STOCKCHASE

Sabina Gold & Silver Corp.

60.530

(Top Pick Aug 11/08, Up 22.5%) All their problems are fixable. They revised their guidance. They had some recovery issues in Finland and now they have that project at 85% recovery. New mines in Nunavit and Mexico are in production now. Rapid growth.

2010-01-12

BUY

Orvana Minerals

ORV-T

1.120

They acquired a company and has the financial resources to put the mine into production.

2010-01-12

BUY

Alamos Gold Inc

AGI-T

13.870

Trading at fair value. Market has not appreciated that they acquired two mines in Turkey. These could represent another $10 in value.

2010-01-12

BUY

SBB-T

1.430

World-class project. Very robust project. They are still drilling and it will get bigger over time. You have to have patience with this one. It has moved up lately and will continue to move up. It is a long-term thing. We will see more recognition for what this project is.

2010-01-12

PAST TOP PICK

Red Back Mining Inc

RBI-T (Dead)

17.320

(Top Pick Aug 11/08, Up 173%) Another $2 there. They are into another wave of success.

2010-01-12

HOLD

Centerra Gold Inc

CG-T

13.240

Just reported numbers and beat expectations. Should comfortably meet their expectations for next year. You get little flare-ups of perceived political risk. It represents fair value. You get a good leverage to the price of gold.

2010-01-12

N/A

A Comment -- General Comments From an Expert

A Commentary

0.020

One year out $1150-$1200. Has a lot to do with the US$ bottoming out. US doubled their money supply so we’ve seen an increase in the gold price. Gold is the only commodity that central banks use to back their foreign exchange. Jewelry demand has been less than investment demand. The up trend in gold prices could continue for decades due to financial crisis. If you want exposure to the sector you buy a fund like his, but if you wear a value hat you might want a development company and with a growth cap you would prefer a growth company.

2010-01-12

TOP PICK

Keegan Resources

KGN-T

7.040

Currently drilling project in Ghana. Doing environmental baseline studies right now. Will be at 5 million oz by end of year. Open pit mine. Just completed financing so they are cashed up.

2010-01-12

WEAK BUY

Wesdome Gold Mines Ltd.

WDO-T

2.590

Old mine in Quebec. Fair value is $4 but because it’s a small company, he would bring it down to $3. Weak buy but with where gold is going it could move into the $3 range.

2010-01-12

PAST TOP PICK

3.690

(Top Pick Aug 11/08, Up 152%) One of top holding in his fund.

2010-01-12

TOP PICK

East Asia Minerals Corporation

8.500

Project is now financed and under construction. Will go into production early next year. It will be Canada’s largest gold mine. 750,000 oz /year. As it goes into production, the discount that market applies to it will start to turn into a full valuation. They are also doing a joint venture in northern Quebec that could yield multi-million oz potential.

2010-01-12

WEAK BUY

Detour Gold

DGC-T

18.000

It might be a little challenging to get the gold. It is fairly valued where it is trading now. It’s not a slam-dunk, but it is a respectable project. Possibly near the bottom in it’s price range.

2010-01-12

SELL

Centamin Egypt

CEE-T

2.190

(Market Call Minute) If you don’t mind political risk. Valuation makes sense.

2010-01-12

BUY

Premier Gold Mines

PG-T

4.030

Great drill results today. They have three projects and all are giving great results. Decent market capitalization. Very interesting company. Gold corp. might want to buy these projects or take out PG.

2010-01-12

BUY

Fortuna Silver Mines

FVI-T

2.720

(Market Call Minute) One of few silver companies still undervalued.

2010-01-12

DON'T BUY

Terrane Metals

TRX-X (Dead)

1.340

It is a low-grade project. This is why gold corp. did not proceed. This has challenging economics at these metal prices. Fairly valued. There are other things out there that he prefers.

2010-01-12

BUY

EAS-X

4.000

(Market Call Minute) Fair value and buy if you don’t mind politician risk

2010-01-12

WEAK BUY

B2Gold Corp.

BTO-T

1.450

Looked at startup of their mine in Nicaragua. Stock is fairly valued. There could be some upside on an existing mine. Management is not bad. He has not reviewed this one extensively.

2010-01-12

STRONG BUY

Brett Resources Inc.

BBR-X (Dead)

2.210

Northwestern Ontario. They already have 5 Million oz. There is likely more potential. Thinks this will prove itself to be an economic deposit. It is undervalued.

2010-01-12

STRONG BUY

Atac Resources Limited

ATC-X

1.400

Yukon. Million oz discovered. Large potential to expand.

2010-01-12

BUY

Commander Resources Limited

CMD-X

0.380

Junior exploration company frilling in Baffin and high arctic. Some interesting geology. Worth holding onto. They will one day make a discovery. A well-run exploration company.

2010-01-12

BUY

Armistice Resources

AZ-T

0.360

A few days ago they acquired a historic mine and believe that there is more ore in the mine. It transforms the company and gives them a project they can sink their teeth into and gives them a new direction.

2010-01-12

TOP PICK

Perseus Mining Limited

PRU-T

3.080

They have two robust projects worth over 2 Million oz per year. Will be listed on the TSX soon. Two projects. Combined can yield over 400,000 oz per year. Thinks it is still very undervalued.

2010-01-12

TOP PICK

Rubicon Minerals Corporation

49.000

Terrific growth profile. 6 different gold mines. A top holding in his fund. 2 operating mines. Massive growth profile. Too much focus on last quarter earnings.

2008-08-11

VAGUE

High River Gold Mines

HRG-T

1.080

Market is upset with last deal they did with Russian company. Last transaction was very dilutive to the company.

2008-08-11

WAIT

RMX-T

1.150

Have had good hits. Question whether there is continuity among hits. Good location. There are results of interest.

2008-08-11

DON'T BUY

Geologix Explorations Inc

GIX-T

1.380

Have to pay Silver Standard (who optioned the property) for every once discovered. May have to pay more than the capitalization of the company. May have to re-negotiate or give up part of project.

2008-08-11

DON'T BUY

Northern Dynasty Minerals Ltd

NDM-T

5.800

Large deposit, but grade is marginal. Needs copper prices to be $1.5 per pound. Not likely to be in production until 2015. Permitting is likely to slow it down. They are near a nature preserve.

2008-08-11

TOP PICK

Red Back Mining Inc

RBI-T (Dead)

6.390

Cash costs are excellent. Likes depth extensions below open pit mine. Local political problems created a sell off. Financing expansions out of cash flow. Likes long term potential.

2008-08-11

Comment

A Comment -- General Comments From an Expert

A Commentary

0.020

This is like a wholesale sell off in the gold sector. People are moving to the financials. This is a big sell off. For those who are patient, this could be a very attractive entry point. Doesn’t think gold can come down much more and should edge up, but the question is will stocks follow. It’s very related to the US$. When it’s strong, gold tends to be weak.

2008-08-11

TOP PICK

1.430

A Top holding in his fund. Stock price driven by exploration results, which are really good. Market excited by recent results, but driven down by general market sell off. Speculative.

2008-08-11

BUY

Couer D'Alene Mines Corp.

3.760

Early stages of construction. Moving part of town to new site. Equipment deliveries early next year, production in 2010. Market not fully picked up on size of this.

2008-08-11

BUY

Lundin Mining Corp.

LUN-T

4.880

Market perceived this as a zinc stock but going forward it is more of a copper company. Beat up beyond belief. Production costs were rising.

2008-08-11

BUY

Centamin Egypt

CEE-T

0.920

Investors might not be comfortable investing in Egypt. Over burden and lower grade material has to be removed in order to get to sweet spot.

2008-08-11

HOLD

CDM-T

1.880

Price collapse in last few days is mind-boggling. Patient investors should be rewarded. Next year when project goes into production, we should see earnings coming in. Long term might want to pick a silver stock that is less volatile.

2008-08-11

PAST TOP PICK

Geologix Explorations Inc

58.010

(A Top Pick Apr 20/07. Up 38.3%.)One of the premier gold companies in production. Going through a new wave of growth with production increasing over the next 4 years from 250 thousand ounces yearly to about 1.3 million ounces.

2008-01-03

PAST TOP PICK

Aurelian Resources Inc

ARU-T (Dead)

8.230

(A Top Pick Apr 20/07. Down 6.3 %.) Probably the best gold discovery of this cycle. He is comfortable in investing in Ecuador. Probably over 13.7 million ounces at a really good grade.

2008-01-03

HOLD

Eldorado Gold

ELD-T

6.180

Had to suspend their Turkish operations. Suit has to be reviewed by the courts. Be patient. He thinks they will get through this. Also have a gold mine in China and another mine in Turkey.

2008-01-03

DON'T BUY

NovaGold Resources Inc

NG-T

10.330

Has no idea why the stock has gone up so much. Capital costs where a lot higher then expected on the Galore Creek project. This caused the 50% drop in stock price. Their other property is in Alaska, which could be expensive.

2008-01-03

DON'T BUY

Tahera Corp

TAH-T

0.130

Diamond stocks are not necessarily a cakewalk. This is a story where a mine was put into production in the North West Territories, but costs were a lot higher than expected and the company ran into cash flow problems and the grade was not what they expected.

2008-01-03

HOLD

GIX-T

2.460

Still in early stage exploration, but results so far are quite positive. Have to see how drilling goes, but he is bullish enough on it to Hold. Future results could result in Buying more.

2008-01-03

TOP PICK

Red Back Mining Inc

RBI-T (Dead)

7.740

2008 production, including the Tasiast mine, of about 250,000 ounces per annum . Also have a lot of extensional new pits and exploration potential of depth. Have a new underground high-grade discovery.

2008-01-03

BUY

Paladin Resources

PDN-T

6.180

He is bullish on uranium. This is probably a good entry point. Great management.

2008-01-03

DON'T BUY

New Gold Inc.

NGD-T

5.190

High-grade copper ore body in British Columbia, but you are looking at something that might require a bulk mining method. Not sure where the capital costs will lie.

2008-01-03

HOLD

Augusta Resource

AZC-T

4.100

Good copper deposit in Tucson, Arizona with over 10 billion pounds. Expect to be producing by 2011. Also silver and molybdenum by-products. Silver Wheaton (SLW-T) will be buying silver from them.

2008-01-03

TOP PICK

1.460

Project is in Manitoba. This is a really interesting geology story.

2008-01-03

PAST TOP PICK

Harry Winston Diamond Corp.

6.150

(A Top Pick Apr 20/07. Up 14.1%.) Gold. Malartic open pit low-grade deposit in Quebec. Has over 8,000,000 ounces in resources. Because of location, they have power, labour, etc. of infrastructure already.

2008-01-03

DON'T BUY

Nautilus Minerals Inc.

NUS-T

3.840

This is one of those companies that he won’t believe it until he sees it. Dealing with mining on the ocean floor requiring new technology.

2008-01-03

HOLD

Australian Solomons Gold

SGA-T

0.740

Re-start of a mine in the Solomon Islands. It’ll be another year. Went through some management changes last year, which affected the stock price. Good exploration results as they are drilling in a high-grade area. Have been pulling some really nice holes out of it. You’ll have to be patient over the next year.

2008-01-03

Comment

Gunpoint Exploration Ltd

GUN-X

0.180

Had been drilling in B.C. and pulling out some nice drill holes, but it turned out the zone was pretty much confined near surface. There are a couple of other zones they can still drill that might have something. He sold his holdings.

2008-01-03

Comment

Niolgold Mining

NOX-X

0.285

Have some claims around the Malartic gold play in Quebec around the Osisko (OSK-T) deposits. Doesn't think they have started drilling it yet.

2008-01-03

BUY

Detour Gold

DGC-T

12.750

Property, near Timmins Ontario, has the potential of being a 10 million ounce deposit. Lower grade open pit at around 1.6/1.7 g per ton. Still some upside.

2008-01-03

TOP PICK

Andean Resources

AND-T (Dead)

1.890

And exploration project in Argentina. Not cheap. The best part of this project is the Eureka West zone, where they are pulling out some fantastic holes. Has the potential of being a 3 to 5 million-ounce deposit and ultimately 10 million.

2008-01-03

DON'T BUY

Yukon-Nevada Gold Corp.

YNG-T

1.600

New CEO. Haven’t followed it too closely. Had been a fan of their Yukon project, but not of Nevada. Now looks at it as a mediocre type of investment.

2008-01-03

BUY

HW-T

37.950

(Market Call Minute) There won't be a huge amount of upside.

2007-11-16

BUY

Northern Dynasty Minerals Ltd

49.500

(Market Call Minute) Still one of his favourites. Expanding their production from 250,000 ounces to about 1.2 – 1.3 million ounces over the next 3 years.

2007-11-16

TOP PICK

Aurizon Mines

ARZ-T

3.920

Really good project in northern Quebec. Will be producing at a rate of about 160,000 ounces a year. Catch costs of around $280 an ounce. Has another discovery called Joanna near Rouyn-Noranda, Quebec and is likely to be a very large open pit bulk mining gold. Undervalued on the Casa Berardi mine alone.

2007-11-16

TOP PICK

Aurelian Resources Inc

ARU-T (Dead)

8.480

(A Top Pick Feb 12/07. Up 34.6%.) Southwestern Ecuador. One of the best exploration discoveries in this cycle. Low-cost operation. Extremely high grade.

2007-11-16

BUY

Eldorado Gold

ELD-T

5.480

A lot of the price performance will depend on the outcome in Turkey. Thinks it will be okay. Also have a backup in their Tanjianshan operation in China. Very attractive at this level and could retest the old highs.

2007-11-16

BUY

Goldcorp Inc

G-T

31.320

3rd largest old company in the world. Acquisition of Glamis was fairly dilutive on their balance sheet. When the production starts up in Mexico, things should return to normal. Looks good on a net asset basis. Likes the deal they did with Kinross (K-T).

2007-11-16

BUY

Iamgold Corp

IMG-T

8.730

About 25% of their cash flow last year came from niobium (a metal to strengthen steel) out of Quebec. Thinks their 4th quarter cash flow will be even better. Also has gold in Ecuador and Surinam.

2007-11-16

DON'T BUY

NDM-T

11.650

Massive project in Alaska. Basically copper. Combination of open pit and underground. It needs long-term copper prices higher than $1.50 a pound for the open pit. Such a massive project; it will take years and years before it goes into production. Not a fan. His target is $8.25.

2007-11-16

HOLD

Palmarejo Silver and Gold Corp.

PJO-X

10.500

Being taken over by Coeur D'Alene (CDM-T). If you own, tender your shares.

2007-11-16

BUY

1.380

Located in Manitoba (rated the best mining jurisdiction in the world). A gold mine that is back in production. Looking at 50,000 ounces a year and ramping up to 100,000 next year. High-grade ore. Officially about 8 g per ton. Lack of skilled labour is a hindrance.

2007-11-16

TOP PICK

5.980

Currently an 8.4 million ounce project. 15 drill rigs are committed to this property.

2007-11-16

PAST TOP PICK

Alexco Resource Corp.

AXR-T

5.550

(A Top Pick Feb 12/07. Down 11.3%.) One of the highest grade silver camps in the world. In the Yukon. Still a Buy.

2007-11-16

Comment

Western Gold Fields

WGI-T

3.430

Redeveloping an old mine. Construction is about 80% complete now. It would be a good quality levered name to the gold price. Undervalued. Fairly low grade, which can create volatility. He prefers higher grades.

2007-11-16

BUY

Gold Eagle Mines Ltd.

GEA-T

7.500

Directly adjacent to Goldcorp’s mine (G-T) in Red Lake and have 5 drills working this site. There is a potential to expand the deposit. Very good hold long-term.

2007-11-16

PAST TOP PICK

Gunpoint Exploration Ltd

GUN-X

0.195

(A Top Pick Feb 12/07. Down 73.2 %.) Project in British Columbia did not work out. A couple of zones can still be drilled which would give them a chance of recovery. Sold his holdings.

2007-11-16

BUY

Detour Gold

DGC-T

9.820

Large tonnage, lower grade open pit near Timmins. Right now its exploration as they are still expanding the size of the deposit. Results are looking very good. Production probably in 3 years.

2007-11-16

BUY

Premier Gold Mines

PG-T

2.850

(Market Call Minute) Red Lake Ontario area. Good exploration. High risk.

2007-11-16

Comment

San Anton Resource Corp

SNN-T (Dead)

1.100

Fairly low grade giving you leverage to the commodity prices. Appears undervalued but prefers higher grades.

2007-11-16

Comment

Mindoro Resources Ltd.

MIO-X

0.670

He avoids investing in the Philippines. Political jurisdiction is not the best in the world.

2007-11-16

TOP PICK

Freeport McMoran Copper & Gold

50.900

Excellent wave of growth ahead of it. Annualized production of gold will go from 225000 ounces a year to 1.25 million over the next 4 years. Building 5 mines in Finland, Nunavut, Mexico and Quebec. Excellent technical team.

2007-09-06

PAST TOP PICK

Aurizon Mines

ARZ-T

3.520

(A Top Pick Oct 4/06. Up 15.7%.) Northwestern Quebec. Still likes it a lot. In production.

2007-09-06

Comment

Axmin Inc

AXM-X

0.970

Sold his holdings because of the ongoing perceived political risk discount, which he believes is being applied to the stock. Undervalued.

2007-09-06

PAST TOP PICK

Aurelian Resources Inc

ARU-T (Dead)

6.900

(A Top Pick Oct 4/06. Down .05%.) Ecuador. Still loves it. One of the best gold discoveries of this cycle. Resource should be coming out and believes it will be in excess of 10 million ounces in all categories. Undervalued.

2007-09-06

Comment

Eldorado Gold

ELD-T

5.690

The biggest call you've got to make is the reopening of their mine Turkey in terms of the political situation. Feels it will be resolved before the end of October.

2007-09-06

SELL

AuRico Gold Inc

AUQ-T

8.480

Good new management team. Their project is somewhat challenged. They are dealing with an open pit mine that is exhausted and are planning on extending the underground, which will be expensive. Would look elsewhere.

2007-09-06

DON'T BUY

Golden Star Resources

GSC-T

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

High River Gold Mines

HRG-T

2.680

Assets in Russia. A solid hold.

2007-09-06

BUY

Iamgold Corp

IMG-T

8.050

Still getting through digesting the Cambior acquisition. Had some operational difficulties. There are a few sources of upside including 1) Westwood discovery, which will extend the life of the Doyon mine 2) niobium mine in Quebec with their long-term con

2007-09-06

DON'T BUY

Kinross Gold

K-T

13.950

Has been a laggard. Mid-cap company. Assets are not the most enticing except for a couple they acquired through Bema Gold. There is also the Russian political risk, but he feels they are okay in this situation. The stock will give you leverage with the g

2007-09-06

Comment

Meridian Gold

MNG-T

33.680

Yamana Gold (YRI-T) trying to acquire. Management/shareholders are opposed. Grew through exploration while Yamana grew through acquisitions. Have a number of projects that are not being recognized by the market. Possibly has some other suitors.

2007-09-06

BUY

Stornoway Diamond

SWY-T

0.750

Have interesting pipes in Québec. Target is $1 so there is some upside.

2007-09-06

BUY

FCX-N

91.700

One of the largest copper stocks in the US. Cash flow because of the high copper prices should expand over the next few years.

2007-09-06

BUY

Geologix Explorations Inc

GIX-T

1.650

Have property in Mexico and have pulled some outstanding holes. One was 243 m with 7 g per ton. Still at a “wait and see” stock, but have the right sense of discovery.

2007-09-06

DON'T BUY

Lake Shore Gold

LSG-T

1.570

Just released good results on their Thunder Creek project, but their feasibility studies did not meet market expectations. Had higher capital and operating costs. Hasn't had a chance to review the revised feasibility results.

2007-09-06

WEAK BUY

Yamana Gold Inc.

YRI-T

13.110

Trying to acquire Meridian Gold (MNG-T), who are strongly opposing the bid. Have built up their company through acquisitions while Meridian has done theirs through exploration. Expect the offer will expire, which would make it a good short-term buy.

2007-09-06

Comment

A Comment -- General Comments From an Expert

A Commentary

0.020

Micro Cap Golds - Junior exploration companies got hit very hard with the subprime debacle because people were running from anything that had perceived risks attached. Still in the midst of a very choppy market and a mid-caps and large companies are goin

2007-09-06

DON'T BUY

Shore Gold Inc.

SGF-T

4.600

Diamond stocks are difficult. Star kimberlite in Saskatchewan is one of the largest in the world, but also quite low grade. To him, the profit margin per ton looks a little on the skinny side. Very truly a “show me” story. May have been beaten up a littl

2007-09-06

STRONG BUY

1.350

Rice Lake mine in Manitoba. Had a recent merger, which was able to consolidate the belt and will be mining from several different zones. Good management. Exploration results have been excellent. One fabulous intercept at about 6.35 m, grading just over 1

2007-09-06

BUY

Silvercorp Metals Inc.

SVM-T

19.150

One of the highest grade silver projects in the world. Have a lot of good exploration upside. Feels management can navigate through the Chinese system successfully. Looking to do a split, 1 for 3. He doesn't see any reason for this.

2007-09-06

TOP PICK