***junior gold co's and reserves****, page-10

re: ***sabre:junior gold co's ebitda multiples*** EBITDA Multiples.

EBITDA has been estimated by mulitplying forecast gold output by the current gold price (to generate revenue) then subtracting the estimated cash costs (output multiplied by forecast cash costs) and any hedging losses. The results are shown below from the highest to the lowest.

KCN, BGF SGX, BDG, RSG, EQI, PSV, GGN, SBM, TRY, CRS, AGC, BCD, SED,LVR, NMC, DOM

BGF, SGX and BDG all exhibit high multiples due to the fact that they are all in the process of developing mines and are yet to reach production or full output.