GYD -TSX (1.60): Target of 3Bucks

Expert Analysis

Timothy Lee, Salman Partners (4/28/11) "Grayd reported positive metallurgical test results from the Tarachi gold porphyry discovery on its 100%-owned La India project in Mexico. . .tests yielded an average gold recovery of 79%, with a range of 61% to 86% for sulphide material and 95% for oxide. The company continues to drill the Tarachi discovery, and has stated that three drill rigs will be active by the end of April."

Brian Christie, Desjardins Securities (4/27/11) "Grayd reported the results of nine cyanide bottle-roll leach tests on material from the Tarachi gold porphyry, which showed average recoveries of 79%. . .these results indicate that most of the gold at Tarachi can be recovered using simple processes. We are impressed by the high recoveries of the metallurgical tests at Tarachi, with one of the tests showing a gold recovery of 95%. We look forward to further drill results from Tarachi, which could prove to be a significant gold system."

Wendell Zerb, Canaccord Genuity (4/21/11) "We have increased our target price for Grayd Resource Corp. to CAD$3 (from CAD$2.80) and maintain our SPECULATIVE BUY rating. Recent exploration successes are positive over the long term with March drill results from Tarachi continuing to show wide, low-grade intercepts: 0.56 g/t Au over 106.7m and 0.29 g/t Au over 158.5m. . .we continue to like Tarachi for its potential to host large, low-grade gold porphyry mineralization."

Tara Hassan, National Bank Financial (4/11/11) "Grayd's La India project put the company on the map, however its recently discovered Tarachi prospect has the potential to move Grayd up to the next tier. The La India project is well positioned to transition to the feasibility stage and while it is still early days at the Tarachi project, we are encouraged by the results from the property and the targets that have been outlined."