project, Boulder has plans to establish a long term, state of the art, environmentally friendly mining operation. The 2005 Indian River budget will exceed $1million. Boulder’s hardrock projects host potential for a major discovery . At the 19000 hectareTevrede Project located in Namibia, numerous copper and gold showings occur over a large area in an environment with many aspects in common with the world’s largest IOCG deposit -Olympic Dam. IOCG stands for IRON OXIDE COPPER GOLD and the deposits can be billions of tonnes in size. At Tevrede, large gravity anomalies may be caused by dense IOCG mineralization. Their spatial association with strong copper and gold values is promising. A drill campaign is planned for the winter/spring of 2005 where recent work has refined large drill targets including the Azurite Hill gold discovery.

Dynasty Gold Corporation Symbol (Exchange) DYG (TSX Venture) Commodity Focus: Gold Status: Exploration/Production Share Price (1/18/2005): C$0.47 Market Cap: C$14,027,931 Average Volume: 57,214 Cash (September 30, 2004): C$753,471 Company Address: 215 – 1100 Melville Street Vancouver, British Columbia Canada, V6E 4A6 Phone: (604) 633-2100 www.dynastygoldcorp.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Dynasty Gold Corporation is evaluating three known gold-producing mineral projects in northwest China. These projects include: the Hatu Project (Xinjiang Province), the Red Valley Project (Qinghai Province), and the Wildhorse Project (Gansu Province). The combined area of the projects makes Dynasty one of the largest foreign landholders for mineral exploration in China. Dynasty believes the potential exists to exploit medium to large gold deposits in all three areas. Previously, these deposits were only considered as underground targets, requiring substantially higher cutoff grades to be mined as ore. Dynasty believes there is an opportunity to reevaluate these deposits using a bulk-mining open-pit approach at a lower cutoff grade.

Eaglecrest Explorations Ltd. Symbol (Exchange) EEL (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$0.11 Market Cap: C$15,375,912 Average Volume: 70,955 Cash (June 30, 2004): C$756,492 Company Address: Suite 300 – 1055 West Hastings Street Vancouver, British Columbia Canada, V6E 2E9 Phone: (604) 684-7160 www.eaglecrestexplorations.com Share Price Performance 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Eaglecrest Explorations is developing a potential gold deposit in the northeastern region of Bolivia. The company's 100%-owned San Simón concessions total 300 square kilometers on the Serranía San Simón, a plateau of Proterozoic rocks extending 300 meters above the Middle Tertiary San Ignacio laterite. With the recently announced private placement of $1 million, the company is well financed to explore the high-grade gold potential of the San Simón project. In January of 2005, Eaglecrest closed a non-brokered private placement with gross proceeds of US$426,500 to the firm.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 24 of 31 Endeavour Silver Corporation Symbol (Exchange) EDR (TSX Venture) Commodity Focus: Gold/Silver Status: Exploration/Production Share Price (1/18/2005): C$1.60 Market Cap: C$31,279,230 Average Volume: 94,138 Cash (August 31, 2004): C$7,066,533 Company Address: Suite 800 – 850 West Hastings Street Vancouver, British Columbia Canada, V6C 1E1 Phone: (604) 685-9775 www.edrsilver.com Share Price Performance 0.00 0.50 1.00 1.50 2.00 2.50 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Endeavour Silver Corporation is focused on the acquisition, development and expansion of advanced silver projects in Mexico. The company is in the process of acquiring a 100% interest in the Santa Cruz silver mine and Guanacevi mill in Durango, Mexico. The Santa Cruz mine is a very high grade, pure silver mine and is in production now. Endeavour is in the midst of ramping up production to 4,000,000 oz. Silver per year, which would make the company the 5th largest primary silver producer in the world. In addition, Endeavour is actively and aggressively pursuing other advanced silver projects in Durango State and other areas of Mexico. Goldbrook Ventures Symbol (Exchange) GBK (TSX Venture) Commodity Focus: Nickel/Copper/Platinum Status: Exploration Share Price (1/18/2005): C$0.31 Market Cap: C$15,084,672 Average Volume: 82,069 Cash (April 30, 2004): C$587,768 Company Address: Suite 802 – West Pender Street Vancouver, B.C Canada, V6C 1G8 Phone: (888) 488-9884 www.goldbrookventures.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Goldbrook Ventures is exploring Canada’s frontier for nickel, copper, and platinum group metals. Goldbrook is the largest landowner in the Raglan area, home to both Canadian Royalties’ Mesamax Deposit and the Anglo-Knight Resources Frontier Zone. They also hold a 100% interest in a 50,000-acre land package in Voisey Bay, roughly 200 kilometers south of Diamond Field’s Voisey Bay discovery, one of the most important nickel camps in the world. Gossan Resources Ltd.

Symbol (Exchange) GSS (TSX Venture) Commodity Focus: Gold/Platinum/Specialty Metals Status: Exploration Share Price (1/18/2004): C$0.27 Market Cap: C$4,129,953 Average Volume: 24,128 Cash (March 31, 2004): C$440,713 Company Address: Suite 404 – 171 Donald Street Winnipeg, Manitoba Canada, R3C 1M4 Phone: (204) 943-1990 www.gossan.ca Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Gossan Resources explores and develops a well-diversified portfolio of properties hosting gold and platinum group metals, as well as the specialty metals: tantalum, cesium, titanium, vanadium, and chromium All of the properties are located in Manitoba and northwestern Ontario. The most important deposits for the company are on the Angelina Property in the Rice Lake Greenstone belt near Bissett, Manitoba. The Rice Lake Greenstone belt has produced in excess of 1.7 million ounces of gold. The property is situated between the Central Manitoba and Cryderman Properties, which Placer Dome optioned from Mid-North Resources Ltd. with a C$l million commitment to exploration over three years.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 25 of 31 Hudson Resources Symbol (Exchange) HUD (TSX Venture) Commodity Focus: Diamonds Status: Exploration Share Price (11/15/2004): C$0.53 Market Cap: C$5,765,970 Average Volume: 8,805 Cash (March 31, 2004): C$577,480 Company Address: Suite 1300 – 885 West Georgia Street Vancouver, B.C. Canada, V6C 3E8 Phone: (604) 688-3415 www.hudsonrescources.ca Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Hudson Resources controls properties for diamond exploration in West Greenland. The company has a direct 100% interest in a 865-square-kilometer site in the Sarfartoq region, near Kangerlussuaq, Greenland. It has an 80% interest in an additional 765 square kilometers via a joint venture with New Millennium Resources NL. This highly prospective area is situated on the same archaean craton that has hosted the major diamond discoveries in Canada. Previous assessment reports of the Sarfartoq region, made available by the Geological Survey of Denmark and Greenland (GEUS), confirm the presence of high-quality kimberlite mineral chemistry similar to the chemistry of the current Hudson tenements..

Kensington Resources Ltd. Symbol (Exchange) KRT (TSX Venture) Commodity Focus: Diamonds Status: Exploration/Development Share Price (1/18/2005): C$1.00 Market Cap: C$60,645,713 Average Volume: 90,883 Cash (September 30, 2004): C$177,273 Company Address: Suite 304 – 1208 Wharf Street Victoria, British Columbia Canada, V8W 3B9 Phone: (800) 514-7859 www.kensington-resources.com Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Kensington Resources is an exploration and mine development company currently focused on the high-potential Fort à la Corne Diamond Project in Saskatchewan. The project is a joint venture between Kensington Resources Ltd. (42.25%), De Beers Canada Exploration Inc. (42.25%), Cameco Corporation (5.5%), and UEM Inc. (10%). The 63 known kimberlite bodies within the Fort à la Corne Project total some nine billion tons, making it the largest diamond-bearing kimberlite field in the world. Land holdings currently held under the Fort à la Corne joint venture agreement comprise 121 claims covering 22,544 hectares. Over $30 million has been spent to date by the venture.

Maximus Ventures Inc. Symbol (Exchange) MXV (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$0.14 Market Cap: C$3,199,176 Average Volume: 31,092 Cash (June 30, 2004): C$343,569 Company Address: Suite 408 – 837 West Hastings Street Vancouver, British Columbia Canada, V6C 3N6 Phone: (604) 685-6851 www.maximusventures.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Maximus Ventures is a junior resource company actively pursuing exploration and production opportunities in precious metals. It has recently signed a letter of intent with Miramar Mining Corporation giving Maximus the option to earn a 75% interest in two properties owned by Miramar through a combination of staged exploration expenditures and share issues to Miramar. The properties are located approximately five kilometers apart within the Hope Bay Volcanic belt in the Kitikmeot region of Nunavut. Maximus recently appointed Frederick T. Graybeal, PhD, as president, CEO, and director of the company. Mr. Graybeal is a geologist with 40 years of international experience in exploration and mining.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 26 of 31 Minco Mining and Metals Corp. Symbol (Exchange) MMM (Toronto) Commodity Focus: Gold/Silver/Base Metals Status: Exploration Share Price (11/15/2004): C$1.37 Market Cap: C$48,010,139 Average Volume: 94,243 Cash (September 30, 2004): C$721,994 Company Address: Suite 1980 – 1055 West Hastings Street Vancouver, B.C. Canada, V6E 2E9 Phone: (604) 688-8002 www.mincomining.com Share Price Performance 0.00 0.50 1.00 1.50 2.00 2.50 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Minco Mining & Metals Corporation is involved in the acquisition, exploration and development of base and precious metal properties in China. The company has developed a large portfolio of high-quality, advanced staged mineral properties and a strategic partnerships with Teck Cominco Limited. In June 2004, an agreement was signed with a subsidiary of China National Gold Corporation (CNGC), China's largest gold mining company, enabling Minco to review CNGC's many gold assets across China. Joint venture negotiations can be entered into for selected advanced exploration properties.

Morgain Minerals Symbol (Exchange) MGM (TSX Venture) Commodity Focus: Gold/Silver/Industrial Minerals Status: Exploration Share Price (1/18/2005): C$0.35 Market Cap: C$19,005,254 Average Volume: 63,742 Cash (September 30, 2004): C$2,342,463 Company Address: Suite 1400 – 400 Burrard Street Vancouver, British Columbia Canada, V7X 1A8 Phone: (604) 643-1727 www.morgainminerals.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Morgain Minerals controls a number of properties in Mexico containing precious metals, base metals, and industrial minerals. It has three precious metals properties: El Cairo, Cuatro Hermanos, and El Compa Gold. The El Cairo Gold Project consists of a total of 115 hectares of mineral rights in Durango. The Cuatro Hermanos Deposit (held 100%) consists of widespread copper-molybdenum sulfide mineralization in a 4.5-square-kilometer area. The El Compa property in the Sahuaripa region of Sonora consists of four gold-bearing zones suitable either for heap-leach, open-pit mining or for low-volume, higher-grade underground mining. Muskox Minerals Symbol (Exchange) MSK (TSX Venture) Commodity Focus: Gold/Nickel/Copper/Platinum Status: Exploration Share Price (1/18/2005): C$0.14 Market Cap: C$11,183,236 Average Volume: 90,350 Cash (July 31, 2004): C$93,112 Company Address: P.O. Box 23113 Calgary, Alberta Canada, T2S 3B1 Phone: (877) 339-3344 www.muskoxminerals.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Muskox Minerals is dedicated to the discovery, exploration, and development of precious metal deposits. The company currently has two active projects in Canada. The Pine Creek Bedrock Gold Project in Atlin, northern British Columbia, is focused on an investigation of listwanite-hosted, bonanza-type gold deposits in the bedrock of the Pine Creek area. Because of its similarity to the Noril'sk-Talnakh region of Siberia, the Muskox PGE Project, located 60 kilometers south of Kuguluktuk, Nunavut, has the potential to become a major producer of nickel, copper, and platinum group metals.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 27 of 31 NDT Ventures Symbol (Exchange) NDE (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$0.15 Market Cap: C$5,389,751 Average Volume: 83,560 Cash (May 31, 2004): C$439,687 Company Address: Suite 860 – 625 Howe Street Vancouver, British Columbia Canada, V6C 2T6 Phone: (604) 687-7545 www.northair.com/ndt Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 NDT Ventures is an exploration company with projects in Canada, Nevada, and Argentina. Exploration at the Troy Project in Ontario has revealed five mineralized zones along a five-kilometer length of sheared and altered volcanics that host sulfide bearing quartz veins and mafic flows peripheral to the veins. The Trend project in Nevada is adjacent to the Placer Dome/Kennecott Cortez joint venture. NDT has signed a joint venture agreement with Nevada Contact Inc. to explore the property. The Chubut project in Argentina contains Magma I & Magma II claims staked in 1999, confirmed by information from Meridian Gold’s adjacent Esquel project. Nevada Star Resource Group Symbol (Exchange) NEV (TSX Venture) NVSRF (OTCBB) Commodity Focus: Gold/Copper/Nickel/PGE’s Status: Exploration Share Price (1/18/2005): C$0.35 Market Cap: C$25,424,648 Average Volume: 5,594 Cash (August 31, 2004): C$1,225,448 Company Address: 10735 Stone Avenue North Seattle, WA USA, 98133 Phone: (425) 467-1836 www.nevadastar.com Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Nevada Star Resource Group focuses on platinum group elements, gold, nickel, and copper. Nevada Star’s MAN property consists of five discrete project areas: Canwell, Dunite Hill/Fish Lake, Rainy/Eureka, Broxson, and Summit Lake. Each of these project areas has the potential for world-class size and grade deposits of nickel, copper, gold, and PGE mineralization. The company’s Gold Hill property is located four miles north of the Round Mountain mine (a Kinross Gold and Barrick Gold joint venture that produced 720,000 ounces of gold in 2003 and a total production to date of over seven million ounces).

New Guinea Gold Corporation Symbol (Exchange) NGG (TSX Venture) Commodity Focus: Gold Status: Exploration/Production Share Price (1/18/2005): C$0.45 Market Cap: C$28,986,298 Average Volume: 82,488 Cash (September 30, 2004): C$1,755,990 Company Address: Suite 429 – 470 Granville Street Vancouver, British Columbia Canada, V6C 1V5 Phone: (604) 662-3598 www.newguineagold.ca Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 New Guinea Gold Corporation is currently exploring properties in New Guinea with the potential for major gold discoveries. The company has four key projects; three (Sinivit, Normanby, and Sehulea) have proven reserves and/or resources. Mine production is planned for 2005 at a rate of 40,000 ounces of gold per annum. The fourth property, Mt. Penck, is an advanced exploration project with excellent logistics and extensive gold defined in trench. The company has interests in a further nine advanced exploration projects, two of which are currently being funded by joint venture partners. New Guinea Gold and Vangold Resources Ltd. have each purchased 50% of Kanon Resources Ltd., which holds tenure for five New Guinea exploration licenses.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 28 of 31 Sherwood Mining Corporation Symbol (Exchange) SWM (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (1/18/2005): C$0.22 Market Cap: C$4,856,249 Average Volume: 70,648 Cash (August 31, 2004): C$15,624 Company Address: Suite 860 – 625 Howe Street Vancouver, British Columbia Canada, V6C 2T6 Phone: (604) 687-7545 www.northair.com/sherwood Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Sherwood Mining Corporation is actively engaged in the acquisition of strategic mineral properties in Canada. Sherwood's main asset is the Elu Project, located near Elu inlet in Nunavut. The site is approximately 750 kilometers northwest of Yellowknife and 40 kilometers northeast of the Hope Bay Project, an 80-kilometer-long greenstone belt that is emerging as a major gold camp.

Stealth Minerals Symbol (Exchange) SML (TSX Venture) Commodity Focus: Gold/Silver/Copper Status: Exploration Share Price (1/18/2005): C$0.20 Market Cap: C$18,243,387 Average Volume: 45,815 Cash (August 31, 2004): C$2,630,156 Company Address: 2382 Bayview Avenue Toronto, Ontario Canada, M2L 1A1 Phone: (416) 510-8397 www.stealthminerals.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Stealth Minerals and its wholly owned subsidiary Cascadero Copper control roughly 1070 square kilometers of favorable geology in the central and eastern portions of the Toodoggone mineral district in northern British Columbia. The property lies adjacent to Northgate Mineral's (NGX-T) Kemess open-pit mine property which processes 50,000 tons of ore per day. The companies are in position to generate joint ventures with interested parties in what the company believes to be a densely mineralized district with excellent exploration and discovery potential. In 2004, Stealth minerals created Cascadero as a vehicle to explore for gold over approximately the 328 square kilometers of the property located immediately north of the Kemess mine.

Stornoway Diamond Corporation Symbol (Exchange) SWY (Toronto) Commodity Focus: Diamonds Status: Exploration Share Price (1/18/2005): C$1.65 Market Cap: C$119,846,422 Average Volume: 59,255 Cash (April 30, 2004): C$23,291,730 Company Address: Suite 860 – 625 Howe Street Vancouver, British Columbia Canada, V6C 2T6 Phone: (604) 687-7545 www.northair.com/stornoway Share Price Performance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Stornoway Diamond Corporation has access to more than 23 million acres of prospective diamond properties in under-explored regions of Northern Canada. Four project areas in Nunavut and the Northwest Territories make up this impressive land package. Stornoway was involved in the discovery of three new kimberlite fields in eastern Nunavut, including the AV-1 kimberlite field that has returned a sample grade of 0.83 carats per ton. Stornoway has raised in excess of $45 million for diamond exploration since 2002, with a 2004 exploration budget that exceeded $18 million.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 29 of 31 Sydney Resource Corporation Symbol (Exchange) SYR (TSX Venture) Commodity Focus: Gold/Silver/Copper Status: Exploration/Development Share Price (1/18/2005): C$0.33 Market Cap: C$5,136,382 Average Volume: 8,215 Cash (March 31, 2004): C$1,174,643 Company Address: Suite 328 – 550 Burrard Street Vancouver, British Columbia Canada, V6C 2B5 Phone: (604) 685-8311 www.sydneyresource.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Sydney Resource Corporation is assembling a portfolio of high quality-gold and associated base metals projects in the Americas. Their aim in building a portfolio is to manage the inherent risk of exploration by balancing large-potential, early-exploration projects with advanced exploration or pre-production projects. They currently have six projects in Mexico and one project in British Columbia.

Taseko Mines Ltd. Symbol (Exchange) TKO (TSX Venture) TBG (AMEX) Commodity Focus: Copper Status: Exploration/Production Share Price (1/18/2005): C$1.72 Market Cap: C$165,584,606 Average Volume: 134,819 Cash (June 30, 2004): C$19,319,636 Company Address: Suite 1020 – 800 West Pender Street Vancouver, British Columbia Canada, V6C 2V6 Phone: (604) 684-6365 www.tasekomines.com Share Price Performance 0.00 0.50 1.00 1.50 2.00 2.50 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Taseko Mines has grown from an exploration and development company into a major metal producer. Its Gibraltar open-pit mine resumed operation in October 2004, with 35,000 tons per day in output. The mine is located near Williams Lake in south-central British Columbia. Taseko operates the mine in a joint venture Ledcor Mining Ltd. The mine and mill complex can produce an average of 70 million pounds of copper and 980,000 pounds of molybdenum per year. Their use of an innovative copper refinery method developed by Cominco Engineering Services Ltd. allows for a reduction in costs of up to $0.20 per pound. Tenajon Resource Corporation Symbol (Exchange) TJS (TSX Venture) Commodity Focus: Gold/Diamonds Status: Exploration Share Price (1/18/2005): C$0.24 Market Cap: C$5,130,815 Average Volume: 42,400 Cash (March 31, 2004): C$93,930 Company Address: Suite 860 – 625 Howe Street Vancouver, British Columbia Canada, V6C 2T6 Phone: (604) 687-7545 www.northair.com/tenajon Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Tenajon Resource Corporation focuses on Western Canada for precious metals deposits and the Northwest Territories for diamond deposits. In August 2004, Tenajon completed a private placement consisting of 3,190,000 flow-through units and 1,810,000 non-flow-through units for gross proceeds of $500,000. In November 2004, Tenajon released the results of the 1200-meter underground drill program at the Summit Lake project, located 50 kilometers by road north of Stewart, British Columbia. Eleven of the fourteen drill holes intersected high-grade gold mineralization, including 14.3 feet of 1.137 ounces per ton gold, 13.8 feet of 0.961 ounces per ton gold, 6.2 feet of 0.88 ounces per ton gold, and 6.7 feet of 0.475 ounces per ton gold.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 30 of 31 VVC Exploration Corporation Symbol (Exchange) VVC (TSX Venture) Commodity Focus: Gold/Platinum/Base Metals Status: Exploration/Production Share Price (1/18/2005): C$1.00 Market Cap: C$25,258,835 Average Volume: 35,074 Cash (October 31, 2004): C$365,877 Company Address: Suite 501 – 121 Richmond Street West Toronto, Ontario Canada, M5H 2K1 Phone: (416) 368-9411 www.vvcexploration.com Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 VVC Exploration maintains properties in Canada and China. The company expects that its main asset, the Beaver Brook Antimony Mine, will be in full production by Summer 2004. Success at Beaver Brook would allow VVC to graduate from junior exploration company to a full-fledged production company. VVC hopes to generate significant cash flow from the mine operation, which would enable it to pursue other projects already under way in China more aggressively. ValGold Resources Ltd.

Symbol (Exchange) VAL (TSX Venture) Commodity Focus: Gold Status: Exploration/Development Share Price (1/18/2005): C$0.33 Market Cap: C$6,894,783 Average Volume: 231,045 Cash (July 31, 2004): C$50,401 Company Address: Suite 1400 – 570 Granville Street Vancouver, British Columbia Canada, V6C 3P1 Phone: (604) 687-4622 www.valgold.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 ValGold Resources is an international development company based in Vancouver. Recently, ValGold has discovered bonanza-grade gold zones on its Tower Mountain project located in the Matawin Gold Belt in northern Ontario. ValGold is actively exploring other projects in the provinces of British Columbia, Manitoba, and Ontario and in China. ValGold has a solid treasury with approximately C$7 million in cash and market-valued investments.

Volcanic Metals Exploration Inc. Symbol (Exchange) VME (TSX Venture) Commodity Focus: Gold/Copper/Nicker/Zinc Status: Exploration Share Price (1/18/2005): C$0.30 Market Cap: C$3,042,667 Average Volume: 27,228 Cash (June 31, 2004): C$234,731 Company Address: Suite 905 - 120 Adelaide Street West Toronto, Ontario Canada, M5H 1T1 Phone: (604) 833-2159 www.vmexplore.com Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Volcanic Metals Exploration controls gold, base metals, and platinum group projects in Newfoundland, Quebec, and Ontario. The company targets volcanic massive sulfide deposits (VMS). VMS deposits are multi-metallic--often containing large deposits of copper, nickel, zinc, and lead together with byproduct gold, silver, platinum, and palladium. VMS deposits carry an increased chance of success and large-discovery potential.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 31 of 31 Disclaimer This report was prepared for informational purposes only. Harbinger Research, LLC (“Harbinger”) has not been compensated by any of the companies mentioned in this report, except for Consolidated Odyssey Exploration, which has paid Harbinger $5,000 as compensation for the preparation of a Birdseye Report. All information contained in this report was provided by the Company. To ensure complete independence and editorial control over its research, Harbinger has developed various compliance procedures and business practices including but not limited to the following: (1) Fees from covered companies are due and payable prior to the commencement of research; (2) Harbinger, as a contractual right, retains complete editorial control over the research; (3) Analysts are compensated on a per-company basis and not on the basis of his/her recommendations; (4) Analysts are not permitted to accept fees or other consideration from the companies they cover for Harbinger except for the payments they receive from Harbinger; (5) Harbinger accepts payment for research only in cash and will not accept payment in shares, warrants, convertible securities or options of covered companies; (6) Harbinger will not conduct investment banking or other financial advisory, consulting or merchant banking services for the covered companies. Harbinger did not make an independent investigation or inquiry as to the accuracy of any information provided by any of the companies in this report and is relying solely upon information provided by the companies for the accuracy and completeness of all such information. The information provided in the Report may become inaccurate upon the occurrence of material changes, which affect the companies and their businesses. Neither the companies nor Harbinger is under any obligation to update this report or ensure the ongoing accuracy of the information contained herein. This report is not a recommendation nor a solicitation to purchase or sell any security, nor does it constitute investment advice. This report does not take into account the investment objectives, financial situation or particular needs of any particular person. This report does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Information about past performance of an investment is not necessarily a guide to, indicator of, or assurance of, future performance. Harbinger cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. Harbinger and its clients, affiliates and employees, may, from time to time, have long or short positions in, buy or sell, and provide investment advice with respect to, the securities and derivatives (including options) thereof, of companies mentioned in this report and may increase or decrease those positions or change such investment advice at any time. Harbinger is not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission or with any state securities regulatory authority. ALL INFORMATION IN THIS REPORT IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, HARBINGER EQUITY RESEARCH, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, HARBINGER EQUITY RESEARCH, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

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