Mining a Stable Path Through a
Volatile/Recessionary Roller Coaster
• Comparing companies competing for gold investors’ attention.
Eight gold producers featured with market values ranging $234-$13,458
million; producing 0.1M-1.7 Moz/yr; competing for investors’ attention.
• Yamana Gold has higher potential return with relatively higher risk.
Not as established as the other senior/intermediate peers, but quarter-byquarter
progress has been positive; strongest upside potential for growth.
• Western Goldfields is simple and focused on maximizing operations.
Opportunity for cost control and margin expansion to outpace peers; low
capex spending, debt reduction underway and acquisition oriented.
• Record gold price volatility averaged 33% in the last three years.
A similar wide trading range is anticipated in 2009 with global economic
uncertainty, thus presenting an excellent opportunity for gold investors.