Some highlites

"Since our last report filed on March 12, 2012, GCICL, on behalf of the portfolios

of investment funds and private client accounts managed by it, disposed of

550,000 common shares of San Gold Corporation (“San Gold”). This represents a

decrease of GCICL’s position in San Gold by 0.60%, on an undiluted basis, as at

April 30, 2012"

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"GCICL, on behalf of the portfolios of investment funds and private client

accounts managed by it, exercises control or direction over 38,650,000 common

shares of San Gold. This represents an approximate 11.94% interest, on an

undiluted basis, as at April 30, 2012."

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"(i) GCIC Ltd. is eligible to file reports under Part 4 in respect of the reporting

issuer.

The following business units and investment funds are eligible for aggregation relief from

GCICL pursuant to sections 5.1 and 5.2 of National Instrument 62-103:

Business Units

Aurion Capital Management Inc.

Investment Funds Portfolio Advisors

DMP Resources Class

Ned Goodman Investment Counsel Limited

Dynamic Focus+ Resource Fund Toronto, Ontario, Canada

Dynamic Aurion Canadian Equity Fund Aurion Capital Management Inc.

Dynamic Aurion Tactical Balanced Fund Toronto, Ontario, Canada

Holdings for these business units and investment funds are not disclosed in this report, but may be disclosed separately by the portfolio advisor.

DATED this 10th day of May, 2012.

GCIC LTD.

Per: “Robert Cohen”_______________________

Name: Robert Cohen

Title: Vice President and Portfolio Manager