TSX/TSXv Silver Miner Valuation Metrics

Closing Market Prices: 24 May 2013. Sedar updates as available at market close.

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Gran Columbia Gold

Silver Producers Metrics

Company		Ticker(s)		Price (US$)	FDS Est. (M)	NWC (M US$)	Au+Ag Resource						Avg Ore Value (US$/t)	EV/AuEqOz (US$)
Company		Cdn	US	Price (US$)	FDS Est. (M)	NWC (M US$)	M Oz AuEq	%Au	%Ag	%PP	%MI	%I	Avg Ore Value (US$/t)	EV/AuEqOz (US$)

Alexco Resource Corp.		AXR.TO	AXU	1.53	62.1	22.8	1	3	64	0	86	13	353	49
Arian Silver Corporation		AGQ.V		0.08	311.6	1.7	1.89		79	0	26	73	102	9
Coeur d'Alene Mines Corporation		CDM.TO	CDE	13.48	105.5	497.4	18.83	25	61	28	50	21	46	43
Endeavour Silver Corp.		EDR.TO	EXK	4.09	102.7	43.3	3.57	35	64	16	41	42	179	103
First Majestic Silver Corp.		FR.TO	AG	10.35	117.6	111.7	7.34		75	17	35	47	162	114

Goldcorp Inc.		G.TO	GG	26.84	813.2	2301.4	145.06	63	14	59	21	19	54	105
Great Panther Silver Limited		GPR.TO	GPL	0.78	138.8	42.2	0.44	25	62	0	37	62	351	131
Impact Silver Corp.		IPT.V		0.54	68.9	16.8	0.15	12	47	0	94	5	68	79
Pan American Silver Corp.		PAA.TO	PAAS	12.15	151.5	825.9	23.76	13	85	31	50	18	83	43
Scorpio Mining Corporation		SPM.TO		0.46	199.0	44.6	1.31	4	51	2	78	19	102	20

Silver Standard Resources Inc.		SSO.TO	SSRI	6.97	80.8	607	28.91	11	67	24	56	18	41	0
Silvercorp Metals Inc.		SVM.TO	SVM	2.74	171.2	87.2	3.8	5	48	25	45	28	148	54
SilverCrest Mines Inc.		SVL.V	STVZF	1.73	112.8	50.4	2.72	19	39	13	5	80	49	30
U.S. Silver & Gold Inc.		USA.TO	USGIF	0.69	75.7	12.1	0.91	5	56	40	28	30	440	24

Silver Developers Metrics

Company		Ticker(s)		Price (US$)	FDS Est. (M)	NWC (M US$)	Au+Ag Resource						Avg Ore Value (US$/t)	EV/AuEqOz (US$)
Company		Cdn	US	Price (US$)	FDS Est. (M)	NWC (M US$)	M Oz AuEq	%Au	%Ag	%PP	%MI	%I	Avg Ore Value (US$/t)	EV/AuEqOz (US$)

Bear Creek Mining Corporation		BCM.V		1.89	93.1	68.9	9.2		59	58	28	13	46	6
Golden Queen Mining Co. Ltd.		GQM.TO	GQMNF	0.99	99.8	2.8	3.32	79	23	30	64	4	21	28
Lincoln Mining Corporation		LMG.V		0.02	158.9	-0.2	0.68	86	15	0	67	32	45	6
MAG Silver Corp.		MAG.TO	MVG	7.04	60.5	37.9	2.96	11	37	0	43	56	121	63
Minco Silver Corporation		MSV.TO	MISVF	0.83	59.0	66.1	2.45	6	83	25	43	30	115	-5

Rye Patch Gold Corp.		RPM.V	RPMGF	0.36	147.8	1.2	3.33	84	20	0	70	29	19	15
Telson Resources Inc.		TSN.V	SOHFF	0.05	219.4	-0.7	0.87	41	13	0	72	27	179	7

Silver Explorers Metrics

Company		Ticker(s)		Price (US$)	FDS Est. (M)	NWC (M US$)	Au+Ag Resource						Avg Ore Value (US$/t)	EV/AuEqOz (US$)
Company		Cdn	US	Price (US$)	FDS Est. (M)	NWC (M US$)	M Oz AuEq	%Au	%Ag	%PP	%MI	%I	Avg Ore Value (US$/t)	EV/AuEqOz (US$)

Almaden Minerals Ltd.		AMM.TO	AAU	1.61	61.7	16	3.26	53	48	0	56	43	45	25
Cream Minerals Ltd.		CMA.V	CRMXF	0.01	155.3	0.1	0.16	27	73	0	69	30	134	8
Laurion Mineral Exploration Inc.		LME.V	LMEFF	0.02	101.7	0	0.3	66	34	0	83	16	35	6
Paramount Gold and Silver Corp.		PZG.TO	PZG	1.34	155.5	18.8	9.48	74	27	0	59	40	21	20
Sabina Gold & Silver Corporation		SBB.TO		1.26	176.8	101.6	7.63	86	13	0	66	33	210	15

See Terms for definition of the table columns.