Hardrock Project – Geraldton Ontario

Premier Gold “PG” 70%;

Goldstone Resources “GRC” 30%

NET ASSET VALUE (NAV) BREAKDOWN /REVISIONS

Source: RBC Capital Markets

March 5, 2010; 100% = $375 million

(GRC 30% = $125 million)

August 20, 2010; 100% = $450 million

(GRC 30% = $150 million)

November 4, 2010; 100% = $525 million

(GRC 30% = $175 million) / $1.72 sh. Fully Diluted

LINK: http://www.torontocondo.com/account/46af577a08eceb95/pdfs/RBC_PremierGoldMines_PriceTargetRevision.pdf