American Bonanza Gold Mining Corp - Bonanza
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August 15, 2005

RICHARD SAVILLE – The Speculative Investor

“The company … is being valued by the stock market at only US$11/ounce. What makes the valuation particularly attractive, though, is that the gold resources are high-grade and located in parts of the world where the political risk is low.

Given the quality of BZA's gold resources, and in particular the high probability that the above-mentioned projects will be developed into profitable mining operations over the next three years, we think US$25-$35 per ounce-in-the-ground would be a reasonable market valuation for BZA at this stage of its life. Therefore, the stock appears to have considerable upside potential.”

August 15, 2005

Canaccord Capital Corporation has produced a comprehensive update on the Corporation’s exploration activities. *

*Availability of this publication is restricted to Canadian residents by Canaccord Capital Corporation.