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					                        The Gold Pages
                         Research Comparables
                          •
                          Latest Gold Price: US$1174/oz




                                                                                       Metals and
                                                 BMO Capital Markets
             Print Workbook                                                            Currency
                                                 Research Website
                                                                                       Assumptions




ANALYSTS:                                           ASSOCIATES:
David.Haughton@bmo.com          (416) 359-4052      Paul.Gurney@bmo.com              (416) 359-5254
JohnP.Hayes@bmo.com             (416) 359-6189      Peter.Lam@bmo.com                (416) 359-6532
Andrew.Breichmanas@bmo.com      (416) 359-8387      David.Pryor@bmo.com              (416) 359-6397
Andrew.Kaip@bmo.com             (416) 359-7224      HeatherA.Taylor@bmo.com          (416) 359-5637
                                                    Michael.Zimerman@bmo.com         (416) 359-7680

DATA AND PROJECT MANAGEMENT
Simona.Cheoreanu@bmo.com        (416) 359-4561




This report was prepared by Analysts employed by a Canadian affiliate, BMO Nesbitt Burns Inc., and who are not
registered as research analysts under FINRA rules. For disclosure statements, including the Analyst's
Certification, please refer to pages 20 to 22.
                                                                       The Gold Pages
                                                                           Summary Statistics

Latest Gold Price: US$1174/oz
                      2.0                  3.0        4.0            5.0         6.0           NAV at Spot: US$1,174/oz
                                                                                               7.0     8.0        9.0                    25.1    13.0     14.0       27-Nov-09
                                                                                                                                                                   14.1    15.0

Senior Producers
                                              Share Price                               Ful. Dil. In    Adj. Market Cap.           0% NAV             Enterprise
                                            Local Curency   Rating            Target   The Money        Per Rec. Oz (US$)         Premium At          Multiple (6)       Analyst
Company                       Ticker               27-Nov   (1)                Price    Shares (2)     P&P (3)    Ttl. All. (4)   Spot Au (5)   2009E    2010E     2011E    (7)
Agnico-Eagle                  AEM        US        $62.42    Mkt             $70.00       156.16                       $656              4%      30.0      12.8      9.7 DH
AngloGold Ashanti             ANG        ZAR     R 330.50    Mkt           R 350.00       358.65                       $324            -51%      10.1       7.9      6.1 DH
Barrick Gold                  ABX        US        $42.54    OP              $52.50       982.70                       $450            -40%      12.4      10.8      9.1 DH
Goldcorp                      GG         US        $42.44    OP              $56.00       735.58                       $694            -25%      23.3      16.0     11.8 DH
Gold Fields                   GFI        ZAR     R 107.99    Mkt           R 125.00       703.80                       $347            -51%       7.2       6.0      4.6 DH
Harmony                       HAR        ZAR      R 81.50    Mkt           R 100.00       426.02                       $263            -66%      11.1      11.0      6.1 DH
Kinross Gold                  KGC        US        $19.37    OP              $27.00       697.14                       $387            -44%      12.6      10.6      9.1 DH
Newcrest Mining               NCM        AUD     A$ 36.93    Mkt           A$ 40.00       483.35                       $516            -42%      16.6      14.4     11.4 DH
Newmont Mining                NEM        US        $53.35    OP              $62.50       490.00                       $428            -33%       7.7       5.7      4.8 DH
Polyus Gold                   PLZL       US        $57.40    Mkt             $52.50       190.63                       $186            -70%      19.0      14.3      9.2 DH
Yamana                        AUY        US      C$ 13.18    OP            C$ 15.50       733.25                       $758            -51%      14.7      10.3      9.0 DH

Sr. NA Producer Avg.                                                                                                   $500            -35%      16.8    11.0      8.9
Sr. Producer Avg.                                                                                                      $414            -43%      15.0    10.9      8.3

Intermediate Producers                                                                                                                                                    .
Alamos Gold                   AGI        CDN       $12.19   OP               $13.50       112.06                       $354            -43%      11.8    10.9      8.6    DH
Aurizon Mines                 ARZ        CDN      C$ 5.22   Mkt             C$ 6.00       158.79                       $271            -47%       8.2     8.9      6.8    AK
Centerra Gold                 CG         CDN       $13.04   OP               $10.00       234.86                       $419            -42%      13.7     8.3      6.6    AB
Eldorado Gold                 ELD        CDN     C$ 14.17   OP             C$ 17.00       399.20                       $552            -18%      29.9    24.3     14.6    DH
Franco Nevada                 FNV        CDN     C$ 29.07   Mkt            C$ 36.00       113.97                     $1,895             24%      20.2    17.2     14.0    DH
Gammon Gold                   GAM        CDN     C$ 12.00   OP             C$ 12.50       137.11                       $439             -8%      16.4     6.3      4.5    DH
Golden Star                   GSS        US         $3.74   Mkt               $4.00       236.43                       $258            -35%       8.0     4.3      1.8    AB
IAMGOLD                       IAG        US        $18.68   Mkt              $17.50       367.52                       $527            -17%      15.3    14.0      9.2    DH
Kingsgate                     KCN        AUD      A$ 9.73   Mkt             A$ 9.00        96.51                       $412            -40%      21.1     9.5      7.1    DH
Lihir Gold                    LGL        AUD      A$ 3.57   Mkt             A$ 3.75      2530.91                       $584            -66%      11.0    10.7      9.3    DH
New Gold                      NGD        CDN      C$ 3.77   OP              C$ 5.10       387.68                       $219            -70%      15.4     8.1      7.2    AK
OceanaGold                    OGC        AUD      A$ 1.93   Mkt(S)               NA       185.84                       $295            -64%       4.2     6.4      2.2    DH
Petropavlovsk                 POG        GBP       £12.49   Mkt              £11.00       171.08                       $476            -19%      12.3     9.3      5.9    DH
Randgold Resources            GOLD       US        $85.26   Mkt              $85.00        89.00                       $443            -17%      30.0    27.7     13.7    AB
Red Back                      RBI        CDN     C$ 15.03   OP             C$ 19.00       232.52                       $489            -13%      19.8     9.3      7.3    DH
Resolute Mining               RSG        AUD      A$ 1.17   Mkt             A$ 0.85       352.31                       $196            -61%       7.9     7.1      3.7    DH
SEMAFO                        SMF        CDN      C$ 4.52   Mkt             C$ 3.50       250.59                       $488              1%      10.2     7.3      5.0    AB
Sino Gold                     SGX        AUD      A$ 7.82   Mkt             A$ 7.00       292.58                       $473            -20%      20.2    12.8      7.5    DH

Int. NA Producer Avg.                                                                                                  $488            -20%      15.4    11.1      7.9
Int. Producer Avg.                                                                                                     $492            -35%      15.3    11.4      7.5

Emerging Producers                                                                                                                                                        .
Anatolia Minerals             ANO        CDN      C$ 2.50   Mkt(S)          C$ 3.10       114.70                       $174            -81%       nap     nap      3.8    AK
Andean Resources              AND        CDN      C$ 2.54   Mkt(S)               na       477.42        $430           $455            -30%       nap     nap      nap    JPH
Centamin Egypt                CNT        AUD      A$ 2.35   OP(S)           A$ 3.00      1015.24                       $316            -41%      30.0    30.0     13.8    DH
CGA Mining                    CGA        CDN      C$ 2.13   OP(S)           C$ 2.45       254.29                       $256            -64%       nap     5.6      3.4    AK
Cluff Gold                    CLF        GBP        £0.64   Mkt(S)                na      119.51                       $286            -80%      30.0     4.1      2.6    AB
Comaplex Minerals             CMF        CDN      C$ 6.58   OP(S)                na        61.13        $318           $365            -57%       nap     nap     56.3    JPH
Detour Gold                   DGC        CDN     C$ 16.60   OP(S)                na        73.97        $109           $162            -70%       nap     nap      nap    JPH
Dundee Precious Metals        DPM        CDN      C$ 3.14   OP(S)           C$ 6.00       100.45         -$3            $77            -79%       5.8     2.7      1.3    JPH
Gabriel Resources             GBU        CDN      C$ 3.88   Und(S)               na       329.45        $275           $316            -61%       nap     nap      nm     JPH
Great Basin Gold              GBG        CDN      C$ 1.64   Mkt             C$ 2.00       333.53                       $215            -62%      30.0    10.4      2.0    AB
Greystar Resources Ltd.       GSL        CDN      C$ 5.94   Mkt(S)               na        73.51        $172           $187            -76%       nap     nap     55.7    JPH
Guyana Goldfields             GUY        CDN      C$ 7.12   OP(S)                na        84.60                       $189            -68%       nap     nap      nap    AK
Lake Shore Gold               LSG        CDN      C$ 3.97   Mkt(S)          C$ 4.25       319.69                       $541            -55%       nap     nap      9.5    AK
Minefinders                   MFL        CDN     C$ 11.39   OP(S)          C$ 13.60        59.01                       $250            -60%       nap     7.4      2.7    AK
Osisko Mining Corp.           OSK        CDN      C$ 7.74   OP(S)                na       342.11        $317           $365            -47%       nap     nap      3.6    JPH
Pacific Rim Mining            PMU        CDN      C$ 0.22   Und(S)               na       120.88         $96           $118            -84%       nap     nap      nap    JPH
Rubicon Minerals              RMX        CDN      C$ 4.55   Mkt(S)                na      192.32                       $581             21%       nap     nap      nap    AK
San Gold                      SGR        CDN      C$ 3.79   Mkt(S)          C$ 4.00       257.55                       $290            -48%       nap    10.4      5.1    AK

Jr. NA Producer Avg.                                                                                    $317           $282            -55%      22.7     8.4     10.4
Jr. Producer Avg.                                                                                       $212           $259            -59%      20.3     6.9     13.0

Sector Averages                                                                                                                                                           .
Sr./Int. NA Producer Avg.                                                                                              $500            -33%      16.4    11.2      8.3
Sr./Int. Producer Avg.                                                                                                 $427            -42%      15.4    11.3      7.9
Overall NA Avg.                                                                                         $317           $479            -35%      16.6    10.4      9.0
Overall Avg.                                                                                            $212           $413            -43%      15.8    10.4      9.5

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                                 Page 2
                                                                  The Gold Pages
                                                       Net Asset Value (0% Discount Rate)

Latest Gold Price: US$1174/oz
                    2.0                     17.0        18.1           NAV at Spot: US$1,174/oz
                                                                       19.1       20.1     21.1             22.1           23.0       24.1           25.1   27-Nov-09
                                                                                                                                                                  26.0

Senior Producers                           Share                0% Net Asset Value At Spot ($mm)                    Ful. Dil.     0% NAV                    % Premium
                                           Price:    Gold        Ful. Dil.   Long-Term       Other       Total      Ful. Fin.       Per        0% NAV       of Adj. Mkt.
                                           US($)    Assets         ITM          Debt         Items       NAV          ITM          Share     Premium At      Cap. over
Company                     Ticker        27-Nov      (8)      Wrk. Cap. (9)     (10)         (11)       (12)      Shares (13)    At Spot    Spot Au (5)    Au NAV (14)
Agnico-Eagle                AEM          $62.42     $10,123            $174         $485        $404    $10,216         156.16     $59.98            4%            132%
AngloGold Ashanti           ANG          $44.61     $34,608            $506       $1,735       ($941)   $32,438         358.65     $90.44          -51%              73%
Barrick Gold                ABX          $42.54     $75,636            $258       $5,059       ($461)   $70,374         982.70     $70.64          -40%              64%
Goldcorp                    GG           $42.44     $42,979            $854         $705       ($533)   $42,594         735.58     $56.86          -25%              39%
Gold Fields                 GFI          $14.58     $22,586             $33         $855       ($677)   $21,086         703.80     $29.96          -51%            255%
Harmony                     HAR          $11.00     $14,058            $229          $15       ($672)   $13,601         426.02     $31.92          -66%            188%
Kinross Gold                KGC          $19.37     $25,113            $604         $707       ($639)   $24,372         697.14     $34.89          -44%              35%
Newcrest Mining             NCM          $33.48     $28,437            $328         $404       ($645)   $27,716         483.35     $57.34          -42%              20%
Newmont Mining              NEM          $53.35     $42,275            $323       $2,810       ($548)   $39,240         490.00     $80.08          -33%              74%
Polyus Gold                 PLZL         $57.40     $37,851            $441           $0    ($2,347)    $35,945         190.63    $188.56          -70%             -20%
Yamana                      AUY          $13.18     $21,116               $2        $462       ($511)   $20,144         733.25     $26.95          -51%              19%

Sr. NA Producer Avg.                                                                                                                               -35%            61%
Sr. Producer Avg.                                                                                                                                  -43%            80%

Intermediate Producers
Alamos Gold                 AGI          $11.47      $2,255           $141            $0          $3     $2,399         112.06     $20.18          -43%            46%
Aurizon Mines               ARZ           $4.91      $1,499           $101            $1        ($55)    $1,544         158.79      $9.27          -47%            32%
Centerra Gold               CG           $12.27      $5,057           $120            $0       ($169)    $5,009         234.86     $21.16          -42%            63%
Eldorado Gold               ELD          $13.34      $6,819           $144           ($5)      ($280)    $6,689         399.20     $16.31          -18%            73%
Franco Nevada               FNV          $27.36      $2,071           $479            $0         $28     $2,579         113.97     $22.09           24%            49%
Gammon Gold                 GAM          $11.29      $1,728            $90            $4        ($66)    $1,748         137.11     $12.27           -8%           123%
Golden Star                 GSS           $3.74      $1,557            $33          $115        ($71)    $1,404         236.43      $5.79          -35%            19%
IAMGOLD                     IAG          $18.68      $8,421           $290            $5       ($235)    $8,471         367.52     $22.64          -17%            90%
Kingsgate                   KCN           $8.82      $1,531            $25            $0        ($58)    $1,499          96.51     $14.79          -40%            19%
Lihir Gold                  LGL           $3.24     $24,186           $488            $0       ($515)   $24,160        2530.91      $9.55          -66%            51%
New Gold                    NGD           $3.55      $4,853           $251          $229       ($101)    $4,774         387.68     $11.81          -70%           -32%
OceanaGold                  OGC           $1.75      $1,104            $23          $155        ($53)      $919         185.84      $4.82          -64%             6%
Petropavlovsk               POG          $20.57      $4,029            $87          $157        $394     $4,353         171.08     $25.44          -19%            64%
Randgold Resources          GOLD         $85.26      $8,610           $672            $1       ($189)    $9,092          89.00    $102.16          -17%            96%
Red Back                    RBI          $14.14      $3,772           $137            $0        ($19)    $3,891         232.52     $16.31          -13%            66%
Resolute Mining             RSG           $1.06      $1,310           ($10)          $91        ($35)    $1,173         352.31      $2.69          -61%             2%
SEMAFO                      SMF           $4.25      $1,097            $24           $28          $1     $1,094         250.59      $4.19            1%           122%
Sino Gold                   SGX           $7.09      $2,748           $108          $140        ($37)    $2,679         292.58      $8.82          -20%            52%

Int. NA Producer Avg.                                                                                                                              -20%            68%
Int. Producer Avg.                                                                                                                                 -35%            57%

Emerging Producers
Anatolia Minerals           ANO           $2.35      $1,749           $101           $66       ($45)     $1,738         114.70     $12.33          -81%           -27%
Andean Resources            AND           $2.39      $1,600           $111           $26        $86      $1,771         514.99      $3.44          -30%           -15%
Centamin Egypt              CNT           $2.13      $3,739            $98            $0       ($77)     $3,760        1015.24      $3.63          -41%            24%
CGA Mining                  CGA           $2.00      $1,678            $12           $90        ($3)     $1,597         254.29      $5.52          -64%           -13%
Cluff Gold                  CLF           $1.05        $752             $8            $0       ($81)       $679         119.51      $5.40          -80%           -56%
Comaplex Minerals           CMF           $6.19      $1,111            $50            $0        $78      $1,240          86.70     $14.30          -57%           -42%
Detour Gold                 DGC          $15.62      $3,856           $375            $0       $181      $4,413          85.92     $51.36          -70%           -67%
Dundee Precious Metals      DPM           $2.96      $1,042           $116           $15       $452      $1,594         111.03     $14.36          -79%           -82%
Gabriel Resources           GBU           $3.65      $3,465           $153            $0       $302      $3,920         415.60      $9.43          -61%           -34%
Great Basin Gold            GBG           $1.54      $1,793            $90           $72       ($27)     $1,784         333.53      $4.10          -62%           -10%
Greystar Resources Ltd.     GSL           $5.59      $2,707            $81            $0       $360      $3,148         137.60     $22.88          -76%           -56%
Guyana Goldfields           GUY           $6.70      $2,017            $13            $0       ($11)     $2,019          84.60     $21.22          -68%            -3%
Lake Shore Gold             LSG           $3.74      $2,803           $138            $0       ($65)     $2,876         319.69      $8.33          -55%            18%
Minefinders                 MFL          $10.72      $1,910            $70          $118       ($24)     $1,837          59.01     $26.52          -60%           -39%
Osisko Mining Corp.         OSK           $7.28      $4,017           $778           $92         $0      $4,703         342.11     $13.75          -47%           -39%
Pacific Rim Mining          PMU           $0.21        $609             $0            $0        $80        $689         525.77      $1.31          -84%           -79%
Rubicon Minerals            RMX           $4.28        $719           $118            $0       ($59)       $778         192.32      $3.55           21%           119%
San Gold                    SGR           $3.57      $1,899            $29            $0       ($46)     $1,882         257.55      $6.88          -48%            -5%

Jr. NA Producer Avg.                                                                                                                               -55%             -7%
Jr. Producer Avg.                                                                                                                                  -59%            -27%

Sector Averages
Sr./Int. NA Producer Avg.                                                                                                                          -33%            68%
Sr./Int. Producer Avg.                                                                                                                             -42%            67%
Overall NA Avg.                                                                                                                                    -35%            36%
Overall Avg.                                                                                                                                       -43%            28%

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                      Page 3
                                                              The Gold Pages
                                            NAV Gold Price Sensitivity (0% Discount Rate)


Latest Gold Price: US$1174/oz
                    2.00                  17.00      24.10   25.10     NAV
                                                                      24.70   at25.70 US$1,174/oz
                                                                                 Spot: 24.80    25.80       24.90   25.90     24.11   25.11       27-Nov-09
                                                                                                                                                24.12  25.12

Senior Producers                          Share     US$1,174/Oz.       US$750/Oz.        US$800/Oz.        US$1,000/Oz.      US$1,200/Oz.      US$1,400/Oz.
                                          Price:    NAV      0%       NAV      0%      NAV       0%        NAV       0%      NAV      0%       NAV      0%
                                          US($)     Per      NAV      Per     NAV      Per       NAV        Per     NAV      Per      NAV      Per      NAV
Company                     Ticker       27-Nov    Share    Prem.    Share   Prem.    Share     Prem.     Share    Prem.    Share    Prem.    Share    Prem.
Agnico-Eagle                 AEM         $62.42     $59.98     4%    $28.12   122%    $31.96        95%    $46.94    33%     $61.93      1%    $76.92    -19%
AngloGold Ashanti            ANG         $44.61     $90.44   -51%    $27.01     65%   $34.62        29%    $64.60   -31%     $94.28    -53%   $123.61    -64%
Barrick Gold                 ABX         $42.54     $70.64   -40%    $27.03     57%   $32.31        32%    $52.79   -19%     $73.31    -42%    $93.81    -55%
Goldcorp                     GG          $42.44     $56.86   -25%    $30.17     41%   $33.47        27%    $46.09     -8%    $58.46    -27%    $70.61    -40%
Gold Fields                  GFI         $14.58     $29.96   -51%     $3.38   332%      $7.13     105%     $19.60   -26%     $31.49    -54%    $43.21    -66%
Harmony                      HAR         $11.00     $31.92   -66%     $3.94   179%      $7.43       48%    $20.76   -47%     $33.59    -67%    $46.36    -76%
Kinross Gold                 KGC         $19.37     $34.89   -44%    $16.53     17%   $18.58         4%    $27.30   -29%     $36.02    -46%    $44.74    -57%
Newcrest Mining              NCM         $33.48     $57.34   -42%    $30.15     11%   $33.37         0%    $46.19   -28%     $59.01    -43%    $71.82    -53%
Newmont Mining               NEM         $53.35     $80.08   -33%    $28.75     86%   $35.06        52%    $59.12   -10%     $83.25    -36%   $107.36    -50%
Polyus Gold                  PLZL        $57.40    $188.56   -70%    $67.76    -15%   $82.01       -30%   $138.99   -59%    $195.97    -71%   $252.95    -77%
Yamana                       AUY         $13.18     $26.95   -51%    $18.31    -28%   $19.33       -32%    $23.40   -44%     $27.48    -52%    $31.55    -58%

Sr. NA Producer Avg.                                         -35%               43%                25%              -17%              -37%              -50%
Sr. Producer Avg.                                            -43%               43%                20%              -25%              -45%              -57%

Intermediate Producers
Alamos Gold                  AGI         $11.47     $20.18   -43%     $8.94     28%   $10.26       12%     $15.57   -26%     $20.87   -45%     $26.17   -56%
Aurizon Mines                ARZ          $4.91      $9.27   -47%     $3.87     27%    $4.53        9%      $7.10   -31%      $9.60   -49%     $12.10   -59%
Centerra Gold                CG          $12.27     $21.16   -42%     $5.76    113%    $7.71       59%     $14.98   -18%     $22.08   -44%     $29.19   -58%
Eldorado Gold                ELD         $13.34     $16.31   -18%     $7.39     80%    $8.44       58%     $12.65     5%     $16.85   -21%     $21.06   -37%
Franco Nevada                FNV         $27.36     $22.09    24%    $18.16     51%   $18.64       47%     $20.54    33%     $22.31    23%     $24.02    14%
Gammon Gold                  GAM         $11.29     $12.27    -8%     $6.12     84%    $6.85       65%      $9.75    16%     $12.65   -11%     $15.54   -27%
Golden Star                  GSS          $3.74      $5.79   -35%     $1.63    129%    $2.25       66%      $4.21   -11%      $6.03   -38%      $7.81   -52%
IAMGOLD                      IAG         $18.68     $22.64   -17%     $9.52     96%   $11.07       69%     $17.27     8%     $23.44   -20%     $29.63   -37%
Kingsgate                    KCN          $8.82     $14.79   -40%     $6.79     30%    $7.74       14%     $11.51   -23%     $15.29   -42%     $19.04   -54%
Lihir Gold                   LGL          $3.24      $9.55   -66%     $4.18    -23%    $4.82      -33%      $7.35   -56%      $9.87   -67%     $12.40   -74%
New Gold                     NGD          $3.55     $11.81   -70%     $7.30    -51%    $7.88      -55%     $10.03   -65%     $12.14   -71%     $14.20   -75%
OceanaGold                   OGC          $1.75      $4.82   -64%     $0.77    128%    $1.25       39%      $3.17   -45%      $5.07   -66%      $6.97   -75%
Petropavlovsk                POG         $20.57     $25.44   -19%    $12.20     69%   $13.77       49%     $20.01     3%     $26.25   -22%     $32.50   -37%
Randgold Resources           GOLD        $85.26    $102.16   -17%    $45.77     86%   $52.39       63%     $79.45     7%    $105.72   -19%    $132.80   -36%
Red Back                     RBI         $14.14     $16.31   -13%     $7.59     86%    $8.61       64%     $12.74    11%     $16.85   -16%     $20.98   -33%
Resolute Mining              RSG          $1.06      $2.69   -61%     $0.49    115%    $0.75       42%      $1.78   -40%      $2.82   -62%      $3.87   -73%
SEMAFO                       SMF          $4.25      $4.19     1%     $1.60    166%    $1.91      123%      $3.13    36%      $4.34    -2%      $5.57   -24%
Sino Gold                    SGX          $7.09      $8.82   -20%     $4.12     72%    $4.68       52%      $6.90     3%      $9.11   -22%     $11.33   -37%

Int. NA Producer Avg.                                        -20%               83%                58%                4%              -23%              -38%
Int. Producer Avg.                                           -35%               48%                28%              -16%              -37%              -50%

Emerging Producers
Anatolia Minerals            ANO          $2.35     $12.33   -81%     $5.00    -53%    $5.86      -60%      $9.32   -75%     $12.78   -82%     $16.24   -86%
Andean Resources             AND          $2.39      $3.44   -30%     $1.93     24%    $2.11       13%      $2.82   -15%      $3.53   -32%      $4.24   -44%
Centamin Egypt               CNT          $2.13      $3.63   -41%     $1.76     21%    $2.03        5%      $2.94   -28%      $3.76   -43%      $4.73   -55%
CGA Mining                   CGA          $2.00      $5.52   -64%     $2.29    -13%    $2.67      -25%      $4.20   -52%      $5.72   -65%      $7.24   -72%
Cluff Gold                   CLF          $1.05      $5.40   -80%     $1.58    -33%    $2.04      -48%      $3.84   -73%      $5.63   -81%      $7.42   -86%
Comaplex Minerals            CMF          $6.19     $14.30   -57%     $7.02    -12%    $7.90      -22%     $11.34   -45%     $14.77   -58%     $18.01   -66%
Detour Gold                  DGC         $15.62     $51.36   -70%    $25.95    -40%   $28.94      -46%     $40.93   -62%     $52.92   -70%     $64.90   -76%
Dundee Precious Metals       DPM          $2.96     $14.36   -79%     $9.53    -69%   $10.07      -71%     $12.32   -76%     $14.67   -80%     $17.08   -83%
Gabriel Resources            GBU          $3.65      $9.43   -61%     $3.64      0%    $4.32      -16%      $7.05   -48%      $9.79   -63%     $12.52   -71%
Great Basin Gold             GBG          $1.54      $4.10   -62%     $1.85    -17%    $2.12      -27%      $3.18   -51%      $4.23   -64%      $5.28   -71%
Greystar Resources Ltd.      GSL          $5.59     $22.88   -76%     $9.87    -43%   $11.45      -51%     $17.56   -68%     $23.67   -76%     $29.79   -81%
Guyana Goldfields            GUY          $6.70     $21.22   -68%     $8.94    -25%   $10.39      -35%     $16.18   -59%     $21.98   -70%     $27.77   -76%
Lake Shore Gold              LSG          $3.74      $8.33   -55%     $3.75      0%    $4.29      -13%      $6.45   -42%      $8.61   -57%     $10.77   -65%
Minefinders                  MFL         $10.72     $26.52   -60%    $15.71    -32%   $16.98      -37%     $22.08   -51%     $27.18   -61%     $32.28   -67%
Osisko Mining Corp.          OSK          $7.28     $13.75   -47%     $7.56     -4%    $8.29      -12%     $11.21   -35%     $14.13   -48%     $17.05   -57%
Pacific Rim Mining           PMU          $0.21      $1.31   -84%     $0.71    -71%    $0.78      -74%      $1.07   -81%      $1.35   -85%      $1.63   -87%
Rubicon Minerals             RMX          $4.28      $3.55    21%     $1.71    151%    $1.92      123%      $2.79    53%      $3.66    17%      $4.53    -6%
San Gold                     SGR          $3.57      $6.88   -48%     $3.28      9%    $3.71       -4%      $5.42   -34%      $7.10   -50%      $8.78   -59%

Jr. NA Producer Avg.                                         -55%              -13%               -22%              -44%              -57%              -65%
Jr. Producer Avg.                                            -59%              -18%               -27%              -49%              -60%              -68%

Sector Averages
Sr./Int. NA Producer Avg.                                    -33%               49%                30%              -14%              -35%              -48%
Sr./Int. Producer Avg.                                       -42%               44%                22%              -23%              -44%              -56%
Overall NA Avg.                                              -35%               43%                25%              -16%              -37%              -50%
Overall Avg.                                                 -43%               38%                17%              -25%              -45%              -57%
Source: BMO Capital Markets, Bloomberg




                                                                                                                                              Page 4
                                                         The Gold Pages
                                     NAV Discount Rate Sensitivity with Gold Price @ Spot
                                          (0%, 3%, 6%, 8%, 10% Discount Rates)
Latest Gold Price: US$1174/oz
                     2.0                      17.0       24.1      NAV at Spot: US$1,174/oz
                                                                   24.2   24.3    24.4   24.5        #   25.1   25.2     25.3      25.4   27-Nov-09
                                                                                                                                              25.5 ##

Senior Producers                             Share
                                             Price:                   Net Asset Value                               Net Asset Value
                                             US($)                    Per Share US($)                                  Premium
Company                     Ticker          27-Nov         0%        3%       6%       8%      10%
                                                                                                 12%       0%     3%       6%        8%       10%12%
Agnico-Eagle                AEM            $62.42      $59.98    $49.29 $41.29 $37.06       $33.49 #       4%    27%      51%       68%       86% ##
AngloGold Ashanti           ANG            $44.61      $90.44    $69.96 $55.43 $48.03       $41.96 #     -51%   -36%     -20%       -7%        6% ##
Barrick Gold                ABX            $42.54      $70.64    $50.23 $37.45 $31.44       $26.77 #     -40%   -15%      14%       35%       59% ##
Goldcorp                    GG             $42.44      $56.86    $40.49 $30.61 $26.08       $22.60 #     -25%     5%      39%       63%       88% ##
Gold Fields                 GFI            $14.58      $29.96    $22.81 $18.15 $15.86       $14.03 #     -51%   -36%     -20%       -8%        4% ##
Harmony                     HAR            $11.00      $31.92    $23.57 $18.31 $15.83       $13.88 #     -66%   -53%     -40%      -31%      -21% ##
Kinross Gold                KGC            $19.37      $34.89    $24.63 $18.24 $15.29       $13.02 #     -44%   -21%       6%       27%       49% ##
Newcrest Mining             NCM            $33.48      $57.34    $38.03 $27.43 $22.88       $19.51 #     -42%   -12%      22%       46%       72% ##
Newmont Mining              NEM            $53.35      $80.08    $60.12 $46.94 $40.56       $35.50 #     -33%   -11%      14%       32%       50% ##
Polyus Gold                 PLZL           $57.40     $188.56   $123.74 $87.22 $71.33       $59.57 #     -70%   -54%     -34%      -20%       -4% ##
Yamana                      AUY            $13.18      $26.95    $17.43 $12.19      $9.96    $8.34 7     -51%   -24%       8%       32%       58% ##

Sr. NA Producer Avg.                                                                                     -35%   -10%     20%       41%        64% ##
Sr. Producer Avg.                                                                                        -43%   -21%      5%       24%        44% ##

Intermediate Producers                                                                                                                               .
Alamos Gold                  AGI           $11.47      $20.18    $16.43   $13.61   $12.10   $10.84   #   -43%   -30%     -16%      -5%         6%   ##
Aurizon Mines                ARZ            $4.91       $9.27     $7.26    $5.80    $5.05    $4.43   #   -47%   -32%     -15%      -3%        11%   ##
Centerra Gold                CG            $12.27      $21.16    $17.49   $14.75   $13.30   $12.08   #   -42%   -30%     -17%      -8%         2%   ##
Eldorado Gold                ELD           $13.34      $16.31    $12.69   $10.20    $8.96    $7.96   #   -18%     5%      31%      49%        68%   ##
Franco Nevada                FNV           $27.36      $22.09    $19.15   $16.99   $15.86   $14.91   #    24%    43%      61%      73%        84%   ##
Gammon Gold                  GAM           $11.29      $12.27    $10.62    $9.30    $8.58    $7.94   #    -8%     6%      21%      32%        42%   ##
Golden Star                  GSS            $3.74       $5.79     $5.17    $4.66    $4.37    $4.11   #   -35%   -28%     -20%     -14%        -9%   ##
IAMGOLD                      IAG           $18.68      $22.64    $18.51   $15.41   $13.76   $12.37   #   -17%     1%      21%      36%        51%   ##
Kingsgate                    KCN            $8.82      $14.79    $12.37   $10.51    $9.50    $8.64   #   -40%   -29%     -16%      -7%         2%   ##
Lihir Gold                   LGL            $3.24       $9.55     $5.12    $3.37    $2.76    $2.35   #   -66%   -37%      -4%      17%        38%   ##
New Gold                     NGD            $3.55      $11.81     $8.36    $6.07    $4.97    $4.11   #   -70%   -58%     -42%     -29%       -14%   ##
OceanaGold                   OGC            $1.75       $4.82     $4.23    $3.73    $3.44    $3.18   #   -64%   -59%     -53%     -49%       -45%   ##
Petropavlovsk                POG           $20.57      $25.44    $22.47   $20.05   $18.68   $17.48   #   -19%    -8%       3%      10%        18%   ##
Randgold Resources           GOLD          $85.26     $102.16    $81.92   $67.04   $59.26   $52.78   #   -17%     4%      27%      44%        62%   ##
Red Back                     RBI           $14.14      $16.31    $13.79   $11.85   $10.80    $9.89   #   -13%     3%      19%      31%        43%   ##
Resolute Mining              RSG            $1.06       $2.69     $2.34    $2.05    $1.88    $1.73   #   -61%   -55%     -48%     -44%       -39%   ##
SEMAFO                       SMF            $4.25       $4.19     $3.59    $3.13    $2.88    $2.66   #     1%    18%      36%      48%        60%   ##
Sino Gold                    SGX            $7.09       $8.82     $7.19    $5.96    $5.30    $4.75   #   -20%    -1%      19%      34%        49%   ##

Int. NA Producer Avg.                                                                                    -20%    -3%     16%       28%        41% ##
Int. Producer Avg.                                                                                       -35%   -12%     10%       24%        38% ##

Emerging Producers                                                                                                                                   .
Anatolia Minerals            ANO            $2.35      $12.33     $9.46    $7.32    $6.20    $5.26   4   -81%   -75%     -68%     -62%       -55%   ##
Andean Resources             AND            $2.39       $3.44     $2.66    $2.11    $1.84    $1.61   1   -30%   -10%      13%      30%        48%   ##
Centamin Egypt               CNT            $2.13       $3.63     $2.84    $2.27    $1.98    $1.74   #   -41%   -25%      -6%       8%        22%   ##
CGA Mining                   CGA            $2.00       $5.52     $4.41    $3.58    $3.15    $2.78   2   -64%   -55%     -44%     -36%       -28%   ##
Cluff Gold                   CLF            $1.05       $5.40     $4.36    $3.56    $3.13    $2.76   #   -80%   -76%     -70%     -66%       -62%   ##
Comaplex Minerals            CMF            $6.19      $14.30    $11.76    $9.81    $8.76    $7.87   6   -57%   -47%     -37%     -29%       -21%   ##
Detour Gold                  DGC           $15.62      $51.36    $40.36   $32.70   $28.88   $25.83   #   -70%   -61%     -52%     -46%       -40%   ##
Dundee Precious Metals       DPM            $2.96      $14.36    $12.86   $11.70   $11.07   $10.54   #   -79%   -77%     -75%     -73%       -72%   ##
Gabriel Resources            GBU            $3.65       $9.43     $6.68    $4.87    $4.00    $3.32   2   -61%   -45%     -25%      -9%        10%   ##
Great Basin Gold             GBG            $1.54       $4.10     $3.47    $2.98    $2.71    $2.49   #   -62%   -55%     -48%     -43%       -38%   ##
Greystar Resources Ltd.      GSL            $5.59      $22.88    $17.17   $13.20   $11.23    $9.66   7   -76%   -67%     -58%     -50%       -42%   ##
Guyana Goldfields            GUY            $6.70      $21.22    $14.81   $10.57    $8.55    $6.98   6   -68%   -55%     -37%     -22%        -4%   ##
Lake Shore Gold              LSG            $3.74       $8.33     $6.42    $5.02    $4.29    $3.68   #   -55%   -42%     -26%     -13%         1%   ##
Minefinders                  MFL           $10.72      $26.52    $20.13   $15.54   $13.19   $11.26   #   -60%   -47%     -31%     -19%        -5%   ##
Osisko Mining Corp.          OSK            $7.28      $13.75    $11.47    $9.74    $8.81    $8.03   7   -47%   -37%     -25%     -17%        -9%   ##
Pacific Rim Mining           PMU            $0.21       $1.31     $1.05    $0.86    $0.76    $0.67   1   -84%   -80%     -76%     -73%       -69%   ##
Rubicon Minerals             RMX            $4.28       $3.55     $2.91    $2.42    $2.16    $1.93   #    21%    47%      77%      99%       122%   ##
San Gold                     SGR            $3.57       $6.88     $5.24    $4.08    $3.49    $3.01   #   -48%   -32%     -13%       2%        18%   ##

Jr. NA Producer Avg.                                                                                     -55%   -42%     -27%     -16%        -4% ##
Jr. Producer Avg.                                                                                        -59%   -47%     -33%     -23%       -12% ##

Sector Averages
Sr./Int. NA Producer Avg.                                                                                -33%    -8%     19%       39%        60%   ##
Sr./Int. Producer Avg.                                                                                   -42%   -19%      6%       24%        43%   ##
Overall NA Avg.                                                                                          -35%   -12%     15%       33%        53%   ##
Overall Avg.                                                                                             -43%   -21%      3%       20%        37%   ##
Source: BMO Capital Markets, Bloomberg




                                                                                                                                            Page 5
                                                       The Gold Pages
                                         Adjusted Market Capitalization (US$mm)

Latest Gold Price: US$1174/oz
                     2.0                               27.0               28.0           29.0       30.0      31.0        32.0         33.0   27-Nov-09
                                                                                                                                                    34.0

Senior Producers
                                              Ful. Dil.          Ful. Dil.       Long-Term      Other        Life of Mine          Adjusted Market
                                           In The Money       In The Money          Debt        Assets        Capex (17)            Capitalization
Company                     Ticker         Mkt. Cap. (15)     Wrk. Cap. (9)         (10)          (16)      P&P      Ttl. All.   P&P (18)   Ttl. All. (19)
Agnico-Eagle                AEM                      9,747                 174           485         404               3,816                     13,470
AngloGold Ashanti           ANG                     15,999                 506         1,735        (941)              9,586                     27,755
Barrick Gold                ABX                     41,804                 258         5,059        (461)             19,962                     67,028
Goldcorp                    GG                      31,218                 854           705        (533)              5,436                     37,039
Gold Fields                 GFI                     10,259                  33           855        (677)             16,949                     28,707
Harmony                     HAR                      4,686                 229            15        (672)              7,090                     12,234
Kinross Gold                KGC                     13,504                 604           707        (640)              5,563                     19,809
Newcrest Mining             NCM                     16,184                 328           404        (645)              4,589                     21,493
Newmont Mining              NEM                     26,142                 323         2,810        (548)             10,007                     39,184
Polyus Gold                 PLZL                    10,942                 441             0     (2,347)               1,611                     14,459
Yamana                      AUY                      9,664                   2           462        (511)              8,096                     18,732

Sr. NA Producer Avg.                                                                                                                    na        32,544
Sr. Producer Avg.                                                                                                                       na        27,265

Intermediate Producers
Alamos Gold                  AGI                    1,286                 141             0           3                  532                       1,673
Aurizon Mines                ARZ                      817                 101             1         (55)                 199                         970
Centerra Gold                CG                     2,905                 120             0        (169)                 713                       3,665
Eldorado Gold                ELD                    5,324                 144            (5)       (280)               1,006                       6,461
Franco Nevada                FNV                    3,118                 479             0          28                    0                       2,610
Gammon Gold                  GAM                    1,548                  90             4         (66)                 881                       2,410
Golden Star                  GSS                      907                  33           115         (71)                 103                       1,163
IAMGOLD                      IAG                    6,865                 290             5        (235)               1,949                       8,765
Kingsgate                    KCN                      851                  25             0         (58)                 201                       1,085
Lihir Gold                   LGL                    8,192                 488             0        (513)              11,213                      19,429
New Gold                     NGD                    1,434                 251           229        (101)                 721                       2,234
OceanaGold                   OGC                      324                  23           155         (53)                 151                         661
Petropavlovsk                POG                    3,519                  87           157         394                  873                       4,068
Randgold Resources           GOLD                   7,588                 672             1        (189)               1,480                       8,587
Red Back                     RBI                    3,289                 137             0         (19)                 510                       3,680
Resolute Mining              RSG                      374                 (10)           91         (35)                 171                         682
SEMAFO                       SMF                    1,110                  24            28           1                  235                       1,349
Sino Gold                    SGX                    2,074                 108           140         (37)                 312                       2,456

Int. NA Producer Avg.                                                                                                                   na         3,275
Int. Producer Avg.                                                                                                                      na         4,101

Emerging Producers
Anatolia Minerals            ANO                      278                 101            66         (45)                  328                        617
Andean Resources             AND                    1,141                 111            26          36      264          339       1,284          1,360
Centamin Egypt               CNT                    2,163                  98             0         (77)                  479                      2,621
CGA Mining                   CGA                      550                   7            90          (3)                  150                        787
Cluff Gold                   CLF                      133                   8             0         (81)                  228                        433
Comaplex Minerals            CMF                      379                  50             0          51      283          365         559            642
Detour Gold                  DGC                    1,156                 375             0         794      867        1,284         853          1,270
Dundee Precious Metals       DPM                      297                 116            15         366      164          353          (6)           183
Gabriel Resources            GBU                    1,203                 153             0           0      930        1,226       1,979          2,275
Great Basin Gold             GBG                      672                  90            72         (27)                  271                        953
Greystar Resources Ltd.      GSL                      411                  81             0          86      838          937       1,082          1,181
Guyana Goldfields            GUY                      613                  13             0         (11)                  270                        880
Lake Shore Gold              LSG                    1,257                 138             0         (65)                  463                      1,647
Minefinders                  MFL                      674                  70           118         (24)                   40                        786
Osisko Mining Corp.          OSK                    2,492                 778            92         119      433          758       2,119          2,444
Pacific Rim Mining           PMU                       25                   0             0          30      110          135         105            129
Rubicon Minerals             RMX                      853                 118             0         (59)                   33                        828
San Gold                     SGR                      970                  29             0         (46)                   13                        999

Jr. NA Producer Avg.                                                                                                                1,339          1,165
Jr. Producer Avg.                                                                                                                     948          1,073

Sector Averages
Sr./Int. NA Producer Avg.                                                                                                               na        15,136
Sr./Int. Producer Avg.                                                                                                                  na        13,654
Overall NA Avg.                                                                                                                     1,339          8,919
Overall Avg.                                                                                                                          948          8,298
Source: BMO Capital Markets, Bloomberg




                                                                                                                                                 Page 6
                                                       The Gold Pages
                                Adjusted Market Capitalization per Ounce (US$)

Latest Gold Price: US$1174/oz
                     2.0                    3.0         4.0     35.0           36.0          37.0               38.0             39.0   27-Nov-09
                                                                                                                                              40.0

Senior Producers                                              Adjusted Market           Ttl. All. Adjusted Market         Investment Margin
                                             Share Price in    Capitalization            Capitalization Per: (20)           At Spot Au (21)
                                            Local Curency Per Rec. Oz (US$)             2009E         2009E-2012E       "What You         % of
Company                     Ticker                 27-Nov P&P (3)    Ttl. All. (4)    Prod'n Oz.       Prod'n Oz.      Get Per Oz."     Spot Au
Agnico-Eagle                AEM          US        $62.42                    $656       $19,967             $10,122            ($200)     -21.87%
AngloGold Ashanti           ANG          ZAR     R 330.50                    $324        $6,043              $5,740             $108       11.78%
Barrick Gold                ABX          US        $42.54                    $450        $9,048              $8,584              ($7)       -0.75%
Goldcorp                    GG           US        $42.44                    $694       $15,812             $13,125            ($168)     -18.37%
Gold Fields                 GFI          ZAR     R 107.99                    $347        $8,574              $7,692              $25         2.72%
Harmony                     HAR          ZAR      R 81.50                    $263        $7,911              $7,127              $22         2.44%
Kinross Gold                KGC          US        $19.37                    $387        $9,013              $8,542              $97       10.60%
Newcrest Mining             NCM          AUD     A$ 36.93                    $516       $13,178             $11,501             ($67)       -7.34%
Newmont Mining              NEM          US        $53.35                    $428        $7,722              $7,364              $35         3.78%
Polyus Gold                 PLZL         US        $57.40                    $186       $12,127              $8,763             $324       35.46%
Yamana                      AUY          US      C$ 13.18                    $758       $15,045             $13,602            ($273)     -29.84%

Sr. NA Producer Avg.                                            na           $500       $10,308             $9,285             ($86)          -9.41%
Sr. Producer Avg.                                               na           $414        $9,596             $8,595              ($9)          -1.04%

Intermediate Producers
Alamos Gold                  AGI         CDN        $12.19                   $354        $9,720             $8,910             $225           24.65%
Aurizon Mines                ARZ         CDN       C$ 5.22                   $271        $6,036             $6,015             $485           41.29%
Centerra Gold                CG          CDN        $13.04                   $419        $5,763             $5,297             $292           24.87%
Eldorado Gold                ELD         CDN      C$ 14.17                   $552       $19,931            $15,108              $56            6.09%
Franco Nevada                FNV         CDN      C$ 29.07                 $1,895       $22,592            $21,975            ($981)        -107.28%
Gammon Gold                  GAM         CDN      C$ 12.00                   $439       $10,687             $6,680              $56            6.10%
Golden Star                  GSS         US          $3.74                   $258        $3,165             $2,754             $328           27.94%
IAMGOLD                      IAG         US         $18.68                   $527        $9,451             $8,270             ($77)          -8.44%
Kingsgate                    KCN         AUD       A$ 9.73                   $412       $11,593             $7,012             $141           15.40%
Lihir Gold                   LGL         AUD       A$ 3.57                   $584       $17,023            $15,918             ($83)          -9.08%
New Gold                     NGD         CDN       C$ 3.77                   $219        $7,280             $5,269             $496           42.26%
OceanaGold                   OGC         AUD       A$ 1.93                   $295        $2,225             $2,327             $108           11.85%
Petropavlovsk                POG         GBP        £12.49                   $476        $8,677             $6,744             $114           12.47%
Randgold Resources           GOLD        US         $85.26                   $443       $18,226            $12,318             $286           24.34%
Red Back                     RBI         CDN      C$ 15.03                   $489       $11,147             $7,100               $6            0.68%
Resolute Mining              RSG         AUD       A$ 1.17                   $196        $2,443             $1,742             $133           14.52%
SEMAFO                       SMF         CDN       C$ 4.52                   $488        $5,516             $5,134             $209           17.78%
Sino Gold                    SGX         AUD       A$ 7.82                   $473       $12,854             $8,736              $63            6.92%

Int. NA Producer Avg.                                           na           $488        $9,346             $9,621              $60           3.37%
Int. Producer Avg.                                              na           $492       $10,816             $9,643              $80           6.48%

Emerging Producers
Anatolia Minerals            ANO         CDN       C$ 2.50                   $174            na             $7,296             $390           33.23%
Andean Resources             AND         CDN       C$ 2.54    $430           $455           nap            $22,661             $478           40.69%
Centamin Egypt               CNT         AUD       A$ 2.35                   $316           nap            $10,926            ($249)         -27.19%
CGA Mining                   CGA         CDN       C$ 2.13                   $256        $8,884             $3,867             $438           37.35%
Cluff Gold                   CLF         GBP         £0.64                   $286       $11,559             $5,078             $462           39.32%
Comaplex Minerals            CMF         CDN       C$ 6.58    $318           $365           nap                nap             $453           38.62%
Detour Gold                  DGC         CDN      C$ 16.60    $109           $162           nap            $33,038             $602           51.27%
Dundee Precious Metals       DPM         CDN       C$ 3.14     ($3)           $77        $1,617             $1,284             $779           66.34%
Gabriel Resources            GBU         CDN       C$ 3.88    $275           $316           nap                nap             $480           40.93%
Great Basin Gold             GBG         CDN       C$ 1.64                   $215       $11,111             $3,767             $477           40.62%
Greystar Resources Ltd.      GSL         CDN       C$ 5.94    $172           $187           nap            $32,605             $593           50.47%
Guyana Goldfields            GUY         CDN       C$ 7.12                   $189            na            $31,148             $599           51.03%
Lake Shore Gold              LSG         CDN       C$ 3.97                   $541      $220,202            $12,854             ($49)          -4.14%
Minefinders                  MFL         CDN      C$ 11.39                   $250        $7,754             $3,706             $507           43.21%
Osisko Mining Corp.          OSK         CDN       C$ 7.74    $317           $365           nap             $6,642             $483           41.13%
Pacific Rim Mining           PMU         CDN       C$ 0.22     $96           $118           nap                nap             $786           66.98%
Rubicon Minerals             RMX         CDN       C$ 4.55                   $581            na            $14,785             $273           23.29%
San Gold                     SGR         CDN       C$ 3.79                   $290       $18,685             $6,584             $481           40.98%

Jr. NA Producer Avg.                                          $317           $282       $11,507             $6,642             $414          35.23%
Jr. Producer Avg.                                             $212           $259       $10,101             $9,688             $488          41.54%

Sector Averages                                                                                                                         .
Sr./Int. NA Producer Avg.                                       na           $500       $10,188             $9,322             ($27)         -4.27%
Sr./Int. Producer Avg.                                          na           $427        $9,821             $8,735              $29           2.13%
Overall NA Avg.                                               $317           $479       $10,196             $9,288             $172          13.51%
Overall Avg.                                                  $212           $413        $9,811             $8,748             $224          18.89%

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                  Page 7
                                                            The Gold Pages
                                                       Enterprise Value Multiples

Latest Gold Price: US$1174/oz
                    2.0                              41.0             42.0           43.0         44.0       45.0     46.0      47.0         27-Nov-09
                                                                                                                                          48.0     49.0

Senior Producers                                            Enterprise Value ($mm)                                   Enterprise Multiple (6)
                                            Ful. Dil.          Ful. Dil.       Long-Term    Enterprise              Enterprise Value/EBITDA
                                         In the Money       In the Money        Debt         Value                                              9E-2011E
Company                     Ticker       Mkt. Cap. (15)     Wrk. Cap. (9)        (10)         (22)       2008A      2009E    2010E     2011E      Avg.
Agnico-Eagle                AEM                   $9,747              $174           $485     $10,058       30.0      30.0     12.8       9.7       24.3
AngloGold Ashanti           ANG                  $15,999              $506         $1,735     $17,229       30.0      10.1      7.9       6.1       16.0
Barrick Gold                ABX                  $41,804              $258         $5,059     $46,605       12.6      12.4     10.8       9.1       11.9
Goldcorp                    GG                   $31,218              $854           $705     $31,070       28.1      23.3     16.0      11.8       22.5
Gold Fields                 GFI                  $10,259                $33          $855     $11,081        8.5       7.2      6.0       4.6        7.2
Harmony                     HAR                   $4,686              $229            $15      $4,472       13.5      11.1     11.0       6.1       11.9
Kinross Gold                KGC                  $13,504              $604           $707     $13,606       16.4      12.6     10.6       9.1       13.2
Newcrest Mining             NCM                  $16,184              $328           $404     $16,260       15.4      16.6     14.4      11.4       15.4
Newmont Mining              NEM                  $26,142              $323         $2,810     $28,629       11.9       7.7      5.7       4.8        8.4
Polyus Gold                 PLZL                 $10,942              $441             $0     $10,501       22.1      19.0     14.3       9.2       18.5
Yamana                      AUY                   $9,664                 $2          $462     $10,124       18.4      14.7     10.3       9.0       14.5

Sr. NA Producer Avg.                                                                                       19.6      16.8     11.0        8.9       15.8
Sr. Producer Avg.                                                                                          18.8      15.0     10.9        8.3       14.9

Intermediate Producers
Alamos Gold                 AGI                  $1,286             $141             $0       $1,145       16.5      11.8     10.9       8.6        13.1
Aurizon Mines               ARZ                    $817             $101             $1         $717       16.1       8.2      8.9       6.8         8.0
Centerra Gold               CG                   $2,905             $120             $0       $2,784       11.7      13.7      8.3       6.6         9.5
Eldorado Gold               ELD                  $5,324             $144            ($5)      $5,174       30.0      29.9     24.3      14.6        28.0
Franco Nevada               FNV                  $3,118             $479             $0       $2,639       20.1      20.2     17.2      14.0        19.2
Gammon Gold                 GAM                  $1,548              $90             $4       $1,462       24.1      16.4      6.3       4.5        15.6
Golden Star                 GSS                    $907              $33           $115         $989       30.0       8.0      4.3       1.8         4.7
IAMGOLD                     IAG                  $6,865             $290             $5       $6,581       15.2      15.3     14.0       9.2        14.8
Kingsgate                   KCN                    $851              $25             $0         $826       30.0      21.1      9.5       7.1        20.2
Lihir Gold                  LGL                  $8,192             $488             $0       $7,704       16.8      11.0     10.7       9.3        12.9
New Gold                    NGD                  $1,434             $251           $229       $1,412        nap      15.4      8.1       7.2        10.2
OceanaGold                  OGC                    $324              $23           $155         $457        6.8       4.2      6.4       2.2         5.8
Petropavlovsk               POG                  $3,519              $87           $157       $3,589       14.3      12.3      9.3       5.9        12.0
Randgold Resources          GOLD                 $7,588             $672             $1       $6,917       30.0      30.0     27.7      13.7        23.8
Red Back                    RBI                  $3,289             $137             $0       $3,152       28.6      19.8      9.3       7.3        19.2
Resolute Mining             RSG                    $374             ($10)           $91         $476       27.6       7.9      7.1       3.7        14.2
SEMAFO                      SMF                  $1,110              $24            $28       $1,114       17.3      10.2      7.3       5.0         7.5
Sino Gold                   SGX                  $2,074             $108           $140       $2,107       30.0      20.2     12.8       7.5        21.0

Int. NA Producer Avg.                                                                                      21.0      15.4     11.1        7.9       14.0
Int. Producer Avg.                                                                                         21.5      15.3     11.4        7.5       14.7

Emerging Producers
Anatolia Minerals           ANO                    $278             $101            $66         $243        nap       nap      nap       3.8         3.8
Andean Resources            AND                  $1,141             $111            $26       $1,056        nap       nap      nap       nap         nap
Centamin Egypt              CNT                  $2,163              $98             $0       $2,065       30.0      30.0     30.0      13.8        30.0
CGA Mining                  CGA                    $550               $7            $90         $621        nap      >30       5.6       3.4         4.5
Cluff Gold                  CLF                    $133               $8             $0         $125       30.0      30.0      4.1       2.6        12.2
Comaplex Minerals           CMF                    $379              $50             $0         $328        nm        nap      nap      56.3        56.3
Detour Gold                 DGC                  $1,156             $375             $0         $780        nap       nap      nap       nap         nap
Dundee Precious Metals      DPM                    $297             $116            $15         $196        nap       5.8      2.7       1.3         3.3
Gabriel Resources           GBU                  $1,203             $153             $0       $1,050        nap       nap      nap       nm          nap
Great Basin Gold            GBG                    $672              $90            $72         $653       30.0      30.0     10.4       2.0        14.1
Greystar Resources Ltd.     GSL                    $411              $81             $0         $330        nap       nap      nap      55.7        55.7
Guyana Goldfields           GUY                    $613              $13             $0         $600        nap       nap      nap       nap         nap
Lake Shore Gold             LSG                  $1,257             $138             $0       $1,119        nap       nap      nap       9.5         9.5
Minefinders                 MFL                    $674              $70           $118         $776       >30       >30       7.4       2.7         5.1
Osisko Mining Corp.         OSK                  $2,492             $778            $92       $1,805        nap       nap      nap       3.6         3.6
Pacific Rim Mining          PMU                     $25               $0             $0          $25        nap       nap      nap       nap         nap
Rubicon Minerals            RMX                    $853             $118             $0         $735        nap       nap      nap      >30          nap
San Gold                    SGR                    $970              $29             $0         $941        nap       nap     10.4       5.1         7.7

Jr. NA Producer Avg.                                                                                       30.0      22.7       8.4     10.4        12.8
Jr. Producer Avg.                                                                                          30.0      20.3       6.9     13.0        15.5

Sector Averages                                                                                                                                          .
Sr./Int. NA Producer Avg.                                                                                  20.7      16.4     11.2        8.3       15.1
Sr./Int. Producer Avg.                                                                                     20.6      15.4     11.3        7.9       15.0
Overall NA Avg.                                                                                            21.0      16.6     10.4        9.0       14.0
Overall Avg.                                                                                               21.1      15.8     10.4        9.5       15.0

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                Page 8
                                                            The Gold Pages
                                                            Earnings Summary

Latest Gold Price: US$1174/oz
                   2.0                   120.0       50.0       51.0       52.0        53.0       54.0         55.0      56.0       57.0    27-Nov-09
                                                                                                                                                  58.0

Senior Producers
                                                                 Adjusted                               Price to Earnings (24)                 EPS
                                         Last          Earnings Per Share (23) (US$)                                                         Growth
Company                     Ticker       Rep.     2008A     2009E      2010E       2011E      2008A        2009E      2010E      2011E     2008A-2011E
Agnico-Eagle                AEM          3Q09      $0.51      $0.66      $2.50       $3.32        nap         nap       24.9       18.8          557%
AngloGold Ashanti           ANG          3Q09      $0.36     ($0.45)     $1.95       $2.67        nap         nap       22.9       16.7          652%
Barrick Gold                ABX          3Q09      $1.70      $1.80      $2.01       $2.38       25.0        23.7       21.2       17.9           40%
Goldcorp                    GG           3Q09      $0.61      $0.78      $1.13       $1.58        nap         nap       37.6       26.9          161%
Gold Fields                 GFI          1Q9/10    $0.65      $0.51      $0.86       $1.19       22.6        28.4       17.0       12.3           84%
Harmony                     HAR          1Q9/10    $0.26      $0.29      $0.31       $0.69       42.7        38.0       35.7       16.0          167%
Kinross Gold                KGC          3Q09      $0.40      $0.44      $0.72       $0.91       48.8        43.7       26.9       21.4          128%
Newcrest Mining             NCM          2H8/9     $1.05      $0.77      $1.04       $1.40       32.0        43.5       32.3       23.9           34%
Newmont Mining              NEM          3Q09      $1.99      $2.37      $3.08       $3.79       26.8        22.5       17.3       14.1           90%
Polyus Gold                 PLZL         1H09      $1.76      $1.86      $2.51       $3.82       32.6        30.9       22.8       15.0          117%
Yamana                      AUY          3Q09      $0.43      $0.47      $0.73       $0.82       30.6        28.3       18.1       16.1           90%

Sr. NA Producer Avg.                                                                             35.1         31.0      23.0       18.6           89%
Sr. Producer Avg.                                                                                35.9         35.9      23.3       17.9          100%

Intermediate Producers
Alamos Gold                 AGI          3Q09      $0.35      $0.50      $0.55      $0.70        32.3         22.8      20.7       16.4           97%
Aurizon Mines               ARZ          2Q09      $0.03      $0.19      $0.21      $0.33         nap         25.4      23.4       14.7         1092%
Centerra Gold               CG           3Q09      $0.45      $0.30      $0.75      $0.91        27.4         41.2      16.4       13.5          103%
Eldorado Gold               ELD          3Q09      $0.27      $0.26      $0.32      $0.52        49.6          nap      42.0       25.5           95%
Franco Nevada               FNV          3Q09      $0.34      $0.21      $0.39      $0.45         nap          nap       nap        nap           32%
Gammon Gold                 GAM          3Q09      $0.22      $0.16      $0.67      $0.93         nap          nap      16.8       12.1          327%
Golden Star                 GSS          3Q09     ($0.16)    ($0.01)     $0.17      $0.46         nap          nap      21.8        8.2          394%
IAMGOLD                     IAG          3Q09      $0.36      $0.50      $0.62      $0.94         nap         37.3      30.1       19.8          161%
Kingsgate                   KCN          2H8/9     $0.09      $0.22      $0.68      $0.89         nap         40.1      12.9        9.9          876%
Lihir Gold                  LGL          2Q09      $0.09      $0.12      $0.16      $0.17        36.7         27.8      20.6       18.7           97%
New Gold                    NGD          2Q09      $0.03      $0.10      $0.17      $0.26         nap         37.0      21.4       13.5          841%
OceanaGold                  OGC          3Q09     ($0.02)     $0.12     ($0.02)     $0.27         nap         14.4       nap        6.4         1868%
Petropavlovsk               POG          1H09      $0.80      $0.99      $1.48      $2.31        25.6         20.9      13.9        8.9          187%
Randgold Resources          GOLD         3Q09      $0.68      $0.72      $1.36      $3.00         nap          nap       nap       28.4          340%
Red Back                    RBI          3Q09      $0.29      $0.41      $0.80      $0.84        48.0         34.8      17.8       16.8          185%
Resolute Mining             RSG          4Q8/9     $0.01      $0.08      $0.05      $0.15         nap         13.9      20.7        7.2         1667%
SEMAFO                      SMF          3Q09      $0.12      $0.19      $0.27      $0.38        36.8         22.6      15.7       11.3          227%
Sino Gold                   SGX          2Q09      $0.05      $0.12      $0.27      $0.47         nap          nap      25.8       15.1          817%

Int. NA Producer Avg.                                                                            52.3         43.1      25.7       18.4          184%
Int. Producer Avg.                                                                               51.9         39.7      25.2       17.2          201%

Emerging Producers
Anatolia Minerals           ANO          1Q09     ($0.16)    ($0.20)    ($0.22)      $0.36       nap           nap       nap        6.5          323%
Andean Resources            AND          4Q-01    ($0.05)    ($0.04)    ($0.01)     ($0.01)      nap           nap       nap        nap            nap
Centamin Egypt              CNT          1Q10      $0.01      $0.00      $0.07       $0.26       nap           nap      31.1        8.2         4182%
CGA Mining                  CGA          3Q09     ($0.06)     $0.04      $0.32       $0.40       nap          49.9       6.2        5.0          824%
Cluff Gold                  CLF          1H09     ($0.08)    ($0.02)     $0.14       $0.24       nap           nap       7.3        4.4          393%
Comaplex Minerals           CMF          3Q09      $0.04     ($0.05)    ($0.45)      $0.07       nm            nap       nap       92.2           54%
Detour Gold                 DGC          3Q09     ($0.53)    ($0.47)    ($0.23)     ($0.15)      nap           nap       nap        nap            nap
Dundee Precious Metals      DPM          3Q09     ($0.67)     $0.12      $0.35       $0.87       nap          24.2       8.3        3.4            nap
Gabriel Resources           GBU          3Q09     ($0.02)    ($0.05)    ($0.00)      $0.01       nap           nap       nap        nm             nap
Great Basin Gold            GBG          3Q09     ($0.43)    ($0.05)     $0.06       $0.28       nap           nap      26.0        5.4          166%
Greystar Resources Ltd.     GSL          3Q09     ($0.45)    ($0.40)    ($0.06)      $0.04       nap           nap       nap        nm             nap
Guyana Goldfields           GUY          1Q09     ($0.23)    ($0.03)    ($0.04)     ($0.12)      nap           nap       nap        nap           48%
Lake Shore Gold             LSG          2Q09     ($0.03)    ($0.03)    ($0.02)      $0.28       nap           nap       nap       13.5         1058%
Minefinders                 MFL          2Q09     ($0.58)    ($0.13)     $1.34       $2.50       nap           nap       8.0        4.3          532%
Osisko Mining Corp.         OSK          3Q09      $0.02     ($0.06)    ($0.04)      $0.97       nm            nap       nap        7.5         4373%
Pacific Rim Mining          PMU          4Q09     ($0.12)    ($0.04)    ($0.04)     ($0.03)      nap           nap       nap        nap            nap
Rubicon Minerals            RMX          2Q09      $0.00     ($0.01)    ($0.01)      $0.09       nap           nap       nap       49.6         2738%
San Gold                    SGR          1Q09     ($0.14)    ($0.04)     $0.30       $0.52       nap           nap      12.0        6.8          466%

Jr. NA Producer Avg.                                                                              nm           nm       42.1        9.6            na
Jr. Producer Avg.                                                                                 nm           nm       55.8       12.7            na

Sector Averages                                                                                                                                      .
Sr./Int. NA Producer Avg.                                                                        37.0         32.6      23.4       18.6           99%
Sr./Int. Producer Avg.                                                                           38.3         36.6      23.7       17.8          115%
Overall NA Avg.                                                                                  42.0         35.0      24.1       17.6          139%
Overall Avg.                                                                                     43.9         39.7      24.5       17.4          152%

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                  Page 9
                                                        The Gold Pages
                                                  Operating Cash Flow Summary

Latest Gold Price: US$1174/oz
                   2.0                   120.0         59.0      60.0      61.0      62.0          63.0      64.0      65.0       66.0    27-Nov-09
                                                                                                                                                67.0

Senior Producers
                                                                 Adjusted                            Price to Cash Flow (26)                CFPS
                                         Last            Cash Flow Per Share (25)           .                                              Growth
Company                     Ticker       Rep.      2008A     2009E      2010E     2011E         2008A     2009E     2010E      2011E     2008A-2011E
Agnico-Eagle                AEM          3Q09        $0.75    $1.12      $3.77     $4.80          83.5      55.8      16.6       13.0          542%
AngloGold Ashanti           ANG          3Q09        $2.27    $1.24      $3.91     $4.71          19.7      36.1      11.4        9.5          108%
Barrick Gold                ABX          3Q09        $2.92    $2.97      $3.18     $3.62          14.6      14.3      13.4       11.7           24%
Goldcorp                    GG           3Q09        $1.29    $1.48      $1.89     $2.41          33.0      28.7      22.5       17.6           88%
Gold Fields                 GFI          1Q9/10      $1.28    $1.20      $1.78     $2.16          11.4      12.1       8.2        6.8           68%
Harmony                     HAR          1Q9/10      $0.57    $0.67      $0.79     $1.19          19.3      16.4      14.0        9.2          109%
Kinross Gold                KGC          3Q09        $0.87    $1.14      $1.40     $1.59          22.3      16.9      13.9       12.2           83%
Newcrest Mining             NCM          2H8/9       $1.64    $1.19      $1.67     $2.14          20.4      28.2      20.0       15.7           30%
Newmont Mining              NEM          3Q09        $3.71    $3.97      $4.83     $5.62          14.4      13.4      11.0        9.5           51%
Polyus Gold                 PLZL         1H09        $2.31    $2.40      $3.14     $4.80          24.8      23.9      18.3       12.0          108%
Yamana                      AUY          3Q09        $0.69    $0.81      $1.13     $1.24          19.0      16.3      11.7       10.6           79%

Sr. NA Producer Avg.                                                                              19.3      17.6      14.2       12.2          58%
Sr. Producer Avg.                                                                                 18.9      18.8      13.9       11.5          64%

Intermediate Producers
Alamos Gold                 AGI          3Q09       $0.57     $0.70     $0.73     $0.90           20.3      16.5      15.6       12.7          60%
Aurizon Mines               ARZ          2Q09       $0.37     $0.42     $0.43     $0.59           13.3      11.8      11.4        8.3          60%
Centerra Gold               CG           3Q09       $0.81     $0.76     $1.23     $1.41           15.1      16.2      10.0        8.7          74%
Eldorado Gold               ELD          3Q09       $0.34     $0.33     $0.39     $0.64           39.0      40.5      34.4       20.8          87%
Franco Nevada               FNV          3Q09       $1.22     $1.06     $1.21     $1.35           22.4      25.9      22.6       20.2          11%
Gammon Gold                 GAM          3Q09       $0.54     $0.52     $1.20     $1.52           20.7      21.9       9.4        7.4         180%
Golden Star                 GSS          3Q09       $0.10     $0.46     $0.67     $1.02           39.3       8.0       5.6        3.6         977%
IAMGOLD                     IAG          3Q09       $0.93     $0.92     $1.03     $1.44           20.2      20.4      18.2       12.9          56%
Kingsgate                   KCN          2H8/9      $0.17     $0.29     $0.77     $1.02           51.1      29.9      11.5        8.7         489%
Lihir Gold                  LGL          2Q09       $0.14     $0.19     $0.23     $0.26           23.6      16.9      13.9       12.5          89%
New Gold                    NGD          2Q09       $0.32     $0.24     $0.25     $0.39           11.2      15.0      14.0        9.1          23%
OceanaGold                  OGC          3Q09       $0.29     $0.46     $0.33     $0.62            6.0       3.8       5.3        2.8         112%
Petropavlovsk               POG          1H09       $1.08     $1.20     $1.71     $2.61           19.1      17.2      12.0        7.9         142%
Randgold Resources          GOLD         3Q09       $0.96     $1.06     $1.74     $3.68           88.8      80.2      49.1       23.2         283%
Red Back                    RBI          3Q09       $0.52     $0.66     $1.24     $1.32           27.3      21.6      11.4       10.7         155%
Resolute Mining             RSG          4Q8/9      $0.07     $0.13     $0.13     $0.23           14.8       8.1       8.0        4.6         223%
SEMAFO                      SMF          3Q09       $0.23     $0.33     $0.42     $0.54           18.6      12.9      10.1        7.9         136%
Sino Gold                   SGX          2Q09       $0.28     $0.61     $1.12     $1.86           25.7      11.7       6.4        3.8         576%

Int. NA Producer Avg.                                                                             22.6      20.5      14.9       11.5          96%
Int. Producer Avg.                                                                                25.1      20.5      14.9       10.8         132%

Emerging Producers
Anatolia Minerals           ANO          1Q09       ($0.19)   ($0.08)   ($0.18)    $0.52           nap       nap       nap        4.5         378%
Andean Resources            AND          4Q-01      ($0.03)   ($0.03)   ($0.01)   ($0.01)          nap       nap       nap        nap           nap
Centamin Egypt              CNT          1Q10        $0.00     $0.00     $0.04     $0.18         513.0    1375.7      58.0       12.0        4166%
CGA Mining                  CGA          3Q09        $0.01    ($0.02)    $0.25     $0.43         264.5       nap       8.2        4.6        5617%
Cluff Gold                  CLF          1H09       ($0.08)   ($0.00)    $0.17     $0.27           nap       nap       6.2        3.9         433%
Comaplex Minerals           CMF          3Q09        $0.04    ($0.02)   ($0.45)    $0.07           nm        nap       nap       92.2          73%
Detour Gold                 DGC          3Q09       ($0.61)   ($0.49)   ($0.23)   ($0.15)          nap       nap       nap        nap           nap
Dundee Precious Metals      DPM          3Q09       ($0.43)    $0.30     $0.55     $1.12           nap       9.9       5.3        2.6           nap
Gabriel Resources           GBU          3Q09       ($0.03)   ($0.04)   ($0.00)    $0.01           nap       nap       nap        nm            nap
Great Basin Gold            GBG          3Q09       ($0.40)   ($0.04)    $0.09     $0.34           nap       nap      17.9        4.6         184%
Greystar Resources Ltd.     GSL          3Q09       ($0.41)   ($0.37)   ($0.06)    $0.04           nap       nap       nap        nm            nap
Guyana Goldfields           GUY          1Q09        $0.02     $0.00    ($0.01)   ($0.10)        428.9    1343.6       nap        nap        -722%
Lake Shore Gold             LSG          2Q09       ($0.02)   ($0.02)   ($0.02)    $0.38           nap       nap       nap        9.9        1865%
Minefinders                 MFL          2Q09       ($0.60)    $0.06     $1.67     $2.99           nap     194.5       6.4        3.6         594%
Osisko Mining Corp.         OSK          3Q09       ($0.03)   ($0.05)   ($0.04)    $1.03           nap       nap       nap        7.1           nap
Pacific Rim Mining          PMU          4Q09       ($0.08)   ($0.05)   ($0.04)   ($0.03)          nap       nap       nap        nap           nap
Rubicon Minerals            RMX          2Q09       ($0.01)   ($0.01)   ($0.01)    $0.10           nap       nap       nap       43.9        1200%
San Gold                    SGR          1Q09       ($0.14)   ($0.02)    $0.34     $0.58           nap       nap      10.6        6.2         529%

Jr. NA Producer Avg.                                                                             (87.9)    324.7      33.5        8.2            na
Jr. Producer Avg.                                                                                (52.3)   (353.3)     42.2       10.6            na

Sector Averages
Sr./Int. NA Producer Avg.                                                                         19.8      18.1      14.4       12.1          64%
Sr./Int. Producer Avg.                                                                            20.0      19.1      14.1       11.4          76%
Overall NA Avg.                                                                                   21.3      19.1      14.9       11.7          82%
Overall Avg.                                                                                      21.7      20.3      14.7       11.3          92%

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                Page 10
                                                              The Gold Pages
                                              Adjusted Earnings per Share Summary
                                                    (Sensitivity to Gold Price)
Latest Gold Price: US$1174/oz
                2.00                     120.00     52.10     53.10     52.00     53.00     52.30     53.30     52.40      53.40     52.50     53.50      27-Nov-09
                                                                                                                                                         52.60 53.60

Senior Producers                                                                     Adjusted Earnings Per Share (24)
                                                      Spot Au          Current BMO                                      Other Gold Prices
                                     Last          US$1,174/Oz.            Est.             US$800/Oz          US$1,000/Oz          US$1,200/Oz         US$1,400/Oz
Company                     Ticker   Rep.         2010E 2011E         2010E 2011E         2010E 2011E         2010E 2011E          2010E 2011E         2010E 2011E
Agnico-Eagle                AEM      3Q09         $3.04   $3.70       $2.50    $3.32       $1.43   $1.78      $2.29   $2.81        $3.15   $3.84       $4.01   $4.87
AngloGold Ashanti           ANG      3Q09         $2.81   $3.27       $1.95    $2.67       $0.24   $0.40      $1.61   $1.94        $2.99   $3.47       $4.36   $5.00
Barrick Gold                ABX      3Q09         $2.68   $2.79       $2.01    $2.38       $0.66   $0.74      $1.74   $1.83        $2.82   $2.93       $3.90   $4.02
Goldcorp                    GG       3Q09         $1.39   $1.76       $1.13    $1.58       $0.61   $0.86      $1.03   $1.34        $1.44   $1.82       $1.86   $2.28
Gold Fields                 GFI      1Q9/10       $1.39   $1.55       $0.86    $1.19       $0.13   $0.20      $0.80   $0.92        $1.48   $1.64       $2.15   $2.36
Harmony                     HAR      1Q9/10       $0.70   $0.97       $0.31    $0.69      ($0.23) ($0.08)     $0.27   $0.48        $0.76   $1.04       $1.25   $1.60
Kinross Gold                KGC      3Q09         $0.95   $1.04       $0.72    $0.91       $0.25   $0.35      $0.62   $0.72        $1.00   $1.09       $1.38   $1.45
Newcrest Mining             NCM      2H8/9        $1.41   $1.69       $1.04    $1.40       $0.50   $0.64      $0.99   $1.20        $1.48   $1.76       $1.97   $2.32
Newmont Mining              NEM      3Q09         $4.00   $4.36       $3.08    $3.79       $1.22   $1.49      $2.71   $3.03        $4.19   $4.56       $5.66   $6.16
Polyus Gold                 PLZL     1H09         $3.20   $4.35       $2.51    $3.82       $1.13   $1.67      $2.24   $3.10        $3.35   $4.54       $4.45   $5.98
Yamana                      AUY      3Q09         $0.85   $0.90       $0.73    $0.82       $0.49   $0.51      $0.68   $0.72        $0.88   $0.93       $1.07   $1.12

Sr. NA Producer Avg.
Sr. Producer Avg.

Intermediate Producers
Alamos Gold                 AGI      3Q09         $0.67     $0.78      $0.55    $0.70      $0.32     $0.37     $0.51     $0.59     $0.70     $0.81     $0.89     $1.02
Aurizon Mines               ARZ      2Q09         $0.26     $0.39      $0.21    $0.33      $0.07     $0.10     $0.19     $0.26     $0.27     $0.41     $0.35     $0.57
Centerra Gold               CG       3Q09         $1.07     $1.11      $0.75    $0.91      $0.10     $0.11     $0.62     $0.64     $1.14     $1.18     $1.66     $1.72
Eldorado Gold               ELD      3Q09         $0.39     $0.59      $0.32    $0.52      $0.17     $0.28     $0.29     $0.44     $0.40     $0.61     $0.52     $0.77
Franco Nevada               FNV      3Q09         $0.50     $0.52      $0.39    $0.45      $0.16     $0.18     $0.34     $0.36     $0.52     $0.55     $0.70     $0.73
Gammon Gold                 GAM      3Q09         $0.78     $0.99      $0.67    $0.93      $0.39     $0.57     $0.60     $0.80     $0.81     $1.02     $1.02     $1.25
Golden Star                 GSS      3Q09         $0.33     $0.58      $0.17    $0.46     ($0.14)   ($0.00)    $0.11     $0.31     $0.36     $0.62     $0.61     $0.93
IAMGOLD                     IAG      3Q09         $0.82     $1.09      $0.62    $0.94      $0.22     $0.35     $0.54     $0.75     $0.86     $1.14     $1.18     $1.54
Kingsgate                   KCN      2H8/9        $0.86     $1.02      $0.68    $0.89      $0.44     $0.53     $0.66     $0.79     $0.89     $1.06     $1.12     $1.31
Lihir Gold                  LGL      2Q09         $0.20     $0.20      $0.16    $0.17      $0.07     $0.06     $0.14     $0.14     $0.21     $0.21     $0.28     $0.28
New Gold                    NGD      2Q09         $0.22     $0.30      $0.17    $0.26      $0.06     $0.11     $0.14     $0.21     $0.23     $0.31     $0.32     $0.42
OceanaGold                  OGC      3Q09         $0.02     $0.36     ($0.02)   $0.27     ($0.11)   ($0.05)   ($0.04)    $0.17     $0.03     $0.39     $0.09     $0.60
Petropavlovsk               POG      1H09         $1.79     $2.58      $1.48    $2.31      $0.85     $1.27     $1.35     $1.97     $1.86     $2.67     $2.37     $3.37
Randgold Resources          GOLD     3Q09         $1.76     $3.39      $1.36    $3.00      $0.56     $1.41     $1.20     $2.47     $1.84     $3.53     $2.49     $4.59
Red Back                    RBI      3Q09         $1.04     $0.97      $0.80    $0.84      $0.31     $0.32     $0.70     $0.67     $1.09     $1.01     $1.47     $1.36
Resolute Mining             RSG      4Q8/9        $0.12     $0.20      $0.05    $0.15     ($0.05)    $0.02     $0.04     $0.11     $0.13     $0.21     $0.22     $0.31
SEMAFO                      SMF      3Q09         $0.36     $0.44      $0.27    $0.38      $0.09     $0.15     $0.23     $0.30     $0.38     $0.46     $0.52     $0.61
Sino Gold                   SGX      2Q09         $0.34     $0.53      $0.27    $0.47      $0.14     $0.24     $0.25     $0.40     $0.36     $0.55     $0.47     $0.70

Int. NA Producer Avg.
Int. Producer Avg.

Emerging Producers
Anatolia Minerals           ANO      1Q09         ($0.19)    $0.43    ($0.22)    $0.36    ($0.27)    $0.09    ($0.23)     $0.27    ($0.19)    $0.45    ($0.15)    $0.63
Andean Resources            AND      4Q-01        ($0.01)   ($0.01)   ($0.01)   ($0.01)   ($0.01)   ($0.01)   ($0.01)    ($0.01)   ($0.01)   ($0.01)   ($0.01)   ($0.01)
Centamin Egypt              CNT      1Q10          $0.09     $0.30     $0.07     $0.26     $0.03     $0.14     $0.06      $0.22     $0.09     $0.31     $0.12     $0.39
CGA Mining                  CGA      3Q09          $0.40     $0.45     $0.32     $0.40     $0.17     $0.21     $0.29      $0.34     $0.41     $0.47     $0.53     $0.59
Cluff Gold                  CLF      1H09          $0.21     $0.28     $0.14     $0.24     $0.02     $0.07     $0.12      $0.18     $0.22     $0.30     $0.32     $0.41
Comaplex Minerals           CMF      3Q09         ($0.45)    $0.07    ($0.45)    $0.07    ($0.45)    $0.07    ($0.45)     $0.07    ($0.45)    $0.07    ($0.45)    $0.07
Detour Gold                 DGC      3Q09         ($0.23)   ($0.15)   ($0.23)   ($0.15)   ($0.23)   ($0.15)   ($0.23)    ($0.15)   ($0.23)   ($0.15)   ($0.23)   ($0.15)
Dundee Precious Metals      DPM      3Q09          $0.45     $0.95     $0.35     $0.87     $0.16     $0.53     $0.31      $0.76     $0.47     $0.98     $0.63     $1.21
Gabriel Resources           GBU      3Q09         ($0.00)    $0.01    ($0.00)    $0.01    ($0.00)    $0.01    ($0.00)     $0.01    ($0.00)    $0.01    ($0.00)    $0.01
Great Basin Gold            GBG      3Q09          $0.09     $0.32     $0.06     $0.28    ($0.02)    $0.13     $0.05      $0.23     $0.10     $0.34     $0.15     $0.44
Greystar Resources Ltd.     GSL      3Q09         ($0.06)    $0.04    ($0.06)    $0.04    ($0.06)    $0.04    ($0.06)     $0.04    ($0.06)    $0.04    ($0.06)    $0.04
Guyana Goldfields           GUY      1Q09         ($0.04)   ($0.12)   ($0.04)   ($0.12)   ($0.04)   ($0.12)   ($0.04)    ($0.12)   ($0.04)   ($0.12)   ($0.04)   ($0.12)
Lake Shore Gold             LSG      2Q09         ($0.02)    $0.32    ($0.02)    $0.28    ($0.02)    $0.12    ($0.02)     $0.22    ($0.02)    $0.33    ($0.02)    $0.44
Minefinders                 MFL      2Q09          $1.56     $2.68     $1.34     $2.50     $0.91     $1.78     $1.26      $2.26     $1.60     $2.74     $1.95     $3.23
Osisko Mining Corp.         OSK      3Q09         ($0.04)    $1.07    ($0.04)    $0.97    ($0.04)    $0.59    ($0.04)     $0.84    ($0.04)    $1.10    ($0.04)    $1.36
Pacific Rim Mining          PMU      4Q09         ($0.04)   ($0.03)   ($0.04)   ($0.03)   ($0.04)   ($0.03)   ($0.04)    ($0.03)   ($0.04)   ($0.03)   ($0.04)   ($0.03)
Rubicon Minerals            RMX      2Q09         ($0.01)    $0.10    ($0.01)    $0.09    ($0.01)    $0.04    ($0.01)     $0.07    ($0.01)    $0.10    ($0.01)    $0.13
San Gold                    SGR      1Q09          $0.36     $0.58     $0.30     $0.52     $0.16     $0.30     $0.27      $0.45     $0.38     $0.60     $0.48     $0.75

Jr. NA Producer Avg.
Jr. Producer Avg.

Sector Averages
Sr./Int. NA Producer Avg.
Sr./Int. Producer Avg.
Overall NA Avg.
Overall Avg.

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                                 Page 11
                                                                   The Gold Pages
                                                  Adjusted Cash Flow per Share Summary
                                                         (Sensitivity to Gold Price)
Latest Gold Price: US$1174/oz
                 2.0                     120.0      61.1       62.1      61.0      62.0       61.3      62.3      61.4       62.4      61.5      62.5       27-Nov-09
                                                                                                                                                           61.6   62.6

Senior Producers                                                                         Adjusted Cash Flow Per Share (25)
                                                     Spot Au           Current BMO                                       Other Gold Prices
                                        Last      US$1,174/Oz.              Est.             US$800/Oz           US$1,000/Oz          US$1,200/Oz         US$1,400/Oz
Company                     Ticker      Rep.     2010E   2011E        2010E     2011E      2010E   2011E       2010E    2011E       2010E    2011E      2010E    2011E
Agnico-Eagle                AEM       3Q09        $4.30   $5.18        $3.77     $4.80      $2.69   $3.26       $3.55    $4.29       $4.41    $5.32      $5.28    $6.35
AngloGold Ashanti           ANG       3Q09        $4.77   $5.30        $3.91     $4.71      $2.20   $2.43       $3.57    $3.97       $4.95    $5.50      $6.32    $7.04
Barrick Gold                ABX       3Q09        $3.85   $4.03        $3.18     $3.62      $1.84   $1.99       $2.92    $3.08       $3.99    $4.17      $5.07    $5.27
Goldcorp                    GG        3Q09        $2.14   $2.59        $1.89     $2.41      $1.38   $1.71       $1.79    $2.18       $2.19    $2.65      $2.60    $3.10
Gold Fields                 GFI      1Q9/10       $2.31   $2.52        $1.78     $2.16      $1.05   $1.17       $1.73    $1.89       $2.40    $2.61      $3.07    $3.33
Harmony                     HAR      1Q9/10       $1.17   $1.47        $0.79     $1.19      $0.25   $0.42       $0.74    $0.99       $1.24    $1.54      $1.73    $2.10
Kinross Gold                KGC       3Q09        $1.63   $1.73        $1.40     $1.59      $0.93   $1.05       $1.30    $1.41       $1.68    $1.77      $2.05    $2.14
Newcrest Mining             NCM       2H8/9       $2.05   $2.42        $1.67     $2.14      $1.13   $1.37       $1.62    $1.94       $2.11    $2.50      $2.60    $3.06
Newmont Mining              NEM       3Q09        $5.76   $6.19        $4.83     $5.62      $2.96   $3.30       $4.47    $4.85       $5.95    $6.39      $7.43    $7.99
Polyus Gold                 PLZL      1H09        $3.83   $5.33        $3.14     $4.80      $1.76   $2.65       $2.87    $4.09       $3.97    $5.52      $5.08    $6.96
Yamana                      AUY       3Q09        $1.24   $1.31        $1.13     $1.24      $0.91   $0.95       $1.08    $1.14       $1.27    $1.34      $1.45    $1.52

Sr. NA Producer Avg.
Sr. Producer Avg.

Intermediate Producers
Alamos Gold                 AGI      3Q09        $0.85     $0.98      $0.73     $0.90       $0.50    $0.58     $0.69      $0.80     $0.88     $1.01     $1.07     $1.23
Aurizon Mines               ARZ      2Q09        $0.49     $0.66      $0.43     $0.59       $0.26    $0.31     $0.41      $0.50     $0.51     $0.68     $0.60     $0.87
Centerra Gold               CG       3Q09        $1.56     $1.61      $1.23     $1.41       $0.58    $0.61     $1.10      $1.15     $1.62     $1.68     $2.14     $2.22
Eldorado Gold               ELD      3Q09        $0.46     $0.70      $0.39     $0.64       $0.24    $0.39     $0.36      $0.56     $0.47     $0.72     $0.59     $0.89
Franco Nevada               FNV      3Q09        $1.32     $1.42      $1.21     $1.35       $0.99    $1.08     $1.17      $1.26     $1.35     $1.44     $1.53     $1.63
Gammon Gold                 GAM      3Q09        $1.33     $1.61      $1.20     $1.52       $0.96    $1.22     $1.16      $1.43     $1.36     $1.64     $1.56     $1.85
Golden Star                 GSS      3Q09        $0.83     $1.15      $0.67     $1.02       $0.36    $0.57     $0.61      $0.88     $0.86     $1.19     $1.11     $1.50
IAMGOLD                     IAG      3Q09        $1.23     $1.59      $1.03     $1.44       $0.63    $0.85     $0.95      $1.25     $1.27     $1.64     $1.59     $2.04
Kingsgate                   KCN      2H8/9       $0.94     $1.14      $0.77     $1.02       $0.53    $0.66     $0.75      $0.92     $0.97     $1.18     $1.19     $1.43
Lihir Gold                  LGL      2Q09        $0.28     $0.29      $0.23     $0.26       $0.15    $0.15     $0.22      $0.22     $0.28     $0.30     $0.35     $0.37
New Gold                    NGD      2Q09        $0.31     $0.43      $0.25     $0.39       $0.15    $0.24     $0.23      $0.34     $0.32     $0.44     $0.40     $0.54
OceanaGold                  OGC      3Q09        $0.37     $0.70      $0.33     $0.62       $0.24    $0.30     $0.31      $0.52     $0.38     $0.73     $0.44     $0.95
Petropavlovsk               POG      1H09        $2.03     $2.88      $1.71     $2.61       $1.08    $1.57     $1.59      $2.27     $2.10     $2.97     $2.60     $3.67
Randgold Resources          GOLD     3Q09        $2.14     $4.08      $1.74     $3.68       $0.93    $2.09     $1.58      $3.15     $2.22     $4.22     $2.86     $5.28
Red Back                    RBI      3Q09        $1.48     $1.45      $1.24     $1.32       $0.76    $0.81     $1.14      $1.15     $1.53     $1.49     $1.92     $1.84
Resolute Mining             RSG      4Q8/9       $0.20     $0.28      $0.13     $0.23       $0.04    $0.11     $0.12      $0.20     $0.21     $0.29     $0.30     $0.39
SEMAFO                      SMF      3Q09        $0.51     $0.60      $0.42     $0.54       $0.24    $0.31     $0.38      $0.46     $0.53     $0.62     $0.67     $0.77
Sino Gold                   SGX      2Q09        $1.32     $2.04      $1.12     $1.86       $0.71    $1.18     $1.03      $1.64     $1.36     $2.10     $1.69     $2.56

Int. NA Producer Avg.
Int. Producer Avg.

Emerging Producers
Anatolia Minerals           ANO      1Q09        ($0.16)    $0.59     ($0.18)    $0.52     ($0.23)    $0.25    ($0.19)     $0.43    ($0.15)    $0.61    ($0.11)    $0.80
Andean Resources            AND      4Q-01       ($0.01)   ($0.01)    ($0.01)   ($0.01)    ($0.01)   ($0.01)   ($0.01)    ($0.01)   ($0.01)   ($0.01)   ($0.01)   ($0.01)
Centamin Egypt              CNT      1Q10         $0.05     $0.20      $0.04     $0.18      $0.02     $0.10     $0.03      $0.16     $0.05     $0.21     $0.06     $0.26
CGA Mining                  CGA      3Q09         $0.30     $0.50      $0.25     $0.43      $0.15     $0.26     $0.23      $0.39     $0.31     $0.51     $0.39     $0.64
Cluff Gold                  CLF      1H09         $0.23     $0.31      $0.17     $0.27      $0.04     $0.10     $0.15      $0.21     $0.25     $0.33     $0.35     $0.44
Comaplex Minerals           CMF      3Q09        ($0.45)    $0.07     ($0.45)    $0.07     ($0.45)    $0.07    ($0.45)     $0.07    ($0.45)    $0.07    ($0.45)    $0.07
Detour Gold                 DGC      3Q09        ($0.23)   ($0.15)    ($0.23)   ($0.15)    ($0.23)   ($0.15)   ($0.23)    ($0.15)   ($0.23)   ($0.15)   ($0.23)   ($0.15)
Dundee Precious Metals      DPM      3Q09         $0.65     $1.21      $0.55     $1.12      $0.35     $0.79     $0.51      $1.01     $0.67     $1.24     $0.84     $1.46
Gabriel Resources           GBU      3Q09        ($0.00)    $0.01     ($0.00)    $0.01     ($0.00)    $0.01    ($0.00)     $0.01    ($0.00)    $0.01    ($0.00)    $0.01
Great Basin Gold            GBG      3Q09         $0.12     $0.38      $0.09     $0.34      $0.01     $0.18     $0.07      $0.29     $0.13     $0.39     $0.18     $0.49
Greystar Resources Ltd.     GSL      3Q09        ($0.06)    $0.04     ($0.06)    $0.04     ($0.06)    $0.04    ($0.06)     $0.04    ($0.06)    $0.04    ($0.06)    $0.04
Guyana Goldfields           GUY      1Q09        ($0.01)   ($0.10)    ($0.01)   ($0.10)    ($0.01)   ($0.10)   ($0.01)    ($0.10)   ($0.01)   ($0.10)   ($0.01)   ($0.10)
Lake Shore Gold             LSG      2Q09        ($0.02)    $0.42     ($0.02)    $0.38     ($0.02)    $0.22    ($0.02)     $0.32    ($0.02)    $0.43    ($0.02)    $0.54
Minefinders                 MFL      2Q09         $1.89     $3.17      $1.67     $2.99      $1.24     $2.27     $1.59      $2.75     $1.93     $3.23     $2.28     $3.71
Osisko Mining Corp.         OSK      3Q09        ($0.04)    $1.13     ($0.04)    $1.03     ($0.04)    $0.64    ($0.04)     $0.90    ($0.04)    $1.16    ($0.04)    $1.42
Pacific Rim Mining          PMU      4Q09        ($0.04)   ($0.03)    ($0.04)   ($0.03)    ($0.04)   ($0.03)   ($0.04)    ($0.03)   ($0.04)   ($0.03)   ($0.04)   ($0.03)
Rubicon Minerals            RMX      2Q09        ($0.01)    $0.11     ($0.01)    $0.10     ($0.01)    $0.05    ($0.01)     $0.08    ($0.01)    $0.11    ($0.01)    $0.14
San Gold                    SGR      1Q09         $0.40     $0.63      $0.34     $0.58      $0.20     $0.35     $0.31      $0.50     $0.42     $0.65     $0.53     $0.80

Jr. NA Producer Avg.
Jr. Producer Avg.

Sector Averages
Sr./Int. NA Producer Avg.
Sr./Int. Producer Avg.
Overall NA Avg.
Overall Avg.

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                            Page 12
                                                              The Gold Pages
                                                       Net Free Cash Flow Multiples

Latest Gold Price: US$1174/oz
                    2.0                    17.0     68.0     69.0     70.0     71.0     72.0     73.0       74.0        75.0       76.0      77.0        27-Nov-09
                                                                                                                                                        78.0   79.0

Senior Producers                          Share
                                          Price:
                                          US($)        Net Free Cash Flow Per Share                                    Net Free Cash Flow Multiple
Company                     Ticker       27-Nov 2008A 2009E 2010E 2011E 2012E 2013E                      2008A      2009E      2010E      2011E      2012E    2013E
Agnico-Eagle                AEM          $62.42 (5.49) (2.90)    1.60   3.74   3.24  3.40                   nap        nap       39.06     16.69      19.29    18.36
AngloGold Ashanti           ANG          $44.61 (3.95)   0.14    1.71   1.95   0.92  1.39                   nap      316.76      26.12     22.87      48.74    32.07
Barrick Gold                ABX          $42.54 (1.64) (5.11)    0.80   1.71   0.67  0.45                   nap        nap       52.91     24.86      63.28    94.36
Goldcorp                    GG           $42.44  0.56   (0.71)   0.42   1.24   1.47  1.75                 75.88        nap      101.94     34.11      28.94    24.21
Gold Fields                 GFI          $14.58  0.00   (0.05) (0.08)   0.90   0.88  0.71               7719.77        nap        nap      16.20      16.53    20.62
Harmony                     HAR          $11.00 (0.20)   0.81   (0.28)  0.33   0.69  0.51                   nap       13.64       nap      33.20      16.00    21.74
Kinross Gold                KGC          $19.37 (0.70) (0.07)    0.60   0.87   0.48  0.37                   nap        nap       32.15     22.22      40.57    52.55
Newcrest Mining             NCM          $33.48  0.97   (0.53) (0.04)   0.27   0.92  1.49                 34.48        nap        nap     123.98      36.58    22.48
Newmont Mining              NEM          $53.35 (2.52)   0.73    2.82   3.62   0.97 (0.62)                  nap       72.83      18.95     14.73      55.04      nap
Polyus Gold                 PLZL         $57.40  1.13   (0.08) (0.90)   0.72   1.59  4.35                 50.60        nap        nap      79.88      36.06    13.20
Yamana                      AUY          $13.18 (0.34)   0.05    0.60   0.50   0.64  0.82                   nap      239.96      21.87     26.52      20.57    16.01

Sr. NA Producer Avg.                                                                                        na          na      36.82      22.28      37.50    46.85
Sr. Producer Avg.                                                                                           na          na      49.62      24.79      34.51    34.07

Intermediate Producers
Alamos Gold                 AGI          $11.47    0.36    (0.39)    0.02    (0.07)   (0.05)    1.28      31.85        nap     578.84       nap        nap      8.95
Aurizon Mines               ARZ           $4.91    0.27     0.36     0.21    (0.11)   (0.18)    0.74      17.91       13.78     22.99       nap        nap      6.63
Centerra Gold               CG           $12.27    0.23     0.30     0.48     0.73     0.55     0.88      53.27       40.29     25.34      16.81      22.38    13.92
Eldorado Gold               ELD          $13.34    0.17     0.09    (0.08)    0.30     0.12     0.57      79.12      141.60      nap       44.63     107.07    23.37
Franco Nevada               FNV          $27.36   (1.56)    0.83     0.83     1.38     1.36     1.40       nap        33.12     32.79      19.89      20.07    19.58
Gammon Gold                 GAM          $11.29   (0.08)    0.00     0.57     0.76     1.02     1.04       nap     26568.77     19.82      14.93      11.06    10.81
Golden Star                 GSS           $3.74   (0.17)    0.26     0.65     1.13     0.82     0.62       nap        14.56      5.80       3.32       4.56     6.01
IAMGOLD                     IAG          $18.68   (0.10)   (0.23)    0.05     0.68     0.40     1.16       nap         nap     359.22      27.65      46.26    16.09
Kingsgate                   KCN           $8.82    0.51    (0.20)    0.13     0.36     1.31     1.15      17.25        nap      68.89      24.44       6.75     7.70
Lihir Gold                  LGL           $3.24   (0.02)    0.03     0.02     0.17     0.21     0.19       nap       113.06    205.60      19.29      15.26    16.89
New Gold                    NGD           $3.55    0.15    (0.64)    0.04    (0.83)   (0.30)   (0.15)     23.02        nap     100.67       nap        nap      nap
OceanaGold                  OGC           $1.75   (0.55)    0.21     0.12     0.66     0.50     0.46       nap         8.16     15.02       2.66       3.50     3.76
Petropavlovsk               POG          $20.57   (1.00)    1.03     0.15     1.10     2.15     2.50       nap        19.96    135.12      18.76       9.56     8.23
Randgold Resources          GOLD         $85.26   (0.31)   (6.18)   (0.90)   (0.08)   (0.51)    3.34       nap         nap       nap        nap        nap     25.53
Red Back                    RBI          $14.14   (0.51)    0.10     0.74     0.98     1.11     1.25       nap       137.86     19.18      14.48      12.77    11.35
Resolute Mining             RSG           $1.06   (0.39)   (0.22)   (0.02)    0.14     0.35     0.34       nap         nap       nap        7.63       3.05     3.10
SEMAFO                      SMF           $4.25   (0.08)    0.19     0.35     0.44     0.31     0.36       nap        22.30     12.21       9.66      13.82    11.75
Sino Gold                   SGX           $7.09    0.89     0.29    (0.02)    0.29     0.65     0.58       7.96       24.37      nap       24.46      10.91    12.13

Int. NA Producer Avg.                                                                                       na       102.57     37.68      19.72      24.31    13.91
Int. Producer Avg.                                                                                          na           na     68.88      22.03      19.97    13.72

Emerging Producers
Anatolia Minerals           ANO           $2.35   (0.46)   (0.72)   (0.68)    0.42    (0.24)    0.77       nap         nap       nap        5.65       nap      3.05
Andean Resources            AND           $2.39   (0.06)   (0.06)   (0.15)   (0.29)    0.18     0.17       nap         nap       nap        nap       13.47    13.74
Centamin Egypt              CNT           $2.13   (0.08)   (0.18)   (0.07)    0.12     0.16     0.25       nap         nap       nap       17.49      13.64     8.45
CGA Mining                  CGA           $2.00   (0.24)   (0.53)    0.20     0.48     0.46     0.39       nap         nap       9.95       4.21       4.31     5.12
Cluff Gold                  CLF           $1.05   (0.32)   (0.10)    0.06    (0.03)   (0.38)    0.09       nap         nap      16.55       nap        nap     11.51
Comaplex Minerals           CMF           $6.19    nap     (0.24)   (0.78)   (1.49)   (1.19)    1.39       nap         nap       nap        nap        nap      4.47
Detour Gold                 DGC          $15.62    nap     (0.64)   (4.90)   (4.17)   (1.64)    0.68       nap         nap       nap        nap        nap     23.13
Dundee Precious Metals      DPM           $2.96   (1.31)   (0.24)   (0.09)    0.87     0.68     0.57       nap         nap       nap        3.41       4.34     5.16
Gabriel Resources           GBU           $3.65   (0.30)   (0.24)   (0.32)   (0.55)   (1.16)   (0.53)      nap         nap       nap        nap        nap      nap
Great Basin Gold            GBG           $1.54   (0.35)   (0.41)   (0.17)    0.39     0.38     0.37       nap         nap       nap        3.98       4.06     4.19
Greystar Resources Ltd.     GSL           $5.59   (0.44)   (0.36)   (0.67)   (1.12)   (1.24)   (1.46)      nap         nap       nap        nap        nap      nap
Guyana Goldfields           GUY           $6.70   (0.10)   (0.12)   (0.51)   (1.69)   (0.67)    0.58       nap         nap       nap        nap        nap     11.53
Lake Shore Gold             LSG           $3.74   (0.04)   (0.04)   (0.05)    0.67     0.76     0.80       nap         nap       nap        5.55       4.92     4.68
Minefinders                 MFL          $10.72   (1.66)   (0.03)    0.07     2.13     1.72     1.85       nap         nap     150.45       5.02       6.25     5.79
Osisko Mining Corp.         OSK           $7.28    nap     (0.92)   (1.35)    0.81     1.13     1.08       nap         nap       nap        8.99       6.45     6.73
Pacific Rim Mining          PMU           $0.21   (0.09)   (0.04)   (0.06)   (0.38)   (0.59)    0.29       nap         nap       nap        nap        nap      0.70
Rubicon Minerals            RMX           $4.28   (0.03)   (0.35)   (0.26)   (0.02)    0.59     0.52       nap         nap       nap        nap        7.31     8.16
San Gold                    SGR           $3.57   (0.09)   (0.12)    0.21     0.47     0.57     0.56       nap         nap      17.10       7.52       6.25     6.40

Jr. NA Producer Avg.                                                                                        na          na         na      17.12       9.44     7.44
Jr. Producer Avg.                                                                                           na          na         na      15.59       9.93     8.02

Sector Averages
Sr./Int. NA Producer Avg.                                                                                   na          na      37.06      21.64      33.94    34.04
Sr./Int. Producer Avg.                                                                                      na          na      52.91      24.04      29.76    26.27
Overall NA Avg.                                                                                             na          na      39.78      21.46      29.78    27.60
Overall Avg.                                                                                                na          na      55.72      23.63      27.46    23.32
Source: BMO Capital Markets, Bloomberg



                                                                                                                                                    Page 13
                                                              The Gold Pages
                                                  Gold Equivalent Production Summary

Latest Gold Price: US$1174/oz
                   2.0                     80.0        81.0       82.0      83.0       84.0       85.0        86.0        87.0        88.0   27-Nov-09
                                                                                                                                                   89.0

Senior Producers
                                                  Gold Equivalent Production (000's Oz) (27)                    Growth in Au Equiv. Production (28)
                                                                                                          2008A       2008A        2008A      Compound
Company                     Ticker   2008A         2009E      2010E      2011E     2012E       2013E     to 2011E    to 2012E    to 2013E        Annual
Agnico-Eagle                AEM         527           675      1,379      1,575     1,694       1,637        199%        222%         211%           25%
AngloGold Ashanti           ANG       4,926         4,593      4,788      4,968     4,994       5,183          1%          1%           5%            1%
Barrick Gold                ABX       7,662         7,408      7,643      7,790     8,393       8,212          2%         10%           7%            1%
Goldcorp                    GG        2,393         2,342      2,550      2,957     3,439       3,656         24%         44%          53%            9%
Gold Fields                 GFI       3,704         3,348      3,638      3,872     4,070       4,217          5%         10%          14%            3%
Harmony                     HAR       1,949         1,546      1,609      1,788     1,923       1,982         -8%         -1%           2%            0%
Kinross Gold                KGC       1,765         2,198      2,256      2,336     2,486       2,972         32%         41%          68%           11%
Newcrest Mining             NCM       1,789         1,631      1,784      1,975     2,085       2,229         10%         17%          25%            4%
Newmont Mining              NEM       5,227         5,074      5,400      5,628     5,181       4,755          8%         -1%          -9%           -2%
Polyus Gold                 PLZL      1,195         1,192      1,469      1,910     2,029       2,714         60%         70%         127%           18%
Yamana                      AUY       1,194         1,245      1,349      1,367     1,548       1,849         14%         30%          55%            9%

Sr. NA Producer Tot.                 18,768        18,942     20,577     21,653    22,741      23,082        15%         21%         23%             4%
Sr. Producer Tot.                    32,332        31,253     33,865     36,166    37,841      39,407        12%         17%         22%             4%

Intermediate Producers
Alamos Gold                 AGI           152         172        167        192       220         400        27%         45%        164%            21%
Aurizon Mines               ARZ           159         161        152        162       171         295         2%          8%         86%            13%
Centerra Gold               CG            746         636        725        748       658         845         0%        -12%         13%             3%
Eldorado Gold               ELD           317         324        358        499       530         752        57%         67%        137%            19%
Franco Nevada               FNV           126         116        120        122       118         113        -3%         -6%        -10%            -2%
Gammon Gold                 GAM           247         226        369        412       436         469        67%         77%         90%            14%
Golden Star                 GSS           266         368        392        463       468         422        74%         76%         59%            10%
IAMGOLD                     IAG           984         927        953      1,184     1,175       1,391        20%         19%         41%             7%
Kingsgate                   KCN            74          94        139        160       226         226       116%        204%        204%            25%
Lihir Gold                  LGL           872       1,141      1,135      1,162     1,444       1,450        33%         66%         66%            11%
New Gold                    NGD           232         307        345        412       632         737        78%        173%        218%            26%
OceanaGold                  OGC           264         297        282        279       277         271         6%          5%          3%             1%
Petropavlovsk               POG           331         469        589        616       739         644        86%        124%         95%            14%
Randgold Resources          GOLD          428         471        553        814       950       1,400        90%        122%        227%            27%
Red Back                    RBI           258         330        536        566       640         691       119%        148%        168%            22%
Resolute Mining             RSG           293         279        376        437       474         476        49%         62%         62%            10%
SEMAFO                      SMF           195         245        258        278       271         259        42%         39%         32%             6%
Sino Gold                   SGX           111         191        229        311       394         446       179%        254%        300%            32%

Int. NA Producer Tot.                    3,449      3,504      4,030      4,626     4,687       5,638        34%         36%         63%            10%
Int. Producer Tot.                       5,823      6,446      7,332      8,406     9,191      10,551        44%         58%         81%            13%

Emerging Producers
Anatolia Minerals           ANO             0           0         29        126       183        310        500%        500%        500%           500%
Andean Resources            AND             0           0          0          0       240        241          nap         nap         nap            nap
Centamin Egypt              CNT             0           2        187        331       439        452        500%        500%        500%             nap
CGA Mining                  CGA             0          89        230        248       248        235        500%        500%        500%           500%
Cluff Gold                  CLF             0          38         91        102       111        136        500%        500%        500%           500%
Comaplex Minerals           CMF             0           0          0          0         0        212          nap         nap         nap            nap
Detour Gold                 DGC             0           0          0          0       154        610          nap         nap         nap            nap
Dundee Precious Metals      DPM            89         113        117        156       184        185         74%        106%        107%            16%
Gabriel Resources           GBU             0           0          0          0         0          0          nap         nap         nap            nap
Great Basin Gold            GBG            38          86        185        354       387        374        500%        500%        500%            58%
Greystar Resources Ltd.     GSL             0           0          0          0       145        288          nap         nap         nap            nap
Guyana Goldfields           GUY             0           0          0          0       113        229          nap         nap         nap            nap
Lake Shore Gold             LSG             0           7         88        179       238        279          nap         nap         nap            nap
Minefinders                 MFL             0         101        187        288       273        312        500%        500%        500%           500%
Osisko Mining Corp.         OSK             0           0          0        638       834        826          nap         nap         nap            nap
Pacific Rim Mining          PMU             6           0          0          0         0        139       -100%       -100%       2107%            86%
Rubicon Minerals            RMX             0           0          0         33       191        184          nap         nap         nap            nap
San Gold                    SGR             9          53        128        180       245        249        500%        500%        500%            95%

Jr. NA Producer Tot.                      279         644      1,192      2,458     3,343       3,947       781%       1098%       1315%            70%
Jr. Producer Tot.                         375         794      1,400      2,716     4,177       5,882       625%       1015%       1470%            73%

Sector Averages
Sr./Int. NA Producer Tot.            22,058        22,285     24,455     26,117    27,256      28,425        18%         24%         29%             5%
Sr./Int. Producer Tot.               37,996        37,538     41,045     44,411    46,861      49,662        17%         23%         31%             6%
Overall NA Tot.                      22,496        23,090     25,799     28,737    30,770      32,667        28%         37%         45%             8%
Overall Tot.                         38,529        38,493     42,597     47,288    51,209      55,840        23%         33%         45%             8%

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                 Page 14
                                                 The Gold Pages
                                         Operating Cost Summary (US$/oz)

Latest Gold Price: US$1174/oz
                   2.0                    90.0      91.0        92.0       93.0       94.0      95.0      96.0         27-Nov-09
                                                                                                                    97.0     98.0

Senior Producers
                                                           Total Cash Costs (29)                         Break-Even Costs (30)

Company                     Ticker   2008A       2009E      2010E      2011E       2012E     2013E     2008A     2009E     2010E
Agnico-Eagle                AEM       $558         $528       $411       $414        $382      $374      $674      $645      $582
AngloGold Ashanti           ANG       $434         $493       $505       $490        $491      $486      $591      $663      $698
Barrick Gold                ABX       $446         $465       $490       $486        $472      $428      $638      $682      $718
Goldcorp                    GG        $360         $390       $401       $405        $389      $368      $700      $663      $630
Gold Fields                 GFI       $520         $545       $557       $550        $540      $537      $637      $687      $716
Harmony                     HAR       $568         $682       $676       $626        $591      $572      $639      $772      $770
Kinross Gold                KGC       $432         $449       $442       $427        $404      $391      $699      $798      $750
Newcrest Mining             NCM       $473         $508       $473       $456        $417      $413      $577      $629      $628
Newmont Mining              NEM       $462         $457       $457       $443        $439      $428      $817      $741      $741
Polyus Gold                 PLZL      $385         $396       $430       $409        $399      $355      $476      $487      $518
Yamana                      AUY       $385         $459       $431       $440        $433      $415      $548      $632      $602

Sr. NA Producer Avg.                     $437     $453        $456       $449       $435      $415      $697      $704       $700
Sr. Producer Avg.                        $454     $481        $484       $472       $459      $447      $655      $688       $693

Intermediate Producers
Alamos Gold                 AGI          $389     $329        $334       $321       $302      $304       $555     $487       $486
Aurizon Mines               ARZ          $399     $400        $441       $429       $424      $382       $608     $583       $631
Centerra Gold               CG           $484     $488        $439       $433       $473      $445       $594     $668       $618
Eldorado Gold               ELD          $291     $319        $312       $308       $303      $310       $417     $430       $415
Franco Nevada               FNV            $0       $0          $0         $0         $0        $0         $0       $0         $0
Gammon Gold                 GAM          $518     $459        $388       $351       $381      $410       $727     $704       $623
Golden Star                 GSS          $743     $603        $584       $500       $512      $538       $954     $905       $867
IAMGOLD                     IAG          $457     $460        $489       $469       $450      $425       $641     $606       $643
Kingsgate                   KCN          $592     $304        $296       $294       $321      $320     $1,015     $513       $550
Lihir Gold                  LGL          $400     $421        $416       $419       $411      $408       $529     $588       $584
New Gold                    NGD          $498     $523        $415       $431       $430      $408       $498     $673       $555
OceanaGold                  OGC          $530     $425        $530       $540       $531      $525       $721     $631       $772
Petropavlovsk               POG          $285     $297        $338       $368       $334      $325       $360     $374       $426
Randgold Resources          GOLD         $467     $509        $472       $406       $372      $345       $533     $589       $541
Red Back                    RBI          $454     $435        $417       $403       $390      $368       $627     $622       $627
Resolute Mining             RSG          $540     $653        $618       $580       $536      $524       $634     $747       $721
SEMAFO                      SMF          $508     $493        $495       $445       $444      $477       $654     $635       $651
Sino Gold                   SGX          $442     $442        $361       $319       $328      $342       $568     $562       $494

Int. NA Producer Avg.                    $454     $443        $432       $409       $408      $402      $612      $615       $611
Int. Producer Avg.                       $447     $439        $434       $415       $404      $404      $590      $594       $593

Emerging Producers
Anatolia Minerals           ANO            $0        $0     $1,170       $395       $264      $318         $0        $0    $1,603
Andean Resources            AND            $0        $0         $0         $0       $166      $167         $0        $0        $0
Centamin Egypt              CNT            $0    $3,109       $396       $368       $360      $358         $0    $4,148      $489
CGA Mining                  CGA            $0      $612       $455       $426       $424      $455         $0    $1,186      $555
Cluff Gold                  CLF            $0      $589       $572       $502       $466      $452         $0      $648      $623
Comaplex Minerals           CMF            $0        $0         $0         $0         $0      $358         $0        $0        $0
Detour Gold                 DGC            $0        $0         $0         $0       $413      $412         $0        $0        $0
Dundee Precious Metals      DPM          $445      $401       $394       $321       $264      $275       $955      $595      $620
Gabriel Resources           GBU            $0        $0         $0         $0         $0        $0         $0        $0        $0
Great Basin Gold            GBG          $607      $534       $482       $409       $381      $375         nap     $827      $707
Greystar Resources Ltd.     GSL            $0        $0         $0         $0       $556      $557         $0        $0        $0
Guyana Goldfields           GUY            $0        $0         $0         $0       $386      $359         $0        $0        $0
Lake Shore Gold             LSG            $0    $1,683       $402       $323       $317      $326         $0    $1,813      $402
Minefinders                 MFL            $0      $567       $365       $329       $406      $398         $0      $693      $408
Osisko Mining Corp.         OSK            $0        $0         $0       $327       $328      $330         $0        $0        $0
Pacific Rim Mining          PMU          $349        $0         $0         $0         $0      $264     $1,947        $0        $0
Rubicon Minerals            RMX            $0        $0         $0       $391       $249      $275         $0        $0        $0
San Gold                    SGR            $0      $684       $377       $298       $252      $239     $1,679      $699      $427

Jr. NA Producer Avg.                     $498     $570        $439       $368       $354      $398      $541      $783       $556
Jr. Producer Avg.                        $483     $547        $444       $371       $352      $366      $678      $749       $566

Sector Averages
Sr./Int. NA Producer Avg.                $440     $452        $452       $442       $431      $413      $684      $691       $686
Sr./Int. Producer Avg.                   $453     $474        $475       $462       $448      $441      $645      $672       $676
Overall NA Avg.                          $441     $455        $451       $436       $422      $413      $682      $693       $679
Overall Avg.                             $453     $475        $474       $456       $440      $440      $646      $673       $672

Source: BMO Capital Markets, Bloomberg




                                                                                                                                    Page 15
                                                        The Gold Pages
                                                           Reserve Statistics

Latest Gold Price: US$1174/oz
                        2.0                        99.0             100.0            101.0        102.0        103.0     104.0      105.027-Nov-09
                                                                                                                                              106.0

Senior Producers
                                                   Reserve Summary (Mill. Ozs.)              Reserve Life (Yrs) (34)             Reserve Life Over
                                             P&P             Ttl. All.     Res. Growth       Proven &       Total      2009-11    2009-2011 P/CF
Company                          Ticker   Rec. Oz (31)    Rec. Oz (32)     Potential (33)    Probable    Allowable      P/CF      P&P       Ttl. All.
Agnico-Eagle                     AEM             16.3                20.5           26%          10.3         12.9       28.5       0.4          0.5
AngloGold Ashanti                ANG             61.4                85.6           39%           9.1         12.7       19.0       0.5          0.7
Barrick Gold                     ABX            129.2              149.0            15%          10.8         12.4       13.1       0.8          0.9
Goldcorp                         GG              36.6                53.4           46%           9.0         13.2       22.9       0.4          0.6
Gold Fields                      GFI             72.6                82.7           14%          16.8         19.2        9.0       1.9          2.1
Harmony                          HAR             37.1                46.4           25%          17.6         22.0       13.2       1.3          1.7
Kinross Gold                     KGC             36.2                51.2           41%          10.1         14.3       14.3       0.7          1.0
Newcrest Mining                  NCM             37.2                41.6           12%          16.9         19.0       21.3       0.8          0.9
Newmont Mining                   NEM             74.5                91.5           23%           9.3         11.4       11.3       0.8          1.0
Polyus Gold                      PLZL            62.7                77.6           24%          18.5         22.9       18.1       1.0          1.3
Yamana                           AUY             14.0                24.7           76%           7.5         13.2       12.9       0.6          1.0

Sr. NA Producer Avg.                             51.1              65.1             27%           9.5         12.9       17.2        0.6         0.8
Sr. Producer Avg.                                52.5              65.8             25%          12.4         15.7       16.7        0.8         1.1

Intermediate Producers
Alamos Gold                       AGI             1.6               4.7            200%           4.0         12.0       14.9        0.3         0.8
Aurizon Mines                     ARZ             0.9               3.6            280%           3.4         14.6       10.5        0.3         1.4
Centerra Gold                     CG              4.7               8.8             88%           6.9         13.1       11.6        0.6         1.1
Eldorado Gold                     ELD             6.1              11.7             91%           8.7         16.6       31.9        0.3         0.5
Franco Nevada                     FNV             1.0               1.4             32%          10.5         13.9       22.9        0.5         0.6
Gammon Gold                       GAM             2.5               5.5            121%           4.3         10.1       12.9        0.3         0.8
Golden Star                       GSS             2.7               4.5             66%           6.0         10.0        5.8        1.0         1.7
IAMGOLD                           IAG            11.4              16.6             46%           7.3         10.6       17.2        0.4         0.6
Kingsgate                         KCN             1.3               2.6             99%           6.6         13.1       16.7        0.4         0.8
Lihir Gold                        LGL            26.4              33.3             26%          23.2         29.2       14.5        1.6         2.0
New Gold                          NGD             8.3              10.2             23%           0.0         19.3       12.7        0.0         1.5
OceanaGold                        OGC             1.2               2.2             87%           5.1          9.5        4.0        1.3         2.4
Petropavlovsk                     POG             3.0               8.5            185%           3.0          8.5       12.4        0.2         0.7
Randgold Resources                GOLD           11.9              19.4             62%           5.7          9.2       50.8        0.1         0.2
Red Back                          RBI             4.3               7.5             76%           7.4         13.0       14.6        0.5         0.9
Resolute Mining                   RSG             2.2               3.5             54%           4.2          6.5        6.9        0.6         1.0
SEMAFO                            SMF             1.4               2.8             94%           5.6         10.8       10.3        0.5         1.0
Sino Gold                         SGX             3.8               5.2             37%           9.9         13.6        7.3        1.4         1.9

Int. NA Producer Avg.                             3.7               6.7             83%           6.4         12.5       15.3        0.5         1.0
Int. Producer Avg.                                5.1               8.3             64%           7.2         12.6       15.6        0.6         1.1

Emerging Producers
Anatolia Minerals                 ANO             1.6               3.5            126%           7.6         12.5        nap        nap         nap
Andean Resources                  AND             3.0               3.0              0%          14.2         14.2        nap        nap         nap
Centamin Egypt                    CNT             5.3               8.3             57%          10.3         16.2      481.9        0.0         0.0
CGA Mining                        CGA             1.9               3.1             61%          12.1         17.2        nap        nap         nap
Cluff Gold                        CLF             0.4               1.5            242%           2.5          8.4        nap        nap         nap
Comaplex Minerals                 CMF             1.8               1.8              0%           9.5          9.5       92.2        0.1         0.1
Detour Gold                       DGC             7.8               7.8              0%          13.2         13.2        nap        nap         nap
Dundee Precious Metals            DPM             2.4               2.4              0%          14.4         14.4        6.0        2.4         2.4
Gabriel Resources                 GBU             7.2               7.2              0%          13.6         13.6        nap        nap         nap
Great Basin Gold                  GBG             4.2               4.4              5%          12.0         12.6        nap        nap         nap
Greystar Resources Ltd.           GSL             6.3               6.3              0%          22.5         22.5        nap        nap         nap
Guyana Goldfields                 GUY             0.0               4.7              nap          0.0         18.8      266.2        nap         0.1
Lake Shore Gold                   LSG             0.8               3.0            299%           4.2         12.2        nap        nap         nap
Minefinders                       MFL             3.1               3.1              0%          22.5         17.6       68.2        0.3         0.3
Osisko Mining Corp.               OSK             6.7               6.7              0%          12.9         12.9        7.1        1.8         1.8
Pacific Rim Mining                PMU             1.1               1.1              0%           8.0          8.0        nap        nap         nap
Rubicon Minerals                  RMX             0.0               1.4              nap          0.0          7.9        nap        nap         nap
San Gold                          SGR             0.3               3.4           1006%           1.8         18.6        nap        nap         nap

Jr. NA Producer Avg.                              2.6               4.1             37%           7.5         14.5       (1.1)      (0.1)        (0.1)
Jr. Producer Avg.                                 3.2               4.1             19%           9.6         14.0       (7.1)       0.1          0.1

Sector Averages
Sr./Int. NA Producer Avg.                        22.8              30.3             32%           7.8         12.5       16.3        0.5         0.9
Sr./Int. Producer Avg.                           24.6              31.9             30%           9.4         13.8       16.2        0.7         1.1
Overall NA Avg.                                  13.8              18.6             33%           7.5         13.4        9.0        0.3         0.5
Overall Avg.                                     15.4              20.1             29%           9.4         13.9        8.3        0.5         0.7
Source: BMO Capital Markets, Bloomberg




                                                                                                                                            Page 16
                                                                      The Gold Pages
                                                                          Financial Ratios


Latest Gold Price: US$1174/oz
                     2.0                       108.0     109.0        110.0          111.0             113.0     114.0           115.0       117.0      118.0   27-Nov-09
                                                                                                                                                                     119.0

Senior Producers
                                         Div/Rep.      Book      Market to     Debt to          Net Debt       Return on Equity (36)     2008 Div.    Yield      Country Of
Company                     Ticker       Cur.          Value      Book        Equity (35)     To Cash Flow     2009E       2010E         Per Share   (%) (37)     Domicile
Agnico-Eagle                AEM          US            $17.16           3.6           0.18             -1.78      2.4%            3.2%       $0.18      0.3%    Canada
AngloGold Ashanti           ANG          ZAR            $6.54           6.8           0.74             -2.77     11.2%           -6.9%       $0.12      0.3%    South Africa
Barrick Gold                ABX          US            $15.57           2.7           0.33             -1.64      9.7%          10.7%        $0.40      0.9%    Canada
Goldcorp                    GG           US            $21.06           2.0           0.05              0.14      2.9%            3.6%       $0.18      0.4%    Canada
Gold Fields                 GFI          ZAR            $6.71           2.2           0.18             -0.97      7.2%            7.3%       $0.16      1.1%    South Africa
Harmony                     HAR          ZAR            $7.67           1.4           0.00              0.75      3.1%            3.7%       $0.00      0.0%    South Africa
Kinross Gold                KGC          US             $7.99           2.4           0.13             -0.13      5.2%            5.5%       $0.08      0.4%    Canada
Newcrest Mining             NCM          AUD            $6.73           5.0           0.12             -0.13     15.2%          11.1%        $0.09      0.3%    Australia
Newmont Mining              NEM          US            $23.40           2.3           0.25             -1.28     10.7%          10.1%        $0.40      0.7%    USA
Polyus Gold                 PLZL         US            $15.62           3.7           0.00              0.96     11.2%          11.5%        $0.00      0.0%    Russia
Yamana                      AUY          US             $9.27           1.4           0.07             -0.78      4.6%            5.0%       $0.12      0.9%    Canada

Sr. NA Producer Avg.                                                    2.4          0.17              -0.91     5.9%            6.4%                   0.6%
Sr. Producer Avg.                                                       3.1          0.19              -0.69     7.6%            5.9%                   0.5%

Intermediate Producers
Alamos Gold                  AGI         US             $3.04           3.8           0.00              1.80    18.8%           16.2%        $0.00      0.0%    Canada
Aurizon Mines                ARZ         CDN            $1.37           3.6           0.00              1.51     3.4%           14.0%        $0.00      0.0%    Canada
Centerra Gold                CG          US             $3.41           3.6           0.00              0.68    12.6%            8.4%        $0.00      0.0%    Canada
Eldorado Gold                ELD         US             $2.29           5.8          (0.01)             1.13    11.7%           10.9%        $0.00      0.0%    Canada
Franco Nevada                FNV         US            $11.29           2.4           0.00              3.98     2.4%            1.3%        $0.23      0.9%    Canada
Gammon Gold                  GAM         US             $5.66           2.0           0.01              1.21     4.0%            2.5%        $0.00      0.0%    Canada
Golden Star                  GSS         US             $1.80           2.1           0.27             -0.75    -9.0%           -0.7%        $0.00      0.0%    USA
IAMGOLD                      IAG         US             $6.69           2.8           0.00              0.85     6.4%            7.3%        $0.06      0.3%    Canada
Kingsgate                    KCN         AUD            $1.89           4.7           0.00              0.88     4.6%           11.4%        $0.00      0.0%    Australia
Lihir Gold                   LGL         US             $1.26           2.6           0.00              1.01     6.3%            8.6%        $0.00      0.0%    PNG
New Gold                     NGD         CDN            $4.42           0.8           0.13              0.23    -7.1%          -10.5%        $0.00      0.0%    Canada
OceanaGold                   OGC         US             $2.31           0.8           0.36             -1.56    -0.9%            4.8%        $0.00      0.0%    Australia
Petropavlovsk                POG         US             $6.80           3.0           0.14             -0.34    19.1%           13.0%        $0.28      1.3%    UK
Randgold Resources           GOLD        US            $17.14           5.0           0.00              7.09     7.5%            3.7%        $0.13      0.2%    Jersey Island
Red Back                     RBI         US             $3.58           3.9           0.00              0.90     7.3%            8.2%        $0.00      0.0%    Canada
Resolute Mining              RSG         AUD            $0.64           1.7           0.40             -2.20     0.4%           13.0%        $0.00      0.0%    Australia
SEMAFO                       SMF         US             $1.05           4.0           0.11             -0.05    13.2%           17.9%        $0.00      0.0%    Canada
Sino Gold                    SGX         AUD            $1.87           3.8           0.26             -0.18     2.1%            6.6%        $0.00      0.0%    Australia

Int. NA Producer Avg.                                                   3.4          0.04               1.13     7.1%            8.6%                   0.1%
Int. Producer Avg.                                                      3.3          0.09               0.94     6.5%            8.6%                   0.2%

Emerging Producers
Anatolia Minerals            ANO         CDN            $1.34          1.7           0.43              -3.60    -17.1%         -12.7%        $0.00      0.0%    Canada
Andean Resources             AND         US             $0.29          8.3           0.20               5.18    -34.7%         -12.6%        $0.00       nap    Argentina
Centamin Egypt               CNT         US             $0.41          5.2           0.00              62.52      1.3%          -0.1%        $0.00      0.0%    Egypt
CGA Mining                   CGA         CDN            $0.58          3.5           0.61              14.04    -11.2%          -6.9%        $0.00      0.0%    Canada
Cluff Gold                   CLF         US             $0.95          1.1           0.00             -27.59     -7.3%          -1.6%        $0.00      0.0%    UK
Comaplex Minerals            CMF         US             $2.47          2.5           0.00              32.84      2.2%          -1.9%        $0.00       nap    Canada
Detour Gold                  DGC         US             $6.39          2.4           0.00              13.71    -19.9%          -7.7%        $0.00       nap    Canada
Dundee Precious Metals       DPM         US             $4.40          0.7           0.04              -3.31    -17.3%           2.9%        $0.00       nap    Bulgaria
Gabriel Resources            GBU         US             $1.84          2.0           0.00              10.11     -1.0%          -2.7%        $0.00       nap    Romania
Great Basin Gold             GBG         CDN            $1.22          1.3           0.18              -1.30    -41.5%          -6.5%        $0.00      0.0%    Canada
Greystar Resources Ltd.      GSL         US             $1.23          4.5           0.00               3.43    -60.8%         -33.5%        $0.00       nap    Colombia
Guyana Goldfields            GUY         CDN            $0.70          9.6           0.00              31.39    -23.5%          -2.5%        $0.00      0.0%    Canada
Lake Shore Gold              LSG         CDN            $1.16          3.2           0.00             -18.09     -2.1%          -1.9%        $0.00      0.0%    Canada
Minefinders                  MFL         CDN            $3.33          3.2           0.60             -14.83    -21.4%          -0.2%        $0.00      0.0%    Canada
Osisko Mining Corp.          OSK         US             $3.70          2.0           0.09              48.44      1.6%          -1.9%        $0.00       nap    Canada
Pacific Rim Mining           PMU         US             $0.04          5.4           0.00               0.00   -179.3%         -61.6%        $0.00       nap    El Salvador
Rubicon Minerals             RMX         CDN            $1.04          4.1           0.00             -56.87      0.5%          -0.6%        $0.00      0.0%    Canada
San Gold                     SGR         CDN            $0.24         15.0           0.01              -4.64    -45.8%          -2.2%        $0.00      0.0%    Canada

Jr. NA Producer Avg.                                                    4.3          0.19               2.51    -15.0%          -4.4%
Jr. Producer Avg.                                                       3.8          0.12               1.93    -25.8%          -8.8%

Sector Averages
Sr./Int. NA Producer Avg.                                               3.0          0.09               0.29      6.9%           7.3%                   0.3%
Sr./Int. Producer Avg.                                                  3.2          0.13               0.25      7.0%           7.3%                   0.3%
Overall NA Avg.                                                         3.5          0.13               1.24     -2.2%           2.8%                   0.2%
Overall Avg.                                                            3.4          0.12               0.96     -6.3%           1.0%                   0.2%

Source: BMO Capital Markets, Bloomberg




                                                                                                                                                        Page 17
                                                                       The Gold Pages
                                                              Commodity Price Assumptions

Latest Gold Price: US$1174/oz                                                                                                                                 27-Nov-09


 Commodity Prices                                Price        Quarterly Forecast                          Annual forecast                                       Long

                                                               Q1/09E    Q2/09E    Q3/09E        Q4/09E    2008A    2009E     2010E       2011E      2012E      Term
                                               27-Nov-09

 Metals
 Gold Price ($US/oz)                            $1,174          $908      $921      $960         $1,000     $873     $947    $1,050.00   $1,100.00    $950      $750
 Silver Price ($US/oz)                           17.98         $12.57    $13.70    $14.69        $16.00    $15.01   $14.24    $17.00      $20.00     $14.50    $12.50
 Platinum Price ($US/oz)                        $1,441         $1,021    $1,171    $1,231        $1,350    $1,576   $1,193    $1,400      $1,600     $1,400    $1,400
 Palladium Price ($US/oz)                        $365           $199      $234      $272          $320      $352     $256      $340        $400       $380      $360
 Copper Price ($US/lb)                           $3.10         $1.57     $2.13     $2.66         $2.90     $3.16    $2.31     $3.00       $3.30      $3.10      $2.20
 Zinc Price ($US/lb)                             $1.00         $0.54     $0.67     $0.80         $0.85     $0.85    $0.72     $0.85       $0.90      $1.00      $1.00
 Lead Price ($US/lb)                             $1.03         $0.53     $0.68     $0.87         $1.00     $0.95    $0.77     $0.85       $0.80      $0.80      $0.80
 Nickel Price ($US/lb)                           $7.27         $4.79     $5.89     $7.96         $7.80     $9.60    $6.61     $8.00       $8.00      $8.50      $8.50
 Molybdenum Price                               $10.75         $9.80     $9.27     $15.22        $15.00    $30.02   $12.32    $17.00      $15.00     $15.00    $13.00
 Rhodium Price                                  $2,800         $1,168    $1,410    $1,603        $1,650    $6,547   $1,458    $2,400      $2,400     $2,400    $2,400
 Cobalt Price                                     $20           $15       $15       $19           $20       $39      $17       $20         $18        $15        $15
 Iridium Price                                   $425           $427      $425      $425          $425      $439     $426      $400        $400       $400      $400
 Ruthenium Price                                 $160           $83       $88       $90           $90       $334     $88       $100        $100       $100      $100

 Currencies
 US/Canada Exchange Rate                         0.94           0.80       0.86      0.91         0.94       0.94    0.88      0.95        0.96       0.94      0.90
 US/Australian Exchange Rate                     0.91           0.66       0.76      0.83         0.89       0.85    0.79      0.92        0.92       0.88      0.83
 Brazilian/US Exchange Rate                      1.74           2.32       2.07      1.87         1.75       1.84    2.00      1.80        1.92       2.04     note (2)
 S.A. Rand /US Exc Rate                          7.41           9.93       8.45      7.80         7.60       8.27    8.45      8.00        8.40       8.82     note (3)
 Russian Ruble /US Exc Rate                      29.33         34.06      32.18     31.30        31.00      24.85   32.14     30.00       32.40      34.99     note (4)
 Sterling/US Exchange Rate                       1.65           1.44       1.55      1.64         1.65       1.85    1.57      1.78        1.76       1.74      3.39



 Interest Rates
 London Inter-Bank Offered Rate (1)              0.48%         1.74%      1.40%     0.83%        0.60%     3.05%    1.14%     0.80%       3.50%      4.50%      4.50%

 (1) Annualized LIBOR
 (2) ZAR: South African rand; Long Term Rand 5%/year devaluation and 5%/year cost appreciation
 (3) RUB: Russia ruble; Long Term Ruble 8%/year devaluation and 8%/year cost appreciation
 (4) BRL: Brazilian real; Long Term Rand 6.5%/year devaluation and 6.5%/year cost appreciation
 Source: BMO Capital Markets, Bloomberg




                                                                                                                                                                 Page 18
                                                           The Gold Pages
                                                                       Notes


     Note
 (1) Rating: BMO Capital Markets uses the following ratings system definition: OP = Outperform - Forecast to outperform the market; Mkt = Market
     Perform - Forecast to perform roughly in line with the market; Und = Underperform - Forecast to underperform the market; (S) = Speculative
     investment; NR = No rating at this time; R = Restricted - dissemination of research is currently restricted
 (2) Fully Diluted In The Money Shares Outstanding: Basic shares outstanding plus any shares from "In The Money" instruments.
 (3) Adjusted Market Capitalization Per Proven and Probable Recoverable Ounce: The price which the market is willing to pay for each P&P
     recoverable ounce. For averages, this number is weighted to the number of P&P recoverable ounces.
 (4) Adjusted Market Capitalization Per Total Allowable Recoverable Ounce: The price which the market is willing to pay for each total allowable
     recoverable ounce. For averages, this number is weighted to the number of total allowable recoverable ounces.
 (5) 0% NAV Premium: Premium or discount with which each company's shares are trading above or below its respective NAV per share. A positive
     value is a premium, a negative value is a discount. For averages, the NAV premium is capped at +/-200%.
 (6) Enterprise Multiple: Enterprise Value divided by EBITDA. For averages, the Enterprise Multiple is capped at 99.0.
 (7) Analysts: DH - David Haughton; JPH - John Hayes; AB - Andrew Breichmanas; AK - Andrew Kaip
 (8) Gold Assets: The after-tax net asset value of the company's gold assets including gold exploration properties and hedging gains or losses.
 (9) Fully Diluted In The Money Working Capital: Basic working capital (current assets - current liabilities) plus proceeds from any instruments which
     are currently "In The Money".
(10) Long-Term Debt: BMO CM estimate of year-end Long-Term Debt including convertible debentures (if not "In The Money") which is equal to Total
     Debt net of its current portion.
(11) Other Items: Refers to the sum of the company's other non-gold mine assets, equity investments, and proceeds from estimated future financings.
(12) Net Asset Value (NAV): Gold assets + Fully Diluted In The Money Working Capital - Long-Term Debt + Other Items.
(13) Fully Diluted Fully Financed In The Money Shares Outstanding: Fully Diluted In The Money Shares Outstanding plus any estimated future
     equity financings.
(14) % Premium of Adjusted Market Capitalization over Gold NAV: The premium which the market is paying for the company's gold assets over and
     above the BMO CM estimate of the value of those gold assets. For averages, the premium is capped at +/-100%.
(15) Fully Diluted In The Money Market Capitalization: Fully Diluted In The Money Shares Outstanding multiplied by the current share price.
(16) Other Assets: Refers to the sum of other non-gold mine assets held by the company and any equity investments. This statistic differs from "Other
     Items" in that it does not include any estimated future financings.
(17) Life of Mine Capex (P&P and Ttl. All.): Capital Expenditures for development and mine maintenance over the life of the mine on a proven and
     probable and total allowable basis, respectively.
(18) Adjusted Market Capitalization (Proven and Probable): Fully Diluted In The Money Market Capitalization - Fully Diluted In The Money Working
     Capital + Long-Term Debt - Other Assets + P&P Capex.
(19) Adjusted Market Capitalization (Total Allowable): Fully Diluted In The Money Market Capitalization - Fully Diluted In The Money Working Capital
     + Long-Term Debt - Other Assets + Total Allowable Capex.
(20) Total Allowable Adjusted Market Capitalization Per Production Ounce: The market price for each CM estimated ounce of production. For
     averages, this number is weighted to the number of ounces produced in each respective year.
(21) Investment Margin (What You Get Per Oz.): Gold price - (Life Of Mine Gold Equiv. Operating Cost Incl. Royalties + Adj. Mkt. Cap. Per Ttl. All. Rec.
     Oz.) A positive number represents an investment profit, a negative number is an investment loss.
(22) Enterprise Value: Fully Diluted In The Money Market Capitalization - Fully Diluted In The Money Working Capital + Long-Term Debt.
(23) Adjusted Earnings Per Share: Earnings per share adjusted to exclude any non-recurring items.
(24) Price to Earnings: The current share price divided by adjusted earnings per share. For averages, the P/E multiple is capped at 99.0 and EPS
     growth is capped at 200% and floored at -100%.
(25) Adjusted Cash Flow Per Share: Cash flow per share adjusted to exclude any non-recurring items. Cash flow from fully-consolidated subsidiaries
     which are not wholly-owned is not adjusted for minority interest.
(26) Price to Cash Flow: Current share price divided by adjusted cash flow per share. The arithmetic average is used over the time period . P/CF
     multiple is capped at 99.0 and CFPS growth is capped at 200% and floored at -100%.
(27) Gold Equivalent Production: Gold production plus silver production as a gold equivalent. Silver production that is treated as a credit to costs is
     not included. As well, does not include any ounces accrued from royalties except for royalty companies.Al
(28) Growth in Gold Equivalent Production: The percentage growth in production between the stated years. For averages, the growth in Gold
     Equivalent Production is capped at 100% and the compound annual growth rate is capped at 25%.
(29) Total Cash Costs: The Gold Institute definition of Total Cash Costs is cash operating costs plus royalties and production taxes. For averages, total
     cash costs are weighted to the number of ounces produced in each respective year.
(30) Break-Even Costs: Total Cash Costs plus depreciation, G&A, exploration, and interest expenses on a per ounce basis. For averages, Break-Even
     Costs are weighted to the number of ounces produced in each respective year.
(31) Proven and Probable Recoverable Ounces: Company stated proven and probable ounces at the beginning of the current fiscal year adjusted for
     recovery rates. This number may also include any mid-year additions or deletions.
(32) Total Allowable Recoverable Ounces: P&P recoverable ounces plus a subset of any resources or mineralized material which in the judgement of
     CM will likely be added to P&P within 2 years. The additional material is also calculated an a recoverable basis.
(33) Reserve Growth Potential: For averages, the reserve growth potential is capped at 150% and is weighted to the number of total allowable
     recoverable ounces.
(34) Reserve Life (P&P and Total Allowable): Represents the production life of the company's orebodies as defined by the P&P and total allowable
     recoverable ounces divided by the forecasted respective long-term production rate.
(35) Debt To Equity Ratio: The ratio of long-term debt to total shareholders equity.
(36) Return on Equity: Adjusted earnings per share divided by estimated year-end book value per share.
(37) Yield: Estimated common dividend divided by the current share price.
(38) Currencies: US - United States, CDN - Canada, AUS - Australia
(39) nap: Not applicable
(40) nm: Not material
(41) Net Debt to Cash Flow: Calculated as long term debt plus convertible debentures less working capital divided by operating cash flow




                                                                                                                                                          Page 19
                                                              The Gold Pages
                                                                             Disclosure
           Analyst’s Certification
           General
     Disclosure Key Disclosure
           General Disclosure
Analyst’s Certification
As to each company covered in this report, each analyst hereby certifies that the views expressed accurately reflect the analyst’s personal views about
the subject securities or issuers. Each analyst also certifies that no part of the analyst’s compensation was, is or will be, directly or indirectly, related
to the specific recommendations or views expressed in this report.
General Disclosure

The information and opinions in this report were prepared by both BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltée./Ltd., collectively (―BMO
NB‖) and BMO Capital Markets Limited (U.K.), (―BMO CM Ltd‖). BMO NB and BMO CM Ltd. are not subject to U.S. rules with regard to the
preparation of research reports and the independence of analysts. ―BMO Capital Markets‖ is a trade name used by the BMO Investment Banking
Group, which includes the wholesale arm of Bank of Montreal and its subsidiaries BMO NB in Canada, BMO Capital Markets Ltd. in the U.K. and
BMO Capital Markets Corp. in the U.S. BMO Capital Markets Ltd. and BMO Capital Markets Corp. are affiliates of BMO NB. Bank of Montreal or
its subsidiaries (―BMO Financial Group‖) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO
NB research. A significant lending relationship may exist between BMO Financial Group and certain of the issuers mentioned herein. The opinions,
estimates and projections contained in this report are those of BMO NB and BMO CM Ltd. as of the date of this report and are subject to change
without notice. BMO NB and BMO CM Ltd. endeavour to ensure that the contents have been compiled or derived from sources that we believe are
reliable and contain information and opinions that are accurate and complete. However, BMO NB and BMO CM Ltd. make no representation or
warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained herein and accepts no liability
whatsoever for any loss arising from any use of, or reliance on, this report or its contents. Information may be available to BMO NB, BMO CM Ltd
or its affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment
decisions, and because of individual client objectives, should not be construed as advice designed to meet the particular investment needs of any
investor. This material is for information purposes only and is not an offer to sell or the solicitation of an offer to buy any security. The research
analyst and/or associates who prepared this report are compensated based upon (among other factors) the overall profitability of BMO NB, BMO CM
Ltd. and its affiliates, which includes the overall profitability of investment banking services. BMO NB, BMO CM Ltd., or its affiliates expect to
receive or will seek compensation for investment banking services within the next 3 months from all issuers covered by BMO NB. BMO NB, BMO
CM Ltd. or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis. BMO NB, BMO CM
Ltd. or its affiliates, officers, directors or employees may have a long or short position in the securities discussed herein, related securities or in
options, futures or other derivative instruments based thereon. The reader should assume that BMO NB, BMO Capital Markets Ltd., BMO Capital
Markets Corp., Bank of Montreal or their affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or
not to buy or sell securities of issuers discussed herein.

Company Specific Disclosures

 Agnico-Eagle Mines Ltd. (AEM-NYSE; AEM-TSX)             2, 3, 4, 7, 9, 10AC       Jaguar Mining Inc. (JAG-TSX)
 Alamos Gold Inc. (AGI-TSX)                              2, 3, 7, 9, 10AC          Kingsgate Consolidated Ltd. (KCN-ASX)
 Anatolia Minerals Development Ltd. (ANO-TSX)            1, 2, 3, 7, 10A, 15       Kinross Gold Corp. (KGC-NYSE; K-TSX)                   1, 2, 3, 7, 10A
 Andean Resources Ltd. (AND-TSX)                         2, 3, 7, 9, 10AC          Lake Shore Gold Corp. (LSG-TSX)                        1, 3, 7, 10A
 Andina Minerals Inc. (ADM-TSXV)                         2, 3, 7, 9, 10AC          Lihir Gold Ltd. (LGL-ASX; LGG-TSX)                     5
 AngloGold Ashanti Ltd. (ANG-JSE; AU-NYSE)               9, 10C                    Lonmin Plc (LMI-LSE; LNMIY-NASDAQ)                     5
 Aquiline Resources Inc. (AQI-TSX)                       2, 3, 7, 10A              MAG Silver Corp. (MAG-TSX; MVG-AMEX)
 Aurizon Mines Ltd. (ARZ-TSX; AZK-AMEX)                  2, 3, 7, 10A              Minefinders Corporation (MFL-TSX; MFN-AMEX)            2, 3, 7, 10A
 Barrick Gold Corp. (ABX-NYSE; ABX-TSX)                  2, 3, 4, 6, 7, 9,         Nautilus Minerals Inc. (NUS-TSX)
                                                         10AC
 Centamin Egypt Ltd. (CNT-ASX; CEE-TSX; CNT-             5                         New Gold Inc. (NGD-TSX; NGD-AMEX)                      1, 2, 3, 7, 10A
 AIM)
 Centerra Gold Inc. (CG-TSX)                             1, 3, 7, 10A              Newcrest Mining Ltd. (NCM-ASX)
 CGA Mining Ltd. (CGA-TSX; CGX-ASX)                      2, 3, 7, 10A              Newmont Mining Co. (NEM-NYSE)                          2, 3, 6, 7, 9,
                                                                                                                                          10AC
 Cluff Gold Plc (CLF-LSE; CFG-TSX)                       2, 3, 5, 7, 10A           NovaGold Resources Inc. (NG-TSX; NG-AMEX)
 Comaplex Minerals Corp. (CMF-TSX)                       2, 3, 7, 10A              OceanaGold Corp. (OGC-ASX; OGC-TSX)
 Detour Gold Corp. (DGC-TSX)                             1, 2, 3, 7, 10A           OJSC Polyus Gold (PLZL-RTS)
 Dundee Precious Metals Inc. (DPM-TSX)                   2, 3, 7, 10A              Orezone Gold Corp. (ORE-TSX)                           1, 3, 5, 7, 10A
 Eldorado Gold Corp. (ELD-TSX; EGO-NYSE)                 4                         Oromin Explorations Ltd. (OLE-TSX)
 European Goldfields Ltd. (EGU-TSX; EGU-AIM)             5                         Osisko Mining Corp. (OSK-TSX)                          2, 3, 7, 9, 10AC,
                                                                                                                                          15
 Exeter Resource Corp. (XRC-TSX; XRA-AMEX)               2, 3, 7, 10A              Pacific Rim Mining Corp. (PMU-TSX; PMU-AMEX)
 Franco-Nevada Corp. (FNV-TSX)                           2, 3, 7, 9, 10AC          Pan American Silver Corp. (PAAS-NASDAQ; PAA-           5
                                                                                   TSX)
 Gabriel Resources Ltd. (GBU-TSX)                                                  Petra Diamonds Ltd. (PDL-AIM)                          1, 3, 5, 7, 10A
 Gammon Gold Inc. (GAM-TSX; GRS-NYSE)                    2, 3, 7, 9, 10AC, 15      Petropavlovsk Plc (POG-LSE)                            5
 Gem Diamonds Ltd. (GEMD-LSE)                            5                         Randgold Resources Ltd. (GOLD-NASDAQ; RRS-             5
                                                                                   LSE)
 Gold Fields Ltd. (GFI-JSE; GFI-NYSE)                    9, 10C                    Red Back Mining Inc. (RBI-TSX)                         2, 3, 7, 10A
 Goldcorp Inc. (GG-NYSE; G-TSX)                          2, 3, 4, 6, 7, 9,         Resolute Mining Ltd. (RSG-ASX)
                                                         10AC




 Golden Star Resources Ltd. (GSS-AMEX; GSC-TSX)          9, 10C                    Richmont Mines Inc. (RIC-TSX; RIC-AMEX)
 Great Basin Gold Ltd. (GBG-TSX; GBG-AMEX)               2, 3, 7, 10A              Rubicon Minerals Corp. (RMX-TSX; RBY-AMEX)             2, 3, 4, 7, 10A
 Greystar Resources Ltd. (GSL-TSX)                                                 Sabina Silver Corp. (SBB-TSX)                          2, 3, 7, 10A
 Guyana Goldfields Inc. (GUY-TSX)                                                  San Gold Corp. (SGR-TSXV)
 Harmony Gold Mining Co. Ltd. (HAR-JSE; HMY-                                       SEMAFO Inc. (SMF-TSX)                                  2, 3, 7, 10A
 NYSE)                                                                                                                                              Page 20
  Gammon Gold Inc. (GAM-TSX; GRS-NYSE)                         2, 3, 7, 9, 10AC, 15       Petropavlovsk Plc (POG-LSE)                                     5
  Gem Diamonds Ltd. (GEMD-LSE)                                 5                          Randgold Resources Ltd. (GOLD-NASDAQ; RRS-                      5
                                                                                          LSE)
  Gold Fields Ltd. (GFI-JSE; GFI-NYSE)                         9, 10C                     Red Back Mining Inc. (RBI-TSX)                                  2, 3, 7, 10A
  Goldcorp Inc. (GG-NYSE; G-TSX)
                                                                    The Gold Pages
                                                               2, 3, 4, 6, 7, 9,
                                                               10AC
                                                                                          Resolute Mining Ltd. (RSG-ASX)

                                                                                   Disclosure

  Golden Star Resources Ltd. (GSS-AMEX; GSC-TSX)               9, 10C                      Richmont Mines Inc. (RIC-TSX; RIC-AMEX)
  Great Basin Gold Ltd. (GBG-TSX; GBG-AMEX)                    2, 3, 7, 10A                Rubicon Minerals Corp. (RMX-TSX; RBY-AMEX)                     2, 3, 4, 7, 10A
  Greystar Resources Ltd. (GSL-TSX)                                                        Sabina Silver Corp. (SBB-TSX)                                  2, 3, 7, 10A
  Guyana Goldfields Inc. (GUY-TSX)                                                         San Gold Corp. (SGR-TSXV)
  Harmony Gold Mining Co. Ltd. (HAR-JSE; HMY-                                              SEMAFO Inc. (SMF-TSX)                                          2, 3, 7, 10A
  NYSE)
  Harry Winston Diamond Corp. (HW-TSX; HWD-                    9, 10C                      Silver Wheaton Corp. (SLW-NYSE; SLW-TSX)                       2, 3, 7, 9, 10AC
  NYSE)
  Hecla Mining Company (HL-NYSE)                                                           Sino Gold Mining Ltd. (SGX-ASX)
  IAMGOLD Corp. (IAG-NYSE; IMG-TSX)                            4                           Yamana Gold Inc. (AUY-NYSE; YRI-TSX)                           4, 5



 Disclosure Key

 BMO NB uses the following Company Specific Disclosure Key. Please refer to the Company Specific Disclosure section above for specific
 disclosures applicable to issuers discussed in this report:

  1 - BMO NB has provided advice for a fee with respect to this issuer within the past 12 months.
  2 - BMO NB has undertaken an underwriting liability with respect to this issuer within the past 12 months.
  3 - BMO NB has provided investment banking services with respect to this issuer within the past 12 months.
  4 - BMO NB, BMO Capital Markets Corp., BMO CM Ltd. or an affiliate beneficially owns 1% or more of any class of the equity securities of
      this issuer.
  5 - BMO NB, BMO Capital Markets Corp., BMO CM Ltd. or an affiliate makes a market in this security.
  6 - BMO Capital Markets Corp. or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the
      past 12 months.
  7 - BMO Capital Markets Corp. or an affiliate has received compensation for investment banking services from this issuer within the past 12
      months.
  8 - BMO Capital Markets Corp. or an affiliate or its officers or partners own options, rights, or warrants to purchase any securities of this issuer.
  9 - BMO Capital Markets Corp. or an affiliate received compensation for products or services other than investment banking services within the
      past 12 months.
  10A - This issuer is a client (or was a client) of BMO NB, BMO Capital Markets Corp., BMO CM Ltd. or an affiliate within the past 12 months:
      Investment Banking Services.
  10B - This issuer is a client (or was a client) of BMO NB, BMO Capital Markets Corp., BMO CM Ltd. or an affiliate within the past 12 months:
      Non-Investment Banking Securities Related Services.
  10C - This issuer is a client (or was a client) of BMO NB, BMO Capital Markets Corp., BMO CM Ltd. or an affiliate within the past 12 months:
      Non-Securities Related Services.
  11 - An employee, officer, or director of BMO NB is a member of the Board of Directors or an advisor or officer of this issuer.
  12 - A member of the Board of Directors of Bank of Montreal is also a member of the Board of Directors or is an officer of this issuer.
  13 - A household member of the research analyst and/or associates who prepared this research report is a member of the Board of Directors or is
      an advisor or officer of this issuer.
  14 - The research analysts and/or associates (or their household members) who prepared this research report directly or beneficially own
      securities of this issuer.
  15 - Company Specific:
  ANO - BMO Nesbitt Burns Inc. ("BMO NBI") is acting as financial advisor [and will be paid a fee based on the completion of the transaction]
      with respect to the creation of a strategic relationship with Anatolia Minerals Development Limited ("Anatolia") and Calik Maden
      Isletmeleri A.S.("Calik Mining"). BMO NBI follows information control procedures which prevent its research analysts who are issuing
      research from having access to non-public information received by BMO NBI's investment banking personnel in connection with the
      strategic investment into Anatolia. Accordingly, it is possible that individual employees at BMO NBI may have material non-public
      information or opinions which are not included in, and may not be consistent with, the information and advice in this research report.
  GAM - Gammon Gold, certain of its directors and officers and the underwriters for a particular offering of Gammon securities, (including BMO
      Nesbitt Burns Inc.) have been named as defendants in a proposed Ontario class action. No assessment of the risks created by this legal action
      or of the potential for additional claims against Gammon Gold or others arising from this public offering was undertaken in preparing this
      report and none is reflected herein.
  OSK - BMO Nesbitt Burns Inc. ("BMO NBI") acted as financial advisor to Osisko Mining Corporation [and will be paid a fee based on the
      completion of this transaction] with respect to the proposed private placement with Societe generale de financement du Quebec ("SQF").
      BMO NBI follows information control procedures which prevent its research analysts who are issuing research from having access to
      non-public information received by BMO NBI's investment banking personnel in connection with the Osisko Mining Corporation private
      placement. Accordingly, it is possible that individual employees at BMO NBI may have material non-public information or opinions which
      are not included in, and may not be consistent with, the information and advice in this research report.




BMO Nesbitt Burns Inc. Distribution of Ratings (September 10, 2009)
Rating    BMO                           BMO               BMO                            Starmine
Category  Rating                    Universe       I.B. Clients*                        Universe**
Buy       Outperform                     36%                48%                               48%
Hold      Market Perform                 55%                48%                               44%
Sell      Underperform                    9%                 4%                                8%                                                                  Page 21
                                                             The Gold Pages
                                                                      Disclosure

BMO Nesbitt Burns Inc. Distribution of Ratings (September 10, 2009)
Rating       BMO                            BMO               BMO           Starmine
Category     Rating                      Universe      I.B. Clients*      Universe**
Buy          Outperform                      36%                48%               48%
Hold         Market Perform                  55%                48%               44%
Sell         Underperform                     9%                 4%                8%
* Reflects rating distribution of all companies where BMO Capital Markets has received compensation for Investment Banking services.
** Reflects rating distribution of all North American equity research analysts.

Ratings Key
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the market;
Mkt = Market Perform - Forecast to perform roughly in line with the market;
Und = Underperform - Forecast to underperform the market;
(S) = speculative investment;
NR = No rating at this time;
R = Restricted – Dissemination of research is currently restricted.
Market performance is measured by a benchmark index such as the S&P/TSX Composite Index, S&P 500, Nasdaq Composite, as appropriate for
each company. Prior to September 1, 2003, a fourth rating tier—Top Pick—was used to designate those stocks we felt would be the best performers
relative to the market. Our six Top 15 lists which guide investors to our best ideas according to six different objectives (large, small, growth, value,
income and quantitative) have replaced the Top Pick rating.

Dissemination of Research
Our research publications are available via our web site http://bmocapitalmarkets.com. Institutional clients may also receive our research via FIRST
CALL Research Direct and Reuters. All of our research is made widely available at the same time to all BMO NB, BMO Capital Markets Ltd., BMO
Capital Markets Corp. and BMO Nesbitt Burns Securities Ltd. client groups entitled to our research. Please contact your investment advisor or
institutional salesperson for more information.

Conflict Statement
A general description of how BMO Financial Group identifies and manages conflicts of interest is contained in our public facing policy for managing
conflicts of interest in connection with investment research which is available at http://research-ca.bmocapitalmarkets.com/conflict_statement_public.asp

Additional Matters
TO U.S. RESIDENTS: BMO Capital Markets Corp. and/or BMO Nesbitt Burns Securities Ltd., affiliates of BMO NB, furnish this report to U.S.
residents and accept responsibility for the contents herein, except to the extent that it refers to securities of Bank of Montreal. Any U.S. person
wishing to effect transactions in any security discussed herein should do so through BMO Capital Markets Corp. and/or BMO Nesbitt Burns
Securities Ltd.
TO U.K. RESIDENTS: In the UK this document is published by BMO Capital Markets Limited which is authorised and regulated by the Financial
Services Authority. The contents hereof are intended solely for the use of, and may only be issued or passed on to, (I) persons who have professional
experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the “Order”) or (II) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together referred to as
“relevant persons”). The contents hereof are not intended for the use of and may not be issued or passed on to, retail clients.
BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltée/Ltd. are Members of CIPF. BMO Capital Markets Corp. and BMO Nesbitt Burns Securities
Ltd. are Members of SIPC.
“BMO Capital Markets” is a trade-mark of Bank of Montreal, used under licence.
“BMO (M-Bar roundel symbol)” is a registered trade-mark of Bank of Montreal, used under licence.




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