TSX VENTURE SHORT POSITIONS (January 17, 2011)

Short positions outstanding at Dec. 31/10 (with changes from Dec. 15/10).

Largest short positions
Tournigan Energy     TVC    4571600    2291600
Great Western Minerals     GWG    2136541    797338
Western Potash      WPX    1448300    385400
Contact Exploration     CEX    1418750    1072500
U. S. Silver             USA    1202665    22665
Augen Gold           GLD    1158100    279100
Encanto Potash      EPO    868800    868800
Rare Element Resources     RES    856955    -4761624
U3O8                  UWE    836538    -24152
Canaco Resources     CAN    794849    -66556
Rainy River Resources     RR    699400    -73200
Quest Rare Minerals    QRM    677406    100806
Alexander Nubia     AAN    666667    560167
Sandspring Resources     SSP    651300    -37649
Full Metal Minerals     FMM    646000    162470

Largest increase in short position
Tournigan Energy     TVC    4571600    2291600
Encanto Potash      EPO    868800    868800
Great Western Minerals     GWG    2136541    797338
Appalaches Resources     APP    604274    604274
Alexander Nubia     AAN    666667    560167

Largest decrease in short position
Rare Element Resources     RES    856955    -4761624
Serengeti Resources     SIR    1300    -3258200
Prophecy Resource     PCY    98720    -2530190
Sterling Resources     SLG    193000    -2305502
Ashburton Ventures     ABR    0    -2182000