INFORMATION ON MULTIPLE MARKETPLACES

March 2009

With the emergence of multiple marketplaces in Canada, Sandfire Securities Inc. ("Sandfire") wishes to advise you of some of the conditions that could affect the execution of your order.

Hours of Operation
Sandfire trading staff will be available for order execution between the hours of 9:30am and 4:00pm Eastern Standard Time, Monday through Friday, not including statutory Canadian Holidays. Staff may be available before and after these hours however, Sandfire will not guarantee any order taking and/or trade executions outside the hours noted above.

Principal Marketplace
For those securities listed on the Toronto Stock Exchange ("TSX") and the TSX-Venture Exchange ("TSX-V"), which may also trade on one or more alternative marketplaces, the principal marketplace will be the TSX and TSX-V unless notified otherwise by Sandfire. Orders received prior to 9:30am EST will be booked on the Principal Marketplaces for execution on the opening. Orders received after 4:00pm EST will be entered the next business day to the pre-opening of the principal market place, when it is an open order. Day orders will not be accepted after 4:00pm EST. Any exception may be made only if agreed upon by the client and Trader or Investment Advisor.

Types of Orders
Day Orders
A Day Order is an order that is valid on and for the day it is received. Day Orders will be valid between the hours of 9:30am and 4:00pm EST. A day order received prior to the opening of a principal marketplace at 9:30am EST will not route to an alternative marketplace. Instead the order will route into the opening sequence on the principal marketplace. If the Day Order is received after the opening of the principal marketplace, the order will be placed into the "best market" at the time of entry. "Best market" is defined as the market with the best bid (buy price) or offer (sell price) and/or best historical liquidity and where Sandfire feels the order has the highest probability of being executed. The order will expire at the close of business on the marketplace where the last unfilled portion of the order remains.

Special Term Orders
Special Terms Orders ("STO") are orders with specific terms that are not executable in the regular marketplace. STOs will be entered into the Special Terms Market of the principal marketplace unless they are immediately executable on an alternative marketplace at the time of entry. An STO, which is not filled, will expire on the close of business of the marketplace on which it has been entered.

Good Till Cancelled Orders
Good Till Cancelled Orders ("GTC") are orders that the client wants to remain open until a specified date of expiry. These orders will be entered in the principal marketplace if they are not immediately executable on an alternative marketplace at the time of entry (on or after 9:30 am EST). The order will remain in the principal marketplace until executed or expiry, whichever comes first. It is the client's responsibility to ensure they know what the date of expiry will be and to contact their Investment Advisor/Trader on the expiry date should they wish the order to be re-instated.

Market Orders
A Market Order ("MO") is an order to execute a trade immediately at the best price available at the time the order is received. A market order received prior to the opening of the principal marketplace at 9:30 am EST will not book to an alternative marketplace. Instead, it will book into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace, the order will be entered into the "best market" at the time of entry. "Best market" is defined as the market with the best bid (buy price) or offer (sell price) and/or best historical liquidity and where Sandfire feels the order has the highest probability of being executed. The order will expire, if not filled in full, on the market where the last portion of the order remains live until that marketplace closes.

Market on Close Orders
A Market on Close ("MOC") order must trade on the close, at the calculated closing price, of the principal marketplace. Currently the TSX is the only marketplace that offers a MOC facility. All MOC orders will therefore be entered into the TSX, as the principal marketplace. Please be advised that this is an anonymous price facility. Therefore you do not know the price at which you will be executed until after execution has completed. Limit orders are allowed but may, by the nature of a limit order, negate execution. For further details of this facility, please contact your Investment Advisor or Trader.

Limit Orders
A Limit Order ("LO") has a specific minimum sale price or maximum purchase price provided by the client. A Limit Order received prior to the opening of the principal marketplace at 9:30 am EST will not book to an alternative marketplace. Instead, they will book into the opening sequence of the principal marketplace. On or after 9:30 am and before 4:00pm EST, the order will be entered into the "best market" at the time of entry. "Best market" is defined as the market with the best bid (buy price) or offer (sell price) and/or best historical liquidity and where Sandfire feels the order has the highest probability of being executed. The order will expire, if not filled in full, on the market where the last portion of the order remains live until that marketplace closes.

Marketplace Disclosure
An order executed on more than one marketplace or alternative marketplace in either Canada or the United States will be reported to the client using a trade confirmation that will read "Average price order executed on multiple markets – details available on request". If you wish to know what quantities were executed on what marketplaces, please contact your Investment Advisor or Trader who can provide you with this information promptly and without charge.

Amendments
Sandfire reserves the right to make changes to this trading policy, and any such changes will be posted on and accessed at www.sandfiresecurities.com.