In times of higher market risk, I'd think the last place you want to be is in junior miners. They're too dependent on financing.

CMM is substantially undervalued because they went bankrupt a couple years ago, essentially owe money to Deutsche Bank via their gold hedging/financing deal, and will need to spend a lot of money over the next couple years on Lamaque. A lot of their future gold won't make it to the profit column.

If everything goes fine, though, CMM should still go up in price over the year.

Then again I could be completely wrong, and always welcome other opinions.