Ringler Consulting and Research GmbH operates the websites www.mining-research.de and www.mining-research.com called "web pages" below.

The contents of the "web pages", the newsletter and the Ringler Research Reports are prepared with the utmost care. Despite all care in the preparation, Ringler Consulting and Research GmbH assumes no liability or responsibility for the correctness, completeness and timeliness of the information contained in the content provided. Furthermore, the relevance of any price forecasts / price targets is not guaranteed in any way whatsoever. The use of the content of the "web pages", the newsletter and the Ringler Research Reports is at the user's own risk. The web offer is intended for users resident in the Federal Republic of Germany, Switzerland and Austria. The web page is not intended for users who are resident in countries other than those mentioned above, have been or are otherwise subject to the regulations of other countries. Ringler Consulting and Research GmbH does not assume any liability or guarantee that the information contained in this web page is in accordance with the laws of other states than the Federal Republic of Germany, Switzerland and Austria.

The object of the published Ringler Research Reports is shares of companies that operate in high-risk markets. Capital investments of any kind, including those in shares of companies that operate in high-risk markets, such as mining companies, are also exposed to some significant risks or even a total loss.

The object of the published Ringler Research Reports can be shares of the companies, which have a low market capitalization. Especially for companies with a low market capitalization, investors must often expect a high volatility and low market liquidity.

The object of the published Ringler Research Reports are stocks, that are associated with major price risks and are therefore unsuitable for inexperienced or risk-averse investors. This is especially true for all Over The Counter (OTC), i.e. the so-called outside of a monitored stock exchange or regulated market. The same applies to shares that are traded on the Australian Stock Exchange (ASX), on Canadian stock exchanges (i.e. Toronto or Vancouver) or on the Alternative Investment Market (AIM), a segment of the London Stock Exchange. The shares we analyzed are frequently traded on any of these markets in which they are segments of the highest risk category. Instruments which are traded, are threatened at any time by the possibility of a total loss, high volatility and the possibility of reduced liquidity and marketability in particular due to low trading volumes. High price opportunities are faced with enormous risks.

All of the information contained in the "web pages", the newsletter and the Ringler Research Reports neither constitutes a solicitation nor an offer to sell or purchase any investment or for making other transactions. It is also not a recommendation in the context of investment advice. Any forecasts or opinions expressed reflect our own, subjective and current views of the publisher and are for guidance and information only. The "web pages" do not consider specific investment objectives, financial situation or particular needs of individual users. The securities and financial instruments presented on these "web pages" may not be suitable as an investment instrument for every user.

Published financial analyzes include only a non-binding expression to the investment instruments and market conditions at the time of publication of the document. An assessment of the company, in particular to share price targets may change without notice. All data and information obtained are from sources the publisher believes to be trustworthy and reliable at the time of the preparation. Despite all care in the preparation of research papers / reports from the publisher / the author assumes no liability or responsibility whatsoever for the correctness, completeness and accuracy of the information contained in the reports and for losses that may arise from any errors, omissions or inaccuracies. Liability claims against Ringler Consulting and Research GmbH or the author which refer to damages of a material or immaterial nature caused by use or disuse of information are generally excluded, unless it is intentional or is due to grossly negligent behavior by the author or Ringler Consulting and Research GmbH. In particular, Ringler Consulting and Research GmbH does not guarantee that said projections prove to be accurate, or that price targets / possible future company values will be reached. Furthermore, neither this document nor the information contained in it form the basis for any contract or obligation of any kind.

Ringler Consulting and Research GmbH assumes no liability for trade ideas, market forecasts and other information made available. This is in no way a call for individual or general reproduction. The background information, trade ideas, market forecasts and securities analyzes Ringler Consulting and Research GmbH publishes on its "web pages", does not constitute an offer for sale of the listings handled nor a solicitation to buy or sell shares, but also not of commodities, currencies, other securities or structured and derivative financial products. The versions are based on sources the editor believes to be trustworthy.

Although the conclusions and statements contained in the analyzes, publications and market assessments have been drawn with reasonable diligence, we assume no responsibility or liability for errors, omissions or incorrect information. This is also true for all of the opinions expressed by our interlocutors in the interviews, figures and expressions. Before a customer makes investment decisions, he should have carefully gathered information about the opportunities and risks of the investment. A positive performance of a financial product in the past can in no way be an indication of a future performance. The reader is urged to check all information and allegations himself. An investment in the featured, sometimes highly speculative shares should not be made without analyzing and reading the latest balance sheets, assets reports and press releases of the company.

Disclosure of Interest:
General note on possible conflicts of interests under § 34 WpHG in connection with FinAnV:
Ringler Consulting and Research GmbH or employees of the Company may at any time conduct buy or sell transactions in the shares of the featured companies (i.e. long or short positions). This also applies to options and derivatives, based on these securities.Those transactions may affect the respective company's stock price under certain circumstances. Published information on the "web pages", the newsletter or the Ringler research reports, recommendations, interviews and company presentations are paid by the respective company or third party (so-called "third parties"). The "third parties" include, for example, Investor Relations, Public Relations, Brokers and Investors. Ringler Consulting and Research GmbH may partly directly or indirectly be compensated for the preparation and electronic distribution and other services of the company mentioned or might be compensated with an allowance by a so-called "third party”. Even if we create each analysis to the best of knowledge and belief and professional standards, we advise you to involve further external sources, such as your local bank or a consultant you trust regarding your investment decisions.

No guarantee of price data
Ringler Consulting and Research GmbH does not assume any liability for the accuracy of the charts and data of commodities, currency and equity markets presented in the "web pages", in the newsletter and in the Ringler Research Reports.


Authorized Representative (Managing Director): Carsten Ringler
Telephone: +49 172 6918274
E-Mail: ringler_research@gmx.de or kontakt@mining-research.de

Responsible for content in accordance with §5 TMG [German Telemedia Act]: Managing Director Carsten Ringler (Address as above)

USt-IdNr. DE297028261

Registered Office / Register court: Wiesbaden District Court
Register number: HRB 27983

Regulatory Authority:
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
[German Federal Financial Supervisory Authority]
Marie-Curie-Straße 24-28
60439 Frankfurt

Limitation of liability of web page content:
The contents of the "web pages", the newsletter and the Ringler Research Reports are prepared with the utmost care. The provider accepts no responsibility for the accuracy, completeness or timeliness of the content. The use of the content of the "web pages" is at the user's own risk. Contributions mentioned by name reflect the opinion of the author and not necessarily the opinion of the provider.

As a service provider we are responsible according to § 7 paragraph 1 of TMG for our own contents on these pages under the general law. According to §§ 8 to 10 TMG, we are not obligated as a service provider to monitor transmitted or stored information, or to investigate circumstances that indicate illegal activity. Obligations to remove or block access to information under the general laws remain unaffected. However, a relevant liability is only possible from the date of knowledge of a specific infringement. Upon notification of such violations, we will remove the content immediately.

Limitation of liability for links:
The "web pages" and the newsletter contain links to third-party websites ("external links"). These web pages are the responsibility of the respective operators. Ringler Consulting and Research GmbH has no influence over the current and future design and content of linked pages. The inclusion of external links does not imply that Ringler Consulting and Research GmbH adopts the content behind the reference or link as its own. Constant monitoring of these external links is unreasonable for Ringler Consulting and Research GmbH without concrete evidence of violations. With knowledge of violation of rights, such external links will be deleted immediately. If you come across a page whose content (in whatever form) violates applicable law or its contents (topics), and persons or groups or discriminated against you in any manner, please inform Ringler Consulting and Research GmbH immediately.

"In a judgment of 12 May 1998, the District Court of Hamburg decided that one has also to account for the inclusion of the contents of a link on the linked pages. This can only be avoided by expressly distancing oneself from this content. For all links on this homepage: We hereby disassociate ourselves expressly from all contents of all linked pages on our "web pages" and in the newsletter, and we do not adopt them."

Limitation of Liability for availability of the website
Ringler Consulting and Research GmbH endeavors to provide the service without disruption to the schedule to the extent possible. However, even with great care, we cannot exclude any interruptions. Ringler Consulting and Research GmbH reserves the right to change this information at any time or to discontinue it.

Liability for transmission errors
Ringler Consulting and Research GmbH is not responsible for the timely, complete and accurate transmission of the information and data provided.

Limitation of Liability for advertizements
Solely the author or the advertizing company is responsible for the content of advertizements on the "web pages" or in the newsletter, as well as the content of the advertized website and the products and services advertized. The presentation of the advertizement does not constitute any acceptance by Ringler Consulting and Research GmbH.

No contractual relationship
Use of the "Websites", the newsletter or the Ringler research reports does not constitute any contractual relationship between the user and Ringler Consulting and Research GmbH. Therefore, no contractual or quasi-contractual claims can be asserted against the provider.

Messages are subject to change over time. The provider hereby refuses any liability for contents of his website and newsletter to the maximum extent permitted by law and makes no assurances (including statutory assurances) regarding the messages contained in them. The provider's service is free of change, and you therefore consent to this exclusion of liability with every receipt of the newsletter. For the case in which the use of the website/newsletter leads to any contractual relationship after all, the following disclaimer shall apply purely preventively: the provider shall be liable for willful intent and gross negligence, as well as for violation of any essential contractual obligations (cardinal obligations). The provider shall be liable for such damage that is due to slightly negligent violation of cardinal obligations by him or one of his statutory representatives or servants, limited to reimbursement for the foreseeable damage typical to the contract at conclusion of the contract. The provider shall not be liable for slightly negligent violation of secondary obligations that are not cardinal obligations. Liability for damage that is subject to the protected area of any guarantee or assurance made by the provider and liability for claims due to the product liability act and damage from violation of life, body or health shall not be affected by this.

Liability for Acts of God
Ringler Consulting and Research GmbH is not liable for damages caused by acts of God, riots, war, natural disasters or other events for which it is not responsible for (e.g. strikes, lock-outs, traffic disruptions, orders from higher authorities at home or abroad) or can be attributed to technical problems that are not caused culpably (such as the computerized system). Force majeure also includes computer viruses or intentional attacks on computer systems and telecommunications means by "hackers", provided that appropriate measures have been taken against them.

Copyright and intellectual property rights:
The information published on the "web pages" in the newsletter and in the Ringler Research Reports is subject to German copyright and intellectual property law. Any use not permitted by German copyright and ancillary copyright law requires the prior written consent of the provider or their respective owners. This is especially true for copying, editing, translating, storing, processing and reproducting contents in databases or other electronic media and systems. Content and rights of third parties are marked as such. The unauthorized reproduction or distribution of individual contents or complete pages is prohibited and punishable by law. Only the production of copies and downloads for personal, private and non-commercial use only. Links to the "web pages" of Ringler Consulting and Research GmbH are always welcome and do not require approval of the provider's web page. The presentation of this web page in other frames is only allowed with written permission of Ringler Consulting and Research GmbH.

Privacy of personal data:
The personal information that you have supplied to Ringler Consulting and Research GmbH in individual cases (e.g. name and email address on contact/newsletter) will be treated by Ringler Consulting and Research GmbH especially carefully. By visiting the "web pages" of Ringler Consulting and Research GmbH, information about access (date, time, page viewed) are stored on a server. Disclosure to third parties for commercial or noncommercial purposes, does not take place. Ringler Consulting and Research GmbH expressly points out that data transmission over the Internet may be vulnerable (e.g. communication by e-mail) and cannot be completely protected against unauthorized access by third parties.

The use of the contact information for commercial purposes is not permitted unless the provider has given his written consent or there is already a business relationship. Ringler Consulting and Research GmbH and all persons named on this web page hereby object to any commercial use and disclosure of their data.

Applicable law
Only the relevant laws of the Federal Republic of Germany are applied. Place of performance and jurisdiction for all disputes between the parties is Wiesbaden (Hessen).


Ringler Consulting and Research GmbH takes the protection of your personal data very seriously and strictly complies with the applicable data privacy laws. Personal information is only collected on this website at the technically necessary scope. In no case will the collected data be sold or otherwise passed on to any third parties without this being required by any statutory obligation or authority or court order.

The following declaration provides an overview of how we ensure this protection and which kind of data are collected for which purpose.

Collection, processing and passing on of personal data
In principle, you can visit our websites without providing any personal data. Personal data shall only be collected if you offer it to us voluntarily, e.g. when signing up for our newsletter.

Consent and purpose
When entering personal or business data (email addresses, names, postal addresses), you are disclosing your data on an expressly voluntary basis. Through your input, you agree to the data entered being collected, processed or used to contact you for advertising purposes or to maintain our own justified business interests regarding the consulting and support of our customers and potential customers. There shall be no collection, processing or use for any other purpose. You may revoke your consent at any time effective for the future. Your data shall not be passed on, unless you expressly desire this or we are obliged to do so by law, authority or court order.

Anonymous access data collection on this website
Ringler Consulting and Research GmbH automatically collects and stores information your browser submits to us in its server log files. This includes: These data cannot be assigned to specific persons by Ringler Consulting and Research GmbH. These data are not combined with any other data sources. The data are also deleted after statistical evaluation.

Use of web analysis tools
This website uses Google Analytics, a web analysis service of Google Inc. ("Google"). Google Analytics uses "cookies", i.e. text files that are stored on your computer, to permit analysis of your use of the website. In light of the discussion on the use of analytical tools with complete IP addresses, we would like to mention that this website uses Google Analytics with the expansion "_anonymizeIp()" and thus only processes IP addresses after shortening them to prevent direct referral to a person. On behalf of the website operator, Google will use this information to evaluate your use of the website, to generate reports on the website activities, to generate reports on impressions in the Google Display network and to render further services connected to website use and Internet use for the website operator.

You can prevent the saving of cookies by making the respective setting in your browser software; note, however, that you may then be unable to fully use all functions of this website. You may also prevent the recording of the data generated by the cookie regarding your use of the website by Google and processing of these data by Google by downloading and installing the browser-plugin under the following link: http://tools.google.com/dlpage/gaoptout?hl=de.

You may deactivate Google Analytics for display advertising and adjust advertisements in the Google Display network by calling up the advertisement settings: http://www.google.com/settings/ads.

Your rights to information, correction, blocking and deletion
At any time, you have the right to be informed about the data saved concerning your person, its origin and recipient as well as the purpose of its storage. You also have the right to correction, blocking and deletion of this personal information according to the proviso of the statutory provisions.

You may assert your right to information, correction, blocking and deletion by contacting us with your request via the following channels:

Ringler Consulting and Research GmbH
Schwalbacher Str. 14
65307 Bad Schwalbach
Phone: +49 172 6918274
Email: ringler_research@gmx.de

Ringler Consulting and Research GmbH uses technical and organisational protection measures to protect your data provided to TeamViewer GmbH from accidental or willful manipulation, loss, destruction or access by unauthorised persons. Our safety measures are subject to continuous improvement according to the development of technology.