Extract from last night's edition. GLTA

GOLD $1676.90 +14.20

PILOT GOLD (T-PLG) $2.09 -0.05


BELO SUN MINING (T-BSX) $1.54 -0.02

So what next for precious metals? After a huge run the

past decade, silver and gold have lost some of their luster.

Most investors currently desperately search out that blue

chip stock that will give them potential for growth and, so

importantly for the grey haired crowd, some kind of yield.

Any kind of interest with the banks and bond markets is

giving so little.

It's the story of the day as the list of blue chips hitting

new highs grows significantly and the list of resource

stocks hitting new lows also grows. But the Fed in the USA

can't keep printing money forever (and if they do, ultimately

that is good for gold) and the other point of interest is that

after 30 years of interest rates going down, you can't go

lower than near zero. When they do start going up, won't

that affect the attraction of those dividends?

Of interest, the American ten year bond flirted with 2%

the other day...maybe we are starting to see that reversal

sometime soon. We suspect sooner or later there will be a

rebound in the interest for gold and three of the more interesting

stories out there had news.

Pilot Gold is working in Turkey (is it a potential takeover?),

SilverCrest Mines updates resources in Mexico (are

they a potential take-over candidate as well?) and Belo Sun

Mining, also frequently mentioned as a potential take-over


The lads at the Canaccord desk update us as Arno Richter

writes on SilverCrest, “SilverCrest Mines announced a

new resource estimate for their La Hoya silver asset in Mexico.

Using a 30 g/t cut-off grade, the La Hoya resource now

stands at 159.8 million ounces of silver equivalent. SVL

also announced a tungsten resource at La Hoya of 75.1 million

pounds using a 0.05% W03.

The company believes that the 60 g/t Ag Eq portion of

the deposit with an estimated tonnage of 27.9 million tonnes

grading 112 grams per tonne Ag Eq constitutes a priority

area to be examined as a potential "Starter Pit" for initial

conceptual operations that will be examined in the Preliminary

Economic Assessment (PEA) to be commenced


The La Joya property has excellent potential for additional resources with the deposits being open in most directions.

Further infill and expansion drilling is recommended to increase and convert resources from Inferred to Indicated.”

Scott Carlson adds these comments on Pilot Gold, “More golden steps. Pilot Gold released another set of encouraging

assay results from seven diamond core holes at its TV Tower KCD target in northwestern Turkey. Drilling has

extended gold mineralization 40 m to the southeast and revealed additional high-grade infill intercepts in north-central

portion of the gold zone. Some of the highlight intersections from the southeast step-out drilling included: i) 2.33 g/t

Au over 93.5 m in KCD-75, including 17.4 g/t Au over 3.5 m; and, ii) 1.79 g/t Au over 78.6 m in KCD-89, including 7.01 g/

t Au over 6.0 m. The results further extend the strike extent of the gold zone at KCD to over 350 m. An additional hole

was drilled down-dip to the northeast of KCD-75, with results pending. While, highlights from the infill drilling included:

i) 2.11 g/t Au over 58.0 m in KCD-90, including 11.6 g/t Au over 7.9 m; and, ii) 3.47 g/t Au, 63.1 g/t Ag and 1.01%

Cu over 23.9 m in KCD-86; including 5.23 g/t Au, 103.8 g/t Ag, 1.74% Cu over 11.6 m. Approximately 13,304 m in 66

holes at KCD have been completed since June 2012, with assays pending for 17 holes. TV Tower is a JV between Pilot

and Teck Resources (TCK.B), with Pilot as project operator. Near-term drilling will continue to focus on infill and stepout

drilling in the KCD target area. Pilot plans to undertake 25,000 to 30,000 m drilling (total) at the KCD, Kayali and

Sarp/Columbaz targets in 2013.”

Lastly, Arno Richter comments on Belo Sun, “Shares of Belo Sun jumped after the company announced further

drill holes from its Volta Grande Project in Brazil. Assays from a total of 86 holes totalling 24,015 m were released.

Highlights from the drill results include hole VVGD-529 which returned 12.07 m grading 11.08 g/t Au (from 59.40 meters)

including 4.85 meters grading 26.78 g/t Au (from 63.40 meters). This intercept represents a new high grade mineralized

zone which is located parallel to the main "Central" zone. Helio Diniz, BSX's Vice President of Exploration,

stated, "The recent drilling results at Volta Grande with the shallow high grade intercepts continue to demonstrate the

potential for further expansion of the mineral resources and combined with the ongoing regional program to the South

East of Volta Grande and at Belo Sun's Patrocinio property in the Tapajos indicate Belo Sun has the potential to expand

on the success its exploration team has enjoyed in the past three years." The market will now be focused on the

company’s coming Pre-Feasibility Study that is expected late Q1/13 or early Q2/13.