Precious Metals Consensus Comparables

Aegis Capital

October 2, 2004
Bill Matlack and Barry Downs are stockbrokers specializing in gold and mining equities with Aegis Capital Corporation, a registered broker/dealer and a member of the NASD and SIPC.
Mr. Matlack has been a metals & mining equities analyst on Wall Street with BMO Nesbitt Burns, Smith Barney, and Sanford Bernstein. Prior to this, he was involved in several world-class gold discoveries with Santa Fe Pacific Gold (acquired by Newmont Mining) and Gold Fields.
Mr. Downs has over 30 years of Wall Street experience, specializing in foreign securities and the monetary economics of gold.
Aegis Capital Corporation
590 Madison Avenue, 27th Floor
New York, NY 10022
Bill Matlack: (201) 217-5680
Barry Downs: (775) 852-3875


Company and Commodity Risk Disclosure

In addition to the risks involved in investing in mining companies and commodities generally, we also highlight the following risks that pertain to this sector. Metals and equity prices are highly levered to the relative strength of the U.S. dollar, economic growth, and inflation generally, as well as to political and economic stability worldwide.

Analyst's Certification

I, William Matlack, hereby certify that the views expressed in this report accurately reflect my personal views about the subject companies and commodities. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation for expressing the specific recommendations or views in this report.

General Disclosure

The research analyst (or their household members) who prepared this research beneficially owns mining company securities. Aegis Capital Corporation ("Aegis") or an affiliate expects to receive and intends to seek compensation for investment banking services from mining equity issuers within the next 3 months. The analyst who prepared this research report may be compensated based upon (among other factors) investment banking services.

The opinions, estimates and projections contained herein are those of Aegis as of the date hereof and are subject to change without notice. Aegis makes every effort to ensure that the contents have been compiled or derived from sources believed reliable and contain information and opinions, which are accurate and complete. However, Aegis makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Aegis or its affiliates, which is not reflected herein. This report is not to be construed as an offer to sell, or solicitation for, or an offer to buy, any securities. Aegis, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Aegis may act as financial advisor and/or underwriter for certain of the corporations mentioned herein and may receive remuneration for same. TO U.K. RESIDENTS: The contents hereof are intended solely for the use of, and may only be issued or passed onto, persons described in Part VI of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001.

The California Gold Rush began on January 24, 1848 when gold was found by James W. Marshall at Sutter's Mill in Coloma.

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