One can consider a simple formula to reduce risk in this sector.

Reduced Risk = (Canadian Laws + Canadian Corporate Tax Breaks + Canadian Soil) - (Armed Guards + Martial Law )  

I am not trying to be can make money with extended risks like Jag (although I don't know if I fully trust the management)... given the choice I prefer a company like MTO.

It's sad how hard this sector has been hit... with most of these small cap miners even good news doesn't affect the SP.