Fortbridge Media Release

Resource Capital Research [RCR] - Equity Research Report: Junior and Mid Tier Gold Companies, June Quarter 2011

Resource Capital Research (�RCR�), an equity research company which focuses on small and mid size resource companies, today launched its major quarterly research report covering 15 gold exploration and development companies.

Key Points

Gold Market:
� In the past twelve months, gold has risen by 21%, reaching a record US$1,563.70 per ounce (April29). However, silver(+83%) and copper (+39%) have performed better.
� Gold�s rises have been driven by �safe haven� investment demand.
� Recent outflows from gold Exchange Traded Funds have balanced strong bar and coin investment demand from China, keeping a lid on the gold price. We do not expect the gold price to soar from these levels.
� The Eurozone debt crisis and concerns over the global banking system are the biggest factors causing strong safe haven investment demand for gold.
� Due to the Eurozone concerns, we think gold will stay firm and average around US$1,550/ounce for the next six months.
� We expect gold to peak in the second half of 2011, and weaken in 2012. We do not consider that inflation will be a major driver of further gains in the medium term.

Gold Equities:
� If you have been looking for a safe haven recently, physical gold (or ETF�s), rather
than gold equities, has been the place to be.
� Gold equities have generally under-performed most other equity market sectors in
the past 12 months, and significantly under-performed physical gold.
� The Australian and Canadian gold equity markets have been hit by the effects of
currency appreciation as well as general equity market malaise.

Please find analysts comments, gold price outlook and more in the attached media release.

To access the free summary of the gold report or to purchase the 60 page comprehensive report, go to RCR has also published its quarterly Uranium Sector Review yesterday.

For further information, please contact RCR:

Tony Parry, Senior Gold Analyst, (+61 (0) 417 965 026)

John Wilson, Managing Director, (+61- 2) 9252 9405