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					      Investor Conference:
          Calgary, 27 April 201




   Golden Opportunities
J. Mazumdar, MS Geo, MS Min Econ
     Alexandra Bukacheva, MS, CFA
        Haywood Securities, Canada



                                     1
Disclaimers
This report is neither a solicitation for the purchase of securities nor an offer of securities. Our ratings are intended only for clients of
Haywood Securities Inc., Haywood Securities (USA) Inc., and those of Haywood Securities (UK) Limited and such clients are
cautioned to consult the respective firm prior to purchasing or selling any security recommended or views contained in this report.
Haywood Securities (UK) Limited (“HSUK”) is a wholly owned subsidiary of Haywood Securities Inc. authorized and regulated in the
UK by the Financial Services Authority as a stock broker and investment adviser and is a member of the London Stock Exchange.
Estimates and projections contained herein, whether or not our own, are based on assumptions that we believe to be reasonable. The
information presented, while obtained from sources we believe reliable, is checked but not guaranteed against errors or omissions.
Changes in the rates of exchange between currencies may cause the value of your investment to fluctuate. Past performance should
not be seen as an indication of future performance. The investments to which this report relates can fluctuate in value and
accordingly you are not certain to make a profit on any investment: you could make a loss.
Haywood Securities, or certain of its affiliated companies, may from time to time receive a portion of commissions or other fees
derived from the trading or financings conducted by other affiliated companies in the covered security. Haywood analysts are salaried
employees who may receive a performance bonus that may be derived, in part, from corporate finance income.
Haywood Securities, Inc., and Haywood Securities (USA) Inc. and Haywood Securities (UK) Limited do have officers in common
however, none of those common officers affect or control the ratings given a specific issuer or which issuer will be the subject of
Research coverage. In addition, the firm does maintain and enforce written policies and procedures reasonably designed to prevent
influence on the activities of affiliated analysts.



Dissemination of Research
This report is prepared by Haywood Securities Inc. for use by Haywood Securities Inc., Haywood Securities (USA) Inc. and Haywood
Securities (UK) Limited and their clients. Research reports are disseminated either through electronic medium or in printed
copy. Clients may access reports on our website, or receive publications directly via email. Haywood strives to ensure all clients
receive research in a timely manner and at the same time. It is against our policy for analysts to discuss or circulate their
recommendations internally prior to public distribution. This policy applies equally to recommendation changes, target changes and/or
forecast revisions.
For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry
Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection
                                                                                                                                       2
Fund and accepts responsibility for the dissemination of this report. Any Canadian client that wishes further information on any
securities discussed in this report should contact a qualified salesperson of Haywood Securities Inc.
For U.S. residents: Haywood Securities (USA) Inc. is a wholly owned subsidiary of Haywood Securities Inc., registered with the U.S.
Securities and Exchange Commission, and is a member of FINRA and the Securities Investor Protection Corporation (SIPC). Haywood
Securities (USA) Inc. as a U.S. registered broker-dealer accepts responsibility for this Research Report and its dissemination in the
United States. Any U.S. client that wishes further information on any securities discussed in this report should contact a qualified
salesperson of Haywood Securities (USA) Inc. Haywood Securities Inc. Research Analysts are considered Foreign Research Analysts to
the USA and are not registered/qualified as Research Analysts with the NYSE and/or the NASD. As these analysts are considered
Foreign Research Analysts they may not be specifically subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications
with a Subject Company, Public Appearances and trading securities held by a Research Analyst Account.
This report is intended for institutional investors and may be distributed to all non-institutional US clients.
For U.K. residents: Haywood Securities (UK) Limited (“HSUK”) is a wholly owned subsidiary of Haywood Securities Inc. authorized and
regulated in the UK by the Financial Services Authority as a stock broker and investment adviser and is a member of the London
Stock Exchange. This report has been approved by HSUK for the purposes of section 21 of the UK’s Financial Services and Markets
Act 2000.If you wish to contact HSUK please email Michael Sweeney at msweeney@haywood.com. If you are a UK resident retail
customer and you propose to do business with Haywood Securities Inc., please take note of the following:
Haywood Securities Inc. or its subsidiaries or respective officers, directors or employees have or may have a material interest in the
securities to which this report relates. Any investment services undertaken on your behalf by Haywood Securities Inc are not covered
by the rules and regulations made for the protection of retail investors in the UK. This means that you will not have the benefit of
rights designed to protect investors under the Financial Services and Markets Act 2000 and under the rules of the Financial Services
Authority (“FSA”).In particular, you will not benefit from the following UK protections:
(a) the right to claim through the UK’s Financial Services Compensation Scheme for losses resulting in the unlikely event of our
default; (b) in the event of a dispute, access to the UK’s Financial Ombudsman Service; (c) protection of money held on your behalf
under the FSA’s Client Money Rules.


Analyst Certification
I, Joe Mazumdar, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as
well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the
issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.        3
Synopsis

• Gold Market
  – Last decade, Supply/Demand, What to Watch
    for in 2011
• Investments Proposal
  – Small Cap Gold, Stages of Development,
    Risk/Reward




                                                4
Long May You Run
10 year bull trend…
                                                                                                            +25%
                 $1,500
                                                                                                            $1,410


                 $1,250                                                                            +25%
                                                                                                   $1,104

                 $1,000                                                            +30%
 USD per ounce




                                                                                    $837    $865
                                                                           +20%
                  $750
                                                                   +15%     $636
                                                  +20%              $513
                  $500                    +20%      $417    $438
                                           $343
                           $273    $277
                  $250


                    $0
                          2000    2001    2002    2003     2004    2005    2006    2007    2008    2009     2010

                                     Source: Capital IQ                                                            5
Long May You Run
10 year bull trend…
• Inflation hedge -> Store of value
• Safe Haven -> Diversification
• Debasement of fiat currencies -> Store
 of value




                                           6
Diversification
Correlations
  1.00

  0.75

  0.50

  0.25

  0.00
          USD               Oil       CRB/UBS Comm        S&P 500        US Treasury     MSCI World ex-
 -0.25                                    Index                             Index             US


 -0.50

 -0.75

 -1.00


         Source: World Gold Council – Over 3 years ending 2010 based on weekly returns                7
Diversification
Risk versus Return




     Source: World Gold Council , Bloomberg, Barclays Capital   8
Diversification
Emerging Markets
 50%


 40%


 30%


 20%
                            Small Increases in Holdings would have
                            significant impacts on gold market
 10%


 0%
       Advanced    Developing Asian Central/ Eastern   Middle East/   Sub-Saharan   Other Western
       Economies      Economies        Europe          North Africa      Africa      Hemisphere



                    Source: World Gold Council                                                      9
Demand
Investment/Jewellery
                 3,000
                                                            2009          2010
                 2,500
                                                                 Shift in Demand to Physical Holdings
                                  66 Moz
                 2,000
                         57 Moz
 Gold (tonnes)




                 1,500                                                  44 Moz 43 Moz


                 1,000

                                                       14 Moz                               17 Moz
                  500                            12 Moz                                           10 Moz

                    0
                           Jewellery             Technology              Investment             Other


                                    Source: World Gold Council                                             10
Supply
Change in Official Sector
                  3,000
                                   82 Moz                           2009         2010
                  2,500   75 Moz

                  2,000
                                                    54 Moz 53 Moz
  Gold (tonnes)




                  1,500


                  1,000


                   500

                                                                           1 Moz (3 Moz)
                     0
                           Mine Supply                     Scrap       Official Sector
                   -500
                              Source: World Gold Council                                   11
Supply
Scrap – Swing Supply




         Source: World Gold Council and GFMS   12
  Speculators & ETFs

• Net Speculative Position (Longs minus             • ETFs are representative of a buy & hold
   Shorts) is falling leaving room for                  mentality are slowly increasing after
   positive jumps in gold price                         liquidations in February 2011 after
                                                        Japan Crisis




                          Source: COMEX, ETFs and Standard Bank                                 13
Gold Q1/11
Every Which Way But Loose
       Current Levels US$1,500/oz – “…there is at least a 1 in 3
       likelihood that it could lower its long-term rating on the US
       within 2 years” S&P Ratings Agency




               Source: World Gold Council
                                                                       14
Gold Market
What to Watch For
  Inflation in the emerging markets –                Impact of commodity
  prices, specifically oil, on essentials driving up CPI globally
  US Recovery –      Monitor US job (less) recovery, stagflation,
  Federal Reserve reactions, misery index = unemployment rate +
  inflation
  Geopolitical –    MENA crisis, impact on oil prices and global
  inflation
  China growth –       Impacts of raising interest rates to slow
  economy and on commodities, inflation rates
  Japan crisis – Knock on impacts on supply chain and demand of
  raw materials in the short term
  Euro Zone Debt – Impacts on Euro/USD exchange rate
  Other- ??

                                                                           15
Investment Proposal
Small Cap - High Beta
                                    Gold Price, USD     Gold ETF     HUI      USD (DXY)   S&P/TSX Gold
                          150
                                Junior Gold Miners Have High Betas to Gold
                          140


                          130
   Index 100 = Jan 2010




                          120


                          110


                          100


                           90


                           80




                                                  Source: Capital IQ and Haywood
                                                                                                         16
Investment Proposal
Small Cap - Reward
 120
                                                                     Production ->
        Grassroots Exploration -                                     Growth
        > Advanced Exploration     Development ->Production
 100
       Southern Arc – TSXV:SA      Midway Gold – TSXV:MDW, MDW-US
       Revolution Res. – TSX:RV    Andean American Gold – TSXV:AAG                   Orvana
                                   Andina Minerals – TSXV:ADM                        Minerals –
  80                               Carpathian Gold – TSX:CPN                         TSX:ORV


  60                                                                                 Risk Averse
       Risk Lover                                                                    Operators,
       Geology, Potential                                                            Quarterly,
       Upside, Prior                                          Risk Averse            Mgmt,,
  40   Success, Mgmt,                                         Dev. Eng.,             Guidance
       Analogues                                              Timeline,
                                                              Permitting, Prior
  20                                                          Success, Mgmt,
                                                              Underpromise and
                                                              over deliver

  0
                              Source: Haywood Securities
                                                                                                   17
Investment Proposal
Small Cap - Risk


                                      Orvana
                                      Minerals –
                                      TSX:ORV


                                      Risk Averse
                                      Operators,
                                      Quarterly,
                                      Mgmt,,
                                      Guidance




         Source: Haywood Securities
                                                    18
Investment Proposal
Small Cap - Exploration
                               Financing                Project Related              Management Changes

                        $6.0
                                Volume                                                        Credit Shock
                                                                                    2.93Moz
                                Price                                                                                            10
                        $5.0
                                                                          1.98Moz
  ADM Share Price, C$




                                                                                                                                 8
                        $4.0                                                                       6.62Moz
                                                                  $24M




                                                                                                                                      Volume, Millions
                                                                                                                                 6
                        $3.0
                                                                                                                     Timeline/
                                                         $10M                                                    recovery revised
                        $2.0                        1.44Moz                                   New CFO and VPD 9.8Moz           4


                               $9.5M           $17.6M                                                                     $25M
                        $1.0                                                                                     $15.5M          2
                                                                                                             New CEO

                        $0.0                                                                                                     0




                                           Source: Haywood Securities
                                                                                                                                                     19
Investment Proposal
Small Cap - Development




          Source: Haywood Securities
                                       20
Investment Proposal
Small Cap - Development




          Source: Haywood Securities
                                       21
Investment Proposal
Small Cap - Producer

  Haywood – Non Target
  Flash Reports Began




                         Source: Orvana Minerals
                                                   22

				
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