Contents
INTRODUCTION ................................................................................................................................................. 4
(1) Precious Metals Continue to Rise while Base Metals and Uranium Correct ................................... 7
(2) Share Price Performance within a Multi-Year Strong Commodity Price Cycle ............................. 13
(3) Expenditures are Decreasing, but Activity Continues in Some Areas ........................................... 15
(4) New Equity Issues Cooled Off, but a Recovery May be on the Way.............................................. 17
(5) Large Companies Must Follow Explorers into New Frontiers........................................................ 19
(6) The Dundee Exploration Watch List ................................................................................................ 21
OTHER EVENTS OF NOTE AT THE PDAC, TORONTO CONVENTION CENTER, MARCH 1-4, 2009 ........... 38
DUNDEE’S MINING RESEARCH TEAM ............................................................................................................ 38
COMPANY PROFILES ...................................................................................................................................... 40
Alexis Minerals Corporation (AMC-T) .............................. 42
Allied Nevada Gold Corporation (ANV-T) ......................... 44
Altius Minerals Corporation (ALS-T) ............................... 46
Aquila Resources Inc. (AQA-T) ...................................... 48
Aquiline Resources Inc. (AQI-T) ..................................... 50
AuEx Ventures Inc. (XAU-T) ........................................... 52
Baffinland Iron Mines Corporation (BIM-T) ...................... 54
Banro Corporation (BAA-T) ............................................ 56
Bear Lake Gold Ltd. (BLG-V) .......................................... 58
Blackstone Ventures Inc. (BLV-V) ................................... 60
Brilliant Mining Corporation (BMC-V) .............................. 62
Canada Zinc Metals Corporation (CZX-V) ....................... 64
CanAlaska Uranium Ltd. (CVV-V) ................................... 66
Canplats Resources Corporation (CPQ-V) .................... 68
Colossus Minerals Inc. (CSI-T) ...................................... 70
Coro Mining Corporation (COP-T) .................................. 72
Corriente Resources Inc. (CTQ-T) ................................. 74
Crosshair Exploration & Mining Corporation (CXX-T) ..... 76
Crowflight Minerals Inc. (CML-T) .................................... 78
Detour Gold Corporation (DGC-T).................................. 80
Diamonds North Resources Inc. (DDN-V)...................... 82
Dynasty Metals & Mining Inc. (DMM-T) ........................... 84
Etruscan Resources Inc. (EET-T) .................................. 86
Explorator Resources Inc. (EXO-V) ............................... 88
Far West Mining Limited (FWM-T) ................................. 90
Forsys Metals Corporation (FSY-T) ................................ 92
Forum Uranium Corporation (FDC-V) ............................ 94
Fronteer Development Group Inc. (FRG-T) .................... 96
All stock pricing within this report is as of market close on February 17, 2009. All pricing in US$ unless otherwise specified.
Great Panther Resources Limited (GPR-T) ................... 98
Inspiration Mining Corporation (ISM-T) .......................... 100
Jinshan Gold Mines Inc. (JIN-T) .................................... 102
Keegan Resources Inc. (KGN-T) ................................. 104
Linear Gold Corporation (LRR-T) ................................. 106
Merrex Gold Inc. (MXI-V) ............................................... 108
MetalCORP Limited (MTC-V) ....................................... 110
Moto Goldmines Limited (MGL-T) ................................. 112
Nevsun Resources Limited (NSU-T) ............................ 114
Paramount Gold and Silver Corporation (PZG-T) ......... 116
Pelangio Exploration Inc. (PX-V) ................................... 118
Peregrine Diamonds Limited (PGD-T) ......................... 120
Pitchstone Exploration Limited (PXP-V) ....................... 122
Queenston Mining Inc. (QMI-T) ..................................... 124
Rainy River Resources Limited (RR-V) ........................ 126
Reunion Gold Corporation (RGD-V) ............................. 128
Riverstone Resources Inc. (RVS-V) ............................. 130
Rockcliff Resources Inc. (RCR-V) ............................... 132
Rubicon Minerals Corporation (RMX-T) ........................ 134
Strathmore Minerals Corporation (STM-V) .................... 136
Tenajon Resources Corporation (TJS-V) ...................... 138
Triex Minerals Corporation (TXM-V) .............................. 140
Tyhee Development Corporation (TDC-V) .................... 142
Uracan Resources Limited (URC-V) ............................ 144
VG Gold Inc. (VG-T) ..................................................... 146
Virginia Mines Inc. (VGQ-T) .......................................... 158
Volta Resources Inc. (VTR-T) ...................................... 150