0001062993-12-000575.txt : 20120215 0001062993-12-000575.hdr.sgml : 20120215 20120214192841 ACCESSION NUMBER: 0001062993-12-000575 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120215 DATE AS OF CHANGE: 20120214 GROUP MEMBERS: BLACKWELL PARTNERS, LLC GROUP MEMBERS: DUKE ENDOWMENT GROUP MEMBERS: GOTHIC CORP GROUP MEMBERS: GOTHIC ERP GROUP MEMBERS: GOTHIC HSP GROUP MEMBERS: JOHN BURBANK GROUP MEMBERS: NORGES BANK GROUP MEMBERS: PASSPORT ADVISORS, LP GROUP MEMBERS: PASSPORT HOLDINGS, LLC GROUP MEMBERS: PASSPORT MATERIALS MASTER FUND II, LP GROUP MEMBERS: PASSPORT MATERIALS MASTER FUND, LP GROUP MEMBERS: PASSPORT PLUS, LLC GROUP MEMBERS: PASSPORT SPECIAL OPPORTUNITIES MASTER FUND, LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Pretium Resources Inc. CENTRAL INDEX KEY: 0001508844 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-85942 FILM NUMBER: 12613763 BUSINESS ADDRESS: STREET 1: 570 GRANVILLE STREET STREET 2: SUITE 1600 CITY: VANCOUVER STATE: A1 ZIP: V6C 3P1 BUSINESS PHONE: 604-558-1784 MAIL ADDRESS: STREET 1: 570 GRANVILLE STREET STREET 2: SUITE 1600 CITY: VANCOUVER STATE: A1 ZIP: V6C 3P1 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Passport Capital, LLC CENTRAL INDEX KEY: 0001352428 IRS NUMBER: 943368567 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: C/O PASSPORT CAPITAL, LLC STREET 2: 30 HOTALING PLACE, STE. 300 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 415-321-4610 MAIL ADDRESS: STREET 1: C/O PASSPORT CAPITAL, LLC STREET 2: 30 HOTALING PLACE, STE. 300 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 SC 13G 1 sched13g.htm SCHEDULE 13G Passport Capital, LLC - Schedule 13G - Filed by newsfilecorp.com

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. _)

Pretium Resources Inc.
(Name of Issuer)

Common Shares
(Title of Class of Securities)

74139C102
(CUSIP Number)

December 31, 2011
(Date of Event Which Requires Filing of This Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


2

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Special Opportunities Master Fund, LP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: British Virgin Islands

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 1,500,000 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 1,500,000 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

1,500,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 1.73% *

12. Type of Reporting Person: PN

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     3

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Materials Master Fund, LP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: British Virgin Islands

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 377,193 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 377,193 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

377,193

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.43% *

12. Type of Reporting Person: LP

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



4

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Materials Master Fund II, LP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: British Virgin Islands

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 263,213 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 263,213 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

263,213

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.30% *

12. Type of Reporting Person: LP

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



5

CUSIP No. 74139C102

1. Name of Reporting Person:

Blackwell Partners, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Georgia

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 318,209 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 318,209 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

318,209*

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.37 %**

12. Type of Reporting Person: OO

____________________
*

Number includes 30,200 shares of common stock and 288,009 shares of common stock issuable upon conversion of certain convertible notes of the issuer held by the reporting persons.

   
**

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     6

CUSIP No. 74139C102

1. Name of Reporting Person:

Gothic Corporation

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: North Carolina

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 165,469 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 165,469 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

165,469*

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.19% **

12. Type of Reporting Person: OO

____________________
*

Number includes 15,704 shares of common stock and 149,765 shares of common stock issuable upon conversion of certain convertible notes of the issuer held by the reporting persons.

   
**

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     7

CUSIP No. 74139C102

1. Name of Reporting Person:

The Duke Endowment

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: North Carolina

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 73,824 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 73,824 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

73,824*

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.08% **

12. Type of Reporting Person: OO

____________________
*

Number includes 7,006 shares of common stock and 66,818 shares of common stock issuable upon conversion of certain convertible notes of the issuer held by the reporting persons.

   
**

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     8

CUSIP No. 74139C102

1. Name of Reporting Person:

Gothic ERP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: North Carolina

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 22,593 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 22,593 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

22,593*

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.03% **

12. Type of Reporting Person: OO

____________________
*

Number includes 2,144 shares of common stock and 20,449 shares of common stock issuable upon conversion of certain convertible notes of the issuer held by the reporting persons.

   
**

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     9

CUSIP No. 74139C102

1. Name of Reporting Person:

Gothic HSP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: North Carolina

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 56,323 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 56,323 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

56,323*

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.06% **

12. Type of Reporting Person: OO

____________________
*

Number includes 5,345 shares of common stock and 50,978 shares of common stock issuable upon conversion of certain convertible notes of the issuer held by the reporting persons.

   
**

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     10

CUSIP No. 74139C102

1. Name of Reporting Person:

Norges Bank (Central Bank of Norway)

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Norway

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: 2,409,930

6. Shared Voting Power: 0 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 2,409,930 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

2,409,930

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 2.77% *

12. Type of Reporting Person: FI

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     11

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Plus, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 1,500,000 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 1,500,000 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

1,500,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 1.73% *

12. Type of Reporting Person: OO

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     12

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Advisors, LP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 640,406 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 640,406 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

640,406

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.74% *

12. Type of Reporting Person: LP

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



     13

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Holdings, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 640,406 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 640,406 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

640,406

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 0.74% *

12. Type of Reporting Person: OO

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



14

CUSIP No. 74139C102

1. Name of Reporting Person:

Passport Capital, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 4,868,545 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 4,868,545 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

4,868,545

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 5.61% *

12. Type of Reporting Person: IA

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



15

CUSIP No. 74139C102

1. Name of Reporting Person:

John Burbank

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: United States

Number of shares beneficially owned by each reporting person with:  

5. Sole Voting Power: -0-

6. Shared Voting Power: 4,868,545 (see Item 2 & 4)

7. Sole Dispositive Power: -0-

8. Shared Dispositive Power: 4,868,545 (see Item 2 & 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

4,868,545

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 5.61% *

12. Type of Reporting Person: IN

____________________
*

This percentage is based on the 86,860,086 shares issued and outstanding as reported by the Issuer in its Management's Discussion and Analysis ending September 30, 2011



16

Item 1(a). Name of Issuer:
   
  Pretium Resources Inc. (the “Company”).
   
Item 1(b). Address of Issuer’s Principal Executive Offices:
   
  570 Granville Street, Suite 1600
  Vancouver, British Columbia
  Canada V6C 3P1
   
Item 2(a). Name of Persons Filing:
   
  Passport Special Opportunities Master Fund, LP (“Fund I”);
  Passport Materials Master Fund, LP (“Fund II”);
  Passport Materials Master Fund II, LP (“Fund III”);
  Blackwell Partners, LLC (“Account I”); with respect to the shares of Common
  Stock directly owned by it;
               Gothic Corporation;
               The Duke Endowment;
               Gothic ERP; and
               Gothic HSP.
  Norges Bank (Central Bank of Norway) (“Account II”);
  Passport Plus, LLC (“Passport Plus”);
  Passport Advisors, LP (“Passport Advisors”);
  Passport Holdings, LLC (“Passport Holdings”);
  Passport Capital, LLC (“Passport Capital”); and
  John Burbank (“Burbank”, together with Fund I, Fund II, Fund III, Account I,
                     Account II, Passport Plus, Passport Advisors, Passport Holdings, and
                     Passport Capital, the Reporting Persons).
   
 

Burbank is the sole managing member of Passport Capital which serves as investment manager to Fund I, Fund II, Fund III, Account I and Account II. Passport Plus is the general partner of Fund I. Passport Advisors is the general partner of Fund II and Fund III. Passport Holdings is the general partner of Passport Advisors. Passport Capital is the managing member of Passport Plus and Passport Holdings. As a result, each of Burbank and Passport Capital may be considered to share the power to vote or direct the vote of, and the power to dispose or direct the disposition of all Shares owned of record by Fund I, Fund II, Fund III, Account I, and Account II, except in the case of Account II which maintains sole power to vote or direct the vote of their beneficially owned shares. Additionally various other entities may be considered to share the power to vote or direct the vote of, and the power to dispose or direct the disposition of all Shares, specifically Passport Plus in regards to shares beneficially held by Fund I, and both Passport Advisors and Passport Holdings in regards to shares beneficially held by Fund II and Fund III. This statement on Schedule 13G shall not be construed as an admission that any of the Reporting Persons (other than the Fund I, Fund II, Fund III, Account I and Account II) is the beneficial owner of the securities covered by this statement.



17

Item 2(b). Address of Principal Business Office:
   
  For each Reporting Person:
   
  C/O PASSPORT CAPITAL
  30 HOTALING PLACE SUITE 300
  SAN FRANCISCO, CA 94111
   
Item 2(c). Citizenship:
   
  See row 4 of each Reporting Persons’ respective cover page.
   
Item 2(d). Title of Class of Securities:
   
  Common Shares of the Company (the “Common Shares”)
   
Item 2(e). CUSIP Number:
   
  74139C102
   
Item 3. Not applicable.
   
Item 4. Ownership*

  (a)

Amount beneficially owned:

     
 

See Item 9 of each Reporting Persons’ respective cover page.

     
  (b)

Percent of class:

     
 

See Item 11 of each Reporting Persons’ respective cover page.

     
  (c)

Number of shares for which each Reporting Person has sole or shared voting on disposition:

     
 

See Items 5-8 of each Reporting Persons’ respective cover page.


* Includes 4,580,536 shares of common stock and 288,009 shares of common stock issuable upon conversion of certain convertible notes of the issuer held by the reporting persons.

   
Item 5. Ownership of Five Percent or Less of a Class
   

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

   
Item 6. Ownership of More than Five Percent on Behalf of Another Person
   
  Not Applicable.


18

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported By the Parent Holding Company

   

Not Applicable.

   
Item 8.

Identification and Classification of Members of the Group

   

Not Applicable.

   
Item 9.

Notice of Dissolution of a Group

   

Not Applicable.

   
Item 10.

Certification

   

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.



19

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2012

  PASSPORT SPECIAL OPPORTUNITIES MASTER FUND, LP
     
     
  By: PASSPORT PLUS, LLC,
  as General Partner
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  PASSPORT MATERIALS MASTER FUND, LP
     
     
  By: PASSPORT ADVISORS, LP
  as General Partner
     
     
  By: PASSPORT HOLDINGS, LLC,
    as General Partner
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  PASSPORT MATERIALS MASTER FUND II, LP
     
     
  By: PASSPORT ADVISORS, LP
  as General Partner
     
     
  By: PASSPORT HOLDINGS, LLC,
    as General Partner


20

  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  BLACKWELL PARTNERS, LLC
     
  By: /s/ BART BRUNK
    Bart Brunk
    Controller
     
     
  GOTHIC CORPORATION
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer
     
     
  THE DUKE ENDOWMENT
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer
     
     
  GOTHIC ERP
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer
     
     
  GOTHIC HSP
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer


21

  NORGES BANK (CENTRAL BANK OF NORWAY)
     
     
  By: PASSPORT CAPITAL, LLC,
    as Investment Advisor
     
     
  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  PASSPORT PLUS, LLC
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
     
  PASSPORT ADVISORS, LP
     
     
  By: PASSPORT HOLDINGS, LLC,
    as General Partner
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
     
  PASSPORT HOLDINGS, LLC
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member


22

  PASSPORT CAPITAL, LLC
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
    /s/ JOHN BURBANK
    John Burbank
   
  JOHN BURBANK
   
  By:    /s/ JOHN BURBANK


23

Exhibit 1

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them the statement on Schedule 13G to which this agreement is attached as an exhibit.

     The undersigned further agree that each party hereto is responsible for the timely filing of such Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such party contained therein; provided, however, that no party is responsible for the completeness or accuracy of the information concerning any other party making the filing, unless such party knows or has reason to believe that such information is inaccurate.

     IN WITNESS WHEREOF, the parties have executed this Joint Filing Agreement on February 11, 2011.

  PASSPORT SPECIAL OPPORTUNITIES MASTER FUND, LP
   
  By: PASSPORT PLUS, LLC,
    as General Partner
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
    By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  PASSPORT MATERIALS MASTER FUND, LP
     
     
  By: PASSPORT ADVISORS, LP
    as General Partner
     
     
  By: PASSPORT HOLDINGS, LLC,
    as General Partner
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member


24

  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  PASSPORT MATERIALS MASTER FUND II, LP
     
     
  By: PASSPORT ADVISORS, LP
  as General Partner
     
     
  By: PASSPORT HOLDINGS, LLC,
    as General Partner
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  BLACKWELL PARTNERS, LLC
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Controller
     
     
    GOTHIC CORPORATION
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer
     
     
    THE DUKE ENDOWMENT
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer


25

  GOTHIC ERP
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer
     
     
  GOTHIC HSP
     
     
  By: /s/ BART BRUNK
    Bart Brunk
    Authorized Officer
     
     
  NORGES BANK (CENTRAL BANK OF NORWAY)
     
     
  By: PASSPORT CAPITAL, LLC,
    as Investment Advisor
     
     
  By: /s/ JOHN BURBANK
    John Burbank
    Managing Member
     
     
  PASSPORT PLUS, LLC
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
     
  PASSPORT ADVISORS, LP
     
     
  By: PASSPORT HOLDINGS, LLC,
    as General Partner


26

  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
     
    PASSPORT HOLDINGS, LLC
     
     
  By: PASSPORT CAPITAL, LLC,
    as Managing Member
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
     
    PASSPORT CAPITAL, LLC
     
     
  By: /s/ JOHN BURBANK
    John Burbank,
    Managing Member
     
     
    /s/ JOHN BURBANK
    John Burbank
     
     
    JOHN BURBANK
     
     
  By: /s/ JOHN BURBANK