GSN 0711

INSIDE...
Aurizon Continues to Generate

Strong Cash Flow, Fund Aggressive
Exploration Programs and
Improve Financial Capacity
Market Response Accelerates
Project Development
at Atna Resources Briggs and
Reward Gold Mines;
$9.2 Million Financing, Production
Cash Flow to Fund Mine Expansion,
Development and Exploration
Mont hl y Anal ysi s of Gol d St ocks and Preci ous Met al s Trends
July 2011
The
Bull &
Bear's
The
Bull &
Bear's
Rye Patch Gold Holds Sizeable
Gold/Silver Resource, Seeking
To Add to Existing Resource
By Lawrence Roulston
Resource Opportunities
The investing world is even
more uncertain today than it was
a few months ago. Commentators
and analysts are focused on the
negatives. As we all know, there is
no shortage of negative news.
Analysts and the media tend
to focus on the near-term. We
are always hearing about what
is happening today and what
happened yesterday.
But, to understand what is going
to happen tomorrow, it is very
useful to step back for a moment
and look at the bigger picture.
The longer-term trends are more
important to investors than the day
to day events.
Amid all the uncertainty and fear
that we face at this moment, there
are some tremendous investment
opportunities. The best part is that
there are investments that provide
long-term security at the same
time as they offer growth potential.
Lets start with gold. With all the
uncertainty, its not surprising that
gold is near an all time record high.
Gold is up 10% this year. It is up
25% from a year ago. Yet, the gold
companies are not reecting those
gains. There are companies that
Continued on page 12
Bullion vs. Stocks
2
By Adrian Ash
BullionVault.com

Growth in global gold demand
is rapid. No, another decade of
quintupling prices isnt nailed on.
But neither of those facts make
gold a bubble today.
In fact, anyone calling gold a
bubble right now is talking through
their hat at best. A number of
myths associated with bubble
theory for gold are exposed here.
MYTH #1. Gold Is a Crowded
Trade. The finance pages are
packed with gold headlines, but
actual investment levels remain
low. In the early 1980s, private-
bank clients were expected to hold
3% of their wealth in gold, many
times the 0.5% allocation seen
across the nance industry today.
Even in the bullion market itself,
three-quarters of the 500-plus
analysts and traders attending
last autumns LBMA conference
in Berlin said they held as little as
nothing (Between 0% and 10%) of
their savings in precious metals.
Saturation is a long way off.
MYTH #2. Gold Has Madly
Rushed to $1500 Without a
Correction. Compared with
undeniable bubbles, golds recent
climb just isnt steep enough. Gold
prices rose 70% for Dollar investors
in the last 3 years, but US stocks
rose 160% in that length of time in
the 1920s, and Germanys Neuer
Markt rose over 1600% starting in
1997. Londons South Sea Bubble
of 1720 rose 9-fold in 5 months!
What makes gold remarkable
today is the longevity, not speed,
of its bull market - now delivering
positive, ination-beating returns
to US and UK savers every year
since 2001.
MYTH #3. Gold Will Fall Hard
When Interest Rates Rise. Only
if interest rates outpace ination,
and what are the chances of that?
People turn to gold when cash -
its major (and otherwise better)
competitor as a store of wealth
loses value. Sub-zero real US rates
have already cost cash savers over
3% of their spending power in the
Six Gold Bubble Myths Youd Do Well to Ignore
last 18 months. Rates currently
lag ination by the widest margin
since the summer of 1980. Back
then, however, the cost of living
was rising at double-digits, and
could not be talked away.
MYTH #4. Ination is Set to
Fall Back. How, exactly? The cost
of living is hurting earners, savers
and seniors alike, but mostly because
their incomes arent growing. On the
official data, the Consumer Price
Index has risen barely 11% from ve
years ago, its weakest long-term rise
since 1967. Anything lower, and QE3
looks certain, thanks to the Feds
anti-deation xation. If US ination
is headed anywhere from here, its
not down.
MYTH #5. Golds Not An
Investment, Because it Doesnt
Pay Interest. A desperate claim
which is at least true true a decade
ago at $260, and true evermore
unless an investment bank sells
you a structured derivative. Golds
lack of income means it has no
promises to break, setting it apart
from all other asset classes, most
notably debt. Its hard to accuse gold
buyers of over-optimism (Charles
Kindlebergers denition of bubble),
but this market would only move
into irrational exuberance(Robert
Shillers phrase) if it kept rising
after monetary policy switched from
weak to strong.
MYTH #6. Gold Will Burst
When The World Economy
Settles Down. Youve got to love
that when. But beyond its impact
on policy rates, however, economic
growth has little to do with gold
prices. Gold fell vs. the Dollar
during the US recessions of 1980
and 1990, only to triple during the
go-go years of 2003-2007. Across
the last four decades, in fact, gold
shows a negative but statistically
insignificant correlation with
quarterly US GDP of minus 0.11
year-over-year. Quarterly GDP in
China (the worlds second-biggest
buyers) shows a negligible 0.08
correlation since 2005. Rupee gold
prices since 1996 show only a 0.32
correlation with Indian GDP.
People started saying gold was
a bubble in early 2008 at $1000,
then at $1200 and $1300 in 2009
and 2010, and now at $1500 and
above in 2011. Yet still nothing has
changed to the core case for gold. If
anything, in fact, the fundamental
reasons for private savings going
to buy gold have grown stronger.
Ultra-loose money is locked in
by record peace-time debts and
decits. Central-bank and private-
Asian gold buying continue to grow
as economic power moves East.
Everything else is just noise
the one excess to which gold
investing is prone right now.
Editors Note: Adrian Ash runs the research
desk at BullionVault.com, the worlds No.1 gold
ownership and trading service. Formerly head
of editorial at Londons top publisher of private-
investment advice, he was City correspondent
for The Daily Reckoning from 2003 to 2008, and
is now a regular contributor to many leading
analysis sites. Adrians views on the gold market
have been sought by leading nancial publications
and news outlets.
P.O. Box 917179, Longwood, FL 32791
(407) 682-6170
Publisher: The Bull & Bear Financial Report
Editor: David J. Robinson
Copyright 2011 Gold Stock News. Reproduction in whole or in part without
written permission is strictly prohibited. Gold Stock News publishes investment
news and comments of investment advisory newsletters whose thoughts are
deemed of interest to subscribers. Neither the information, nor any opinion
which may be expressed constitute a solicitation for the purchase or sale of
any securities or investment referred herein.
3
By Doug French
Ludwig von Mises
Institute
Anyone who has
bought gold for the
entirety of this bull
market is always look-
ing for signs of a top.
Not to sell one doesnt
get rid of their insur-
ance but just to wait
until the insurance goes
on sale.
A pri ce st eadi l y
holding over $1,450
per ounce has put gold
on the cover of a few
magazines, along with
constant hawking of
the yellow metal on
daytime Fox News.
But there seems to
be more talk about
owning gold than the actual
owning of it. Chris Blasis work
indicates that precious metals only
made up 2 percent of investment
assets at the end of last year
after a decade-long bull market.
At the same time, investment in
real estate has remained constant
despite the huge downdraft in
property prices, meaning that
investors continue to pile into this
overbuilt sector.
In its Wealth Advisor section,
The Wall Street Journal recently
featured a striking above-the-
fold, half-page image of gold bars
stacked in a pyramid, with short
gold facts etched on the ends of the
bars tidbits like Site of worlds
largest accumulation of gold: New
York Fed, and Value of 2010
world gold sales: $150 billion.
Being editor of the Wealth
Adviser section, Lawrence Rout
enlisted the services of a couple of
nancial experts to debate The
Case For and Against Gold. This
is the sort of splashy attention
that normally gives gold bulls
pause. Editor Rout explains that
the combatants were to defend
every argument and that they
offer a deep dive for any investors
thinking about taking the plunge
themselves.
However, the debate was any-
Gold: Now Thats a Track Record
thing but a backyard brawl.
Certied nancial planner Janet
Briaud carried the baton for the
buy-side argument, making the
usual tired points about crisis
investing, uncertain times, and
black swan events.
So, how much gold as a percent-
age of ones portfolio does CFP
Briaud think the responsible inves-
tor should have? Five to 10 percent.
Five percent is the same alloca-
tion that Lew Altfest recommends
for investors to hold provided they
promise to hold it rain or shine
Altfests emphasis). Mr. Altfest, en-
listed to argue against owning the
yellow metal, has his own wealth
management rm and is a nance
professor at Pace University.
Gold has no use other than being
pretty, the Pace professor says. Its
not a real investment like stocks,
bonds, real estate, or private busi-
nesses. If the world were falling
apart, maybe it would make sense
to own some gold he says, but,
writes the money maven: Econo-
mies are generally improving
world-wide, and ination, while of
some difculty in a few countries,
is not currently a problem in the
biggest one, the U.S., nor should
it become a really serous problem
in the future. No need to call in the
gold troops here.
Later on is his gold attack, the
professor throws out
this laugher. I dont
believe any major na-
tions will seriously
pursue a consistent de-
cline of their currencies
over an extended peri-
od of time. What does
he suppose these na-
tions have been doing
already? Remember,
Mr. Altfest manages
money for a living in
one of the worlds fi-
nancial capitals and
teaches students about
nance.
Mr. Altfest doesnt
get it, and neither
does Ms. Briaud for
that matter. Wheth-
er youre negotiating
with an uneducated
thug guarding a bor-
der that must be crossed in the
middle of nowhere, or sitting
across the table from the most so-
phisticated investor in the world,
gold is the universal language
and has been for eons. Sure, gold
does nothing but sit pretty, fail-
ing to generate earnings or pay
dividends. But its portable, du-
rable, and divisible, with a highly
recognizable value; its highly
marketable and homogenous, and
its supply is stable: the perfect
money.
In 4600 BC, civilizations began
using gold as jewelry. Squares of
gold were used as money in China
in 1091 BC. The rst gold coins
were minted in what is now Turkey
in 560 BC. Thats a track record.
Concluding his case against
gold, Altfest writes that if he were
a border guard today who received
a gift of gold, I would cash it in
and buy stocks. There may be
a day when the professor/money
manager needs to buy his way out
of New York. I hope he seriously
doesnt think he can get the job
done by slipping a stock certicate
to the border guard.
Editors Note: Doug French is president
of the Ludwig von Mises Institute and
author of Walk Away: The Rise and Fall
of the Home Ownership Myth, publishers
of The Free Market newsletter, 1 year, 12
issues. www.mises.org.
4
Aurizon Continues to Generate Strong Cash
Flow, Fund Aggressive Exploration Programs
and Improve Financial Capacity
Aurizon expects to produce up to 165,000 ounces of gold at its agship Casa Berardi Mine in
2011, nearly a 20% increase for a period when gold prices are expected to continued to rise.
Aurizon Mines Ltd. (NYSE
Amex: AZK; TSX: ARZ) has an
enviable abundance of riches a
producing gold mine, another
project nearing production, and
seven other properties showing
great potential for exploration
and eventual development in one
of the worlds most prolic gold
and base metals regions. But this
also is a company that clearly
is not satisfied to stand on its
accomplishments to date, a fact
that bodes well for shareholders.
Aurizon posted record revenues
i n 2010 and i s about to set
even more records in 2011 as it
continues to ramp up production at
its agship Casa Berardi mine and
embarks on a record exploration
drilling program on nine of its 10
properties in Quebec.
The company has two primary
goals: to continue to bring an
increasingly valuable precious
metal to a voracious market where
prices have quintupled over the
past 10 years; and, to that end, to
grow its resource ounces to ensure
a strong production future.
Aurizon offers investors a
proven vehicle that is able not only
to leverage but to outperform the
price of gold. Consider that during
the 10 years the price of gold took
to rise ve-fold, Aurizons share
price rose more than ten-fold in
just seven years and yet remains
at a small fraction of todays price
for an ounce of gold.
We will have a record year in
2011 in exploration activity and in
expenditures, says Aurizon Mines
President and CEO David Hall.
We have worked very hard to build
a good foundation for Aurizon. The
increase in gold prices has given us
the ability to dramatically increase
both our exploration activity and
our reserve base.
First Quarter
2011 Highlights
Cross prohf of $18.0 mIIIIon,
43% higher than same quarter of
2010.
Cash fIov from operafIons
of $14.5 million, 58% higher than
same quarter of 2010.
OperafIng prohf margIn per
ounce

increased 63% to US$771,
due to higher realized gold prices.
CoId producfIon of 31,976
ounces.
Prohf of $2.4 mIIIIon, or $0.02
per share, matching same period of
2010.
WorkIng capIfaI of $152
million, including cash of $143
million.
sfabIIshmenf of !S$50
million revolving credit facility.
Based upon lower than expected
gold production in the rst quarter
of 2011, Casa Berardi production
is now forecast at approximately
165,000 ounces. The continued
strength of the Canadian dollar
together with the higher total
cash costs in the first quarter,
has also resulted in a revision
to the forecast total cash costs
of US$525 per ounce for the full
year, assuming a Canadian dollar
exchange rate of 0.96 against the
U.S. dollar for the balance of the
year.
Aurizon Looks Forward
to Commencing Summer
Programs at Several
of its Properties
Quebec, a low-risk, pro-mining
province within a mining-friendly
country, offers Aurizon a very large
and mineral-rich sand box to play
in. The company will spend $39
million on exploration and inll
drilling on many of its properties
in 2011 with the largest budgets
at its operating Casa Berardi Mine
and advanced Joanna Project.
$21.2 million will be spent at its
recently optioned Fayolle, Marban,
Rex South, Opinaca-Wildcat,
Duverny, and Patris properties,
as well as for general exploration.
About $6.5 million is budgeted
at the Fayolle joint venture, which
is only about 10 kilometers north
of Joanna and encompasses 1,373
hectares along the Porcupine-
Destor Break, one of the most
productive gold bearing structures
on the Abitibi Belt.
Auri zons Rex South j oi nt
venture project with Azimut
Exploration Inc. hosts a major
5
polymetallic porphyry mineralized
trend. Recent grab sample assays
show high tungsten grades of up
to 4.62%. Signicant results for
copper (up to 2.56% Cu), gold (up to
23.3 g/t Au) and silver (up to 90.0 g/t
Ag) were also reported. In 2010, 20
signicant mineralized prospects
were identied on the 555-square-
kilometer property. Aurizon can
earn up to 65% interest in the
project and has budget $4.1 million
for exploration in 2011.
The Augossen Zone at Rex
South is six kilometers long and
has some pretty interesting values
not only for gold, but silver, copper
and tungsten, says Hall. The
potential to find something big
is substantial. Weve been able
to move in early and establish a
toehold in what could become a
very important mining area for
Quebec.
Ongoing exploration also will
continue at Aurizons Marban
property in the Malartic gold
camp. Drilling in 2010 encountered
significant values: 9.06 g/t gold
over 7.3 meters, 66.0 g/t gold over
1.2 meters and 5.74 g/t gold over
4.2 meters. The project is a joint
venture with Niogold Mining
Corporation. Aurizon can earn up
to a 65% interest.
These examples amply demon-
strate Aurizons obvious comfort
level with JV partners active
participation in exploration efforts
that allow them to retain substan-
tial positions in the projects. This,
in turn, has led to a constant ow
of joint venture proposals coming
through Aurizons doors.
We have a lot of projects coming
to us, Hall says. We are working
our way through them and are also
looking for opportunities where
we can develop and increase our
production prole.
Casa Berardi Reserves
and Resources Continue
to Grow at Rapid Pace
Gold deposits along Aurizons
37 kilometer-long Casa Berardi
property are concentrated along
a five-kilometer mineralized
corridor that includes the East
and West underground mines
and the Principal Zones. The
latter will eventually become an
open pit operation. Underground
production at Casa Berardi has
Aurizon Mines operates
in Quebec, the worlds
#1 mining jurisdiction,
producing gold at its
agship Casa Berardi
Mine and developing
multiple properties within
the famed
Val dOr and Abitibi Gold
Camps.
6
totaled over 1.3 million recovered
gold ounces since 1986. Under
Aurizons management, since
late 2006 the mine has produced
636,400 ounces of gold.
Mineral reserves now stand at
slightly more than 1.457 million
oz. of gold. Measured and indicated
resources total an additional
824,000 oz. of gold, and inferred
resources stand at 748,000 oz.
of gold. It is important to note
that although the property hosts
a producing gold mine, much of
the area has yet to be extensively
explored.
In 2011, Aurizon will spend
$13.6 million on 115,000 meters
of diamond drilling. Up to four
surface and eight underground
drills will be active throughout the
year with the goal of improving
the quality of known reserves and
resources, as well as extending
known structures.
Total production cash costs
at Casa Berardi are targeted at
approximately $525 an ounce for
2011. In addition to exploration
drilling, Aurizon will spend about
$51 million to improve access to
the lower portion of Zone 113,
as well as newly discovered gold
mineralization in Zones 118 and
123.
For the fourth consecutive
year, Casa Berardi has renewed or
increased mineral reserves, says
Hall. Casa Berardi continues to
confirm our initial expectations
that it can deliver sustainable,
profitable production for many
years to come.
Hosco Deposit at the
Joanna Property
Increases In-Pit
Measured & Indicated
Mineral Resources by 31%
Aurizons Joanna Gold Property
on Quebecs Cadillac fault has
reported that at a cut-off grade
of 0.5 grams of gold per tonne,
in-pit measured and indicated
mineral resources have increased
by 537,000 ounces, or 31% over
the last estimate released in July
of 2010, and now total 2,245,000
ounces of gold for the Hosco deposit
only.
Aurizon has budgeted $5.4
million for development work at
Joanna. Feasibility study work on
the Hosco open pit deposit within
the Joanna project is nearing
completion and will be based upon
the updated mineral resource. The
company is also working on an
optimization plan for metallurgical
recoveries and an environmental
impact study. In addition, Aurizon
will spend about $3.7 million
for 26,000 meters of exploration
drilling at the Heva deposit and
potential satellite zones located
about three kilometers west of the
Hosco pit. The companys goal is
to expand the mineral resources
contour and increase the quality
of existing indicated and inferred
mineral resources.
Investment
Considerations
2010 was unquestionably an
impressive year for Aurizon Mines
as the company posted a record
$179 million in revenues and
increased its operating profit
margin per ounce of gold by 18%.
The company also increased the
mine life of its flagship Casa
Berardi Mine from six to ten years
and increased the mines reserves
by 44% to 1.457 million oz. of
gold. At the same time, Aurizon
increased mineral resources at its
Joanna project by 35% at the Hosco
open pit deposit and early in Q2,
Aurizon increased the Hosco In-
Pit measured & indicated mineral
resources by 537,000 ounces or 31%
Here is just a sample of Aurizons
expectations for 2011:
AurIzon produced 141,000
ounces of gold in 2010 a number
that could reach up to 165,000
ounces, higher ore throughput and
grades are anticipated.
OveraII, AurIzon's reserve
base increased by some 44% in
2010. With a record $39 million
set aside for exploration in 2011,
a large increase in resources and
reserves in 2011 is also anticipated.
AurIzon's properfy porffoIIo
grew from three to ten properties
in 2010. That number could well
rise again in 2011, even as the
companys primary focus remains
on exploration and development of
its existing large property portfolio.
Af fhe cIose of 2010, AurIzon's
market cap was a staggering $1.18
billion with a strong and growing
balance sheet of over $130 million
in cash with access to another $50
million through a revolving credit
facility. The company has no debt
and is totally unhedged. Barring
unforeseen events, expect the
company to be even stronger at the
end of 2011.
2010 was both challenging and
exciting for Aurizon, says Hall.
Aurizon exited the year with
strong fundamentals firmly in
place. In 2011, we intend to utilize
our strong cash ow to embark on
an aggressive diamond drilling
program to upgrade mineral
resources.
AURIZON
MINES LTD.
NY5E AMEX: AZK * I5X: AkZ
Contact: David Hall,
President and CEO
1120 Cathedral Place,
925 West Georgia St.
Vancouver, BC Canada V6C 3L2
Toll Free: 888-411-GOLD (4653)
Phone: 604-687-6600
Fax: 604-687-3932
E-Mail: info@aurizon.com
Web Site: www.aurizon.com
Shares Outstanding: 171,815,302
Active Float: 162,271,702
52 Week Trading Range:
NYSE Amex: Hi: $8.42 Low: $4.42
TSX: Hi: C$8.41 Low: C$4.87
GSN: INVESTMENT NEWSLETTER ADVISORS GSN: INVESTMENT NEWSLETTER ADVISORS
7
EMERGING GROWTH STOCKS, 102 2020
Comox St., Vancouver, BC V6G 1R9. 1 year, 8-10
issues, $159. www.EmergingGrowthStocks.ca.
Gold and stocks are in a
period of seasonal weakness
Louis Paquette: Gold and stocks in general have
both entered a period of seasonal weakness lasting
until December. Based on this regardless of ones
feeling about he longer term factors, I see no reason
to be in a big hurry to jump back into this market.
No need to be hero and catch the falling knife. Best
to wait until these markets tell us they are ready to
go back up.
What to do?
I can tell you one thing not to do and that is get
sucked into playing the leveraged (2x) ETF, which
might seem like a good way to balance and hedge
ones long positions. These products are destroyers
of capital unless you have successfully timed a large
move over a short period of time nearly perfectly.
Otherwise they steadily lose value over time.
Even if you hit the right price direction, if its not
moving quickly enough, your ETF could actually lose
value. Or, if the price of the underlying asset were
to be stable over time then your 2x ETF will most
certainly lose value. In other words the odds are very
much against you. The only things you might want to
do with these destroyers of capital, might be to sell
them short. Since more often than not (two out of
three instances) they lose value, Shorting them would
be turning the table and improving the odds in your
direction But what To do? Besides raising some cash
on snap backs if you feel you have too much exposure,
Im not doing too much of anything but waiting for
opportunities to arise.
The 20-Year Commodity Cycle
Commodities began a new bull market in 2000.
This has been a fairly consistent 20-year bullish/
bearish cycle for the past century, which suggests this
is merely a cyclical setback within another 9 years of
a bull market to go yet.
***************
HENDERSHOT INVESTMENTS
11321 Trenton Ct, Bristow, VA 20136.
1 year, 4 issues, $50.
www.hendershotinvestments.com.
Buffett and Munger on Gold
Ingrid Hendershot: When asked why he doesnt
invest in gold, Buffett said that, If you take all of the
gold in the world and put it into a cube, it would be
about 67 feet on a side, and you could get a ladder and
get up on top of it. You can fondle it, you can polish
it, and you can stare at it. But it isnt going to do
anything. All you are doing when buying commodities,
like gold, which are assets that cannot do anything,
is hoping that someone else will pay you more for
it down the road While Buffett acknowledged that
commodities have risen sharply recently, he also
noted that over time commodities have not been
good investments. He added that he understands
why rising prices can create excitement and draw in
buyers, but its not the way to create lasting wealth.
He said hed rather bet on strong businesses instead
of something that doesnt do anything.
Charlie Munger agrees: theres something
peculiar in buying an asset that will only really go up
if the world goes to hell. Buffett added that all gold
in the world is currently valued at $8 trillion. Instead,
you could own 1 billion acres of U.S. farmland valued
at $2 trillion, ten ExxonMobils valued at $4 trillion
and still stick $1-$2 trillion in your pocket as walking
around money. Or Charlie grumbled, You could have
a 67 foot cube of gold that you would need to hire an
army to protect. Buffett concluded that a smarter
and safer strategy to beat inflation would be to
concentrate your efforts on investing in businesses
that have little debt, the ability to increase prices,
and a history of paying strong dividends.
***************

THE DINES LETTER, P.O. Box 22, Belvedere,
CA 94920. 1 year, 14 issues, $295. www.
DinesLetter.com.
July neutral month for gold and silver
James Dines: The Dines Gold Stock Average
(DIGSA) in the last 43 Julys has risen 19 times,
declined 23 times and was neutral once, for a
somewhat bearish outlook (55% of the time). The
Dines Silver Stock Average (DISSA) has risen 23
times and declined 20 times, for a somewhat neutral
seasonality (53% of the time). Not helpful in our
calculations of odds for gold and silver stocks this
month.
***************
NATIONAL INVESTOR, 1190 Valley Rd.,
Spooner, WI 54801. Monthly, 1 year, $195.
www.nationalinvestor.com.
Gold will continue to
outperform other hard assets
Chris Temple: Gold continues its disengagement
from other commodities. The yellow metal is viewed
more as money now than as a commodity. As currency
and debt woes mount, it will continue to outperform
other hard assets, as it has done of late.
Most recently, Greek citizens have been pulling
money out of their bank accounts and buying gold. A
further breakdown in the euros fortunes generally
will be the most likely near-term catalyst to push
gold to new near-term nominal highs that could
exceed $1600 per ounce. Silver will benet from
any gold breakout, though it remains damaged
technically. Between the two we denitely favor
gold; and more so due to it having less downside
risk right now.
8
ECONOMIC ADVICE, 3910 N.E. 26
th
Ave.,
Lighthouse Point, FL 33064. Monthly, 1 year,
$149. www.economicadviceinc.com.
Batero Gold actively exploring potentially
world-class gold-copper deposits
in mineral-rich Columbia.
James Rapholz: Heres a company you should look
over real well: Batero Gold Corp., (TSX.V: BAT,
recent price $2.65).
Quick Facts & Company Highlights
U Strong management; proven technical team and
strong Colombian partners committed to Bateros
success
U Well nanced: - $10,450,000 in working capital
U Comprehensive infrastructure in place
U Favorable share structure: 47,594,669 shares
outstanding
U Expect continuous news ow from Phase 1 drill
program
U Institutional backers include Sentry Select
Precious Metals Growth Fund, RBC Global Precious
Metals Fund, Sprott Asset Management, Dynamic
Precious Metals Fund, Libre Fund, 49 North
Resources and others.
Amid Columbias prolic Mid-Cauca gold belt,
Batero Gold Corporation is exploring and developing
a project that could well be Columbias next major
mining venture. The companys fully funded drill
program operates 24/7. The companys mission is to
build the success of two gold and copper porphyry
centers identied by Anglo-Gold-Ashanti in 2006-
07, explore newly identied targets within the 100%
owned Batero-Quinchia project and prove its mine
potential.
Batero Golds Colombian partners, including
senior Batero executives and other local supporters
have vested interests in the company. Among them
is Anglo-Gold-Ashanti-Columbia pioneer Rafael
Alfonso, who along with other Batero team leaders,
has been directly involved in some of Colombias most
signicant mineral nds.
The Batero-Quinchia project is situated at the
south end of the Mid-Cauca gold belt, within 100
kilometers of two world-class gold deposits: Marmato
(Medoro Resources; 20 km N; 9.8 million ounces gold
at a 0.3 ounce gold per ton cut-off). The belt also hosts
other gold and copper porphyry deposits including
Titribi, LaMina and Quebradona. Compared to these
other projects, Batero-Quinchia is the least explored
in the Mid-Cauca gold belt.
Once in a great while, a mineral exploration
company believes it may have found a potentially
world-class mining project. In the case of Batero Gold
corp. there is an excellent chance that this assessment
is true. As a result, the company has pulled out all
the stops to mount an aggressive campaign to explore
multiple porphyry targets on a property it acquired
less than a year ago.
Batero Gold is well prepared and nanced for this
effort. Since Batero commenced trading in July of
2010, the company has raised $15.75 million, built
a company with over 260+ employees, 23 geologists,
completed an extensive geochemical, geophysical and
eld mapping study, completed a Phase 1 16,000
meter drilling program with an additional Phase
2 45,000 meter drill program to be completed by
mid-July, and completed its 100% acquisition of an
outstanding project with immense blue sky potential
in mineral-rich Columbia.
The company has already garnered the attention
of leading investment analysts. Cormark Securities
Inc. has added the company to its list of Mining and
Exploration Prospects. Canaccord Genuity has rated
the company a speculative buy with a $10 target
price, estimating the valuation of its Columbia project
at approximately 8 million ounces of gold. The Gold
Forecaster notes that Columbia is among minings
top area plays for mineral exploration and that
Batero-Quinchia appears to have realistic potential
to host about 5 million ounces gold and possible even
10 or more million ounces.
Colombia Mining Sector
Highly Ranked:
The respected Behre Dolbear Group ranks
Columbia seventh worldwide as one of the best places
for mining investment. The groups 2011 report says
Columbia will likely outperform others in the region
in attracting and utilizing mineral investment to
develop new mines and creating wealth. The World
Bank also ranks Columbia among Latin Americas
Top 3 business friendly and among the Top 5
worldwide.
We are committed to developing the Batero-
Quinchia project into what we believe will be
Columbias next major mining venture, says Batero
Gold President and CEO Brandon Rook. Columbia
is a rare opportunity. The country is relatively
unexplored with modern techniques and has clear
untapped potential for signicant deposits.
Bater-Quinchia Project Located
on Prolic Mineral Belt With
Comprehensive Infrastructure/Access
To Roads, Water and Power:
Batero Gold Corp. is actively exploring potentially
world-class gold-copper deposits in mineral-rich
Columbia. The 1,407-hectare property is located in
the multiple high priority delineation drill targets
including La Cumbe porphyry, Dos Quebradas
porphyry, and Mandeval-Manzanillo porphyry, and
the Matecana target, La Lenguita and El Cedral
targets.
Batero Gold is moving quickly to prove up the
quality of its 100%-owned (with no N.S.Rs) Batero-
Quinchia Project in Columbia. Its goal this year is to
establish an NI 43-101- compliant resource estimate
by the end of the year. The 1,407-hectare property
lies at relatively low elevation (1600-1950 meters)
within 100 kilometers of two world-class gold deposits
AngloGold Ashantis La Colosa (12.3 million ounces
of gold) and Medro Resources Marmato (9.8 million
9
ounces of gold). Columbias Middle Cauca Gold Belt
also hosts a number of other gold and copper porphyry
deposits including Titiribi, La Mina and Quebradona.
Bateros property is the least explored when compared
to the other projects.
The Batero- Quinchia property has three known
gold porphyry deposits La Cumbre, Dos Quebradas
and Mandeval-Manzanillo, as well as multiple drill
targets including Matecana, La Lenguita and El
Cedral. All are located in the northern half of the
property. The new potential porphyry deposit at
Matecana, which lies only one kilometer southeast
of la Cumbre, was discovered only lat fall.
The property itself is about 190 km from Bogota,
the capital of Columbia, and has a well established
infrastructure, including easy access from the Pan-
American Highway. It also is close to the countrys
regional power grid and railway, as well as the Cauca
River for water transport to a major seaport. The
Pereira International Airport is just a 55km drive
from the project.
Aggressive Exploration Drilling
Underway To Prove Up Gold/Copper
Resource Estimate:
The Batero-Quinchia property encompasses three
Miocene intrusive centers identied historically in a
north-south trend with a strike extension of about
three kilometers. The center host gold and copper
mineralization identied by AngloGoldAshanti when
it drilled the property in 2006-2007. More recent
drilling by Batero intercepted gold mineralization from
surface with signicant high-grade mineralization.
Batero Gold already has a full technical and
management team on the ground in Columbia,
including 23 geologists, 260 employees and is actively
drilling four distinct exploration areas. Seven drill
rigs are operating around the clock soon adding
an eighth drill rig to explore newly discovered high
priority targets. When the current 16,000 meter
drilling program is analyzed, Batero plans to begin
a second, larger 45,000-meter drilling program.
We are on fast forward. Each rig will drill a
minimum of 1,000 meters a month, says Rook. Our
goal is to report an NI 43-101 resource estimate by
year end.
Initial results from the Phase 1 drilling program
targets, identied during last years comprehensive
geochemical, ground geophysics and eld mapping,
include drill hole #002 grading 0.53 grams per ton
gold and 0.10% copper over 550.5 meters including
452 meters grading 0.60 grams per ton gold and
0.12% copper from surface. Drill hole #008 graded
0.72 grams per ton gold and 0.13% copper over 519.7
meters grading 0.80 grams per ton an 0.14% copper
and 178.2 meters grading 1.0 grams per ton gold
and 0.15% copper, also from surface. In addition
drill hole #009 graded from near surface 0.70 grams
per ton gold and 0.12% copper. over 460.00 meters
including 81.0 meters including 81.0 meters grading
1.40 grams per ton gold and 0.15% copper and 213.70
meters grading 1.11 grams per ton gold and 0.17%
copper and 261.0 meters grading 1.00 grams per ton
gold and 0.16% copper.
The largest magnetic anomalies are located in
the La Cumbre and Matecana target areas. The La
Cumbre porphyry target is open in two directions and
at depth with mineralization beginning at surface
or at near surface. Intermediate anomalies were
seen in the Manzanillo, La Lenguita and El Cedral
target areas, while the smallest were found at Dos
Quebradas and La Lenguita-San Luis target areas.
The La Lenguita target is a high priority for
Batero, as elevated gold mineralization was found in
the preliminary geochemical soil samples throughout
Lenguitas extent. It, like Metecana, is located only
about one kilometer from La Cumbre. Elevated gold
values in chip samples from Manzanillo have made
the area a high priority exploration target, as well.
Five historical drill holes in the Dos Quebradas area
discovered signicant mineralization beginning at
surface and extending to the bottom of the drill holes
grading up to 0.746 grams per ton gold and 0.11%
copper.
In place is a Strong Management Team that
has Extensive Experience in Columbia.
Brandon Rook, Bateros President and CEO, has 15
years experience as a geologist, project manager and
entrepreneur, as well as 12 years in exploration and
project management. Rook has assembled a skilled
management team with extensive backgrounds in
all aspects of mining exploration and development.
A key member of that team is Rafael Alfonso
Roa, Bateros Director of Colombias Exploration
and Operations Manager. He has extensive hands-
on knowledge of Columbias geology, most recently
serving as AngloGoldAshanti Colombias Exploration
Manager and Vice President. He led the discovery
team at La Colosa. He also has worked for Billiton
and TVX Gold and was the advisor to Columbias
Department of Mines, the Geological Columbian
Service, Ingeominas. He also was instrumental in the
discoveries of the San Luis and Quinchia deposits.
Investment Considerations:
Batero is mostly owned by its founders and
management. The property vendors are strong
partners and participants in operations, Rook says.
The company has C$10,450,000 in working capital
with a monthly burn rate of about C$2.8 million.
However, the company is unlikely to run out of money
any time soon with institutional backers as Sentry
Select Precious Metals Growth Fund, RBC Global
Precious Metals fund, Libra Fund LP, 49 North
Resources, and others. Rook says if the currently
outstanding warrants are exercised, Batero should
have another C$20 million in its coffers enough
to nance all of its exploration efforts over the next
two years.
The majors are denitely on the hunt for new
projects. Goldcorp recently acquired 70% of the El
Morro porphyry in Chile for $53 million; Barrick
Gold purchased a 25% interest in the Cerro Casale
10
Market Response Accelerates Project Development
at Atna Resources Briggs and Reward Gold Mines
$9.2 Million Financing, Production Cash Flow to Fund Mine Expansion, Development and Exploration
2011 promises to be a busy,
exciting and profitable year for
Atna Resources Ltd. (TSX: ATN;
US OTC BB: ATNAF), as the
company expands production at
its Briggs Gold Mine and brings its
Reward gold project to production.
With the tremendous success
of our recent nancing, we will
be able to accomplish a lot of our
goals in the coming year, says
Atna President and CEO James
Hesketh.
In fact, Atnas nancial position
is solid, highlighted by the compa-
nys recently oversubscribed C$9.2
million bought deal financing.
The company now has more than
enough capital to fund completion
of the Briggs Gold Mine leach
pad extension, as well as Phase 1
infrastructure development at its
Reward gold project and explor-
atory drilling at both Briggs and
Reward over the next six months.
The nancing clearly demon-
strates strong market interest
and confidence in Atna. Canac-
cord Genuity Corp. exercised its
overallotment even before the deal
closed. A U.S. fund took a 5% posi-
tion, while another private group
recently grabbed nearly 12% of
the companys stock on the open
market.
There is obvious institutional
interest in our company. For our
investors, this has provided a lot
more movement and liquidity in
our stock, says Hesketh.
Assuming continued strong
market support, Hesketh con-
fidently predicts Atna will be a
multiple mine producer by the end
of 2011.
Once Atnas Reward Gold Mine
is in production, the company will
be well on its way to achieving
its goal of 100,000 ounces of gold
production annually.
Strong Q3 2010 Results
Herald Equally Strong
Future Growth
Atna Resources reported strong
third quarter results in November
2010. The company increased
revenues by 12% to $7.5 million,
increased the amount of gold
mined by 88% to 12,400 ounces,
and increased gold sales by 10%
to 6,200 ounces.
As a result of improved pro-
duction at the Briggs Mine and
increased gold ounces placed on
the leach pad, gold production in
October alone increased 26% over
previous average monthly gold pro-
duction. During the fourth quarter
of 2010, the mine was expected to
produce between 8,000 and 10,000
ounces of gold, further reducing
production cash costs.
During the third quarter, the
company al so i ncreased the
amount of estimated recoverable
gold on leach pads, in stockpiles
and in plants by nearly 3,000
ounces. Meanwhile exploration
analysis and an internal review at
both Briggs and Reward indicated
a strong potential for an increase
in reserves at both properties,
according to Hesketh.
And although Atna posted a net
loss of $2.8 million for the quarter,
Hesketh says the company is
now entering positive cash ow
at Briggs and will be able to use
some of that money to finance
a good portion of the remaining
estimated $25 million cost to bring
the Reward project to production.
Deep Briggs Zone
Expanded at Briggs Mine
Atna produced 25,200 ounces of
gold dor at its Briggs Gold Mine
in 2010, a 131% increase over the
previous year.
Mine productivity has improved
and we expect to see continued
strong production results in 2011,
says Hesketh. Here are 2010
highlights:
Revenues Increased 252% fo
$30.6 million.
Tonnage mIned Increased
123%.
CoId saIes revenues for fhe
fourth quarter exceeded third
quarter revenues by 39%.
ProducfIon cash cosfs vere
$948 per ounce, a 4% increase over
2009.
Drilling results on mineral-
ization in the Deep Briggs zone,
taken in conjunction with recently
reported drilling in the area, are
establishing a continuous zone
with mineable widths and grade
above the average mine grade.
Signicant results include:
205 feef |62.5 mefers) gradIng
0.025 ounces gold per ton (opt)
(0.86 grams/tonne gold) in the Deep
11
Briggs zone, including 55 feet (16.8
meters) grading 0.048 opt (1.65 g/t)
in hole number BMD11-063.
100 feef |30.5 mefers) gradIng
0.019 opt (0.65 g/t) in the Main
Briggs zone and 110 feet (33.5
meters) grading 0.019 opt (0.065
g/t) which includes a 30 foot (9.1
meter) zone grading 0.030 opt (1.03
g/t) in the Deep Briggs zone in hole
number BMD11-067.
The Briggs Mine, located near
Death Valley, California, was rst
developed in 1995 historically
produced over 575,000 ounces of
gold. Today, Briggs is fully staffed
with 110 personnel and three
operating crews at the mine and
crusher working four ten-hour
days on a staggered shift basis
averaging 650 tons/hour. The
gold plant and leach pads operate
around the clock.
Meanwhile, just to the north,
Atnas Cecil R gold project has a
similar geology and metallurgy to
Briggs and represents a potential
f uture ore source to extend
operations at the Briggs plant.
Gold Production Expected
at Reward Mine in 2011
Atna will focus much of its
efforts in early 2011 at the Reward
Mine developing the site for
full operations. Currently, the
company is installing fencing,
removing wildlife contained within
the site and installing needed
infrastructure power, water, and
upgraded roads.
Development of the Reward
Mine, located in Nye County, Ne-
vada, will proceed on a measured
basis as cash flow from Briggs
improves and additional nancing
becomes available. A positive eco-
nomic feasibility study completed
in 2008 recommended a conven-
tional open pit mine, ore crushing,
and a heap leach gold production
operation. Reward is expected to
produce approximately 139,000
ounces of gold over a ve year mine
life at an estimated average cash
cost of $580 per ounce.
The projects mine development
permits are in place, as is the
Phase 1 reclamation bond, which
was posted earlier in 2010. Bid
packages for crushing and contract
mining alternatives are also in
hand.
Permitting the operation in
advance of major exploration and
development expenditures has
proved to be an effective means to
maximize our opportunity and to
minimize our capital risk, says
Hesketh.
Recent exploration primarily
for geotechnical purposes at
Reward returned significant
mineralization. One intercept
measuring 130 feet graded at
0.024 oz/ton gold, while another
commencing at surface continued
downhole 190 feet and graded
0.020 oz/ton gold. Both intercepts
were within the engineered pit plan
and could increase the projects
proven and probable reserves with
a categorization of in-pit resources
to higher condence levels.
Atna also performed extensive
road cut channel sampling to
rene the surface gold footprint
in the main pit area. A surface
area in excess of 1,000 feet long
by between 100 and 250 feet wide
was defined in the heart of the
main Reward pit footprint area.
Ore grade gold mineralization in
the area is exposed with no waste
rock overlying the main ore zone.
Additional inll drilling may
contribute to the development of
additional reserves within the pit
shell, says Hesketh, stressing
that the majority of drill holes on
the eastern ank of the Reward
mineral resource model terminated
in ore grade mineralization. This
is a clear indication of a possible
extension of the mineral resource.
Atna is also planning a new
drill program to further delineate
Rewards potential extension to
the east.
Investment Considerations
Atna Resources is a company
with an enviable development
pipeline, topped by its agship op-
erating Briggs Gold Mine, strongly
backed by its late-stage develop-
ment Reward gold property, and
closely underlain by two additional
intriguing gold properties, the Co-
lumbia gold property and Pinson
Mine projects. All properties are lo-
cated in the western United States.
In addition, Atna holds a number
of promising exploration properties
in Nevada and Wyoming.
With a growing resource of
3.2 million ounces of gold and
3.4 million ounces of silver, one
operating mine and a second within
a year of start-up production,
this company is well on track to
reach its target production goal
of 100,000 ounces of gold by 2013.
Atna is able to nance operations
without a lot of stock dilution. The
companys balance sheet is strong;
the companys debts are being
reduced or converted to equity.
Atna is currently trading at only
a fraction of its peers, but that
might be changing. Considering
the conf i dence i nsti tuti onal
investors demonstrated in the
company s recent f i nanci ng,
Atna clearly offers an intriguing
investment opportunity. Moreover,
Atna Resources is developing and
growing their properties in the
midst of a powerful bull market
environment for gold.
It has been a true challenge
building a successful operating
company out of a junior exploration
venture. We are very condent in
our growth picture, says Hesketh.
We are over the hump at Briggs
and can now focus on cash ow and
productivity.
ATNA RESOURCES LTD.
I5X: AIN * U5 OIC: AINAF
Contact: James Hesketh
President and CEO
Valerie Kimball,
Investor Relations
14142 Denver West Parkway,
Ste 250
Golden, Colorado USA 80401
Toll Free: (877) 692-8182
Phone: (303) 278-8464
Fax: (303) 279-3772
E-Mail: vkimball@atna.com
Web Site: www.atna.com
Shares Outstanding: 99 million
Average Daily Volume: 300,000
(3 month)
Canada:
Hi: C$0.70 Low: C$0.43
US: Hi: $0.707 Low: $0.403
12
Continued from Page 1
have made big advances in their
projects over the past year, but
are trading at lower prices than a
year ago.
The mai n reason f or that
disconnect between bullion and
gold companies is risk aversion.
At this time, investors are buying
gold as a safe haven. They want to
avoid risk. The mining companies
are seen as risky.
Another very important factor
is that a lot of the interest in gold
recently is coming from China.
In the rst quarter, that country
was the most important in terms
of investment demand and second
only to India in terms of gold
jewellery demand.
Chinese investors at this
time have little under-
standing of the global
mining industry. They
are buying bullion be-
cause that is what they
understand.
Over time, the values
of the gold companies
will come back into
al i gnment wi th the
bullion price. To under-
stand why that is so,
lets look at some basics
of the gold industry.
The gold mining in-
dustry pulls more than
80 million ounces of gold
out of the ground every
year. Just to stay even,
the gold mining compa-
nies must replace more
than 80 million ounces
of reserves every year.
Much of the new re-
serves come from small
exploration and devel-
opment companies.
In spite of a concert-
ed effort by the gold
industry to boost pro-
duction, the amount of
gold mined each year is
now about the same as
it was a decade ago. The
gold price has increased
5-fold, yet production is
practically unchanged.
Gol d mi ni ng has
changed dramatically in recent
years. In the late- 1960s, the
average grade of a gold mine was
12 grams per tonne. Today, the
average grade of a gold mine is
just 1.5 g/t.
That decline in gold grade argues
for a continued high gold price,
because the mining industry will
continue to struggle to maintain
production. The declining gold
grade has another important
implication.
A little company called Richeld
was just taken over by a larger
company for a half billion dollars.
That deal gave a 9-times return to
shareholders in one year.
What is really interesting is
that the half billion dollar deposit
has a grade of just 1 g/t. It will
require conventional milling and
the deposit is lo Located in the
mountains of British Columbia.
A few years ago, a one gram gold
deposit was interesting if it
was in Nevada and it was heap
leachable.
Even one year ago, Richelds
deposit was given little value by
investors. Today, it is worth a half
billion dollars. Most investors and
analysts do not yet understand
this new reality in the gold mining
industry. There is a shortage of
deposits, and the grades are lower.
Investors dont need to bet on a
rising gold price. Instead, you can look
at the long-term strength in the gold
market and recognize the intense
need for the gold mining industry
to replace reserves. The potential
gains in the small companies can
far outweigh the moves in the metal
prices.
I have talked here in
the past about the life-
cycle of junior mining
company shares. The
biggest gains come with
the initial discovery.
However, only a small
number of companies
will be successful in
making a new discovery.
There are compa-
nies that have already
made a discovery... Or,
they have acquired a
deposit at some time
in the past. A lot has
changed in the past
few years: huge gains
in the metal prices, ad-
vances in technology
and improvements in
infrastructure. Depos-
its that were ignored
in years gone by are
now extremely valu-
able. Many are now in
the hands of juniors.
By focusing on the
companies that have a
metal deposit in hand,
you avoid the discovery
risk. You still have the
potential for enormous
returns.
At Resource Oppor-
tunities, we like to focus
Continued on next page
Bullion vs. Stocks
13
Continued from previous page
on this sweet spot: The compa-
ny has a deposit in hand, yet it
can still achieve huge returns by
advancing that deposit toward
production.
In previ ous tal ks here, I
described how the value of a
gold company rises as it achieves
milestones on the path toward
production. Investing in these
companies provides exposure to
the long-term gold market. At the
same time, you gain the benets
of a company that is increasing in
value. You can see here that the
gain in value can be ten-times or
more.
It is important to understand
that exactly the same principles
apply to other metals. Lets look
at silver.
People look at the big decline in
silver last month and think that
the story is over for silver. Looking
at the longer term, the silver price
is 100% higher today than it was
a year ago. It is more than 5-times
higher than a decade ago.
Silver has rejoined gold as a
safe haven investment. The silver
market has been greatly expanded
by exchange traded funds and
other funds that focus on silver and
silver companies.
The disconnect between the
silver price and silver companies
is even greater than it is for gold.
Silver is up 100% in a year, yet
many of the companies are trading
at lower values than a year ago.
We could debate where the silver
price will go from here. I really
dont know. The key point is that
many of the silver companies are
now being valued at huge discounts
to a silver price half of where it is
today. Silver investors at this time
are focused on bullion.
I would encourage you to look
at silver companies in the same
way as gold companies. Own silver
companies that give you exposure
to the longer-term silver market...
but focus on those companies with
strong management teams that are
adding value to projects as they
move them toward production.
Now, lets look briey at the base
metals. The base metal markets
are grossly misunderstood by most
investors. For most people, the
base metals are seen as a play on
the metal price. They think that
if the copper price, for example, is
not going to rise in the near-term,
there is no reason to own a copper
company.
Yet, exactly the same situation
applies as for precious metals. The
mining industry has a pressing
need to replace reserves. There is
a constant need to build new mines
in order to offset depletion and to
keep up with demand. Therefore,
the play is to look at the juniors
which are nding and developing
new metal deposits.
The economies in America and
Europe are growing only slowly.
Even with minimal growth, those
areas havent stopped using metals:
they are simply using about the
same amount of metal as in prior
years.
While people are focused on the
economies of the developed world,
those regions are not the most
important factors in the metal
markets.
China, the second largest econ-
omy in the world, is by far the
biggest user of metals. That one
country uses a third of the global
copper and other base metals; it
uses more than half of the global
iron.
China and other developing
economies use much more metal
per unit of economic activity.
Infrastructure development is an
important part of those economies.
Also, consumer demand is growing
strongly. China is already the
largest market for automobiles.
It is also the largest market for
luxury goods. There are 300 million
nouveaux riches in China and they
are just beginning the life-long
pursuit of consumer goods.
Throughout the decade-long
emergence of China as a super-
power, there have been naysayers.
Think back to the continual stream
of comments from the naysayers
and then look at the continued
strong growth.
At present, the skeptics talk
of so-called ghost cities as the
latest example of why the growth of
China cannot continue. Remember,
20 million people a year have been
relocating. It is only natural that
there will be some examples of poor
urban planning.
Instead of relying on anecdotal
evidence, largely generated by
people far removed from the
scene, consider this: A recent
comprehensive report on the
Chinese housing market from
the highly respected Economist
Intelligence Unit concluded:
Despite rapid growth in house
prices in China, the real estate
market is not a bubble about
to collapse. The governments
tightening measures directed at
the property market will, at worst,
lead to a short-lived downturn.
The report notes: China is not
facing a major housing bubble...
Between 2011 and 2020, we
expect Chinas urban population
to increase by ...over 160m people.
Burst housing bubbles, for
14
Continued from page 13
example in Japan and the US,
occurred in countries with stable
demographics and without strong
longer-term growth prospects.
Another interesting tidbit from
the Economist report: Indian
residents, numbering over 1.1bn,
enjoy less than one-half of the
total living space of their Chinese
counterparts. This suggests that
the other emerging power also has
considerable room for growth.
You can get the whole report at
Economist.com.
Recently, headlines have report-
ed that growth in China is slowing.
Lets put this in perspective. The
government is intent on slowing
the rate of growth to control ina-
tion. The second largest economy
in the world is going to slow down
to only 8.5% annual growth. That
is hardly a basis for concern. Es-
pecially as that growth will come
on top of the larger base resulting
from last years growth.
It is important to clarify here
that I am not arguing for higher
metal prices. Quite frankly, I
dont know if metal prices will be
higher or not. I am simply saying
that global demand for metals will
remain strong.
Even with no growth in demand,
the mining industry constantly
needs to build new mines. There-
fore, we dont need to speculate on
higher metal prices. The invest-
ment play is on the exploration
and development companies with
good projects and good manage-
ment that will advance the projects
toward production. Those compa-
nies have potential to generate big
returns for shareholders.
Instead of speculating on metal
prices, we can invest with the
certainty that the mining industry
will build new mines. Therefore,
look for the companies that are
most likely to nd and develop new
metal deposits.
Most of us in this room have
lived through at least a couple of
cycles in the mining industry. The
metal price goes up; new capacity
gets built; the market is then
oversupplied and the prices fall.
Having lived through that a couple
of times, it is only natural that
people expect a similar pattern.
This time, things are very
different on both the supply and
demand side.
Never before have we seen 3
billion people go through a period
of modernization. There are many
years left in that modernization
process.
The supply side for metals is
not well understood. Economists
simply dont understand geology.
Look at the gold industry. The
gold price has been rising for a
decade, and is now more than ve-
times higher. Yet, production today
is the same as when the gold price
was under $300 an ounce.
If the gold mining companies
could have expanded production,
they would have. They simply
dont have enough good deposits
available to be able to replace
depletion and grow their production
level.
Two, three, four decades ago,
there was a surplus of good metal
deposits. That is not the case today.
There are deposits available, and
many of them will be developed.
But, most of those deposits are
more remote, deeper and lower
grade. Furthermore, mines take
longer to permit, longer to nance
and longer to develop.
When we look at the growth in
demand, and look at the mines now
in development, it is very clear that
it will take many, many years to
bring enough new supply into the
market to catch up to demand.
A typical mine has a life of about
20 years. That means that the
industry needs to replace about
5% of its production capacity every
year just to stay even. Long-term
growth in demand has averaged
about 2% a year.
Using copper as an example,
in order to replace depletion and
keep up to demand growth, the
mining industry needs to build new
production capacity equivalent to 2.5
billion pounds of annual production
capacity each year. Lets put those
gures into perspective. Ivanhoes
Oyu Tolgoi project in Mongolia is
now in development. That project
will be one of the largest copper
mines ever built. It will produce
1.2 billion pounds of copper a
year. That means that the mining
industry needs two Oyu Tolgois
each year.
It doesnt matter whether the
metal prices go up or not. It is very
clear that the mining industry will
continue to acquire metal deposits
from smaller companies. Those
small companies will continue
to generate huge returns for
shareholders.
Another very important element
is seasonality.
On average, prices in this sector
decline in May and June, and then
rebound over the course of the
year. ThE chart shows the Toronto
Stock Exchange Venture Index. It
is broader than mining, but is an
indicator.
This year has followed the
pattern, except that it was more
severe than prior years. The sharp
drop in silver in early May and
the declines in other commodities
pushed the prices of the companies
down severely.
On average, over the past 10
years, prices have bottomed over
the summer and then rebounded
strongly over the balance of the year.
The better companies rebound long
before the average moves higher.
To sum up: The mining industry
needs new deposits. Juniors that
deliver those deposits will generate
big returns for shareholders. And,
here we are at the low point in the
seasonal cycle. Clearly, this is a time
to begin buying, on a selective basis.
Editors Note: Renowned mining industry
expert, Lawrence Roulston, brings you a wealth
of mining insights in his mining investment
newsletter, Resource Opportunities, 1510
800 West Pender St., Vancouver, BC V6C 2V6. 1
year, 20 issues, $299. Includes Instant Alerts on
breaking mining company developments.
Wi t h more t han 25 years of hands-
on experience in the resource industry as a
consultant and independent mining analyst,
Lawrence is uniquely positioned to provide
you sought after mining industry and mining
stock insights rst. He has an impressive track
record for identifying the potential of emerging
companies in the mining sector.
Mr. Roulston is a sought-after guest speaker
at industry conferences and events, and can
be heard on popular business television and
radio programs. To subscribe to Resource
Opportunities or to receive a sample copy, please
contact info@resourceopportunities.com or visit
www.ResourceOpportunities.com.
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16
By Alan Newman
Crosscurrents
www.cross-currents.net
Our most urgent piece
of business for now is to
immediately disabuse
readers of the notion that
the action in gold might
in any way resemble a
bubble. Clearly, it does
not. The run to the top
in January 1980 was
even more spectacular
than the tech boom
that drove stocks to the
stratosphere. In comparison, the
present run for bullion seems quite
restrained. The common wisdom is
that stock market tops are rounded
and bottoms are downwards
spikes, while commodity market
bottoms are rounded and top are
upward spikes. Although golds
price is certainly rising rapidly, the
annual rate of change does not in
anyway, shape or form, suggest an
imminent end of the bull market.
While there is no reason to expect a
one year triple in price as occurred
in January 1980, a nal blow off
where bullions price doubles in
one year is not completely out of
the question. However, we would
expect warning signs of such a
move, which does not yet appear
to be in the cards.
In the Dow/Gold Ratio chart, we
use the ratio of the Dow divided by
the price of gold to gain a better
perspective for where gold may
eventually be headed. Our initial
target was a 5:1 ratio based on
our then current expectation for
prolonged and elevated threats of
terror attacks around the world.
While a significant number of
attacks have occurred, there seems
somewhat less likelihood that
events as disruptive as 9-11 are
now possible. As a result, we have
changed our target to 6:1 and are
tempted to rene it further to 5.67
to 1, the average ratio in place from
1975-1994. At this writing, the ratio
is now 7.80 to 1, the lowest it has
been since February 2009, when it
plunged to 7.49 to 1. For the ratio
to fall further to 6 to 1, gold must
continue to outperform the Dow
by a very wide margin. And while
this suggests that the Dow could
go as high as 18,000 if gold went to
$3,000 per ounce, we really would
not cheer the prospects for stocks.
If this is to be the case, ination
will likely be raging at over 10%
per annum and everything will cost
a lot more, perhaps even gas at $6
per gallon. As well, consider that
at Dow 18,000, stocks would be up
50.7% while gold at $3,000 would
be up close to twice as much, at
95.8%. For every iteration, if we are
correct about our target ratio, gold
must outperform the Dow.
In the Gold Vs. The Dow chart,
we have adjusted both gold and the
Dow for the effects of ination. From
this perspective, the comparison of
the age of paper and the age of
bullion is a lot more obvious. Why
do we adjust for ination? Why
wouldnt we? Adjusted for ination,
the high point for stocks was
actually in December 1999. The
CPI has advances 34% since then.
Although the Dow is 5% higher
in nominal terms, it buys far less
than it did as the calendar turned
to 2000, in fact, it buys 18.4% less.
On the other hand, gold bullion
buys more than triple what it did,
even after fully taking into account
the effects of ination.
The worlds reserve currency
has taken a phenomenal
beating, down close to
40% since the tech mania
bust (see chart). Clearly,
if the worlds reserve
currency can be out of
favor to this extent,
there has been a sea
change in perceptions
and an enormous shift
i n the f undamental
outlook for the dollar.
Gold is now in its tenth
years of a powerful bull
market and is testament
t o t he t r emendous
uncertainties brought about as the
great paper chase nearly brought
the entire nancial system to its
knees in 1987, again in 1998,
again in 2000 and yet again in
2007. Well over a trillion dollars
in quantitative ease has not yet
repaired the economy, nor is more
QE likely to change the picture.
When you consider how much
tax-payer money has gone to
fix banks with handouts and
how much has then made its way
into bonus pools at those very
same companies, there can be no
question who QE-X benets. At this
stage of the game, to see so many
unemployed and underemployed
is testament to the unparalleled
stupidity of those who govern. If
there is another Quantitative Ease,
it may mark a certiable end to any
remaining respect the U.S. dollar
is able to command and act as yet
another launching point for a rally
to gold $2000 per ounce. Theres no
reason to doubt this possibility.
Editors Note: Alan Newman is editor of
Alan Newmans Stock Market Crosscurrents, 3280
Sunrise Hwy #125, Wantagh, NY 11793, 1 year,
12 issues, $189. Mr. Newman provides powerful
commentary and unique insights on the markets.
New subscribers will receive the updated (July,
2011) report, Pictures of a Stock Market Mania
Time To Punish The Risk Takers Again. For more
information visit www.cross-currents.net.
Bullion is not in a bubble
17
BARKERVILLE
GOLD MINES, LTD.
TSX.V: BGM
OIC 88 Pink 5heels:
8GMZF
Germony: lWU8
Contact: Investor Relations
Email: Info@barkervillegold.com
1500 - 675 W. Hastings St.
Vancouver, BC V6B 1N2 Canada
Toll-Free: 800-663-9688
Phone: (604) 669-6463
Fax: (604) 669-3041
info@barkervillegold.com
www.barkervillegold.com
Barkerville Gold Mines - Canadas Newest Gold Producer to
Accelerate Growth with Prots from Gold Production in 2011
Barkerville recently became Canada's newest
gold producer. The company commenced
operations in the Cariboo District in 1994 and
since that time has focused on the exploration
and development of its gold properties. Mining
activities at the QR Mine & Mill led to the first
gold dore production in September 2010. The
permitting of the Bonanza Ledge property is
expected to allow Barkerville to source addition
mill-feed from its existing properties and raise the anticipated production goals
for 2011 to 50,000 oz. In conjunction with gold production a number of aggressive
drill programs have been initiated on the company's Cariboo Gold project with
the goal of significantly expanding the existing 43-101 gold resources that have
been identified to date. Production ramp-up and mill optimization followed to get to
continued gold dore production through the QR facility's CIP and gravity circuits.
In 2010 Barkerville shipped a total of 222.220 kg of gold dore.
Terraco Gold Puts Nearly 1 Million Ounces of Gold on its Books
with Acquisition of Almaden Project in Idaho
Terraco Gol d Cor p. i s focused on
advanced and early stage gold-silver
projects in Idaho and Nevada. The
company's 100% owned advanced stage
Almaden project has excellent access
and infrastructure, including over 199,000
ft of historic drilling in 887 drill holes and
has a NI 43-101 resource of 964,000 ounces of gold. Terraco has initiated a drill
program to explore the extension of the near surface mineralization that is open
to the north and south, as well as test for high-grade, bonanza-style structurally
controlled gold mineralization at depth. Project comparisons for Almaden are the
Hollister Mine (Great Basin Gold) and The Ken Snyder "Midas Mine" (Newmont)
in northeast Nevada. The earlier stage Moonlight project is located in Pershing
County, Nevada, lies on a prolific mineral trend just five miles north of Coeur
d'Alene's massive silver-gold Rochester Mine and adjoins the Barrick / Midway
Gold JV at Spring Valley. Terraco Gold's growth strategy is supported by a strong
management team with significant experience in the mining sector.
Romios Gold Plans Major Exploration Campaign to
Prove Up Potentially Huge Copper-Gold Resource
Romios Gold Resources Inc. is focused on the
acquisition and exploration of precious and base
metal prospects with a high discovery potential
or a known resource with significant expansion
potential and located in major mining districts.
Romios Gold has acquired nine strategically
l ocated gol d- copper proper ti es bet ween
GCMC's (NovaGold/Teck Resources) and Barrick
Gold's properties in the prolific Galore Creek area.
The company has completed drilling programs,
geophysical surveys, mapping, soil geochemical and metallurgical work on the
Newmont Lake property to further expand the known NI 43-101 inferred resource
of 200,000 ounces of gold at 4.3 g/t ton, 6,790,000 lbs of copper at 0.22% and
291,000 ozs. of silver at 6.4 g/t. Drilling program at the Trek property led to the
discovery of high grade gold- copper breccia's and wider zones of porphyry style
mineralization. Romios Gold also holds gold exploration properties in Ontario
and Nevada and a molybdenum property in Quebec.
ROMIOS GOLD
RESOURCES INC.
OIC: kMlOF
TSX.V: RG
Fronklurl: D4k
Contact: Tom Drivas, President, CEO
25 Adelaide Street E, Suite 1010
Toronto, ON Canada M5C 3A1
Phone: 416-221-4124
Fax: 416-218-9772
romios@romios.com
www.romios.com
TERRACO GOLD CORP.
I5X.V: IEN * OIC Pink:
ICEGF
Contact: Todd Hilditch,
President and CEO
960 - 1055 West Hastings Street
Vancouver, BC Canada, V6E 2E9
Toll free: (877) 792-6688
Phone: (604) 443-3835
Fax: (604) 682-3860
info@terracogold.com
www.terracogold.com
18
Continued from page 9
porphyry for $474 million. Signicantly, Colombia is on
the same Cordilleran range that yielded these major
discoveries in Chile and Peru. Batero believes its property
could potentially host equivalent porphyry deposits.
Our investor base has supported Batero from the
outset and is committed for the long term, says Rook.
He says Bateros tight share structure, is unlikely
to be diluted anytime soon and offers a signicant
upside potential for investors.
We believe we are in a long-term bull market for gold
and copper. South Americas largest gold producers are
seeking to replace their depleting reserves, says Rook.
They are trending toward porphyry deposits since they
are usually very large in scale and potentially contain
enormous amounts of gold and copper.
This is a tough one to call: As you probably know I
usually advise that one should not pay more than $1.00
for a mining stock that isnt already in production.
With that said, this standard advice is not applicable
here because this little jewel may very well turn out to
be a World Class Mine because of all the surface gold
and copper assays and all of its strong institutional
investors. Remember the minerals come from down
to up and if you wait until they get into production
youll probably miss the boat (price-wise on this one)!
Contact Jason Rook, phone 1-604-568-6378, E-Mail
info@baterogold.com, Website www.baterogold.com,
shares outstanding 47,594,669, working capital
C$10,450,000, 52 Week Trading Range: Hi: C$6.57
Low: C$0.58.
***************
NATES NOTES
P.O. Box 667. Healdsburg, CA 95448.
Monthly, 1 year, $289.
www.NatesNotes.com.
Odds favor continued
climb upward for Gold
Nate Pile: After giving us a bit of a scare as
investors in PowerShares DB Agriculture (DBA)
and PowerShares DB Commodities (DBC) (but
relief as a consumer!), commodity prices seem to have
found some traction and are once again starting to
trend higher. To be sure, it is still far too early to declare
that the commodity bull is alive and well (DBA above
$36 and DBC above $32 would be necessary conditions
for us to make that declaration)but the fact that both
DBA and DBA has thus far managed to avoid cracking
the lows they set back in March (and retested again
in early May) also means that we would be premature
to say that a bear market is now underway as well.
As previously mentioned, the fact that emerging
market economies are coming online so quickly as
part of the globalization that has been brought about
by the combination of the Internet and the ability to
ship anything anywhere with relative ease suggests
that demand for commodities around the globe is likely
to remain strong, even though various regions may
experience their own local slowdowns along the way.
Throw into the mix the fact that currency exchange
rates are also likely to become even more volatile
while the worlds debt issues are dealt with, and I
believe there is a very reasonable chance that any
breakout to the upside will likely go on for longer
than seems reasonable. DBA remains a buy under
$34. DBC remains a buy under $31.
While it is true that gold has failed to set a new
high for several weeks in a row now, given the current
state of the world, I believe the odds greatly favor
a continuation of the trend that is currently in place
(namely, up up, in a slow, relentless climb to who
knows what crazy levels before the worlds economy
settles down again) As mentioned above, given, all
that is going on in U.S. politics and nance, European
politics and nance, the Middle East, China on a
number of levels, etc I believe there are far more
reasons gold might continue to rise rather than start
to fall in the months ahead. With the caveat that
commodity prices can move quickly at times (so be
ready for volatility)! SPDR Gold Trust ETF (GLD)
is now considered a buy under $152.
***************
INVESTMENT TRACKER, 4805 Courageous
Ln., Carlsbad, CA 92008. Monthly, 1 year, $139.
www.theinvestmenttracker.com.
Gold recovering but silver still down
Douglas Anderson, Jr: Gold and silver have been
hit hard by the paper markets for precious metals.
Silver was particularly crushed by the three raises in
the margin requirements. This type of intervention
is bound to result in serious correction in the price
of silver, and has proven to be a substantially strong
cap on silver for the time being.
The demand for both physical metals remains
particularly high from individual investors, sovereign
wealth funds and banks. It was reported that the
Chinese are really moving into silver as the price
of physical gold has remained high. Of course, the
Chinese government has strongly encouraged its
citizens to invest in gold and that is now spilling
over into silver as gold has recovered more strongly
in price after the severe hit it had taken.
Gold seems to have strong support at both $1,500
and $1,475. I would be a buyer of the metal at $1,475
if it drops there. However, I believe the demand is
too strong to let it stay at this level for any length of
time. Of course, this is the start of the historical down
time for prices of precious metals, and this may have
some downward impact as well.
Demand for the physical metals remains strong.
The recent correction is causing the weaker hands
to move on to other types of perceived safe havens
for the on hand cash. It is important to see that the
value (purchasing power) of the U.S. dollar is being
widely questioned from more central banks on a daily
basis. Eventually, the dollar will lose its advantage
of being the reserve currency of the world. There
19
seems to be little doubt that the Renminbi of China
will be a strong challenger. However, for this to ever
happen, the Renminbi will have to become a freely
trading currency around the currency markets of the
world. Despite the Asian, Brazilian, Russian, etc.
bank agreement to exchange trade with each other in
local currencies, the worldwide free trading of these
other currencies must be in effect for the dollar to be
replaced. The concern over the depreciation of the
dollar is widely being discussed and reported.
The dollar has been the reserve currency which
most perceive as the currency of the world. It is
familiar and most are very comfortable with it.
However, it is under a great deal of pressure and I
believe the dollar will be replaced.
Looking at a chart of the dollar index, we see a
long-term downtrend which seems to be rmly in
place. After trading in the rst week of June, the
dollar did show some signs of a short-term rally, but
no a signicant increase in value.
The U.S. decit in manufacturing capability, the
debt level, the spending binge which shows little hope
for an end, the unemployment level which on recent
reports came in poorly, the lack of increase in debt
limit, and the continuation of the level of military
action worldwide all portend to a weaker dollar. None
of these nancial problems will be solved quickly, and
the answer to come forth in the not too distant future
will be more gasoline on the re in the form of a QE3
or some of the same fuel under another name.
I believe we will see this before the end of 2011 or at
the very least in the rst quarter of 2012. There seems
to be no other answer that Keynesian Economics of
the day can realistically provide. The stock market
and other bubbles can be directly attributes to credit
money. QE1, and QE2. Japan has been trying these
solutions for decades and the results have been the
same. Why should our use of the same tools have any
different results? Remember too that the Japanese are
historically savers while we in the U.S. have not been
frugal savers, but unrealistic consumers. Thus, the
Japanese had a large amount of capital from which to
solve many nancial problems without excessive debt.
***************
THE PERSONAL CAPITALIST, 9524 East 81
st

St., Ste. B # 1715, Tulsa, OK 74133. 1 year, 24
issues, $195.
Golds long-term prospects remain
excellent, copper to gain strength
Sean Christian: We still have little doubt that
the market is undervalued relative to next years
earnings estimates. In fact, corporate earnings for
the S&P 500 are at all-time highs even though the
index is more than 20% below its 2007 high and
interest rates are substantially lower. The reason is
that investors have serious concerns about the nature
of the economic rebound which appears to be very
tenuous at this point. We agree with the caution and
have raised cash as a result. A full 10% correction,
dropping the Dow to 11,500 is possible.
We are also aware that while inationary pressures
has been building for some time, mini bubbles developed
in the commodity sector. Silver in particular raced
ahead and the commodity exchanges began increasing
margin requirements to dampen speculation. Silver
almost reached $50 an ounce before dropping over
30% in a single week. It has stabilized somewhat
since but illustrates the tug-of-war at work. Likewise,
the price per barrel of oil has fallen about 20% after
hitting a recent high near $115/barrel for West Texas
Intermediate in late April. Its possible to see something
similar in gold in the short term even though the long-
term prospects remain excellent. A 20% drop in gold
could drop the price to $1200 per ounce.
We are interested in whats driving gold. Gold took
its cue from very high ination and negative real
interest rates in the 1970s but, through the credit
crisis, it has primarily taken its cue from excessive
money supply growth, even if that monetary injection
has not (yet) produced ination. Chinese, Indian,
and Mexican central banks are buying gold actions
not driven by the short-term inuences of real U.S.
interest rates but on the excessive supply of dollars
since the credit crisis and the future of the U.S.
dollars role as the worlds reserve currency.
There is a shift in the ownership of assets resource
rich countries no longer control as much of the worlds
natural wealth as they used to. In 2004, the developed
mining markets (Australia, U.S., Canada, and
South Africa) accounted for 84% of the global mining
capitalization. Today, it is 60% primarily because of
China. From 2001 to 2010, Chinas annual consumption
of gold grew at a 7.5% compounded growth rate. On
a per capita basis, per capita consumption of gold
in China has more than doubled since 2005. In its
quarterly report, the World Gold Council said Chinas
investment demand for gold more than doubled to
90.9 metric tons in the rst three months of the year,
outpacing Indias 85.6 tons. We will hold our gold
stocks. Copper (FCX and SCCO) is interesting. China
now is the worlds largest consumer of copper, much
of it imported. Chinas underlying demand for the red
metal is strong. A 20% increase in investment in the
electricity grid in 2011 and continued strong demand for
home appliances as rural households ratchet up their
purchases of air conditioners and refrigerators mean it
is set to remain so. Copper prices are down 6% in 2011.
Most commodities pulled back hard in May but copper
managed a 0.2% advance, its rst gain in three months.
We feel copper will begin to be strong again beneting
FCX and SCCO, which should improve earnings power.
FCX produces more copper than any other publicly
traded company in the world and is considered by
many as a proxy for copper prices. It is also a major
producer of gold and molybdenum. We continue to like
material stocks and will hold our copper shares. Note:
Oz Minerals (a copper and gold company) had a 10-1
reverse split earlier this month. It also paid dividend of
$0.126 per share based on the old numbers of shares.
20
INTERINVEST REVIEW & OUTLOOK
P.O. Box 51462, Boston, MA 02205.
Monthly, 1 year, $125. www.interinvest.com.
Positive toward selective
gold mining companies
Dr. Hans Black: Global investors have a lot to
worry about. Nevertheless, despite all the problems,
the price of gold, as measured in yen or euros, seems
to be holding extremely well and even in dollars we
are near the highs set approximately six weeks ago.
While it is still likely that we will see corrections
taking the price down again, we continue to be
positive toward selective gold mining companies that
have superb prospects to either grow their reserves
or begin exciting production campaigns.
Although gold stocks have now lagged for over a year,
we continue to like both the very large cap companies
such as Newmont and selective small cap issuers.
Companies that are engaged in the enlargement of
sizeable reserves and those destined to become good
generators of free cash ow are attractive investments
at this point in time in the global economic cycle.
***************
THE VR GOLD LETTER
P.O. Box 1451, Sedona, AZ 86339.
Weekly by E-mail, 1 year, $1,350.
Monthly, $62.50. www.VRGoldLetter.com.
Looking for a July low
Mark Leibovit: We are in the midst of a seasonal
decline. That said, two days earlier, however, gold-
miners as represented by GDX (the Market Vectors
Gold Miners ETF) posted a Positive Leibovit Volume
Reversal. Gold miners were either just acting as
stocks participating with the overall equity market
advance or were possibly showing rst (and possibly
early) signs of forming of bottom.
As always, one can benet from these declines
by buying low, especially we can combine both
technical and seasonal factors together. According
to seasonality studies the optimal time to purchase
gold and gold mining shares is mid to late July for
a move into September. We then traditionally see a
September to October correction followed by renewed
strength into year-end. According to my friend, Don
Vialoux, the explanation for the July to September
rally is greater seasonal demand for gold from
fabricators who manufacture jewelry for the Indian
wedding season, though Chinese fabricator demand
is now showing signs of surpassing Indian.
With regard to the gold miners, I suspect some
investors are already jumping the gun here a bit,
explaining the action in GDX mentioned above. Keep
your eyes peeled! As long as central banks around the
world are printing excessive amounts of money and
cash pays interest rates below the level of ination,
gold and silver should be seen as real money that
holds their values.
The bottom line? Simple. Keep your powder dry for
a couple more weeks ahead of the expected seasonal
lows. If volume suddenly and dramatically ips to the
positive before then, I will let you know.
***************
U.S. Global Investors INVESTOR ALERT
7900 Callaghan Rd., San Antonio, TX 78229.
Gold Notes
Frank Holmes: A survey of 80 central bank reserve
managers predicted that the most signicant change
in their reserves over the next ten years would be
the addition of more gold. Furthermore, over the
next year the respondents forecasted that the price
of gold will be the best performing asset class, citing
sovereign debt defaults as the principal risk to the
global economic landscape.
CoId producfIon has Increased by a facfor of
2.1 from 1959 to 2010. At the same time, the world
population has been multiplied by a factor 2.2. Thus
we produced more or less the same amount of gold per
inhabitant as in 1959. According to this estimation, the
world population should reach 7.2 billion in 2020 and 8.2
billion in 2030. This should indicate to us a necessary
gold production of 2,803 tons in 2020 and 3,034 tons in
2030. Global gold production reached 2,500 tons in 2010.
UCommodities are due to be weak over the next
several months, having completed about half of an
expected 20 percent correction, according to UBS. The
lack of any more government stimulus would likely
leave commodities struggling. However, gold would
hold up relatively better than other commodities due
to its safe haven role.
Editors Note: Frank Holmes is CEO and Chief Investment
Ofcer of U.S. Global Investors an investment management rm
specializing in gold, natural resources, emerging markets and
global infrastructure opportunities around the world. The company
manages 13 no-load mutual funds in the U.S. Global Investors fund
family, as well as funds for international clients. www.usfunds.com.
Trade Canadian
Warrants Online
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Learning Center & Warrant Database
www.Gold-Bull.com
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21
Rye Patch Gold Holds Sizeable Gold/Silver
Resource, Seeking To Add to Existing Resource
Company Well On Its Way to Goal of 10 Million Ounces of Gold Equivalent
Rye Patch Gold dominates Nevadas Oreana Trend which has
the potential for deposits totalling more than 20 million ounces of gold.
The value of Rye Patch Golds
significant portfolio of Nevada
properties rich in gold and
silver resources is growing
exponentially, boosted by a rising
precious metals market.
We now hold three million
ounces of gold and 40 million
ounces of silver, says Rye Patch
President Bill Howald. In essence,
every share in the company has
a value component of physical
gold and silver resources in the
ground.
That resource is anticipated
to grow even more in 2011 as the
result of aggressive exploration
programs at Wilco, Lincoln Hill,
Gold Ridge and Jessup Projects
along the Oreana Gold Trend,
as well as at its newly acquired
Garden Gate Pass Project on
Nevadas prolic Cortez Trend.
The company is far from stand-
ing pat on this impressive property
portfolio. Howald says Rye Patch is
actively looking to acquire another
major gold project in this mineral
rich state.
In fact, Rye Patch Golds long-
range strategic plan is to amass a
10-million ounce inventory of gold
equivalent ounces, positioning itself
as a precious metals supermarket
for Nevadas major gold producers
and in the process become a
prime target for takeover.
For even though Nevada is
the worlds fourth richest gold
producing region, yielding 80%
of all the gold produced in the
U.S. and 10% of the worlds gold,
many of the major gold producers
operating in the state are running
out of mineable resources and
reserves. This simple fact puts a
successful exploration company
like Rye Patch Gold (TSX.V: RPM;
OTCQX: RPMGF) in a unique and
enviable position.
We are working hard to get
to our goal of 10 million ounces
of gold equivalent, says Howald.
We believe that once we achieve a
critical mass of ounces in Nevada,
Rye Patch will be on the radar
screens of many of the producers.
Aggressive Exploration
on Nevadas Oreana Gold
Trend Planned for 2011
In late December, 2010, Rye
Patch Gold staked an additional
6.5 square kilometers along the
Oreana Trend. The 100%-owned
claims cover the southern exten-
sion of a mineralized contact within
the Auld Lang Syne formation
which hosts the companys Section
Line discovery at Wilco, but the
real discovery is an outcropping
diatreme which could host sig-
nicant potential similar to other
diatremes along the Oreana trend.
The new zones show the Oreana
Trend has signicant upside poten-
tial, says Howald. The concept
that a large porphyry-like system
at depth is driving the gold and
silver deposits in the district and
along the Oreana Trend is very
plausible.
Rye Patch Gold plans to conduct
additional detailed mapping and
lithogeochemical sampling in 2011
and expects to identify drill targets
by late summer.
A core and RC drill program at
the companys Wilco property is on-
going. Drilling at its Lincoln Hill is
underway and completion of rst
and second-phase drilling on the
Silver Ridge and Red Hill targets
at Gold Ridge properties along the
Oreana Trend will start through
summer 2011.
The 2010 drill results achieved
at Lincoln Hill identied a new
parallel zone with a 1.5 kilometres
strike length. The new zone,
named Jefferson, is double the
strike length of the existing Lincoln
Hill resource and shows the property
has signicant upside potential. A
drill program totaling 7,000 metres
has commenced. In-ll drilling is
also planned to upgrade a portion
of the resource from inferred to
measured and indicated.
The mineral-rich Oreana Trend
has the potential to host 20 to 30
million ounces of gold equivalent
nearly 5 million ounces of gold and
signicant silver mineralization
have been discovered since mid-
22
2009. The trend is characterized by
blanket-like stockwork gold zones
with impressive high-grade gold
mineralization and a signicant
silver upside. The 30 kilometers
long trend was rst dened at Rye
Patchs Wilco property, and was
further outlined by high-grade
gold and silver discoveries at the
companys Lincoln Hill property.
Similar discoveries have
been made by Midway Gold
and Barrick Gold at their
Spring Valley Project.
As the dominant land-
holder, Rye Patch controls
over 75-square-kilometers of
clearly mineral-rich ground.
The Wilco Project in Pershing
County hosts a total 2.872-mil-
lion gold and gold equivalent
ounces (measured, indicated
and inferred). Metallic screen
gold assays on the North Basic
target at Wilco shows coarse
gold assaying up to 54.19 ppm
and 45.09 g/t. Recent drill-
ing has extended the North
Basin high-grade zone to 600
metres along strike and open
to the west-southwest. A total
of fourteen core holes totaling
5,067 meters was completed
this spring, and a follow-up RC
program totaling 5,000 meters
is permitted and ready to start.
The potential of the North
Basin discovery as a feeder
system could have a signi-
cant impact on the Wilco
resource, says Howald.
Previous drilling at Wilco
increased the projects in-
ferred resource by 48% and
the measured and indicated
resource by about 10%. The
recent 2011 drill program
should add additional ounces
to the Section Line resource.
The program has extended
the North Basin high-grade
zone and drilled a signicant
thickness of gold at the inter-
preted intersection between
the Section Line antiform,
and the North Basin high-
grade zone. The core drilling
program has improved the
geologic model and provided
systematics for predicting
the gold zones.
Rye Patch Gold also recently
completed a drilling campaign
at its 100%-owned Lincoln Hill
Rye Patch Gold:
Nevada Focused, Discovery Driven
Rye Patch Gold is exploring well-known mineral trends in Nevada the worlds fourth-richest
gold region. Starting with 150,000 ounces in mid-2007, this well-funded company now has
1.2-million ounces of gold equivalent in the measured and indicated category, plus 2.7-million
ounces of gold equivalent in the inferred category. The company's goal is to build a 10-million
ounce gold inventory in Nevada by 2012. Rye Patch Gold intends to reach this milestone
through organic growth in existing resource projects along with new acquisitions in the region.
The company's efforts are focused primarily at its Wilco, Gold Ridge, and Lincoln Hill properties
where the company is the dominant property owner, and its Jessup Project near Reno. Rye
project. The 2010 drilling program
was successful at extending the
existing resource (380,000 ounces
of gold and 9,500,000 ounces of
silver in the inferred category) to
the northeast and southwest. The
program also tested a new target
called the Jefferson zone. The ore
controls and lithologies within the
new Jefferson zone are similar to
the main Lincoln Hill resource. The
strike length of the Jefferson zone
dyke system as known today, is
twice the length of the Lincoln Hill
resource area. The 2011, 7000 metre
core and RC drill program, which is
currently underway, will follow-up on
the newly discovered 1.5 Kilometre
Jefferson Zone and will target high
grade intersection zones similar to
Patch Gold's newest acquisition, the Garden
Gate Pass Project, lies on Nevada's Cortez
Trend, not far from Barrick Gold's Cortez Hills
Mine and ET Blue and Red Hills discoveries,
and U.S. Gold's Tonkin Springs Mine.
23
Disclaimer: This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specic investment objectives, nancial situation or
particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related nancial instru-
ments. References made to third parties are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate. Recipients should not regard it as a
substitute for the exercise of their own judgment. The opinions and recommendations are those of the writers and are not necessary endorsed by The Bull & Bear Financial Report. Any opinions
expressed in this material are subject to change without notice and The Bull and Bear Financial Report is not under any obligation to update or keep current the information contained herein. All
information is correct at the time of publication, additional information may be available upon request. The company featured has paid The Bull & Bear Financial Report a fee to provide an investor
awareness program. Management of the companies features in this publication has approved and signed off as approved for public dissemination all statements made herein. The directors and
employees of The Bull & Bear Financial Report do not own any stock in the securities referred to in this report. The information contained herein may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding expected continual growth of the featured
company and/or industry. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the publisher notes that statements contained herein that look
forward in time, which includes everything other than historical information, involve risks and uncertainties that may affect the companies' actual results, developments, and business decisions
to differ materially from those contemplated by any forward-looking statements. Factors that could cause actual results to differ include the size and growth of the market for the companies'
products or services, the companies' ability to fund its capital requirements in the near term and long term, pricing pressures, etc. The Bull & Bear Financial Report is not a registered investment
advisor or afliated with any brokerage or nancial company.
the Lincoln Hill resource. In addition
to follow-up on the geophysical
survey which suggests a third target
located west of the Jefferson Zone
along a parallel dyke swarm.
Rye Patchs Wilco, Gold Ridge
and Lincoln Hill properties along
the Oreana Trend are neighbors to
Barrick Golds Spring Valley, Gold
Mountain and Limerick Basin proj-
ects and offer incredible synergies
for development. Rye Patch also
has close relationships with other
major players in Nevada, including
Kinross Gold and Newmont Mining.
Rye Patch Gold has, to date,
accumul ated resource totals
at its Wilco, Lincoln Hill, Gold
Ridge and Jessup Projects of 3.1
million ounces of gold and 40.3
million ounces of silver for a gold
equivalent resource of 3.91 million
ounces (measured, indicated and
inferred) using $900 per ounce
gold and $18 per ounce silver. New
discoveries at Gold Ridge, Lincoln
Hill, and along the Oreana Trend
are expected to further increase
the companys resource inventory.
Our properties on the Oreana
Trend are very f ocused and
compact. They offer tremendous
future development efciencies as
a gold/silver district, says Howald.
Summer Drilling
Scheduled for Garden
Gate Pass Project on
Nevadas Cortez Trend
When Rye Patch Gold expanded
its focus to the prolic Cortez Gold
Trend to acquire one of its newest
properties, the Garden Gate Pass
Project, the company remained true
to its strategic plan of accumulating
properties near existing producing
projects operated by major mining
companies. Garden Gate Pass is
located just 12 kilometers south-
southeast of Barrick Golds Cortez
Hills Mine. Barricks ET Blue and
Red Hills discoveries are just a few
kilometers to the north while U.S.
Golds Tonkin Springs Mine is about
15 kilometers to the south.
Rye Patch Gold has been
successful in acquiring projects
that can quickly add gold and silver
resources to its inventory. Our
geologists believe Garden Gate Pass
to be one of the best exploration
plays along the Cortez Trend, says
Howald. We believe this property
may be a Pipeline or Cortez Hills
discovery analog.
During the spring of 2011, a
detailed aeromagnetic and gravity
geophysical survey was completed.
Two excellent target zones have
been identied and drilling will
commence in July 2011. A drill
program totalling 5,000 to 7,000
meters is planned to discover a
Carlin gold system on the property.
The drill targets are within 500
metres of the surface.
Investment
Considerations
Rye Patch Gold accumulated an
impressive list of accomplishments
in the past year. Last spring, the
company earned its 100% interest
in its Wilco Project, one year earlier
than called for in its agreement
with a subsidiary of Newmont
Mining Corporation. It announced
a rst-ever NI 43-101-compliant
resource estimate on the Lincoln
Hill Project for an estimated
inferred gold equivalent resource
of 569,760 ounces with an average
grade of 1.029 g/t Aueq. Major
drilling and exploration programs
were performed and/or planned at
Wilco, Lincoln Hill, Gold Ridge and
Jessup. With its new acquisitions,
the company now controls over 80
square kilometres on major gold
and silver trends in Nevada.
Rye Patch Golds achievements are
the results of seasoned management
and a successful exploration team.
The Company was recognized by
the Toronto Venture Exchange when
it elevated the company to Tier
1 status. At the Companys 2010
Annual General Meeting, insiders
and institutional investors held
more than 60% of Rye Patch Golds
outstanding shares.
With this validation of its stra-
tegic plan and armed with an
impressive and growing resource
of gold and silver ounces at its
Nevada properties, Rye Patch Gold
is reaching beyond its well estab-
lished base among Canadian and
U.S. investors to target European
investors eager to leverage the
rising market for gold and silver
that began its climb in 2003 and
soared to new record levels late
last summer. The company re-
cently retained a Germany-based
investor relations firm, Sigorex
Management GmbH, to represent
the company throughout Europe.
We provide investors a sig-
nicant option value to prevailing
prices for gold and silver, says
Howald.
RYE PATCH GOLD CORP.
I5X.V: kPM * OICOX:
kPMGF
Contact: Investor Relations,
info@ryepatchgold.com
1740 - 1177 West Hastings St.
Vancouver, BC Canada V6E 2K3
Phone: 604-638-1588
Fax: 604-638-1589
Web Site: www.ryepatchgold.com
Shares Outstanding: 123.89 million
U.8.. Hi. $O.5O low. $O.11
Canada. Hi. C$O.48 low. C$O.12
24
INTER-CITIC
MINERALS INC.
I5X: lCl * OICOX: lCMIF
Contact: Stephen Lautens,
V.P. Communications
60 Columbia Way, Suite 501
Markham, ON Canada L3R 0C9
Phone: 905-479-5072
Fax: 905-479-6397
ir@inter-citic.com
www.inter-citic.com
Inter-Citic Minerals Leads Chinas New Gold Rush;
Dachang Project Moving Towards Production
Inter-Citic Minerals Inc. is advancing its
Dachang Gold Project towards development
in the People's Republic of China - the
world's largest gold producing country.
China's largest gold producing company
is a significant shareholder. With excellent
grades and an established substantial
NI 43-101 resource estimate, Dachang is poised to be one of China's largest
undeveloped open-pit gold resources. The currently defined NI 43-101 resource
at Dachang (calculated at June 28, 2011) consists of an estimated Measured
and Indicated inventory of 1.88 million ounces contained gold (17.2 million
tonnes grading 3.41 g/t Au), plus a further Inferred mineral resource estimate of
1.93 million ounces contained gold (21.3 million tonnes grading 2.83 g/t Au). An
updated NI 43-101 Technical Report added approximately 409,000 oz. gold to
the previous estimated Inferred resource inventory at Dachang, and includes all
drilling and exploration to the end of the 2010 season.
REBgold On the Hunt for Gold Projects in Europe, North and
South America; using competitive bioleaching technology
REBgold is in the process of acquiring
and developing an economic interest
in gold assets and is in the process of
evaluating and negotiating on a number
of targets, ranging from scoping stage
assets to producing mines. REBgold plans are to develop a small portfolio of equity
interests, including control positions, in assets of merit. In particular where it can
utilize its competitive advantages to create shareholder value. The Company's
key competitive advantages include an experienced board and management
team, strategic investor backing and proprietary technology. The Company's
bacterial oxidation and bioleaching technologies are commercially proven to
liberate precious metals from difficult-to-treat sulphide ores and concentrates, with
environmental and economic benefits. To date, the Company's patented BACOX
technology has been used at three gold mines located in Australia, Tasmania and
China. REBgold is one of only two companies worldwide who have commercially
proven, bioleaching technology that liberates precious and base metals from
difficult to treat sulphide ores and concentrates.
Torex Gold Targets 5 Million Gold Oz. Resource in 2011
Production to Start in 2014 at Morelos Gold Project in Mexico
Torex Gold Resources Inc. is a well funded, growth
oriented Canadian mining company engaged in
the exploration and development of precious metal
resources with a focus on gold. It owns 100% of
the Morelos Gold Project, an advanced stage gold
exploration property 180km southwest of Mexico
City on paved roads and located near established
centres of supply for materials and workers. Power
for any mining operation would be available from a 115kV line that crosses over
the Project and water for process and potable use could be sourced from nearby
springs. The Project current NI-43 101 compliant resource estimate stands at 3.0
million ounces of gold in the measured and indicated category plus an additional
900,000 ounces of gold in the inferred category. With a management team now
in place, 100% ownership of a solid gold project with superb exploration upside
and a strong balance sheet, the Company is committed to significantly increasing
the current resource base through an aggressive exploration program, while at
the same time, advance the Morelos Gold Project into production.
TOREX GOLD
RESOURCES INC.
TSX: TXG
Contact: Gabriela Sanchez,
Vice President, Investor Relations
145 King St. West, Suite 1502
Toronto, ON M5H 1J8 Canada
Phone: (647) 260-1503
Fax: (416) 640-2011
gabriela.sanchez@torexgold.com
www.torexgold.com
REBGOLD CORPORATION
TSX.V: RBG
Contact: EJ Spencer
Corporate Investor
Relations Administrator
50 Richmond St. E, Ste. 300,
Toronto, ON M5C 1N7, Canada
Phone: 416-646-1850
Fax: 416-596-9840
corporate@reb-gold.com
www.reb-gold.com
25
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COMPANIES
Atna Resources Ltd.
Rapidly Growing Gold Producer;
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Strong Potential for Significant
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Solidly on Track to Becoming the
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REBgold Corporation
On the Hunt for Gold Projects in
Europe, North & South America
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Romios Gold Resources Inc.
Exploring British Columbia for
Huge Copper-Gold Resource
www.Romios.com
Rye Patch Gold Corp.
Dominates Newly Discovered
Oreana Gold/Silver Trend In Nevada
www.ryepatchgold.com
San Gold Corporation
Canada's Newest Gold Producer
Spectacular Exploration Success
www.sangold.ca
SMW Gold
Developing Multi-Million Ounce
Gold Deposits in Egypt
www.smwgold.com
Strategic Resources Inc.
Developing the Rare Earth
Potential of the Gallinas Mountains
in New Mexico, USA
www.strategicresourcesinc.ca
Terraco Gold Corp.
1 Million Ounce Gold Resource
at Almaden Project in Idaho
www.terracogold.com
Torex Gold Resources Inc.
Targeting 5 Million Gold Oz Resource
at Morelos Gold Project in Mexico
www.torexgold.com
Trade Winds Ventures Inc.
Discovering New Gold Mines in
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www.tradewindsventures.com
U.S. Silver Corporation
Silver Producer in
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www.us-silver.com
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