maintained by CIBC in yesterday's analyst report. GLTA



Belo Sun Mining Corp.

Drilling Update Indicates Volta Grande Will Grow In 2013

? Belo Sun has released results for 86 holes at the company's 100%-owned Volta Grande project in Brazil. Drilling continues to expand mineralization both along strike and down-dip within the North and South Blocks. We anticipate resource growth will continue in 2013.

? Although expansion of resources at Volta Grande may be realized in the coming months, we have not incorporated any additional ounces into our model at this time. We continue to limit our model to include current in-pit ounces within the North Block, or roughly 6M oz. of gold.

? From the release, holes drilled down-dip of current resources returned the best results. Engineering constraints, due to the deposit's proximity to the Xingu River, may limit down-dip extension of the pit. As such, we think restraint in adding further extractable resources is warranted at this time.

? Belo Sun continues to be our top pick in the junior space. BSX is currently trading at ~0.3x our 5% discounted NAV compared to the non-producer group average of 0.5x. Given the high-grade nature of BSX resources at Volta Grande, we believe a premium is warranted relative to the group