TSX Venture short positions

Short positions outstanding at Sept. 30/11 (with changes from Sept. 15/11).

Largest short positions

Great Western          GWG 4427979 44849

Luna Gold        LGC 3020000 1580460

Sandstorm Gold  SSL 2991556 -423400

Victoria Gold       VIT 1549815 500242

Arcan Resources ARN 788616 686500

Eastcoal            ECX 783100 783100

Quest Rare Min         QRM 565079 -137368

Silver Quest         SQI 560076 24093

Levon Resources LVN 547833 -52567

Majescor Resources MJX 525312 -72168

Century Mining    CMM 516536 -82778

Roxgold         ROG 497605 -819230

Aurcana           AUN 465975 -46254

Copper Fox Metals CUU 421645 -289744

Trelawney Mining TRR 419220 -553771

Largest increase in short position

Luna Gold             LGC 3020000 1580460

Eastcoal           ECX 783100 783100

Arcan Resources ARN 788616 686500

Victoria Gold          VIT 1549815 500242

Sandstorm Gold  SSL.WT 345500 345385

Largest decrease in short position

Foran Mining           FOM 0 -2000000

Largo Resources LGO 17644 -1255897

Galway Resources GWY 158910 -965934

Roxgold         ROG 497605 -819230

Dorato Resources DRI 77000 -757500