STOCKCHASE

St Andrew Goldfields Ltd.

0.060

Have a project in the Central African Republic, which has been permitted and looks like it is ready to go. Need to finance it and will have to raise some equity so the share price has come under pressure. Optimistic that one day this will become a mine. Looks very cheap.

2011-11-01

TOP PICK

Coeur D'alene Mines

CDE-N

25.180

Have gone from about 10 million ounces 5 years ago to 20 million and will make about 500 million EBITDA this year. Trading at about 4-5 times EBITDA. Cheap. Expecting a dividend next year.

2011-11-01

BUY on WEAKNESS

Labrador Iron Ore

LIF.UN-T

32.000

Would be positively inclined if it pulled back into the $20’s. Rio Tinto (RIO-N), a part owner of the deposit, are looking at expanding production and potentially doubling it. Likes it long-term because of China and iron ore. Give it 3.1% and also they keep paying special dividends.

2011-11-01

PAST TOP PICK

Minefinders Corp

MFL-T

14.290

(A Top Pick Nov 8/10. Up 47.36%.)

2011-11-01

WATCH

North American Palladium

PDL-T

3.340

Have sort of ventured out of palladium and got involved in gold. Have a palladium mine which has been running since 1993 and is currently going under expansion to increase production from 150,000 to 250,000. Expecting to bring their costs down from $450-$200, which looks very attractive. He wants to watch and see how they execute.

2011-11-01

Comment

Semafo Inc

SMF-T

8.050

Located in Burkina Faso. Looks like it is a fairly reasonable value at these levels. He needs to do more work. Looks like the deposit has really grown in size.

2011-11-01

PAST TOP PICK

Belo Sun Mining

BSX-X

1.200

(A Top Pick Nov 8/10. Up 87.5%.) Good management. Have been drilling with great success.

2011-11-01

HOLD

SAS-T

0.580

Had some challenging operational difficulties over the past decade. Have a mill but just can't fill it up. Great potential and often, if you put in enough dollars to find and produce the gold, it will be successful but he is a little cautious on this one.

2011-11-01

Comment

Dundee Precious Metals Inc.

0.020

Precious Metals. Increase in the price of gold has been through the debasement of currency. Looks like the European Union are going to come together with some plan. Expects that the US QE3 will come and there will likely be a slow down in economic growth rate globally. US will likely have a quantitative easing stimulus program, possibly early next year, which will be good for gold and silver.

2011-11-01

TOP PICK

Silver Wheaton

SLW-T

34.780

Very positive on the price of silver and this is one of the best ways to play it. Will be taking production from 25 million ounces to 43 million over the next 3-4 years. No risk to capital costs because they don't actually produce it.

2011-11-01

TOP PICK

DPM-T

7.980

Have gone from 30,000 ounces in 2003 to 120,000 in one mine and another mine that will have a feasibility study very shortly, which could take them to 250,000 ounces. Cash rich with about $300 million in cash and equities. Significant shareholders in 2 other projects.

2011-11-01

BUY

San Gold Corporation

SGR-T

2.070

Hasn't performed quite as well as he would have liked over the last several years but have hired a new president and have had great drilling success. With the new exploration, ultimately there will be a much bigger project, which will be very attractive. Very cheap.

2011-11-01

HOLD

Osisko Exploration Ltd.

OSK-T

12.300

Now producing gold ore. Thinks the market had priced in perfection but it is very rare that I didn't mine starts up without some tinkering needed. They are getting things on track. Good, long-term play. Have another couple of projects on the back burner that could potentially give them growth.

2011-11-01

Comment

Hathor Exploration Ltd.

HAT-T (Dead)

4.520

Sold his holdings when Cameco (CCO-T) made a bid and he didn't expect a secondary bid. Rio Tinto (RIO-N) came in with a higher bid, which he expects will be accepted.

2011-11-01

BUY

Apogee Minerals

APE-X

0.190

Big silver deposit and trades at a very big discount to anything in the silver space because it is in Bolivia. You can operate and do business in Bolivia and this is why he owns this one.

2011-11-01

PAST TOP PICK

Brigus Gold

BRD-T

1.350

(A Top Pick Nov 8/10. Down 22.48%.)

2011-11-01

PARTIAL BUY

Agnico-Eagle Mines

AEM-T

54.140

Well run, good company. Several years ago, they embarked on building 5 mines all at once so they've had some startup problems. He would use this pullback as an opportunity to get in. Don't take a full position.

2011-07-28

BUY

0.095

There was recent talk about a South African bank coming out with $100 million in financing. The pullback is an opportunity to get in.

2011-07-28

TOP PICK

Hecla Mining Co

HL-N

7.900

Silver with all their production in the US. 10 million ounces and trading at about 7X cash flow. Feels that silver is going north of $100 an ounce.

2011-07-28

Comment

Kinross Gold

K-T

15.950

Trimmed his position over the last year. Has been one of the weaker performers over the last several years. Paid a high price for Redback even though it is a world class deposit.

2011-07-28

HOLD

Orvana Minerals

ORV-T

2.050

Reduced his position over the last couple of years. Very cheap stock. Their mine in Bolivia has been pumping out money in the last decade and they built up their cash war chest. Developed a new subset out of their mine in the last year. Also bought a mine in Spain, which they've been building out. They are looking at raising some money.

2011-07-28

Comment

Russel Metals

RUS-T

23.470

Steel distribution. Well run. Has done very well with China spurring the steel market. Also benefit from the oil and tubular goods in the oil patch. Good yield. His concern would be the potential slowdown in China.

2011-07-28

Comment

0.020

Gold. Does not believe we are at a secular high and his forecast for the next year is over $2000. Ultimately would not be surprised to see it go well north of $5000. It is not the price of gold that is going up, but the devaluation of global currencies because of large debts. He

2011-07-28

TOP PICK

Bear Creek Mining

BCM-X

4.700

One of the largest undeveloped silver reserves globally. About 350 million in reserves and about 450 in resources. Stock is trading at less than $1 an ounce. Stock is cheap because they are in Peru, which has just had elections and the market feared government regulations but the government has moderated.

2011-07-28

TOP PICK

Guyana Goldfields Inc.

GUY-T

7.900

This is an M&A target. Has about 7 million ounces in resources and they are doing 100,000 m of drilling. In the next year, they could probably get close to 10 million ounces. Looking at $75-$80 an ounce compared to $150 and up.

2011-07-28

BUY

San Gold Corporation

SGR-T

3.010

Likes this stock. It used to be a high cost operation and costs are going to be stubborn coming back down. Company has made some changes will a lot of new developments. Have a lot of new high-grade zone this, which will hopefully help bring up the grade. New CEO has made some positive changes.

2011-07-28

DON'T BUY

Aura Gold Inc.

ORA-T

1.940

Had some execution problems in a number of their mines. Also recently lost their CEO. Since then, he has dramatically reduced his position. At some time he will increase his holdings but there is no rush at this time.

2011-07-28

PAST TOP PICK

Barrick Gold

ABX-T

43.990

(A Top Pick July 29/10. Up 4.64%.) Cheap so a Hold.

2011-05-16

Comment

Aurizon Mines

ARZ-T

5.410

This one tends to be a bit of a trader as it has a lot of periods when it tends to go sideways. Have done a good job of developing the Casa Berardi mine but some disappointment in how much they have ramped it up. He’ll continue trading it.

2011-05-16

Comment

0.090

Has lagged the sector. Big gold deposit in the Central African Republic. Would like to hear some news .When it gets into production there will be multiples of where it is today. Dirt cheap.

2011-05-16

TOP PICK

Kirkland Lake Gold

KGI-T

14.050

Going from 80,000 ounces this year to about 180,000 plus in the next 2, 3, 4 years and potentially could be significantly larger. Recently came out with 46 feet of 8 ounces a ton. Absolutely spectacular grade. Very cheap.

2011-05-16

TOP PICK

Yamana Gold Inc.

YRI-T

11.570

Did $0.38 in basic EPS in 2007. In 2010, it did $0.61 and this year will do about $1 so has roughly tripled its earnings. Generating a lot of cash. The dividend went from $0.04 to $0. 18. Have some growth projects. Cheap.

2011-05-16

Comment

0.020

Golds. People are taking a bit of risk off the table. Hardest hit are small cap golds as they have the biggest leverage to the gold price and biggest long term returns, but when the market starts to turn, this sector weakens. Long term, the US looks like it will continue to print money and as long as that continues, it looks like gold is a good place to be.

2011-05-16

BUY

Hudbay Minerals Inc.

HBM-T

13.890

Recently reduced his holdings as he feels China is slowing down and the copper market is coming down. Have almost $1 billion in cash plus a dividend. Combination of copper, zinc and gold. Expanding their Laylor deposit. Cheap stock.

2011-05-16

BUY

McEwen Mining

MUX-T

2.310

Great company. Have a joint venture with Hochschild Mining in Peru. Also, a big land package surrounding GoldCorp’s (G-T) acquisition Serenegro. Talk of spinning out a copper project. Still likes.

2011-05-16

WEAK BUY

Eastern Platinum Ltd.

ELR-T

0.910

Platinum. Likes this as a hard asset play. Investing in platinum group metals tends to be very tricky as most of them are in South Africa, where he has reduced his exposure. Crocodile River mine had a strike and sabotage and stock has been absolutely hammered, so might be a good time to look at it.

2011-05-16

BUY

Premier Gold Mines

PG-T

6.000

Management does a good job of managing and putting together assets. Wonderful set of assets at the Red Lake camp. GoldCorp (G-T) is putting in a tram line that will go through their property. Expect that it will get taken out by GoldCorp at some time. Also, good assets in Geraldton and Nevada.

2011-05-16

BUY

Allied Nevada Gold

ANV-T

31.890

Have done a spectacular job. A couple of years a go started reducing his position but is kicking himself as it continues to move higher. Found some new zones and have a significant amount of silver. Looking at going from 100 thousand ounces to 200 thousand. With a mill option in 2015, they think they can get north of 500 thousand of gold and 27 million ounces of silver.

2011-05-16

PAST TOP PICK

Jaguar Mining Inc.

JAG-T

4.200

(A Top Pick July 29/10. Down 48.12%.) Has added to his holdings.

2011-05-16

BUY

Colossus Minerals Inc.

CSI-T

7.590

Have high grade gold, platinum, PGM’s (?) deposits in Brazil. Highest grade on the planet. Hope to be producing 1 to 1.5 years. Very cheap and at some point will probably get taken out.

2011-05-16

Comment

Lithium One

LI-X

1.390

Not a big fan of rare earth niche products but does like this one. Lithium in batteries is going to play a big part. Supply/Demand fundamentals will be a good place to be in the long term. He has a basket of lithium companies in small amounts, which is the way you should play this area.

2011-05-16

PAST TOP PICK

Magellan Minerals

MNM-X

0.990

(A Top Pick July 29/10. Up 26.83%.)

2011-05-16

TOP PICK

Stronghold Metals

Z-X

0.425

About 21 million market cap and virtually unknown. Have an option to acquire the Eagle Mountain property Guyana, which has a 733,000 ounce resource on it. Planning on expanding this through drilling. (Buy small companies like this with a basket approach.)

2011-05-16

PARTIAL SELL

Agrium

AGU-T

91.370

Loves agriculture, which is a very good place to be. Has had a good run up. In the long term it’s a good holding in a portfolio. With the recent run up, consider taking some profits.

2011-03-07

BUY

0.165

Stock has gone sideways for most of this decade because very poor government relations with the Central African Republic where they have the multi million ounce gold deposit in the Passendro project. New management group seems to have pretty good relationships. Ministers seem to be opening up to mining. Very cheap and not pricing in success.

2011-03-07

TOP PICK

Eldorado Gold

ELD-T

15.790

Will do 750,000 gold ounces this year. A lot of it is organic. Not a cheap stock but they have earned the premium. Trades at a bout 15-16 times PE. Very well run company.

2011-03-07

PAST TOP PICK

Kirkland Lake Gold

KGI-T

15.200

(A Top Pick March 8/10. Up 107.21%.)

2011-03-07

BUY

Kinross Gold

K-T

15.360

Has been quite flat over the last decade and he is frustrated with it. Quite cheap and has recently added to his holdings. Concerned about some of the rising costs.

2011-03-07

BUY

Orvana Minerals

ORV-T

3.250

Has reduced his position but if he didn’t own he would be a Buyer. Trading at one of the cheapest valuations.

2011-03-07

PAST TOP PICK

Belo Sun Mining

BSX-X

1.350

(A Top Pick March 8/10. Up 226.58%.) Has been a great story and the stock has gone up dramatically. Just raised $45 million in a private placement.

2011-03-07

BUY

Yamana Gold Inc.

YRI-T

12.220

All the large caps have been fairly flat over the last number of years. Very cheap on a P/E ratio. Keeps wondering what the catalyst will be for them to break out and move to the upside. Could be the dividend increases. Possibly will spin out assets other than gold. Believes a catalyst is coming.

2011-03-07

Comment

Great Panther Resources Ltd

0.020

Silver – This could be the decade for silver. Gold/silver ratio is currently 50 to 1 and feels it could go to 30 to 1 or even lower.

2011-03-07

BUY

McEwen Mining

MUX-T

2.650

Likes this one. Great silver play. Have the joint venture play with Hochschild Mining. Also have a copper exploration play (Los Azures), which could ba an opportunity to have spun out.

2011-03-07

BUY

Southern Andes Energy

SUR-X

0.650

Uranium. Spectacular company. Very early stage. Small and high risk. Cameco (CCO-T) is in their region. Also have some joint ventures. Have been drilling up some resources.

2011-03-07

TOP PICK

San Gold Corporation

SGR-T

2.770

Gold in Manitoba. New exploration and have found some great zones that seem to line up with their existing zones. Stock price has been a little weak but the reserves and resources they have are huge. Have the infrastructure and now they have to execute and increase the size of the mine. Very Cheap.

2011-03-07

PAST TOP PICK

GPR-T

4.820

You can probably Buy ant silver stock and it is going to do really well. Has a Nice Titan survey around some of their surrounding land. Have one drill hole, which came out with some really good results. Really curious what they are going to find.

2011-03-07

HOLD

Mansfield Minerals Inc.

MDR-X

2.620

Primarily gold in Argentina. Lindero project has had a feasibility study and is basically ready to go into production. Great management. Looking for new projects.

2011-03-07

DON'T BUY

Centamin Egypt

CEE-T

2.040

With the recent pull back he is looking at it. Interesting project but has concerns about the situation in Egypt and the rest of Northern Africa. There is no rush to go into this right now.

2011-03-07

BUY

Volta Resources Inc

VTR-T

1.980

Growing gold ounce resources in Burkina Faso. Doing lots of drilling and infilling so they can get to a feasibility study, which they hope to have this year. Starting to drill deeper and thinks this is going to be a lot bigger than the current 2 million ounce that people are modeling.

2011-03-07

PAST TOP PICK

Unigold Inc.

UGD-X

0.155

(A Top Pick March 8/10. Down 46.55%.) Great project in the Dominican Republic. An exciting play is coming on line. Just haven’t got around to drilling all the stuff they need to do. You have to be patient.

2011-03-07

TOP PICK

Takara Resources

TKK-X

0.230

High risk/high reward. Tassawini gold deposit in Guyana. Have a half million ounces, which is trading very cheap at about $40 an ounce in the ground. Under priced, under owned and under known.

2011-03-07

BUY

Silver Standard Resources Inc.

0.130

Has been a very sad story. Involved in central African republic. Have a resource there. Due to politics, it should have been a mine. Held onto it reluctantly. Looks like they may finally get their day in the sun. It is certainly looking interesting once again.

2010-11-08

BUY

Iamgold Corp

IMG-T

18.680

(Market Call Minute) Having some teething problems; have a new CEO, give them some time – it’s part of a core position.

2010-11-08

TOP PICK

Minefinders Corp

MFL-T

9.650

Lousy couple of quarters but it is cheap. At some point in time they will get the company fixed or they get taken out. Biggest risk is that someone picks them off for a song.

2010-11-08

DON'T BUY

NovaGold Resources Inc

NG-T

14.680

Pretty bumpy ride over the last decade. Have been building up mines. Has lots of cash and is well financed. They are continuing to do further feasibility studies. He thinks it is a little expensive.

2010-11-08

TOP PICK

Belo Sun Mining

BSX-X

0.640

He has been involved with it for a number of years. One of the largest undeveloped mines in Brazil. People are starting to wake up and take a look at it. At some point there will be a re-evaluation on it. There’s a dam being built, completed around 2014 – cheap power for when they go into production with their mine.

2010-11-08

BUY

Lake Shore Gold

LSG-T

3.640

Their largest shareholder is leaving them. He finds it a more attractive company this way.

2010-11-08

BUY

SSO-T

26.460

Just starting to buy it. He likes silver. Had a poor 2009/10 as they ramped up their first mine, as often happens. Have a new CEO. It’s cheap. They will be spinning out a couple of their gold and silver assets. They are a producer.

2010-11-08

HOLD

Yamana Gold Inc.

YRI-T

11.940

Has not been a good performer in the large cap space. Some see too much copper, although it brings down their costs. This stock is very cheap. Several majors are trading cheap. Hang on to YRI and the majors. They are tending to increase their dividend. Probably you will see them all do it again in the coming year.

2010-11-08

BUY

UEX Corp.

UEX-T

2.080

He is excited about Uranium. Chinese are increasing the amount of power generated by nuclear. One of the best exploration and development companies for uranium.

2010-11-08

BUY

Taseko Mines Ltd.

TKO-T

4.600

Gov’t decision went against them. Valuation looks quite attractive. Stay tuned.

2010-11-08

N/A

Great Panther Resources Ltd

0.020

Gold isn’t going up so much as paper currency is going down. It is very positive when the US$ goes up at the same time as gold. Gold $1300-$1500 by year-end. He’s not looking for a pullback but it certainly could happen. Loves silver. Over 650 years, Silver has been 1/16 th the price of gold. It is 1/50 th now, so silver has quite a way to run.

2010-11-08

BUY

Silver Wheaton

SLW-T

35.400

Likes it a lot. One of his top 10. Has had a large position for 2 years. They have no cash costs. They are a royalty company. They get paid whether the mind does well or not.

2010-11-08

PAST TOP PICK

Galleon Energy Inc.

GO-T

3.860

(Top Pick Dec 1/09, Down 17%) It was a value play. They have huge assets. He hoped they could execute on a strategy and grow production. They had a number of set backs and he exited the position.

2010-11-08

HOLD

GPR-T

1.830

It’s been a great run. What’s driving silver stocks is the silver price, which he thinks is going further. Nothing wrong with taking some profits.

2010-11-08

PAST TOP PICK

Rainy River Resources Ltd

RR-T

11.300

(Top Pick Dec 1/09, Up 321%) Great management, 5 Million oz gold in Canada. Has not trimmed his position. It’s getting a little expensive.

2010-11-08

BUY

Energold Drilling Corp.

EGD-X

3.870

Their drill rigs are very portable. People are going off into far off remote places these days. It’s not terribly expensive.

2010-11-08

BUY

Detour Gold

DGC-T

31.870

They will be going into development in the next few years. Where there are big mines, there are not an isolated occurrences. Tradewinds (TWD-V) already has a couple million oz on that property. You should own both.

2010-11-08

BUY

U.S. Silver Corp.

USA-T

0.710

Likes it. Idaho. Sunshine mine is back in production and silver is going up and these guys are starting to make some serious money.

2010-11-08

DON'T BUY

Yukon-Nevada Gold Corp.

YNG-T

0.880

(Market Call Minute) Interesting play, have large resources. Big potential. High cost operation (watch them).

2010-11-08

SPECULATIVE BUY

Premium Exploration

PEM-X

0.480

Have a number of properties that have not had much work on them in the last decade. It looked like there were a number of locations that should be drilled. Is convinced they have something but they have to find it.

2010-11-08

DON'T BUY

Orezone Gold Corp

ORE-T

4.200

(Market Call Minute) Fairly priced now. It’s getting at a level where it’s close to fair value.

2010-11-08

PAST TOP PICK

Brazauro Resources Corporation

BZO-X (Dead)

1.230

(Top Pick Dec 1/09, Up 95%) Acquired by Eldorado in the summer.

2010-11-08

WAIT

Canaco Resources

CAN-X

3.170

Great exploration story over the last couple of years. Recently a couple of groups have show ownership of nuisance claims. Company is dealing with them. Thinks they will get resolution by the next quarter.

2010-11-08

HOLD

Midland Exploration

MD-X

1.810

One of those stocks that every time he looks at it he thinks he sees value yet the stock has not been good to shareholders. Nice lands in west Africa, they’ve been doing some drilling. He is optimistic, but not expecting anything in the short term.

2010-11-08

BUY

GMV Minerals

GMV-X

0.520

Thinks there is another mine in this company. This is a story that is going to unfold and he likes it.

2010-11-08

TOP PICK

Brigus Gold

BRD-T

1.690

Production of 90,000 oz. Potential to double output. Over last year they were constrained by debt and hedge book. Through joining two companies, they paid down much of their debt and half their hedge book. They have been in the penalty box because of hedge book and debt, but it is just a matter of time.

2010-11-08

BUY

Fire River Gold

FAU-X

0.470

(Market Call Minute) Spectacular drill results. They will be producing.

2010-11-08

Comment