Silver Recommendations

Silver Bull Resources Inc.

Bob Moriarty, 321 Gold (5/17/13) "SVB will be the next silver company to be taken out."

SilverCrest Mines Inc.

Kwong-Mun Achong Low, Jennings Capital (5/16/13) "We reiterate our Buy recommendation on SVL."

Pilot Gold Inc.

Tara Hassan, Haywood Securities (5/16/13) "Drilling at PLG's TV Tower silver zone returned one of the best-graded intersections to date."

Mandalay Resources Corp.

Chris Thompson, Raymond James (5/16/13) "We continue to rate shares of MND Outperform."

SilverCrest Mines Inc.

Benjamin Asuncion, Haywood Securities (5/15/13) "SVL's Q1/13 results were largely in line with our expectations."

Philip Ker, PI Financial (5/15/13) "We favor SVL as it continues in 2013 with strong production numbers."

Fortuna Silver Mines Inc.

Charlotte McLeod, Resource Investing News (5/15/13) "FVI is positioned to perform well."

Mandalay Resources Corp.

Duncan Hughes, RFC Ambrian (5/15/13) "MND remains our preferred precious metals producer."

Benjamin Asuncion, Haywood Securities (5/15/13) "MND's Costerfield delivered another solid quarter across all metrics."

MAG Silver Corp.

The Metals Report Interview with Brent Cook (5/14/13) "Lead, zinc and gold factor heavily into the economics for MAG's Juanicipio silver project."

Atico Mining Corp.

The Metals Report Interview with Brent Cook (5/14/13) "ATY has a gold-rich VMS deposit; gold will be ~40% of total revenue."

Almaden Minerals Ltd.

The Metals Report Interview with Brent Cook (5/14/13) "I think more high-grade mineralization is yet to be intersected at AMM's Ixtaca project."

Brent Cook, Exploration Insights (5/11/13) "AMM's higher-grade intersection at its El Cobre project is encouraging."

Tahoe Resources Inc.

Chris Thompson, Raymond James (5/10/13) "THO's Escobal remains on budget and on schedule; its progress is encouraging."

Golden Arrow Resources Corp.

Thibaut Lepouttre, Caesars Report (5/10/13) "We are happy with GRG's maiden resource estimate at Chinchillas."

Fortuna Silver Mines Inc.

Benjamin Asuncion, Haywood Securities (5/9/13) "FVI's Q1/13 cash flow exceeded our expectations."

Great Panther Silver Ltd.

Ash Guglani, Salman Partners (5/9/13) "GPR's Q1/13 gold production of 3,144 oz was up from 2,826 oz in Q4/12."

Silver Standard Resources Inc.

Ash Guglani, Salman Partners (5/9/13) "SSO's Q1/13 EPS beat our estimates; we maintain our Buy rating."

Fortuna Silver Mines Inc.

Heiko Ihle, Euro Pacific Capital (5/9/13) "We maintain our Buy recommendation for FVI."

Chris Thompson, Raymond James (5/9/13) "We are upgrading FVI to Outperform and increasing our target price."

Primero Mining Corp.

Rob Chang, Cantor Fitzgerald (5/7/13) "We reiterate our Buy rating on P; it is undervalued."

Silver Standard Resources Inc.

Ash Guglani, Salman Partners (5/7/13) "SSO has a large portfolio of projects and a healthy balance sheet."

Golden Arrow Resources Corp.

Thibaut Lepouttre, Caesars Report (5/6/13) "Silver recoveries are averaging an excellent 98.7% at GRG's Chinchillas project."

Trevali Mining Corp.

The Northern Miner (5/2/13) "TV received the green light to operate its Caribou mine and expects to fire up the mill early next year."

SilverCrest Mines Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/13) "SVL has drilled 48,000m of core at Santa Elena; results are due out soon."

Great Panther Silver Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/13) "GPR looks well positioned for when the precious metals markets find their sea legs."

Tahoe Resources Inc.

The Gold Report Interview with Michael Gray (4/29/13) "We show Tahoe being cash flow positive in Q4/13 and overall guidance of 5 Moz silver being produced into 2013."

MAG Silver Corp.

The Gold Report Interview with Michael Gray (4/29/13) "MAG has discovered best-of-breed assets with what we would consider best-of-breed talent."

GuruFundPicks, Seeking Alpha (4/29/13) "When the GDX rebounds, MAG shares are likely to rebound at a faster pace than many of its peers."

Paramount Gold and Silver Corp.

Matthew Keevil, The Northern Miner (4/29/13) "PZG has a good cash balance and is poised to move ahead at Sleeper this year."

SilverCrest Mines Inc.

Stonecap Securities (4/26/13) "SVL should generate positive cash flow even in a $1,000/oz gold environment."

Brian Post, ROTH Capital Partners (4/26/13) "We expect SVL's production to pick up as prestripping efforts pay off."

Benjamin Asuncion, Haywood Securities (4/25/13) "SVL's production rates and strip ratios are expected to improve over 2013."

Silver Bull Resources Inc.

Philip Ker, PI Financial (4/24/13) "SVB is attractive for investors seeking exposure to both silver and zinc; we are initiating coverage."

SilverCrest Mines Inc.

Philip Ker, PI Financial (4/24/13) "We are confident SVL's management will achieve its production guidance target for 2013 and complete construction of the new mill on time."

Chris Thompson, Raymond James (4/24/13) "We expect SVL's silver and gold grades to continue improving throughout 2013."

Kwong-Mun Achong Low, Jennings Capital (4/24/13) "We reiterate our Buy recommendation for SVL"

Primero Mining Corp.

Shawn Campbell, Macquarie Capital Markets (4/23/13) "We expect P's stock to continue to outperform in this environment."

Argonaut Gold Inc.

Christos Doulis, Stonecap Securities (4/22/13) "AR is well positioned to weather low precious metals prices."

Fortuna Silver Mines Inc.

Benjamin Asuncion, Haywood Securities (4/22/13) "FVI extended the mineralized zone at San Jose to the north at depth."

Andrew Kaip, BMO Capital Markets (4/22/13) "FVI's encouraging results include 1,789 g/t Ag and 10.1 g/t Au over 13m."

Benjamin Asuncion, Haywood Securities (4/18/13) "We maintain our Buy rating on FVI."

Rye Patch Gold Corp.

Ron Struthers, Struthers Resource Stock Report (4/18/13) "RPM has bucked the trend and remains strong."

Mandalay Resources Corp.

Chris Thompson, Raymond James (4/18/13) "Overall, MND's Q1/13 production was in line with our estimates."

Andrew Kaip, BMO Capital Markets (4/18/13) "We reiterate our Outperform rating on MND."

Benjamin Asuncion, Haywood Securities (4/18/13) "MND reported record gold production at Costerfield for Q1/13."

Santacruz Silver Mining Ltd.

Nicholas Campbell, Canaccord Genuity (4/18/13) "SCZ achieved commercial production at its 100%-owned Rosario project."

Tahoe Resources Inc.

The Gold Report Interview with Greg Dorsey (4/17/13) "THO will be one of the lowest-cost producers around."

Fortuna Silver Mines Inc.

Andrew Kaip, BMO Capital Markets (4/17/13) "FVI remains on track to achieve 2013 guidance."

Argonaut Gold Inc.

Christos Doulis, Stonecap Securities (4/17/13) "We are maintaining our Outperform rating on AR."

Fortuna Silver Mines Inc.

Trevor Turnbull, Scotia Capital (4/17/13) "At FVI's San Jose, preparation of blocks C and D, which will source the mill expansion to 1.5 Ktpd by early Q3/13, is now complete."

Sulliden Gold Corp.

Adam Melnyk, Desjardins Securities (4/16/13) "Approval of SUE's power substation represents another milestone."

Andrew Kaip, BMO Capital Markets (4/16/13) "We reiterate our Outperform rating on SUE."

Kerry Smith, Haywood Securities (4/16/13) "SUE's receipt of the construction permit for Shahuindo represents progress toward EIA approval."

Gary Baschuk, Raymond James (4/16/13) "SUE now can move forward with electrical facilities construction."

Argonaut Gold Inc.

Rahul Paul, Canaccord Genuity (4/16/13) "AR announced an initial NI 43-101 Inferred resource for Veta Madre."

Andrew Kaip, BMO Capital Markets (4/16/13) "AR should complete El Castillo's stacking system by the end of Q3/13."

Great Panther Silver Ltd.

Heiko Ihle, Euro Pacific Capital (4/16/13) "GPR's strong balance sheet should allow it to participate in meaningful acquisitions."

Christos Doulis, Stonecap Securities (4/16/13) "For investors seeking silver exposure, we continue to recommend GPR."

Santacruz Silver Mining Ltd.

Kwong-Mun Achong Low, Jennings Capital (4/16/13) "SCZ has placed its first mine into production under budget and on schedule."

Great Panther Silver Ltd.

The Gold Report Interview with Rick Mills (4/15/13) "GPR owns two silver mines in Guanajuato, Mexico, and has been increasing production."

MAG Silver Corp.

Macquarie Capital Markets (4/15/13) "MAG has best-of-breed silver assets."

SilverCrest Mines Inc.

The Gold Report Interview with Phillip Ker (4/12/13) "SVL is continually beating its guidance and analysts' estimates."

Silver Bull Resources Inc.

The Gold Report Interview with Phillip Ker (4/12/13) "SVB's Sierra Mojada is a historically producing mine with infrastructure right to site."

Silver Standard Resources Inc.

Andrew Kaip, BMO Capital Markets (4/12/13) "SSO reported Q1/13 production of 2 Moz silver from its Pirquitas mine."

Golden Arrow Resources Corp.

Jay Taylor, Hotline (4/12/13) "GRG's April 11 press release has me excited because of the sizeable high-grade intercepts."

Sulliden Gold Corp.

Henry Lazenby, Mining Weekly (4/12/13) "Agnico-Eagle acquired 26.96M SUE shares at $0.89 apiece."

Golden Arrow Resources Corp.

Thibaut Lepouttre, Caesars Report (4/11/13) "GRG's Chinchillas project is one of the most exciting high-grade silver discoveries of the past year."

Endeavour Silver Corp.

Raymond James (4/11/13) "We single out EDR as a preferred choice among producers."

SilverCrest Mines Inc.

Chris Thompson, Raymond James (4/11/13) "We are initiating coverage of SVL with an Outperform rating."

Allied Nevada Gold Corp.

Henry Lazenby, Mining Weekly (4/10/13) "ANV's stock spiked more than 30% after it released preliminary operational results for Q1/13."

Sulliden Gold Corp.

Morning Coffee (4/10/13) "SUE announced that Agnico-Eagle agreed to invest $24M in it."

Gary Baschuk, Raymond James (4/9/13) "Agnico-Eagle's investment in SUE is a positive; we reiterate our Strong Buy rating."

Endeavour Silver Corp.

Benjamin Asuncion, Haywood Securities (4/9/13) "Our Sector Outperform rating on EDR remains unchanged."

SilverCrest Mines Inc.

Nicholas Campbell, Canaccord Genuity (4/9/13) "SVL's drill results show potential to significantly expand reserves and resources."

Christos Doulis, Stonecap Securities (4/9/13) "SVL's drill results extended the main mineralized zone by 300m."

Endeavour Silver Corp.

Ash Guglani, Salman Partners (4/8/13) "EDR's silver and gold production in Q1/13 was higher than our forecast; it has our Buy recommendation."

Pope & Company Morning Notes (4/8/13) "In Q1/13, EDR's revenues were up 42% to $69.9M compared to Q1/12."

Heiko Ihle, Euro Pacific Capital (4/8/13) "EDR's turnaround efforts at El Cubo are starting to bear fruit."

SilverCrest Mines Inc.

Philip Ker, PI Financial (4/8/13) "SVL's results further demonstrate the high-grade characteristics of the El Cholugo zone."