STOCKCHASE

(Top pick, March 12, 2007. Down 15%) They’ve had nothing but problems coming from their mines. Very, very cheap, new CEO, good production, great take over target. Would rather buy a stock that doesn’t disappoint.

2008-03-17

PAST TOP PICK

3.100

(A Top Pick March 7/07. Down 33.3%.) Issued a convertible debenture, which kneecapped the stock. He sold his holdings before this happened when it was clear they were running out of money.

2007-11-26

BUY

3.680

Has underperformed. Had fiscal and production issues, but the worst is behind them. Expects it will be acquired.

2007-10-22

DON'T BUY

3.610

Chang in management caused the last dip. Projects are located in Ghana, which doesn't have a developed infrastructure creating a lot of power interruptions. Also a lot of metallurgical problems. Would look elsewhere.

2007-09-06

HOLD

4.240

Very cheap. Have solved a lot of their problems. Could be a takeout.

2007-07-05

BUY on WEAKNESS

4.610

Finally seems to be making a turnaround on the corporate side. Had a nice pop and has come off. Stock is starting to show some relative strength. Need to go a couple of more quarters to get the analytical community to see that they have their act together.

2007-05-11

TOP PICK

4.950

Had some production issues a few years ago and the stock disappointed. Have solved their power problems, but the stock is still very cheap. You can get about 400,000 oz. of production for about a 1 billion market cap, so can see it being a takeout.

2007-03-12

DON'T BUY

3.660

Has not participated in a big way in the last 12-24 months because management has not done that well. A merger candidate but there won't be much premium.

2006-11-27

DON'T BUY

3.480

David Chapman

During the past year, there were a lot of tops that kept getting lower and lower. This is not been a favourite of his. It needs to bust out on the upside with good volume.

2006-08-04

DON'T BUY

3.100

Bill Belovay

The biggest problem is the Biox processes on the Bogoso deposit. It doesn't seem to be working too well. Have come out with too many promises and disappointed too many times.

2006-06-26

DON'T BUY

3.540

Has under performed for quite some time. Has not lived up to expectations. Hasn't seen anything to change the opinion that managements should be changed.

2006-05-12

DON'T BUY

3.680

They have stumbled along the way. Has some interesting deposits in Ghana that they are developing into mines, but they have disappointed and it has been a real challenge.

2006-02-15

WEAK BUY

3.570

Over the last year, it has been disappointment after disappointment. It's a turnaround story. They might get their ducks lined up and you might be okay with this one. Prefers others.

2006-01-11

PAST TOP PICK

3.840

(A Top Pick May 19/05. Up 20%.) Has bottomed very nicely. Could be a candidate as a takeover.

2005-07-11

TOP PICK

3.120

Have fumbled, stumbled and had an ill fated takeover pick. Production is rising. Stock is now starting to bottom.

2005-05-19

VAGUE

3.030

Michael Sprung

Likes the longer term outlook for the gold commodity. You are best positioned in those companies that have the lowest cash costs and the most upside in the production profile. The downfall of gold stocks is in those that have a more expensive operation and higher cash costs.

2005-04-28

TOP PICK

3.240

Didn't participate in the big run. Management has started to make public statements that the worse is behind them. Technically, it has tremendous support at this level. Expect the market to start looking for those companies that didn't participate in the last rally.

2005-04-15

BUY

4.730

Very well promoted, but a very legitimate mine. The operations they have in Ghana are not easy operations. Likes the number of ounces they have and the fact that they are in production.

2004-12-22

BUY

6.570

Werner Muehelemann

A good gold producer. Internationally based. A little more expensive than some of the medium producers.

2004-10-25

BUY

6.270

Sold out at around $8/9 and is now looking at it again. Put together some interesting assets in Ghana. Earnings and production profiles are improving. We'll be one of the leaders when gold prices rise.

2004-05-11

BUY

10.060

Has a US listing and is attractive to US investors. They keep increasing the production rate of their mines creating higher cash flow, higher earnings and reduces the cost of production.

2003-12-04

TOP PICK

4.830

Developing several mines in Ghana.One of the best growth profiles for a mid-cap.

2003-08-21

BUY

3.450

Very undervalued. Developing mines in Ghana. Expects good production in a couple of years.

2003-06-27

STRONG BUY

3.520

Expects they will eventually have 250,000 of production. Good management. Politically safe.

2003-06-24

PAST TOP PICK

3.300

(Was a top pick on Apr 8/03. Up 27.5%.) Still likes. Nice properties in Ghana.

2003-06-11

TOP PICK

2.960

Has a very checkered past. Management has turned it around. Undervalued. A fairly solid play.

2003-05-20

TOP PICK

2.540

Good producing assets in Ghana. Has a good US following.

2003-04-08

BUY

2.300