STOCKCHASE

Suffered from 1) seasonal peak in gold and 2) production profile has been increasing in the last couple of years but this year has been fairly flat. Will start to increase again next year. Have been increasing the size of their resource in Burkina Faso significantly. 2012 will be the start of a new leg of growth. Risk/reward is pretty good.

2011-05-19

BUY

8.720

Rick Stuchberry

Gold mine in West Africa. Difficulty when you are in some of the developing countries is the political risk. There was a hiccup there in the last 2 weeks. Things seem to be back to normal and the mines weren’t really affected. Costs are affected as energy has popped up a fair bit. At this price there is lots of upside.

2011-04-21

DON'T BUY

9.130

David Burrows

Underground gold miner in West Africa. Stock as been under performing. On this company there are concerns on capital costs and bringing in their mines. Would prefer something like a Goldcorp (G-T), which is breaking out to significant new highs and are well diversified and good operators.

2011-04-07

Comment

8.580

Bill Harris, CFA

Have a very good quality gold asset. Gold stocks got extremely overheated going into the end of the year. Now valuation is starting to look attractive. They are able to up the resource calculation this year. Stock is now trading as an intermediate –senior company at 1.4X net asset value. They now have to show that they can operate the assets correctly and can add to the assets and categorize itself as a growth stock. They might not make the amount of money you think they will.

2011-03-08

BUY

11.230

West African gold producer. Up over tenfold off the bottom so the recent correction is not unusual. Will probably consolidate here.

2011-01-12

BUY

9.420

David Burrows

Likes gold companies that are adding to their resources with production growth and could be takeover targets.

2010-09-28

HOLD

7.390

Veronika Hirsch

Gold in West Africa. The recent exploration success they have had is in Burkina Faso where there is not a great political risk. However holdings in Niger are a political issue but are not the exciting part of this company.

2010-07-15

BUY

8.430

Bruce Campbell

Gold in Burkina Faso so it is inclined to trade at a discount. As long as they keep adding production and reserve growth it will rise.

2010-06-28

Comment

8.730

Paul Thornton

Gold stock and just continues to keep chugging higher. Stock is clearly on fire but the risk is the length of time it has been going higher. Up 45%-50% from the last base of $5.50. How much more can it go before it goes into a significant downturn? You might have a better risk-controlled price later on.

2010-06-25

BUY

7.100

Michael Smedley

(Market Call Minute.) One of the interesting West African mines. Somewhat of a one trick pony but it looks good and can go higher.

2010-05-27

DON'T BUY

7.130

Jamie Horvat

They have one core asset. He has been wrong on this name for a while, now. He thinks the company needs to do an acquisition in order to grow. Doesn’t see the growth profile.

2010-05-11

WATCH

4.590

Michael Smedley

(Market call minute) Fascinating. Going to accumulate as they discover more.

2010-01-21

BUY

3.930

Bill Harris, CFA

Prefers others, but when the speculators move, this is where they are going to move to. It’s in a very technical type trading market. Great company and management can really enhance value.

2009-11-10

TOP PICK

3.920

Andrew McCreath

Gold in West Africa. Trading at NAV. Key property has tremendous exploration activity. Very strong balance sheet.

2009-11-09

BUY

3.210

Gold in West Africa. No significant political risk. Good, strong production profile. In the next 6 to 12 months he expects a higher gold price.

2009-10-28

BUY

2.800

Allan Jacobs

3 gold mines in western Africa. Fairly cheap. Trades at a fairly low multiple. Growing its production and has reasonable cash costs.

2009-09-10

BUY

2.610

Charles Oliver, HBSc CFA

Made up of several smaller mines. Very cheap. Making a lot of money.

2009-09-09

BUY

2.280

Bill Harris, CFA

Had issues but are coming out of that. Have a great asset and are now starting to hit. There is something about a 250,000 gold ounce producer that didn't excite the market but it is now starting to get interested in them. It either has to get bought or turn itself into a bigger producer. Having a basket of stocks like this is a good idea.

2009-07-31

BUY on WEAKNESS

2.000

Gold producer in Africa. Likes this company. Starting to get a little more respect. Good production profile. Try to get it at $1.50. Would start accumulating sometime over the summer, starting in July.

2009-06-17

BUY

2.310

3 producing gold mines, all in Africa. Has had a very nice run. Surprised that it was never taken over when it was trading under $1. They are making money. If you believe gold is going higher it means they will make a lot of money.

2009-05-21

Comment

1.760

Robert Lauzon

Gold. Looking at this one as it currently has production as well as a small stake in uranium project in Niger. Expects gold will stay stable this year.

2009-03-02

BUY

1.970

Charles Oliver, HBSc CFA

Have several different mines. Ramping up one next year. One of the cheapest gold mines. Had some hedges but have been taking these off.

2009-02-18

BUY

1.220

Gold. Have had a lot of problems, but have now got their act together. Their biggest mine is finally producing. Potentially 250,000 ounces in 2010. Very cheap. Almost no debt.

2008-12-02

HOLD

1.700

Gold. Stock has not done very well. There has been some disappointing news and on top of that, the company raised a lot of money by having 3 issues in a matter of 6 months causing a lot of dilution. Likes their Burkina Faso assets that are extremely high quality and probably multi-million ounces.

2006-12-27

HOLD

1.810

Has been operating 2 mines and western Africa and has had problems. You more money so did more issues, which diluted the stock. Likes the projects but it has been disappointing. Operating costs are high.

2006-11-30

DON'T BUY

1.740

Peter Hodson

Have a half decent asset. Was very disappointed in the recent finance equity that they did.

2006-11-20

DON'T BUY

1.630

Just did a financing last week which disappointed a lot of people. The issue was $1.80 and the stock is now below that. Third financing in about six months. Have 2 operating mines with a third one going into production and relieve ramping up in 2008. Expect the stock will do well in 2008 but not before.

2006-10-26

BUY

2.110

Management has done a nice job in accumulating a nice suite of assets in West Africa. Have 2 producing mines. Just drilling off an ore body that they planned on putting into production in Burino Fasso. Good price.

2006-08-01

HOLD

3.020

Bill Carrigan

Had some lovely breakouts on long bases and is now into a spike. If you’re in it, stay in and enjoy.

2006-05-02

BUY

2.870

Has2 producing mines and are starting a new project in Burkina Faso which he really likes. Every where they drill, they get good grade.

2006-05-01

BUY

1.950

Loves this company, especially after the Moroccans got rid of their controlling interest. They have now been buying some of the hedges back. They have two operating minds and a very promising prospect in Burkina Faso. It has all the makings of the kind of company he likes. It has production, prospective production and its profitable.

2006-01-10

BUY

1.330

Their 1st 2 producing mines have been heavily hedged so they won't be able to make any money on them. Have a terrific new ore body that they are drilling in Burkina Faso. Stock has done well relative to other gold stocks. Cheap.

2005-05-26

WEAK BUY

0.850

Has been a disappointing stock. Have a new ore body that they are drilling in Burkina Faso. To date, the results have been very encouraging.

2004-05-11

BUY

0.960

Trading at less than half their net asset value. Undervalued. They have quite a bit of hedging, but can see this becoming less. The primary shareholder is the king of Morocco, which seems to be a negative.

2003-10-21

BUY

0.930

Not a well know company, but there is one mine in production and a mine coming in next year as well as an exploration property that has a million ounces of solid resources. Good price.

2003-09-16

BUY

0.620

Have a fairly heavily hedged position. Stock is undervalued. Some pretty good prospects in Niger. Not well followed.

2003-06-11

BUY

0.550

Stock is not followed by many analysts. It is producing. Morrocan king's holdings seems to be considered as a detriment. Very cheap.

2003-05-20

WEAK BUY

0.600

This may be an overlooked situation. There's an issue with ownership involving the Moroccan kng. Interesting prospects. Cheap because there is very little following.

2003-05-08

BUY

0.500