GLOBAL MININGINVESTMENT CONFERENCE 2010

STATIONERS’ HALL ● CITY OF LONDON ● TUESDAY-WEDNESDAY, 28-29 SEP 2010www.ObjectiveCapitalConferences.com

Investment Conferences

Gold & Silver OutlookArthur Vestey – Investment Manager, Cheviot Asset Management

Investing in Physical DiamondSaul Singer – Chief Investment Officer, Fusion Alternatives

Gold & Silver Production in North AmericaMurray Nye – CEO, RX Exploration Inc.

Gold DynamicsAngelos Damaskos – Fund Manager, Sector Investment Managers Ltd.

DAY 1 - SESSION 3: PRECIOUS METALS SECTOR

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33

Gold & Silver Outlook

Arthur Vestey

Cheviot Asset Management

28th September 2010

4

10 Year Gold & Silver

GOLD SILVER

Source: Bloomberg

5

Why Silver ?

6

The History of Silver

7

Gold/ Silver Ratio 2007-2010

Source: Bloomberg

8

Silver Usage

“Silver is the best technology stock you can own” David Morgan

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Gold/ Silver Availability

10

Gold & Silver Bubble?

11Source: Bloomberg

Gold vs NASDAQ Secular Bull Market Comparison

12

Diminishing Marginal Productivity of Debt in the US Economy (in Dollars)

“You can’t bail out debt with debt”

13

USD Purchasing Power 1971-

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1966: “In the absence of the Gold Standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value... deficit spending is simply a scheme for the

confiscation of wealth. Gold stands in the way of this insidious process.”

2009: “The rise in gold and silver is strictly a monetary phenomenon and is an indication of the very early stage of an endeavour to move away from paper currencies’.”

2010: “Fiat money has no place to go but gold…If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal

mine. It signals problems with respect to currency markets. Central banks should pay attention to it.”

Alan Greenspan Quotes

15

Current View

Silver Equities, 30%

Bullion, 40%

Gold Equities, 30%

- Central Fund of Canada [CEF.US]

- Market Cap $1bn + - Mainly small/ mid cap

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Fusion AlternativesInvestment Diamond Specialist

Legal Disclaimer This presentation contains certain forward-looking information. This

information is based on current expectations and assumptions that are subject to a variety of risks and uncertainties that are difficult to predict. Actual results could differ materially from those expressed in any forward-looking statements. Fusion Alternatives assumes no obligation to update these forward-looking statements as a result of new information or future events.

The information presented within this presentation is subject to change without notice. The information is presented as promotional material, Fusion Alternatives holds no responsibility to the accuracy of the information nor shall be held liable for any use, distribution or implementation of this information.

Fusion Alternatives does not intend to provide investment advice through this presentation. The information in this presentation is not to be construed as an offer to buy or sell, or the solicitation for an offer to buy or sell any security or asset. The presentation is for information purposes only and does not constitute a complete service or performance.

Content Executive Summary Industry overview Diamonds as an alternative investment asset class Barriers to entry Fusion Alternative products About Us Contact information

Executive Summary1. Prices of investment diamonds set to remain strong

into near future – 14%-17% absolute annual returns.

2. Diamond industry far ahead of other commodity or alternative investment markets in terms of pricing and liquidity.

3. Fusion Alternatives offers clients a suite of products facilitating a professional, discrete and efficient exposure to investment diamonds.

INDUSTRY IN TRANSITION The diamond industry has undergone tremendous

change and development over the last decade.

Shift from being a supply controlled to a demand driven industry

Transition creates unique opportunities for new ideas/ paradigms to emerge.

Diamond Pipeline

Mining Costs

$6b

Rough Diamond

Production

$12b

Sales to Manuf.Sector

$14b

Polished Exports

From manuf.Sector

$20b

Finished DJ in Wholesale

Market

$35b

DJRetailSales

$70b

Significant value addition

Sources: FA & Idex

Supply Side: Rough Diamond production Heavily Concentrated80% of global production controlled by 5 major

players. No world class discovery made this decade.High concentration levels will continueNo significant rise in production in the near-term.

Demand > supply for larger, better quality diamonds. Diamond production growth low-to-mid digit range in terms of carats 10%-12% in terms of value

Rough Diamond Production Outlook

020406080100120140160180200

0

5

10

15

20

25

30

00 02 04 06 08 10(e) 12(e) 14(e) 16(e)

(Ct M

il)

($b)

Production by value - $ billion Production by quantity - carats million

Demand side Global demand has trended upwards for the last 7

years. Demand growth > production growth. Trend somewhat mitigated by inventory stockpiles held by

major producers Stockpiles now diminished to minimum working levels

Demand Drivers Growing emerging market demand (Gulf, Chindia and Turkey,). High-end jewellery market Internet sales

Global Retail DJ Sales – Demand Side

$56 $58$54 $55 $57

$61$65 $68

$73$78

$66$74

$80$85

$0

$20

$40

$60

$80

$100

($ B

illio

ns)

The whole picture: Supply vs. Demand

Source: RBC, Rio Tinto, De Beers, FA

-10%

-5%

0%

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-35%

-25%

-15%

-5%

5%

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25%

35%

00 01 02 03 04 05 06 07 08 09

10(e

)

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)

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)

Dia

mon

d D

eman

d G

row

th

Dia

mon

d Pr

oduc

tion

Gro

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Diamond Production Growth Diamond Demand Growth

Diamonds as an investment asset classPortable and liquid store of wealth

Stable and accepted monetary value

Traded on numerous physical and screen exchanges around the world

Increasingly standardized pricing & gemological characteristics

Obstacles to the emergence of investment diamonds - solutions Price Transparency Standardized and globally accepted pricing mechanisms, indicators

and benchmarks (e.g. Rapaport Price List) Existence of large physical and virtual/online open secondary

markets

Liquidity Sophisticated global primary physical markets – NY, Antwerp,

Mumbai, Tel Aviv, Dubai. Online ‘screen trading’ markets Annual trade in dealer market $4b

Standardization of asset classes Independent Gemological Laboratory Grading Reports

Investment Diamonds Polished diamonds with the highest ranges of

homogeneous gemological characteristics. (Round Shape, 1-4ct size, D-H colour, IF-VS2 clarity, +Very Good make, GIA/HRD/GCAL certified)

No strong correlation with other investment class.

Relatively non-volatile price movements

Inelastic downward price sensitivity.

Diversification

Diamonds DJ-Gold Russell Global

Wine

Diamonds 1

DJ-Gold 0.91 1

Russell Global 0.52 0.47 1

Wine 0.94 0.97 -0.35 1

Based on 10 years of monthly data

Price Movements

0

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450

Jan-01Jul-01Jan-02Jul-02Jan-03Jul-03Jan-04Jul-04Jan-05Jul-05Jan-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10

Inde

x Ja

n '9

1=10

0

Diamond Price DJ Precious Metals Russell Global DJAIG

Investment Diamond Price Expectations

Investment diamonds increased by 20% and 38% in 2007 and 2008 respectively.

Down 12% in 2009 and up 18 percent YTD.

Demand set to outstrip supply into medium-term.

Expected natural price growth rate of investment diamonds into medium-term is 14%-18%.

How To Invest In Diamonds Investors looking for an exposure to investment

diamonds currently have two choices:

1. Purchase shares of diamond miners2. Directly purchase and hold diamonds

Purchase Diamond Mining Equities -Disadvantages Most of the major diamond mines are small parts of the

global mining conglomerates so no significant gearing to diamond price.

Buying shares of small independent producers as a point of entry exposes investors to significant political, topographical and operational risk.

Equities are an imperfect substitute for exposure to the underlying commodity. Diversification benefits are reduced as the equities are correlated with broader share markets.

Direct Purchase of Diamonds -Disadvantages Investor is not an expert, very technical industry so investor

might purchase diamonds with inferior investment grade characteristics

Investor has to directly arrange for insurance and storage, which can be quite expensive

Limited portfolio effect as most investor will not be able to purchase large quantities of stones with diverse characteristics

Relatively illiquid for non-industry participants -hard for individual investor to sell at a good price

Emergence of Professional Investment Diamond Market Over the last 2 years there has been a number of

diamond funds launched. Predominantly European based ETF funds. Respective investment managers have erred in

product development. Key to successful diamond investment product is

PRICE TRANSPARENCY & LIQUIDITY

Pricing and Valuation of Polished Diamonds There are thousands of categories of gem-quality polished

diamonds. The Investment Managers will invest in investment grade

diamonds which are grouped into homogeneous categories based on gemological features of the diamond.

Most investment grade diamonds have traditionally been valued in the dealer market by an extrapolation off a generally accepted Price List – i.e. the Rapaport Price List.

The emergence of deep and liquid B2B trading platforms has introduced real-time pricing and valuation data for polished diamonds.

Pricing transparency for polished diamonds is far more advanced than other alternative asset classes which are actively traded for investment purposes (e.g. Art, Wine, Rare Coins, Uranium)

Fusion Alternatives – Breaking the Barriers to Entry Fusion Alternatives is the only investment manager

specializing in diamonds as an alternative investment asset class.

Fusion Alternatives has created a number of different products giving clients a professional, discrete and efficient exposure to investment diamonds.

Products & Services

Managed accounts Private viewings and sale of special investment diamonds Fund Online investment diamond buying platform Investment diamond trading desk Research

About Us No other investment management team specializes in

diamonds.

Management team fuses experience garnered from professional and investment services together with unprecedented experience within the diamond industry.

Fusion Alternatives’ Advisory Committee consists of leading figures from financial, commodity and diamond industries.

Sound Bites1. Prices of investment diamonds set to remain strong

into near future – demand to continue to outstrip supply.

2. Diamond industry far ahead of other commodity or AI industries in terms of pricing and liquidity. All the pieces of the puzzle exist.

3. Diamonds are set to emerge as a true alternative investment asset class in near future.

4. FA is positioning itself to capitalize on these developments.

Fusion AlternativesTelephone #1: +44-(0)207-183-0244 (UK)

Telephone #2: +1-954-762-7639 (USA)

Email: saul@fusionalternatives.cominfo@fusionalternatives.com

Website: www.fusionalternatives.com

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September 2010

Safe HarbourThe following presentation may include certain “forward-looking statements” within the meaning of the United StatesPrivate Litigation Reform Act of 1995 and applicable Canadian Securities Laws. All statements, other than statements ofhistorical fact, included in the presentation, including, without limitation, statements regarding potential mineralizationand reserves, exploration results, and future plans and objectives of RX Exploration Inc., are forward-looking statements.Words such as “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe” and other similar expressionsare forward-looking statements. Forward-looking statements are not guarantees of future results and conditions butrather reflect our current views with respect to future events and are subject to risks, uncertainties, assumptions andother factors, and actual results and future events could differ materially from those anticipated in such statements. Therecan be no assurance that such forward-looking statements will prove to be accurate.

Some of the important factors that could cause actual results to differ materially from our expectations are disclosedunder the heading “Risk Factors” and elsewhere in documents filed from time to time with the Canadian provincialsecurities regulators. We base our forward-looking statements on information currently available to us and we do notassume any obligation to update them, except as required by law.

An additional Cautionary Note to Investors – In the event that we use certain terms in this presentation, such as“resource”, “measured resource”, “indicated resource” and “inferred resource”. U.S investors are cautioned that, whilesuch terms are recognized and required by Canadian Securities Laws, the United States Securities and ExchangeCommission does not recognize them. Under U.S. standards, mineralization may not be classified as a “reserve” unlessthe determination has been made that the mineralization could be economically and legally produced or extracted at thetime the reserve determination has been made. U.S. investors should not assume that all or any part of measured orindicated resources will ever be converted into reserves. In addition, “inferred resources” have a great amount ofuncertainty as to their existence and as to whether they can be mined legally or economically. Accordingly, informationconcerning descriptions of mineralization in this presentation may not be comparable to information made public bycompanies that are subject to the SEC’s Industry Guide 7.

46

High Grade Gold and Silver Producer

– Cash flow positive, no debt, no gold or silver hedge

– High-grade gold and silver production from the Drumlummon Mine in Montana US (100% owned).

– Mine opened in May 2010, forecasted production of 15,000 ounces gold equivalent to December 2010.

– Expected production in 2011 of 50,000 ounces of gold equivalent.

– Fully permitted 1,000 ton per day mill leased by RX currently operating at 180 tons per day, ramping up through 450 tons per day in Q1 2011.

– Goal is to increase production beyond 1,000 tons per day mine and mill rate

– Aggressive exploration drill program has identified multiple gold and silver veins on the property.

– Current NI 43-101 resource of 70,703 ounces Au and 1,915,560 ounces Ag (September 2009).

• NI 43-101 resource: 155,518 tonnes grading 15.6 grams per tonne Au, and 422 grams per tonne silver

47

Marysville, Montana is located 25 miles North-West of Helena, Montana’s capital city.Contact Mill, Philipsburg, 114 miles by road southwest from Marysville

Location of Mine and Mill

Drumlummon Mine

Phillipsburg Mill

Helena

48

USA

- Year round access by paved roads- Grid power at mine and mill- $15 million spent in past two years opening mine.

Marysville, MT

Drumlummon Mine

Patented Ground

Staked Claims

1 km

N

Bald Butte Mine

The property consists of 48 patented mining claims and 132 staked claims totaling 2,680 acres

Drumlummon: Property Map

49

Drumlummon Vein

Frankie Vein

North Star Vein

400 Level Adit

Empire Vein

N

500 metres

Charly VeinD Block

Xmas Vein

St Louis Vein

9-hr Workings

Castletown Vein

Drumlummon: Known Veins

0

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History of the Drumlummon Mine

1876: Drumlummon deposit discovered by Thomas Cruse.

1883 - 1910: Montana Co. puts mine into production with two shafts and 25 miles of drifts down to 1,600 foot level. Loses claim dispute in 1901 and floods mine.

1910: Montana Co. loses claim dispute. Closes mine.

1910 - 1929: St Louis Company achieves minor production.

1941 - 1951: Montana Rainbow Co. restarts production in 1946. Mill burns down.

2007: RX consolidates all land claims, initiates surface drilling, completes NI 43-101 report. Begins underground rehabilitation of old workings on 400 foot level.

2008: Charly Vein system discovered

2010: RX reopens the mine

51

Price of gold in USD

Development Progress 2009 - 2010

52

Press Release Date

March 2009 Water discharge permit granted by Montana DEQ, completing necessary permits for mining.

December 2009 Water treatment plant commissioned. Dewatering of mine begins.

April 2010 Ramp accesses Charly vein system. Samples include 2.3 metres of 107.2 grams per tonne gold and 1,904 grams per tonne silver

May 2010 RX leases gravity floatation mill – Starts production at 90 tons per day

July 2010 June production of 1,206 ounces of gold and 33,717 ounces of silver (90-180 tons per day)

August 2010 July production of 1,378 ounces gold and 20,981 ounces of silver (182 tons per day)

53

Development Progress (cont.)

Today - 400 level haulage drifts and ramps fully operational for mining – over 500 ton per day ore and waste capacity

By September 2010, 18,432 metres of drilling and three hanging wall drill stations completed

Water pump/treatment plant dewatering mine at 100 ft depth per month.Mine currently dewatered to below 600 level.

Charly Vein

Milling Progress

­ Existing mill 114 miles from mine accessible by paved highway ($20.50 per ton hauling cost)

­ 1,000 ton per day capacity in two circuits including crusher, regrind mills, gravity and flotation circuits

­ 1.5 million tons of tailings space currently available at the mill site

­ $30,000 per month plus per ton milling fee

­ Operating at 180 tons per day in August (accelerating to 250 tpd in September)

­ To date RX has processed 10,000 tons of ore from Drumlummon

54

Mill Recoveries

− Mill recoveries on gravity circuit: 92%− Mill recoveries on floatation circuit: 90%− Dore bar refinery charge: 1%− Float concentrate smelter charge: 8%

*These numbers are before Net Smelter Return Royalty average at 2%

55

56

Continuous Mining and Milling ScheduleTons per

DayTons in Period

Grade Au Eq (opt)

Grade Au Eq (gpt)

Ounces RecoveredOunces*

Sept. 2010 225 4,500 0.40 13.7 1,800 1,489

Q4 2010 270 21,870 0.40 13.7 8,784 7,264

Q1 2011 450 40,500 0.40 13.7 16,200 13,397

Q2 2011 450 40,950 0.40 13.7 16,380 13,546

Items Costs

Mining $70/ton

Milling $55/ton

Transportation $21/ton

Capital Costs: (15 months)Mining -Milling -Drilling -

$4.0 Million$2.0 Million$3.0 Million

* Assumes all recovery, refinery and NSR charges

Selected Drill Results to Date

57

Drill Hole From (m) To (m) Width (m) Gold (g/t) Silver (g/t)

Charly Vein

DDH 08-05 119.5 121.4 1.8 37.8 1,081

DDH 08-15 122.9 125.8 2.9 44.1 1,393

DDH 08-26 123.8 125.6 1.8 33.5 350

DDH 08-28 143.2 145.5 2.3 51.8 381

DDH 08-29 1.2 3.6 2.4 9.9 1,821

DDH 09-102 73.2 76.8 3.7 41.1 573

D-Block

DDH 09-111 9.7 16.5 6.8 21.1 58

DDH-10-115 7.0 12.5 5.5 16.7 57

DDH 10-120 4.3 12.3 8.0 19.8 45

DDH-10-123 29.9 32.3 2.4 26.6 317

Exploration – Surface Drilling

58

Drill Stations

Company has planned 1,280 metres of drilling from two surface drill pads in Phase I of surface program

59

Exploration – Underground Drilling (8,000 metres)

Plan View 800 Level 3 Dimensional View

Company has planned 60 drill holes from drill station #9 - not all shown here - for a total 8,000 metres (Phase 1 & 2)

N

Drill Station #9

Proposed Drill Holes

450’ level

800’ level

Other Property TargetsOnly 5% of property has been explored

60

Patented Ground

Staked Claims

1 km

N

Bald Butte Mine

Bald Butte – Surface Drilling

61

600 ft level400 ft portal 400 ft level

Albion Vein600 ft portal

Genesse Veins RXBB Site 1

RXBB Site 2 400 ft level

800 ft level 600 ft level

anomalous gold inquartz-flourite brecciaat 1000 ft level

RXBB Site 3

RXBB Site 4

Proposed Drill Site RX EXPLORATION NBALD BUTTE PROJECT

Old Workings DRILL HOLE TARGETSnot to scale

Target Areas 2010

Phase I - 1,250 metres

Exploration Drill Program (Phase I & II)

62

− Drilling to be completed in Q1 2011− Phase I & II underground drilling to target Targeting Charly vein, X-mas

vein, Drumlummon vein, and Castleton vein− Phase I surface drilling to target Targeting Empire vein, Drumlummon

North vein and Frankie vein− NI 43-101 report for Drumlummon Mine to be updated in Q1, 2011

Drilling Metres Cost

Phase I Drilling

Underground 4,000 $332,000

Surface 2,530 210,000

Phase II Drilling

Underground 4,000 332,000

Surface 3,470 288,000

Total 14,000 $1,162,000

Permitting and Community RelationsRX has received all permits and exemptions required for

production:

o Approval of exploration license including water discharge by the Montana Department of Environmental Quality

o Approval of small miner exemption which permits the company to mine so long as surface operations do not exceed five acres

o Approval of the alternative mine rescue capabilities by the U.S. Mine Safety and Health Administration

63

o Approval of the ventilation, escape and evacuation plan by the U.S. Mine Safety and Health Administration

RX has been conducting regular Town Hall meetings to encourage community involvement and has addressed all of the concerns of the people of Marysville

The RX Exploration Team

Management

CEO: Murray Nye – Co-founder, director, principal of Venbanc, Inc., an investment and merchantbank specializing in the structuring and financing of start-up companies; provides follow-upfinancial and management advisory assistance.

CFO: Max Polinsky, B.Comm – Co-founder, director and principal of Venbanc, Inc.

Director of Mining Operations: Mike Gunsinger – Mike was employed for 40 years by PatrickHarrison and Co., underground mining contractor, servicing major mining companies such as Incoand Noranda, and the US Military. Established his own underground contracting company and hasbeen active in Utah and Montana.

Consulting Mine Geologist: Ben Porterfield – Ben leads a team of geologists at theDrumlummon mine. He was formerly a geologist for Kennecott, focused on their Terra goldproject in Alaska.

Board of Directors

John O’Donnell (B.A. Econ, L.L.B.) ChairmanMurray NyeMax PolinskyBill Fisher (P.Geo.) Former Chairman, Aurelian Resources and VP Exploration, Boliden Ltd.John Ryan (CGA) President, Spruce Ridge ResourcesEdward Ellwood (MBA) Management ConsultantPaul Teodorovici Property Management Consultant 64

Share Capital

RX Exploration was recently listed on the TSX Venture Exchange and began trading on August 4th, 2010.

Listing TSX-V

Symbol “RXE”

Recent share price1 CAD $0.55

52 week low–high CAD $0.165–$0.65

Shares outstanding 111.4 million – basic

198 million – fully diluted

Market capitalization CAD $61.3 million

Cash recently raised CAD $7.9 million

Share ownership

RX Management (~20%);

Spruce Ridge Resources (~10%)

Funds (May 2010) Sprott Asset Management

(4.6% basic or ~ 5.1% fully diluted)

1 As of September 14th, 2010

65

RX Exploration: Why Invest?

– Cash flow positive, no debt, no metals hedge

– Production of 15,000 ounces gold equivalent in 2010, 50,000 ounces gold equivalent in 2011

– High grade gold and silver with average grade 14 grams per ton gold equivalent

– Aggressive 14,000 metredrilling program to expand 43-101 resource

– Exploration of adjacent properties

66

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Sector Investment Managers Ltd

JUNIOR Mining fund

Gold dynamics presentation

SEPTEMber 2010

Historical background to the credit crunch

Productivity gains during the last decadestimulated global economic growth

Shift of wealth to Emerging Markets in energyand commodities super-cycle

Risk taking was encouraged whilst slack controlby regulators failed to detect fraud

Large high-profile cases (Madoff, AIG) but alsomillions of small scale fraud

Sentiment change in 2008 Real estate and related financing was exposed first dragging financial institutions

down

Domino-effect triggered run on banks by speculators causing long-term investors tosell

Collapse of Lehman triggered massive de-leveraging and flight to US Dollar

Share prices were decimated and all equities were affected

Gold assets sold-off too in the rush for liquidity

Gold would have performed differently had it not been for this liquidity crunch as theworld faced collapse of the banking system

Uncle ben to the rescue? US FED threw unprecedented amounts of money at problem banks

It also provided massive liquidity into the system

The FED led other governments in raising stimuli packages

Result was that the world was saved of banking collapse but state debt rose todangerously high levels

One way out is a gradual devaluation of the crisis currencies through printing ofmoney

The US Dollar, British Pound and the Euro look set to suffer

Current situation

Money has low cost – liquidity is ample

With interest rates close to zero the cost of staying out of the market is high

Investors are keen to recover last year’s losses

Corporate profits have exceeded estimates because of cost cutting, not top-linegrowth

Fundamental problems persist in the economy:

Unemployment at levels not seen for decades Banks’ commercial loan book looks worrisome FDIC says number of troubled banks 416, the highest number in 15 years FDIC’s “contingent loss reserves” fell 30% to $10.4bn in just three months

All above factors are favourable for gold

Gold price drivers

Investors need alternative store of value to money

Traditional demand stalwarts, jewellery and industrial fabrication suffer byweak economy

Investment demand is soaring:

ETFs have surged in value; Evidence of Chinese buying mounts Russian, Indian and Bangladesh Central Banks have been reported buying WGC reported in July that in 2009, for the first time since 2000, central banks

became net buyers of bullion

Gold bullion, derivatives or equities?

Gold bullion is on a rising trend

ETFs track its price, less costs but there are many variants

Gold mining shares offer operational gearing

A gold miner operating at $700/oz makes $600/oz profit selling gold at $1,300

If gold rose to $1,600, gold bullion or ETFs would rise by 23%

The gold miner cited above would increase its profit by 50%

Growth in cash flow and profits could cause its share price to rise significantly more

The most important factor is such a strategy is to minimize stock-specific and otherrisks

Junior miningoeic focusing primarily in gold mining

Diversified portfolio of smaller gold miningshares

High conviction strategy focusing in a maximumof 40 holdings

Seeks large resources in safe political areas

Daily traded FSA-authorised OEIC offering aneffective allocation tool

Net Asset Value of £32.5 million as at 27.9.10

Avoid pure exploration risk Large resources that can be acquired at a reasonable price No serious environmental problems Experienced, proven management team Little or no debt and no hedging Strong cash flow on a PCF multiple below the average of

peer group Increasing production with reasonably long life Low cost per ounce produced Prospective resource – open at depth and along strike

HOW DO WE INVEST IN smaller GOLD SHARES?

How to invest and important notices

For dealing/inquiries on Junior Mining call Marlborough Fund Managers Ltd tel: 0808 145 2501 Junior Mining is eligible for SIPPs and ISAs For further info and documentation visit:

www.juniormining.co.uk

Risk Warning: This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. The value of shares can go down as well as up.

Opinion expressed whether in general or both on the performance of individual securities and in a wider economic context represents the views of Sector Investment

Managers Ltd at the time of preparation. They are subject to change and should not be interpreted as investment advice. Sector Investment Managers Ltd and Marlborough Fund Managers Ltd are authorised and regulated by the Financial Services Authority

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