Equity Investments

 
Company Symbol Number of Shares Fair Value - January 16, 2012
Northern Gold Mining Inc. NGM.V 15,860,000 $3,092,700
Total   15,860,000 $3,092,700


ValGold received 16,000,000 common shares in Northern Gold valued at $7,000,000 from the sale of the
Garrison Project on May 13, 2011.