SILVER
Following is a selection of PAST RECOMMENDATIONS

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Arian Silver Corp.(TSXV:AGQ)
Silver exploration in Zacatecas, Mexico
the most recent follow-up: No. 3/November 2, 2011

Aurcana Corp.(TSXV:AUN)
On track to produce 5 million ounces of silver in Mexico and Texas
the most recent follow-up: No. 4/December 7, 2011

Endeveavour Silver Corp. (TSXV:EDR)
Projects located within the mexican silver belt
first recommendation: January 31, 2006 at $3.16
the most recent follow-up: No.7/February 4, 2009


First Majestic Silver Corp. (TORONTO:FR)
On the road to producing 7.5 million ounces of silver in Mexico
the most recent follow-up: No. 2/June 3, 2009

Great Panther Res Ltd.(TSX:GPR)
The fastest growing primary silver producer in Mexico
the most recent follow-up: No 1/March 4, 2008

Oremex Resources Ltd. (TSXV:ORM)
High grade silver resource in Bolivia with a positive economic analysis for development
new recommendation: November 3, 2010

Rockgate Capital Corp. (TSXV:RGT)
Uranium, silver and gold in West Africa
new recommendation: January 12, 2011

Sabina Silver Corp. (TSXV:SBB)
The world?s largest new nickel sulfinde deposit in British Columbia
the most recent follow-up: No 2/ April 21, 2010

Silvercrest Mines Inc. (TSXV:SVL)
High grade silver deposits in El Salvador and Mexico
the most recent follow up: No. 13/January 11, 2012

Silver Standard Resources (TSX:SSO/NASDAQ NM:SSRI)
The largest in-ground silver resource of any publicly-traded company
the most recent follow up: No. 10/June 17, 2008

Tahoe Resources Inc. (TSX:THO)
Building a world class silver mine in Guatemala
new recommendation: April 27, 2011



SILVER: BUY, HOLD OR SELL? UP-DATE N° 21 / May 11, 2011

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RECOMMENDATIONS ZIHLMANN INVESTMENT MANAGEMENT AG