BRAZIL EXPLORATION BRIEFING

Exploration in Goias and Mato Grosso Q&A: Buddy Doyle, Amarillo Gold Exploration News Corporate News

BRAZIL EXPLORATION BRIEFING Vol 1 · February 2013

INTERIOR DESIGNS In a tight capital market, juniors and producers alike are seeking highly prospective yet low-cost projects in order to acquire necessary funding.

Interior Brazil seems just the place.

The state of Goiás was a ranching and agriculture backwater before the first gold discoveries in the early 1700s. Its border encircles a high plateau in the interior of Brazil, some 750 meters above sea level, where its elevation and numerous rivers made it a center of irrigation. It wasn’t until the founding of the historical town Goiás Velho that mining began to settle into the local mindset. Since then, the wealth procured through mining activity has left a visible trace: churches in the historic settlement are ornamented in elaborate, centuries-old gold finery. What was once a simple farming district is once again becoming a focus for explorers.

Yet Brazil’s interior is often overlooked compared to states in the north and northeast of the country, where the majority of gold production occurs. However, an increasing number of producers are targeting large porphyry ore bodies in the states of Goiás and Mato Grosso, which host wide gold belts with world-class potential. Gold in these states isn’t high grade, but does offer highmargin options for companies short on cash.

Infrastructure in parts of the interior is well developed, and numerous companies have reported near-surface oxide mineralization that may be suitable for low-cost operations.

The region’s potential for large-scale deposits was underscored by AngloGold Ashanti’s decision to purchase the remaining 50% stake in Serra Grande, a 5.03Moz gold deposit located five kilometers from Crixás in Goiás. The company acquired Kinross

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Goias Velho Gold’s portion of the project in the second quarter of 2012 for $220 million in cash.

The mine, located in the Crixás Greenstone Belt, produced 134,000oz of gold in 2011 at an average cash cost of $767 per ounce.

After taking full ownership, however, the company expects to increase its annual gold production to 500,000oz and bring its overhead costs down below average.“We

Mineralization in the Greenstone Belt is associated with massive sulfides and vein quartz bodies that run in north-west strikes, distributed along three main north-west zones. In particular, the northern edge of the Belt—a hotspot for artisanal activity—is heavily associated with quartz sericite schists and highly sulfuric oxide zones.

And the rest will follow...

“We see long-term, lower-risk potential from Serra Grande, which is a key component of our strategy to grow the contribution from the Americas.” see long-term, lower-risk potential from Serra Grande, which is a key component of our strategy to grow the contribution from the Americas,” former CEO Mark Cutifani told the media following the deal.

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This low-cost, low-risk potential has attracted numerous juniors to Brazil’s interior, as they try to find the type of projects that the majors want. Facing a capital market that is currently rather disenchanted with greenfield exploration, many explorers are eyeing compact, short mine-life projects to fund operations and prove up properties.

ASX-listed Cleveland Mining exemplifies this trend. Nudged up against Serra Grande is the Premier gold mine, one of Cleveland’s five projects in the Crixás goldfields, which in November 2012 began producing 40

BRAZIL EXPLORATION BRIEFING Vol 1 February 2013

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LEAD ARTICLE

“The best commodity to found Cleveland on was gold—specifically gold in central Brazil” tons per hour from its first-phase gravity plant merely eight months after construction commenced. Gold production was expected to reach between 10,000 and 20,000oz in 2012, to eventually reach 250,000oz per year within five years.

While Cleveland is something of an anomaly (it had no debt going into the project), the company’s brisk push toward production is hardly atypical. With little incoming investment via financial markets, juniors are tending toward small, simplified projects in order to stay alive, making Brazil’s interior an obvious choice. “The best commodity to found Cleveland on was gold—specifically gold in central Brazil,” said Cleveland’s Managing Director David Mendelawitz. “It certainly wasn’t going to be the whole of Brazil: regions deep in the Amazon are hardly the areas where you want to embark on a quest

/mining.leaders

for gold. Your operating costs are definitely going to be higher than in central Brazil.”

Still, he sees potential for long-term operations in the state. Heading into the project, Mendelawitz looked at 20 years’ worth of data from the Serra Grande project, and decided a nearby mine would be viable because of existing infrastructure and AngloGold’s success in the region.He called the Serra Grande project one of the highestmargin mines he had seen.

Well-developed infrastructure has lured other juniors to the region. Roughly 130 kilometers northeast of Crixás is Mara Rosa, where Amarillo Gold is developing its 1.2Moz Posse gold mine. The company has drilled over 33,000 meters at its two main Posse targets, discovering near-surface mineralization not unlike Yamana Gold’s Chapada copper-gold

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deposit 35 kilometers away. Infrastructure in the region is unlike most you would see in Brazil’s far north: mature roadways lead directly to the site, and an electrical substation lies just four kilometers from Posse. “We see infrastructure playing a major role in the rapid development of this project,” CEO Buddy Doyle told Mining Leaders in 2012.

Go west, young man Directly west of Goiás lies the state of Mato Grosso. Like in Goiás, the local economy is largely based on agriculture. Forwardlooking investment from a public agricultural company, the Brazilian Agricultural Research Corporation, has in past years made soybean production a staple in the region. And, also like its neighbor to the east, Mato Grosso has seen plenty of drilling activity along its most prospective belts recently.

BRAZIL EXPLORATION BRIEFING Vol 1 February 2013

LEAD ARTICLE

“Deposits in the north of Mato Grosso tend to be further from surface than in Crixás, though results have shown generally higher grades.”

GOIÁS Lago Dourado recently published results from its Juruena project in Mato Grosso, where near-surface mineralization was found; at the Querosene target all mineralization was found within 150 meters from surface, with highlights including four meters at 32.5g/t Au. Juruena is located in the Alta Floresta Gold Belt, which underwent a wave of exploration in 1978 after a road was constructed between Cuiabá and Santarém in Pará state, allowing a flood of garimpeiros (informal miners) to mine major vein systems.

The Floresta Belt runs 500 kilometers eastto-west along the northern ridge of the state, and differs from Crixás with its lower sulfide levels. The Juruena region consists of phyllic, feldspathic, and carbonate alterations, similar to alterations in the Fort Knox region of Alaska, and is consistent with gold, silver, copper, molybdenum, and tellurium mineralization. Deposits in the north of Mato Grosso tend to be further from surface than in Crixás, though results have shown generally higher grades. At the Crentes pit Lago Dourado released results of 58 meters at 1.4g/t Au. The market isn’t easily swayed at the current time without a significant find, which Lago Dourado still hasn’t produced. The company

“Regions deep in the Amazon are hardly areas you want to embark on a quest for gold. Your operating costs are definitely going to be higher than in central Brazil.”

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CRIXÁS

CRIXÁS GREENSTONE BELT BRASÍLIA

is undergoing a 8,000-meter second-phase drilling program in 2013, following 15,000 meters of diamond drilling and roughly 6,000 meters of RC drilling at the site.

This drilling could use up the better part of Lago Dourado’s remaining $3 million cash balance. So far the company has invested $15 million in exploring the site. The company only expects to move the project forward if a multimillion-ounce deposit is discovered.

Company CEO Forbes Gemmell has seen the focus move from production growth four or five years ago to project profitability, causing many to push operations ahead with haste. “Definitely there’s been a trend in that direction, and at the end of the day that’s effectively what mine managers are focusing on: getting money out of the ground as soon as they can,” he says.

Still in its early stage, Juruena is being explored methodically, according to Gemmell, in order to “make every drillhole count.” Across the tenement numerous geophysics and geochemistry tests have been done, as well as an IP Survey and airborne survey. The next phase of drilling will focus

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on uncovering a large-scale deposit near the surface at a zone in the north of Juruena.

A porphyry specialist established the Arrastro Hills target as the highest potential for a large-scale deposit because of its silica hills, known for preserving porphyries. Most of the drilling to date has been focused on an adjacent target which is interpreted to be the roots of an old porphyry intrusion, its mushroom-shaped top eroding away years ago. That has created the potential for highgrade mineralization reasonably close to surface. “High grades are definitely a good thing. If the zones are close to surface it generally ensures there are strong cash flows at the start of the mine life, which translates to greater capital flexibility.”

Overall Mato Grosso and Goiás still contribute only a small chunk of Brazil’s GDP. But that is changing: Mato Grosso was the fastestgrowing state in Brazil in 2010, and grew 124% between 2002 and 2008. Agriculture contributed to much of that growth, far more than mining. It seems likely, however, that an increasing amount of that wealth will come not from the pastures on the Earth’s surface but from the rock formations beneath.

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Q&A

LOOKING SOUTH You’ve recently published drill results at your wholly-owned Mara Rosa project in the state of Goiás. Can you describe your findings?

We found encouraging results at our proposed Posse pit, where we recently concluded a 19hole infill drill program. We targeted a saddle zone within the pit that runs from the northern to the deeper southern portions of the target, where we hope to move our current inferred ounces into the indicated category. One hole (MRP0012) recovered mineralization over 19 meters with an average of 2.47 g/t, and another (MRP0003) over 17 meters at 2.7 g/t.

Currently none of these results are included in Amarillo’s overall resource estimate, though we think this will raise the profile of our mine significantly. Geology at the site shows similar mineralization to that of the 4Moz Chapada mine, owned by Yamana Gold, which lies just 35 kilometers from Mara Rosa.

How does operational licensing in Brazil differ from other countries in which you have worked?

In Canada, I lead the team that discovered the Diavik diamond mine which took nine years to permit. We had to get a social license before we could complete the federal permitting. I expect Brazil to be easier. I think that the citizens of Goiás state recognize the benefits of a local mining industry. The LI, which allows construction to start, is a two way processes between the state and the firm. This process is commendable as it tends to promote best practices from around the world; there are also public hearings to make sure the community is on board. The last stage of the licensing is the LO (license to operate), a formality that allows you to start production as long as you have followed the criteria of the LI. The average timeline of the permitting process in Goiás is 18 months.

Located in a low-risk jurisdiction and surrounded by a number of major operations belonging to the likes of AngloGold, Kinross, and Yamana, Amarillo Gold’s flagship Brazilian project Mara Rosa looks set to become a producing mine by 2014. From there, the company will begin to develop Lavras do Sul, a major gold prospect located in the south of the country.

We are confident that the project is moving ahead at the ideal pace; since gaining our pre-feasibility study 14 months ago there has been much progress.

Lavras do Sul, the company’s secondary project, is also showing major potential. What are the particularities of the site?

What are the challenges associated with having the Mara Rosa project close to Yamana’s Chapada mine?

We are looking to become a producer at Mara Rosa by 2014. Judging by our 2012 pre-feasibility study at Mara Rosa, its mine life is roughly seven years – and seven years goes by very quick. So, once we are a medium sized producer – we are expecting 120,000oz per year - we’ll be quickly looking to keep the company sustainable, so we see Lavras do Sul as part of that. It’s an advanced exploration project, where we have shown a resource of 520,000oz of gold combined indicated and inferred, and we expect this to grow; there is 12km by 8km of old gold workings that have seen little modern exploration.

As of May 2012 we drilled over 30,000 meters on the project.

One challenge is labor. Employment levels will peak at about 1,000 people on-site during construction and then fall off to about 300 people once the mine is in operation.

Chapada is close to our project and they send buses to near-by communities. They look to the south so we will have to look to the north, but there will be an overlap with several villages. In fact, Yamana employs about 16 people from Mara Rosa. But overall, the proximity of Chapada brings benefits, especially in terms of infrastructure and local familiarity with the mining industry.

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Buddy Doyle CEO Amarillo Gold

@miningleaders

Are there any geological similarities between Lavras do Sul and Mara Rosa that allow the company to create synergies?

Other than both being open pittable bulk tonnage gold prospects and of the same geological age – neoproterozoic – there are few similarities. Geographically they are over 1,500 kilometers apart, Mara Rosa is a shear-hosted orogenic gold deposit, with a greenstone footwall, gneiss hanging wall. Lavras do Sul, on the other hand, is an epithermal style deposit. The other main synergy will be the team that works on them.

What is your process for selecting projects?

When we look at projects, we look for good infrastructure. Early on in the company’s history we consciously decided to stay out of the jungles. Both Mara Rosa and Lavras do Sul have tarmac highways nearby with villages, communications and power grid. Both are in mining friendly jurisdictions. Even Lavras do Sul which is in the state of Rio Grande do Sul, there are a number of coal mines in the vicinity which means infrastructure and supporting services can be adapted. This is unlike many of the other opportunities in Brazil where the junior mining companies followed the wave of garimpeiros as they moved north into the jungle. We chose Brazil because it is relatively under-explored.

This we think explains why there is only about a fifth of the gold production from Brazil, compared to these nations. On top of this Brazil has good mining legislation, and exploration title is relatively inexpensive.

BRAZIL EXPLORATION BRIEFING Vol 1 February 2013

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EXPLORATION NEWS

Brazilian Gold Corp. (CVE: BGC) identified near-surface oxide mineralization at its Surubim project, Tapajós region, Brazil.

The diamond drill program at Surubim, which in January amounted to 7,968 meters over 48 boreholes, focused on the Patoa, Tucunare, Colonia North, Colonia Central and Colonia South targets. Results found an average grade of 0.75 g/t Au at 8.1m below surface.

Highlights include Tucunare South, which showed results of 10m at 26.03 g/t Au, and Patoa at 16m at 1.62 g/t Au. Brazilian Gold Corp. now sees potential to further expand the resource through future RC drilling, which could expand the low-grade, near-surface deposit into new targets. Company CEO Ian Stalker called the results encouraging, saying: “This work has identified large areas of surface oxide mineralization that could lend itself to low-cost, highly productive open-pit mining with the potential for the bulk of the gold to be recovered by a simplistic gravity recovery plant.”

Lago Dourado (CVE: LDM) released results from five holes drilled in its Phase 2 diamond drill program at its Juruena project located in Mato Grosso, Brazil.

Hole JRND062 identified an intercept of 9m at 15.39g/t Au at a depth of 204m including 0.9m at 79.60g/t Au and 1.3m

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at 46.20g/t Au. The newly initiated drill program is aimed toward an IP anomaly, thought to be a porphyry-related intrusive, in which four of five holes were located. This project is thought to be along a potentially world-class porphyry, by some estimations similar in potential to that of the Oyu Tolgoi deposit in Mongolia’s South Gobi desert.

Company CEO Forbes Gemmell called the results encouraging, saying: “Drilling in this part of the property has now identified seven distinct mineralized zones with more than 20 intercepts with grammetres greater than 50.” Approximately 6,000 meters remains in the phase 2 drill program, which was set to continue in early 2013.

Magellan Minerals Ltd. (CVE: MNM) published results from eight boreholes in the Ivo, Ratinho South, and Ratinho North targets at its Cuiu Cuiu project in Tapajós Mineral Province, Brazil. Highlights included 7.5m at 2.78g/t Au including 0.5m at 38.0g/t Au in hole 169 in the Ivo zone, and 10m at 0.30g/t Au including 1m at 1.59g/t Au in hole 175/176 the Ratinho North zone. The Cuiu Cuiu project has a long history of gold mining, with past production ranging between 1.5Moz and 2Moz. The Ratinho North and Ratinho

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South anomalies are located 9km NNW and 8.5km NW of the Central gold deposit, and are comprised of 3.4Mt at 1.0g/t Au for 100,000oz in the indicated category and 17Mt at 0.9g/t of Au for 500,000oz in the inferred category, respectively.

Magellan Minerals is also pursuing a second project, Coringa, currently the subject of a feasibility study. It contains measured and indicated resources of 561,000oz of gold.

Amarillo Gold Corp. (TSX-V AGC) released drill results at its wholly owned Mara Rosa project, where the company underwent a 19-hole infill drill program at the site’s Posse pit. Highlights from drilling included 19m at 2.47g/t Au in hole MRP0012 and 17m at 2.7g/t Au in hole MRP0003. Drilling focused on a proposed saddle zone running between the north and the deeper sections of the southern regions of the Posse pit. None of the recent results have been added to Amarillo’s data used to define the economics of the site, which is currently based on a $1,100/oz gold price.

The drill program was taken on in order to move current ounces from the inferred to the indicated category, which was 20.85Mt at 1.75g/t Au according to a November 2011 prefeasibility study.

BRAZIL EXPLORATION BRIEFING Vol 1 February 2013

EXPLORATION NEWS

Amerix Precious Metals Corp (TSX-V: APM) published its latest 2012 Phase 2 drill assay results on its Limão gold property in Pará state. Six additional holes (LDH-15 to LDH20) totaling 716m were drilled in November and December 2012 at the Limão Pit target area to follow up on the results reported earlier that year from the Phase 1 drill program.

Drill holes LDH-15, 16, 19, and 20 have been drilled on the southeast region, and across the northeast trending dyke that was defined earlier in LDH-05. Holes LDH-15, 16, and 19 were all collared from the same location as earlier hole LDH-14, which intercepted 9.03m at 21.12g/t Au. Company geologists believe that a second lens-like zone of gold mineralization has now been intersected in holes LDH-14 and LDH-20. Some of the companies most striking results were in hole LDH-20, where mineralization was found over 3.71m at 48.09 g/t Au. Orinoco Gold Ltd. (ASX: OGX) confirmed two additional mineralized zones at its flagship Cascavel target within its 70%-owned Curral de Pedra project in Goiás, Brazil. The two finds put the total at Cascavel to four zones of mineralization, one of which was discovered above two previously discovered zones, and one below. The deepest zone is within a 25-meter thick quartz vein, and the shallowest lies within a carbonaceous schist. Highlights from drilling included 0.5m at 2.54 g/t Au and 1.0m at 0.52 g/t Au, over holes CDP_002 and CDP_004, respectively. Drilling results confirmed coarse gold (+150#) made up roughly 95% of total mineralization. The current drilling program is expected to conclude within the month, for a total of 21 boreholes accounting for 5,500 meters.

CORPORATE NEWS Belo Sun Mining Corp. (TSX: BSX) Belo Sun’s Volta Grande gold project, located in Pará state, was rejected by Brazil’s Federal Public Ministry, causing a 7.5% drop in BSX stock. The rejection is due to BSX’s lack of preparation over socioeconomic impacts; indigenous communities who would be directly affected by project were not consulted. Rejection is in spite of government attempts to open up indigenous lands to mining projects through the Law Decree 303. The company also published metallurgical test results from the Volta Grande gold project, which is focused on the diorite gold-bearing material of the Grota Seca (GS) and Ouro Verde (OV). Test work returned an average gold recovery of 94%. OV ore, with a gold head grade, returned between 1.17g/t and 3.80g/t. The GS ore, with a gold head grade, returned between 1.06g/t and 3.90g/t. Between 25% and 50% of ore can be recovered in a gravity concentration step prior to leaching.

Aura Minerals Inc. (TSE: ORA) released preliminary Q4 production results at its two Brazil mines, São Francisco and São Vicente. The company increased production 13% compared to Q4 2011—a total of 49,472oz from its three mines combined. The

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CORPORATE NEWS

Brazilian-based São Francisco operation, the firm’s largest project, produced 28,584oz for a total 79,573oz on the year. Just 50 kilometers northwest from there, the São Vicente mine boasts the lowest cash cost per ounce of any of Aura’s operations, ranging between $900 and $1,100. Production at Vicente reached 8,952oz in Q4 2012. Aura plans to invest $101 million in 2013 in order to maximize production at both its Brazil mines, as the company prepares for mine closure at both Francisco and Vicente in early 2014. Much of the company’s focus will presumably then be directed toward the Aranzazu mine in Mexico, which reported a 40% production increase in 2012, rising to 10.801Mlb contained copper from 7,695,300lb in 2011.

Carpathian Gold Inc. (TSE: CPN) made known that it still expects to meet its production goal of 2H2013 at its Riacho dos Machados gold mine. Onsite construction reached 60% as of January 17, and the company expects to reach 100,000oz per year before Q4 of 2013. The Corporation hosts a large gold plus copper resource base of measured plus indicated resources that totals 8.1Moz Au (inclusive of proven and probable reserves of 830,000oz) and 1.4Blb Cu. In 2012 the final Rovina Valley exploration report and full documentation of a mining study was submitted to the National Agency of Mineral

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Resources for the conversion of the Rovina Valley exploration license to a mining license.

The conversion to a mining license is not expected before mid-2013.

FINANCIAL NEWS Serabi Gold (AIM: SRB, TSX: SBI) announced that its conditional subscription by Fratelli Investments Ltd had been approved, in which Serabi issued 270 million new shares at £0.06 apiece. The agreement, which was made in order to fund the underground startup operations at its Palito gold mine, raised a total £16.2 million. Fratelli gained 90.4 million new shares from the deal, and a conditional subscription for over 179 million new Ordinary Shares minus any third-party investors. Follow­ ing the financing, Serabi has announced that its dewatering of the mine is two months ahead of schedule, and is now focusing on rebuilding some ventilation, electricity, and compressed air infrastructure at the site. Plant commissioning is now set for Q42013, which aims to process high-grade ore stockpiled during development.

Cleveland Mining Company Ltd. (ASX: CDG) announced confidence in its ability to raise $7 million through an as yet unnamed institutional investor to forward exploration at its Premier gold mine in Goiás, Brazil.

Sampling will also commence at its Mara

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Rosa project, also located in Goiás. The capital raising consisted of a $5.5 million placement and a $1.5 million underwritten share purchase plan set at $0.25 per share. Under the plan, shareholders can subscribe for 15,000 shares under the same agreement. Cleveland’s general manager David Mendelawitz commented on the capital raising: “We are pleased to have received the backing and support of several large financial institutions and family offices that can support our company’s growth both now and into the future.”

Eldorado Gold Corp. (NYSE: EGO) reported year-end (2012) shareholder profits at $305.3 million on sales of 625,394oz of gold at an average price of $1,674/oz. Gold revenues for 2012 stood at $1.047 billion in comparisons with $1.042 billion in 2011.

In basic earnings per share this translated to $0.44 per share in 2012 versus $0.58 per share in 2011. The company also acquired European Goldfields Ltd in February 2012, increasing its gold reserves. Furthermore it strengthened its liquidity through the issuance of $600 million of senior notes, which will be used for development projects in the future. However, total ounce production for the company, over all six producing mines, dropped slightly in 2012, from 658,652oz in 2011 to 656,324oz.

BRAZIL EXPLORATION BRIEFING Vol 1 February 2013

IN FIGURES TOP 5 MOVERS 200

INV Metal

44% Orinoco Gold

100

40% Serabi Gold

C$m

54%

BRAZIL GOLD INDEX

38% Kenai Resources 31% Brazilian Gold

0

JANUARY

FEBRUARY

The Brazil Gold Index measures the average market capitalization of 13 Brazil-focused gold juniors (AGC, ORA, BSX, BGC, BRI, CPN, CSI, JAG, LDM, LGC, MNM, CDG and CAS).

Ticker

Shares

Share Price (C$)

Prev Month (C$)

% Change

MarketCap (C$m)

Moz

EV/oz

Amarillo Gold

AGC

69.938.085

$0,750

$0,800

-6

$ 52,5

1,85

$28,35

Amerix Precious Metals

APM

82.454.934

$0,040

$0,055

-27

$ 3,3

Aura Minerals

ORA

228.270.000

$0,360

$0,335

7

$ 82,2

2,6

$31,61

Belo Sun

BSX

265.910.000

$1,150

$1,410

-18

$ 305,8

6,90

$44,32

Brazilian Gold

BGC

103.230.000

$0,210

$0,160

31

$ 21,7

2,60

$8,34

Canada TSX & TSX-V

Brazil Resources

BRI

41.330.000

$1,060

$1,230

-14

$ 43,8

0,67

$76,13

Carpathian Gold

CPN

555.000.000

$0,300

$0,330

-9

$ 166,5

9,00

$18,50

Colussus Minerals Cosigo

CSI

106.280.000

$3,060

$4,160

-26

$ 325,2

Eagle Mountain Gold

Z

33.850.000

$0,360

$0,340

6

$ 12,2

0,98

$12,43

Horizonte Minerals PLC

HZM

360.046.170

$0,190

$0,170

12

$ 68,4

INV Metal

INV

491.735.340

$0,060

$0,130

-54

$ 29,5

Jaguar Mining

JAG

85.080.567

$0,600

$0,890

-33

$ 51,0

8,29

$6,16

Kenai Resources

KAI

105.810.000

$0,025

$0,040

-38

$ 2,6

0,10

$26,45

Lago Dourado

LDM

94.279.828

$0,150

$0,190

-21

$ 14,1

Lara Exploration

LRA

26.300.721

$1,150

$1,160

-1

$ 30,2

Luna Gold

LGC

104.900.000

$3,760

$3,250

16

$ 394,4

3,90

$101,13

Magellan Minerals

MNM

110.550.000

$0,170

$0,200

-15

$ 18,8

2,40

$7,83

Rio Novo Gold

RN

113.670.000

$0,230

$0,230

0

$ 18,8

2,66

$9,83

Sandstorm Gold

SSL

85.730.000

$9,600

$11,570

-17

$ 823,0

1,01

$814,86

Serabi Gold

SRB

361.268.529

$0,120

$0,200

-40

$ 43,4

0,67

$64,70

TriStar Gold

TSG

56.890.000

$0,350

$0,450

-22

$ 19,9

Cleveland Mining

CDG

200.280.000

$0,235

$0,280

-16

$ 47,1

Australia ASX

Crusader

CAS

126.650.000

$0,330

$0,350

-6

$ 41,8

2,43

$17,20

Minera Gold

MIZ

455.000.000

$0,045

$0,046

-2

$ 20,5

0,10

$204,75

Paringa Resources

PNL

61.000.008

$0,200

$0,270

-26

$ 12,2

Orinoco Gold

OGX

58.050.000

$0,150

$0,270

-44

$ 8,7

Ardent Mines

ADNT

16.620.000

$0,030

$0,030

0

$ 0,5

Aurora Gold

ARXG

249.144.706

$0,035

$0,040

-13

$ 8,7

0,13

$67,08

Santa Fe Gold

SFEG

117.599.598

$0,260

$0,338

-23

$ 30,6

EGO

714.484.476

$10,210

$11,660

-12

$ 7.294,9

25,70

$283,85

OTC

NYSE Eldorado Gold

/mining.leaders

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BRAZIL EXPLORATION BRIEFING Vol 1 February 2013

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