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GoldMinerPulse Style Notes

Terms defined on this page are shown in bold. Usage of bold italics is reserved for terms with broad usage in the precious metal mining industry (e.g. (NI) 43-101 or for special emphasis. Hypertext links on GoldMinerPulse Web pages are always shown as bold italics.

GoldMinerPulse Abbreviations, Metrics and Terms

C$  

The abbreviation for the Canadian dollar. GoldMinerPulse uses a recent Canadian dollar to US$ rate and updates the rate used when updating closing share price. The conversion rate in effect for the current computation of metrics is C$ 1.00 equals 0.976275 $US.

See xe for currency conversion quotes. (cd)

Classification or (NI) 43-101 Classification  

(NI) 43-101-compliant reports classify reserves and resources according to the following categories:

• Proven + Probable (PP) mineral reserves,
• Measured + Indicated (MI) mineral resource, and
• Inferred (I) mineral resource

For more on mineral classifications and other standards of disclosure for mineral projects prescribed by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) at ALL ABOUT National Instrument 43-101. (clss)

Closing Share Price  

Share prices listed at GoldMinerPulse, based on the free quotes available at Yahoo!Finance, are updated after the close of the North American markets (typically between 4:30 PM and 7PM ET). We use only the closing bid to calculate the GoldMinerPulse Metal Value Leverage, Market Cap. as % of Gold (Silver), and Market Cap. as % of Gold (Silver) Eq. metrics. The closing share price, currently in use at www.goldminerpulse.com are from 2010-03-11. (csp)

Country Code (CC)  

GoldMinerPulse uses English country names and code elements (ISO 3166-1-alpha-2) to show a project's country when GoldMinerPulse displays a list of mines. The country in which a mine is located is important in assessing the value of a mine. For example, a mine in Venezuela is worth much less than a similar mine located in Canada. (cc)

Fully Diluted Share Count  

The GoldMinerPulse count of fully diluted share count (see definition at Forbes' investopedia) assumes that all potentially dilutive securities, that could impact the company's share count, have been exercise. GoldMinerPulse includes full documentation of the source for each fully diluted share count we provide. (fdsc)

Gold Equivalent or Gold Eq.  

GoldMinerPulse computes Gold Equivalent as the value of the company's gold, silver, and other metals from all (NI) 43-101 reserve/resource classifications divided by the price of gold. All calculations are done using recent Metal Prices. Gold Equivalent is always shown with a corresponding PP%, MI% and I% break down of the reserve/resource classifications. Charts of recent metal prices are provided here. GoldMinerPulse always lists the metal prices in our per company reports when we show Gold Eq.. (aueq)

I% - Inferred Percentage  

I% denotes the percentage of value derived from Inferred resources. An Inferred resource is a (NI) 43-101 classification. See MORE below. (infpct)

In Ground Metal or In Situ  

The actual metal quantities computed from the ore tonne (e.g. 1 Mt at xxx cut-off) and metal grade (gold at 10 g/t) defined as resources (I% + MI%) and reserves (PP%) in the company's (NI) 43-101 reports. (igm)

International Pound  

International pound is the mass unit for copper, lead, molybdenym and zinc pricing in quotes reported as US$ per lb. GoldMinerPulse uses 453.59237 grams per pound for conversions. See the definition for Mass Unit below. (ipnd)

K - one thousand (1,000).

lb - pound.

All lb references on GoldMinerPulse Web pages are to international pounds. See the definition of international pounds above.

Leverage or Metal Value Leverage  

Metal Value Leverage is a GoldMinerPulse metric representing a mining company's Metal Value per Share (RVpSh) divided by the closing share price listed on the TSX/TSX Venture. The Metal Value Leverage for a given company tends to remain relatively constant as metal prices and share prices fluctuate.

The Metal Value Leverage for a precious metal ETF would in the ideal case be 1 since the metal held by the ETF can always be sold on the spot market. Gold and silver producers tend to have a lower Metal Value Leverage (typically in the middle single digits) while pure explorers will tend to have a higher metal value leverage (typically in the low double digits). A triple digit Metal Value Leverage is usually a sign of trouble (e.g. unable to obtain new financing, title issues, remote location without infrastructure, metal prices too low for econmic extraction, and the like).

Metal Value Leverage is often a better metric for comparing a mining company's performance across a time span with significant changes in metal spot market prices. Typically, a significant change in a company's Metal Value Leverage reflects a significant change in the company's ability to start producing gold/silver. (lvrg)

Links  

GoldMinerPulse index page and other list pages typically include a table or rows and columns where each company included is assigned a row and where each column provides additional information the companies. Typically these views include a Links column to present links to other Web pages with information about the related company. To save space, the following abbreviations are used:

• C for the link to the company's gallery view at StockSharts.com.
• G for the link to a Google map page showing the location of the company's projects.
• K for the link to the company's page at the knobias Web page, an excellent source of one line news event alerts.
• Ms for the link to the company's Boards & Blog page at Stockhouse.
• My for the link to the company's Message Board page at Yahoo!Finance.
• R for the link to the company's GoldMinerPulse report page.
• Y for the link to the company's Summary page at Yahoo!Finance. (lnks)

M - one million (1,000,000).

Market Capitalization or Market Cap.  

Market capitalization represents the public consensus on the value of a company's equity. GoldMinerPulse computes market capitalization as the product of the Fully Diluted Share Count and the Closing Share Price. See Wikipedia for more on market capitalization. (mcap)

Market Cap. as % of Metal Value  

Market Cap. expressed as a percentage of the Metal Value is also equal to the inverse of the Metal Value Leverage as a percentage. When the Market Capitalization is only a small percentage of Metal Value, then there are more opportunities for stock price appreciation. Alternatively, when the Market Capitalization is approaching the Metal Value then stock price tend to vary with metal prices. (mcpcmv)

Market Cap. per oz of Gold (or Silver)  

Market Capitalization per oz of Gold (or Silver) is computed as the ratio of Market Capitalization divided by the oz of MORE Gold (or MORE Silver) quantified by the company's (NI) 43-101 reports. (mcpoz)

Market Cap. per oz of Gold Eq. (or Silver Eq.)  

Market Cap. per oz of Gold (or Silver) is computed as the ratio of Market Capitalization divided by the oz of Gold Eq. (or Silver Eq.) quantified by the company's (NI) 43-101 reports. (mcpozeq)

Mass Unit  

GoldMinerPulse reports gold and silver in troy ounces, the same mass unit used in spot market pricing, typically US$ per troy ounce. Other metals GoldMinerPulse tracks are reported in tonnes. See Conversion of units at Wikipedia for more on mass conversions and more definitions. See also troy ounce below. (mu)

Metal  

GoldMinerPulse is focused primarily on the precious metals, gold and silver, in amounts defined in one or more (NI) 43-101 Technical Reports as mineral resources or reserves according to the meaning of those terms as prescribed by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). See ALL ABOUT National Instrument (NI) 43-101. If a mining company of interest has a mineral resource/reserve containing gold and/or silver, GoldMinerPulse also tracks copper, lead, moybdeynm and zinc metals, as presented in the technical reports documenting the gold and silver resources/reserves. (metal)

Metal Equivalent  

Metal Equivalent is computed as the value of all In Ground Metals, valued at spot market prices, divided by the spot market price of gold for the Gold Metal Equivalent. For Silver Metal Equivalent, the value of In Ground Metals, valued at spot market prices, is divided by the spot market price of silver. (me)

Metal Price  

GoldMinerPulse uses spot market metal prices to calculate our GoldMinerPulse Metal Value per Share (RVpSh). See below for MVpSh definition. Bid quotes (see definition of Price Mechanism at Wipipedia) may be from the following sources:

• MetalPrices.com for metal price charts at the the London Metal Exchange (LME) and for molybdenum,
• Kitco.com the world's foremost precious metals retailer, for sport market gold prices (US$/oz),
• KitcoSilver.com for silver spot market prices (US$/oz), and
• KitcoMetals.com for spot market prices for copper, lead and zinc metals (US$/lb).

GoldMinerPulse updates spot market prices using the last bid quotes available when we update Closing Share Price. See above for definition. (mp)

Metal Value Leverage  

See Leverage above.

Metal Value per Share (MVpSh)  

Metal Value per Share (RVpSh) is a GoldMinerPulse metric representing spot market value of the Most Optimistic Resource Estimate (MORE) of the metal(s) contained in a company's resources/reserves divided by the fully diluted count of the company's shares. See definitions of Fully Diluted Shares and MORE above. (mvpsh)

Mining Company  

GoldMinerPulse will create a listing for a mining company to be included in the GoldMinerPulse Index if the mining company:

• has properties with mineral reserves or resources containing gold and/or silver, or
• is exploring properties for mineral resources containing gold and/or silver, and
• trades on either the TSX or the TSX Venture. (mc)

MI% - Measured + Indicated Percentage  

MI% denotes the percentage of value derived from Measured + Indicated resources. Measured + Indicated resource is a (NI) 43-101 classification. See MORE below. (mipc)

MORE  

Most Optimistic Resource Estimate (MORE) is a GoldMinerPulse metric bounding the in ground metals contained in the company's (NI) 43-101-compliant mineral reserve(s)/resource(s). MORE is determined from the company's largest listed (NI) 43-101-compliant estimate of gold, silver, copper, lead, molybdenum, and zinc contained in the following mineral classifications:

• Proven + Probable (PP) mineral reserves,
• Measured + Indicated (MI) mineral resource, and
• Inferred (I) mineral resource

For more on mineral classifications and other standards of disclosure for mineral projects prescribed by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) at ALL ABOUT National Instrument 43-101.

Note: GoldMinerPulse always shows the percentage metal value from each mineral classification when showing our MORE metric. The MORE metric does not consider smelting or extraction losses and should be viewed as a theoritical upper bound on the metal mass that can be extracted from the ore classifications listed in a (NI) 43-101 report. (more)

(NI) 43-101  

National Instrument 43-101 is a mineral resource classification and is a national instrument for the Standards of Disclosure for Minearl Projects with the Canadian Securities Administratiors. Please see About (NI) 43-101 for a more extensive description. (ni43)

oz - troy ounce. See definition of Troy Ounces below.

PP% - Proven + Probable Percentage  

PP% denotes the percentage of value derived from Proven + Probable reserves. Proven + Probable reserves are (NI) 43-101 classifications. See MORE above. (pppc)

Project  

Project is the name mining company commonly uses to identify its mine or exploration project. Typically, a (NI) 43-101 report identifies one project. (prjct)

Silver Equivalent or Silver Eq.  

GoldMinerPulse computes Silver Equivalent as the value of the company's gold, silver, and other metals from all (NI) 43-101 reserve/resource classifications divided by the price of silver. All calculations are done using recent Metal Prices. Silver Equivalent is always shown with a corresponding PP%, MI% and I% break down of the reserve/resource classifications. Charts of recent metal prices are provided here. GoldMinerPulse always lists the metal prices in our per company reports when we show Silver Eq.. (ageq)

Symbol  

This is the mining company's identifying TSX / TSXV ticker symbol, which on GoldMinerPulse Web pages, is linked to a unique GoldMinerPulse Web page with information about that company's mineral reserve(s)/resource(s). (symbol)

t - tonne.

tonne  

Wikipedia defines tonne (t) or metric ton, also referred to as a metric tonne or tonne métrique, as a measurement of mass equal to 1,000 kilograms (1,000,000 grams). GoldMinerPulse uses 453.59237 grams per pound, which is equivalent to 2204.62262185 pounds per tonne, for internal conversions. (tonne)

Troy Ounce  

Wikipedia defines troy weight as a system of units of mass customarily used for precious metals. GoldMinerPulse uses 31.1034768 grams per troy ounce for conversions from grams. Gold and silver quantities are always reported in troy ounces. (troy)

US$  

The abbreviation for the U.S. dollar. GoldMinerPulse uses a recent Canadian dollar to US$ and updates the rate used when updating closing share price. See xe for currency conversion quotes. (usd)