Slate Grocery REIT T.SGR

RE: Canaccord Sorry about the formating

[marketminer]

Figure 15: Gold in situ valuation spreadsheet Sh o/s Price C$ Mkt. Cap Sum Oz Mkt Cap/oz Mkt Cap/oz Company Sym M Jul 26/07 C$M Project Name Country /co M/oz C$ M/oz US$ Alexis Minerals AMC 95.95 0.99 94.99 Lac Herbin Canada 0.572 166.08 141.17 Lac Pelletier Canada American Bonanza BZA 100.63 0.24 24.15 Copperstone US 1.070 22.57 19.19 Fenelon Canada Gold Bar US Northway Canada Anatolia Minerals ANO 82.60 5.51 455.13 Copler Oxide Turkey 6.514 69.87 59.39 Tunceli Turkey Andina Minerals Inc. ADM 60.81 3.11 189.12 Volcan Chile 3.456 54.72 46.51 Aquiline Resources Inc. AQI 52.41 10.29 539.30 Calcatreu Argentina 5.499 98.06 83.35 Navidad Argentina Arizona Star Resources AZS 42.33 11.70 495.26 Cerro Casale Chile 11.613 42.65 36.25 Atna Resources Ltd. ATN 64.40 1.60 103.04 Pinson US 1.235 83.46 70.94 Axmin Inc. AXM 213.30 0.95 202.64 Bambari/Passendro CAR 4.198 48.27 41.03 Main CAR Kofi Mali Nimini Hills Sierra Leone Canarc Resources CCM 68.40 0.57 38.99 New Polaris Canada 1.154 33.77 28.71 Bellavista Costa Rica Benzdorp Suriname Comaplex Minerals Corp. CMF 45.96 4.80 220.61 Meliadine West Canada 2.378 92.78 78.86 Meliadine West (UG) Meliadine East Canada Committee Bay Res. CBR 95.72 0.44 42.12 Three Bluffs Canada 1.255 33.56 28.53 RJV Australia Etruscan Resources Inc. EET 106.50 3.25 346.13 Samira Hill Niger 2.410 143.60 122.06 Youga Burk Faso Agbaou Cote d'Ivoire Gabriel Resources GBU 255.00 4.08 1040.40 Rosia Montana Romania 22.899 45.43 38.62 Bucium Romania Glencairn Gold Corp. GGG 240.00 0.41 98.40 Bellavista Costa Rica 3.060 32.16 27.34 El Limon Nicaragua La India Nicaragua Cerro Quema Panama La Libertad Nicaragua Golden Queen Mining GQM 78.93 0.89 70.25 Soledad Mtn California 3.381 20.78 17.66 Gold Reserve Inc. GRZ 54.80 5.30 290.44 Brisas Venezuela 12.053 24.10 20.48 Great Basin Gold GBG 179.31 3.00 537.93 Hollister Nevada 11.386 47.24 40.16 Burnstone S. Africa Greystar Resources Ltd. GSL 39.58 7.85 310.70 Angostura Colombia 12.308 25.24 21.46 Halo Resources HLO 34.83 0.63 21.94 Duport Lake Canada 0.309 70.93 60.29 Intrepid Mines Ltd. IAU 164.00 0.39 63.96 Casposo Argentina 1.312 48.76 41.45 Paulsens Australia San Cristobal El Salvador Jaguar Mining Inc. JAG 55.26 7.15 395.11 Sabara Brazil 3.408 115.93 98.54 Santa Barbara Brazil Paciencia/Rio de P Brazil Turmalina Brazil Kirkland Lake Gold KGI 54.03 13.21 713.74 Macassa Properties Canada 2.604 274.13 233.01 Klondex Mines Ltd. KDX 22.67 2.16 48.97 Fire Creek US 1.025 47.78 40.62 Kimber Resources KBR 49.80 1.35 67.23 Carmen Mexico 1.745 38.54 32.76 Carotare Mexico Metallica Resources MR 92.40 4.82 445.37 Cerro San Pedro Mexico 6.035 73.80 62.73 El Morro Chile Metallic Ventures MVG 51.34 2.18 111.92 Esmeralda US 7.056 15.86 13.48 Converse US Goldfield US Figure 16: Gold in situ valuation spreadsheet (continued) Sh o/s Price C$ Mkt. Cap Sum Oz Mkt Cap/oz Mkt Cap/oz Company Sym M Jul 26/07 C$M Project Name Country /co M/oz C$ M/oz US$ Minefinders Corp. Ltd. MFL 48.64 11.69 568.60 Dolores Mexico 6.463 87.98 74.78 La Bolsa Mexico Minera Andes Inc. MAI 165.90 1.82 301.94 San Jose Argentina 0.532 567.53 482.40 Miramar Mining MAE 217.57 5.00 1087.85 Hope Bay Project Canada 10.639 102.25 86.92 Mundoro Mining Inc. MUN 38.60 1.25 48.25 Maoling China 7.233 6.67 5.67 Nevsun Resources NSU 116.30 2.53 294.24 Bisha Eritrea 5.287 55.65 47.31 Tabakoto Mali Segala Mali NewWest Gold Corp. NWG 58.39 3.18 185.68 Northumberland US 2.039 91.07 77.41 Northumberland 2 Canada Zaca US Sandman Novagold Resources Inc. NG 104.60 15.20 1589.92 Donlin Ck US 23.180 68.59 58.30 Nome Gold US Rock Creek US Shotgun US Galore Creek Canada Copper Canyon Canada Ambler Alaska Orezone Resources Inc. OZN 133.69 1.79 239.31 Essakane Burk. Faso 3.580 66.84 56.81 Sega Burk. Faso Kerboule Burk. Faso Bombore Burk. Faso Golden Hill Burk. Faso Bondi Burk. Faso Osisko Exploration OSK-V 130.80 5.52 722.02 Canadian Malartic Canada 8.443 85.52 72.69 Pacific Rim Mining PMU 106.90 1.04 111.18 El Dorado-Minita El Salvador 1.416 78.52 66.74 South Minita El Salvador Coyotera El Salvador Nance Dulce El Salvador Nueva Esperanza El Salvador Palmarejo Gold Corp. PJO 90.70 10.15 920.61 Palmarejo-Trogan Mexico 3.088 298.12 253.40 Guadalupe Zone Mexico Premier Gold Mines Ltd PG 68.10 2.00 136.20 East Bay Canada 0.176 772.66 656.76 Bonanza Gold Canada Marathon/McNeely Canada Argosy Canada Seabridge Gold Inc. SEA 36.30 28.52 1035.28 Courageous Lake Canada 32.040 32.31 27.46 Kerr Canada Sulphurets Canada Mitchell Canada Noche Buena Mexico Red Mountain Canada Grassy Mountain US Quartz Mountain US Hog Ranch US Castle/Black Rock US Tyhee Dev. Corp TDC 128.44 0.43 55.23 Discovery - Ormsby Canada 1.527 36.18 30.75 Nicholas Lake Canada Bruce Zone Canada Vista Gold Corp. VGZ 32.00 4.85 155.20 Amayapampa Bolivia 13.543 11.46 9.74 Awak Mas Indonesia G. de Los Reyes Mexico Long Valley US Paredones Amarillos Mexico Mt. Todd Australia Yellow Pine US 14,324.31 248.55 4,131.44 3,511.73 Average of 41 companies 98.37 85.65 Source: Company reports, Canaccord Adams