Extract from this evening's edition. GLTA



Eric Coffin writing in the Hard Rock Analyst last week

summed up the year for everyone in the junior resource sector...“

I was never happier to see a New Year come than this

year. In a word, 2012 sucked and there is no chance of me

ever feeling nostalgic about it. While terrible for your editor

personally, the year was fairly good for the world’s major

bourses. US exchanges carved out a double digit gain and

even Europe managed the best year overall since 2009.

Though much of the Euro region is in recession markets

were pleased none of the internal debt markets actually blew


Coffin continues, “It would actually be more accurate to

say the US has shot the fiscal rapids but is still headed for a

large cataract that could yet capsize the economy.”

Coffin adds, “Just for the record, I think the US Debt Ceiling

and all the melodrama surrounding it is total farce. The

measure has been in place for 90 years and has never been

used to cut spending off. And don’t kid yourself that it’s a

one party issue either. The debt ceiling has been raised almost

40 times since 1980. Most of those raises were submitted

to the House by Republican administrations.”

SilverCrest Mines

After taking a bit of a look at many commodities and where they might be down the road, Coffin gets to precious

metals. “Gold has proven itself and isn’t likely to disappear as an investment that quickly. The optimistic scenario

would be more positive for silver. Industrial demand is still very important for silver and that gives it a cushion.”

Coffin covers the ongoing SilverCrest story and amongst several companies that he wrote on, he writes this on Silver-

Crest with their news announcement last week: “SilverCrest released another large set of drill results from Santa

Elena. The ongoing program there is focused on moving the existing underground resources into higher categories

and helping to finalize the mining plan as well as stepping out to depth and along strike. Most of the holes drilled so

far are within the existing resource envelope but this set did have some quite pleasant surprises.

Four of the holes reported intercepted a second, new zone that is below and sub-parallel to the main Santa Elena

zone. The new zone, called El Cholugo, reported four intercepts of from 5.8 to 14.3 metres. The best intercept of the

four was 5.8 metres grading 16.1 g/t gold and 569 g/t silver while the lowest grade was 14.3 metres of 1.12 g/t gold and

104 g/t silver.

Based on the four intercepts the new zone has minimum dimensions of 100 by 150 metres. The latest set of results

also included several bonanza intercepts within the known Santa Elena zone. We always expected the underground

resource at Santa Elena would grow and it was only cut off in a couple of places. Parallel new zones like Choluga

should be relatively easy to add to a mining plan. SilverCrest continues to hit its targets both in terms of timing and

development. The recent buyout of one of its gold forward sale agreements should increase top line revenues by over

$1 million per month. Even if gold and silver prices don’t increase that much this year SVL’s strong growth profile

should provide for some gains from the current share price and it remains a buy at this level.”