Sector Spotlight

In this issue of Finance Monthly, we discuss the Mining Sector.

The fascinating and high profile developments within the mining sector demand an insight from those at the centre of this complex, intriguing and ever changing industry as it progresses through these times of significant global economic change.

We speak to Neil Maedel (Pan American Goldfields Chairman), Tim Gallagher (Excalibur Resources Ltd Chairman and CEO) and John Smith (Silver Standard President and CEO), about their mining projects, their businesses, and mining as investment.

Silver Standard Resources Inc John Smith

President and CEO of Silver Standard Resources

Silver Standard has the largest in-ground silver resource of any publicly-traded primary silver company, with a pipeline of 15 projects ranging from grassroots exploration to production in Argentina, Peru, Mexico, Canada, Chile, and the United States. We are leveraging our project pipeline to generate value through exploration and development, as well as accretive acquisition and divestment opportunities.

The Pirquitas Mine in Argentina achieved

commercial production in December 2009, and at full production will rank among the largest open pit primary silver mines in the world.

Excalibur Resources Ltd Tim Gallagher

Chairman and CEO of Excalibur Resources Ltd

Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious and base metal mineral resources. The company is pursuing the micro-mining approach which is the search for small, near surface ore shoots that can be extracted at a low cost.

Excalibur is focused on the Catanava gold production project in the Pinos Bonanza Gold District, in Zacatecas Mexico, which has a 500 year history of production by the Spanish, Cornish and

local miners who mined high-grade veins in over 50 shafts only down 100 meters to the water table.

Pan American Goldfields Ltd Neil Maedel

Pan American Goldfields’ Chairman

Pan American Goldfields is developing the Cieneguita silver and gold project where the first phase of production began in November 2010. The project is in Mexico's Sierra Madres, one of the world's largest epithermal precious metals regions.

In Argentina, Pan American is exploring for precious metals in the prolific Maricunga Gold Belt where over 90 million ounces of gold (equivalent) has already been discovered within an area only 30 kilometres wide and 150 kilometres long. Pan American's Cerro Delta gold project is at the southern end of the belt, straddling the border between Chile and Argentina.