Canadian Stocks

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ALLAN BARRY REPORT ON

PRECIOUS AND BASE METALS EXPLORATION

14th EDITION





September 9, 2007



Welcome to the 14th edition of our report on Precious and Base Metals Exploration. We have mentioned many times in past reports how mergers and acquisitions have become very active in the mining sector. This began with large mining companies taking over other large mining companies followed by mid-sized mining companies taken over. We felt the next logical step was for smaller exploration companies to be next on the takeover list. Another recurring theme that we often discuss is the supply and demand situation for precious and base metals; in our opinion this is the most accurate way to see the trend for future prices.



When we look at junior exploration companies, the key fundamentals we look at are the projects – primarily what they have found with the drill rig. In addition to looking for companies with discoveries, we also look for companies with the potential of making discoveries. In both cases, we want companies that the market is under valuing their realistic potential.



In our 13th edition, we described why we felt prices for metals would basically stay strong enough that it would make a summer sell-off of mining stocks less likely. Even though metals prices have been solid all summer, we certainly didn’t anticipate a large scale sell-off of the major stock markets throughout the world that took mining related companies down with it. The month of August was very rough on mining stocks but with metals prices still in very healthy shape, and the balance of supply and demand suggesting higher prices in the coming months, this provided a great opportunity to find bargains. As we move into September it looks to us like a quick recovery in mining stock prices is highly likely. We are not trying to time the market to put the reports out to maximize performance but in this case it should work out pretty well considering where we see things going following the summer months.



One example of the early stages of the mergers and acquisition for mining stocks is when Barrick took over Placer Dome to become the largest gold mining company in the world. The problem with this method of growth is that there is a shrinking pool of large mining companies to be taken over and it is not a sustainable way to grow. The next logical step was for middle level mining companies to be taken over, and then more exploration companies bought out. To entice shareholders to vote in favour of buyout offers, the acquiring company has to make an attractive bid; as metals prices increase and fewer companies are available to be bought out those bids will have to get progressively higher.



Since starting this report approximately two years ago we have selected 22 companies to follow. Two of the 22 companies have received takeover offers: Wolfden Resources has been taken over and Peru Copper is going through the final steps to be acquired by a large Chinese mining company. Major mining companies are no different than us; they want quality projects they can buy at a reasonable price and this is why these companies were bought out. Fortunately we were able to see untapped value and got in early enough to experience very good returns in the prices paid for these companies. As time goes on there are fewer companies available for major mining companies to take over and this should cause them to have to start paying more of a premium.



Lately the activity of mergers and acquisitions in the middle to smaller level mining companies is increasing in volume. When a major goes out and buys another major they can increase their reserves and their production quickly but with all the cash they are sitting on they have to take over several smaller companies to equal one major. Therefore it is likely that the volume of activity stays strong for many years.



One main reason why mining companies are aggressively taking over other companies is because the prices of almost every metal have risen over the last five to six years and in some cases quite dramatically. This has mining companies flush with cash and in order to grow long-term they have to replace what they mine. If not, they will have shrinking reserves and this is never good for the stock price. So they are sitting on all this cash and they have to do something with it and have no choice but to grow or be bought out.



Our main argument of why we felt metals prices would go up was focused on supply and demand. On the supply side there have been many years of under investment in exploration for, and development of, new mines. At its lowest point, when metals prices had fallen to ridiculously low levels in the late 1990’s, everything in the mining business was crawling along. We argued for many years that this situation would create a critical problem in the future and the chronic under investment would lead to much higher prices.



This story is not over. Until an enormous amount of money is spent on exploration and development of new mines, the likelihood of a massive supply shortage of many metals is increasing. Relative to demand, even with improved financing of exploration and development stage projects, there is still a dramatic under investment. The industry is using band-aids when major surgery is needed.



The mining industry has a lot of catching up to do. What makes the argument for higher prices even stronger is the current and near term demand for metals. The two engines of emerging economies are China and India. Both of these countries have large populations that still have very few of the products on a per capita basis that those in the developed economies have obtained. Just like in the developed economies, there will come a day when practically every home in the emerging economies will have all the goods the developed economies have become accustomed to.



Most likely in the next 30 years or so China will surpass America as the largest economy in the world. Some might argue doom and gloom reasons why this won’t happen but when a snowball starts rolling down a mountain it’s usually not a good idea to stand in its path. In reality we think the economic growth of China in the next 100 years will be much like the growth in America over the past 100 years.



Over the last few years, as the price of commodities improved dramatically, so has the demand for the Canadian dollar. The currency of a country is like a proxy for the economy of the country. Canada by and large is a natural resource producing exporter nation. In Canada where prices of commodities go, so goes the economy.



Canada is in a very unique position. The country is commodity rich and next-door neighbours to America, the current largest economy in the world. Canada has the commodities that the future world’s largest economy, China, will need to rise to that position.



Many companies would love to have products that can tap into the Chinese market but it is not an easy market to gain entry to. China definitely needs commodities for their economic growth and Canadian companies are very good at providing those commodities and thus offer a way for global investors to invest in the powerful economic growth in China. At the end of the day Canada is in an enviable position to benefit from long-term demand for commodities and this is why the Canadian dollar is one of the strongest in the world.



Well-run mining companies of all sizes will benefit from demand coming from China, India and other emerging economies that have decades of growth ahead of them. In addition the aging infrastructure in America will need rebuilding and will also add significantly to demand for metals.



The key ingredients of exploration companies we have selected and those we pick in the future are that they have quality projects and reasonable to under valued market values. Buying companies with quality projects when you can get them at reasonable prices is a very good recipe for future success for investors. We feel the featured companies in our reports will participate in a strong bull market for Canadian based mining companies that we see continuing for many years.



Our Favourite Treasure Hunters



It has been a couple of editions since we added new companies to our list. One reason was because our group has grown to a manageable level and we can only cover so many companies closely. Another reason is that several of our companies have performed exceptionally well and the rest still have a lot of upside and it is this entire group that we now have to compare possible new additions against.



In the last few months, two of the companies we featured in past reports, Wolfden Resources and Peru Copper, have been taken over, which has allowed some room to add companies to our group. Both Wolfden and Peru Copper were very good performers from the time we initially featured them in our reports until they were taken over. Our belief is that there are several other companies we feature in this report that also have the realistic potential of being taken over in the future.



In this edition we have two new companies to add to our group. These companies are involved in uranium and later in the report in our metals commentary section we explain why we are bullish for the price of uranium and how current market gyrations have created an opportunity to find bargains. In addition, we will be featuring five of our past picks that have developments that suggest the time is good to re-visit their activities.



After this section we will have updates on our favourite picks from past editions in our “Report Card” section after our metals commentary.



New additions



Hathor Exploration



Hathor has a large land package prospective for uranium located in the Athabasca Basin in northern Saskatchewan. This area is the world leader in uranium production and has a great deal of exploration potential, mainly because the region is so big it is hard to turn over every rock in such a large area. Another reason that there is still a lot of exploration potential is because the deposits in the region are very high grade but deep and thus are not easy to trip over. We are not shareholders of the company.



When it comes to mining any commodity, the jurisdiction plays a key role and this is extremely important when it comes to uranium. There are several places in the world where there is much geological potential for uranium but they also have strong opposition to mining uranium in these areas. Northern Saskatchewan has supported uranium mining for decades and is one of the most uranium mining friendly regions in the world and that is a main consideration of ours when looking at a uranium exploration company.



Later in our report we discuss our short and long term outlook for uranium and why we are currently more comfortable looking at companies involved in exploring for this commodity. Uranium related companies have seen extremely powerful moves in their stock valuations. Basically any company that staked ground with potential for uranium saw their stocks take off; one could safely say there was a healthy amount of hot air in valuations. Much of the hot air has come out of the market since the price of uranium softened recently but the long-term imbalance between supply and demand has not changed and suggests higher prices in the future.



In the mining business when the price of a metal moves aggressively, stock promotion increases. During this kind of a euphoric market, companies that acquire a large land package in a good area and advance their project toward drilling can fall under the radar screen. The main reason this happens is because these kinds of companies are focused on finding a mine, not promoting their stock.



We have always been focused on companies that are serious about finding a mine because what goes up on hot air can also fall very quickly on hot air but creating value through discovery offers much more stable performance. One of the key things we look for to determine a company is focused on finding a mine is the effort they undergo to find targets and drill them. In the mining business the drill rig is called the truth machine for a reason – it quickly separates dreams from reality.



Hathor has a large land package in a key region for uranium mining. Exploration has shown they are interested in drilling to make discoveries. So far they haven’t made a blockbuster discovery but they have found some uranium in their drilling. When a company is looking for deep deposits they learn a lot from their shallow drilling and this hopefully gives them encouragement to drill deeper. They are at that stage of drilling deeper now and if they find something serious in this region they can see their market value grow rapidly.



Hathor’s stock symbol is HAT and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.hathor.ca. Their website contains past news releases and additional information to do your own due diligence.



Paladin Resources



Paladin has by far the largest market value of any company we have ever featured in our report. They are emerging into a large-scale uranium mining company. At the peak of the euphoria for uranium mining and exploration stocks they had an even higher market value. We are not shareholders of the company.



Their main asset is the Langer Heinrich mine in Namibia that was found many years ago and was mothballed when uranium prices were much lower than they are currently. As uranium prices were taking off a few years ago, management was on the ball and knew that if uranium prices moved aggressively this would be a brilliant project to acquire. They acquired the project and the uranium prices moved extremely aggressively; they fast tracked the project toward production to take advantage of these higher prices.



As is often the case when a company begins production from a new mine they can face challenges and stumble. When this happens the market can react very harshly instead of looking beyond the stumble at what is being done to fix the problem. This over reaction can create opportunities – especially when the problems are easily fixed as they have been in Paladin’s case.



At the same time that they had these early production challenges, the price of uranium came off from its all time highs. The combination of these two factors has Paladin off around 50% from its highs reached earlier this year.



In the pre-production estimates they projected production of 2.6 million pounds of U308 and with the early challenges had to trim that to 2.2 million pounds; they expect to reach their original goal of 2.6 million in 2008. This is not a major concern in the grand scheme of things and will do little harm to their long-term growth prospects.



The Langer Heinrich mine is not their only project but it is definitely the cornerstone asset that is very important to their long-term growth potential. This mine enables the company to produce uranium while prices are at or near historic highs. With the balance of supply and demand tipped toward even higher prices, the company is really in a unique position of starting production at a time of very high prices and this timing should help them grow quickly.



Management has been very aggressive thus far. From their actions they look like they want to grow the company into a major uranium mining company. With the Langer Heinrich mine they have a key asset to use to grow the company. Growing a company into a major mining company takes time and it looks like that is what their future holds. If they are able to grow into a major uranium mining company, which we feel they will, then the current market value has a lot of room to grow significantly from its current level.



Paladin’s stock symbol is PDN and the shares trade on both the Toronto and Australian Stock Exchanges. Their website is www.paladinresources.com.au. Their website contains past news releases and additional information to do your own due diligence.



Past Picks



Candente Resource Corp.



Candente is one of three companies we have featured in our report that has their primary focus on a key project in Peru. Lately Candente has seen their market value improve quite significantly, mainly because more investors are starting to understand the realistic potential of their key asset: the Canariaco project. This project has a large resource that continues to grow as they complete more drilling. We are shareholders of the company.



One of the key plans to develop this project into a mine is by starting production on a near-surface zone of the resource and then expanding production from there. This starter pit concept looks very realistic. One of the other reasons we have been excited about this project is that it has a big resource with estimates of over 8 billion pounds of copper. This estimate still has more room to grow because they have not yet found the limits of the discovery; they have completed many more holes with consistent results that have not been added to the current resource calculation. At depth, they have added significantly deeper holes than past drilling and it still remains open.



This project is quickly growing to a company maker size. Most often when we look at exploration companies we look for those that have projects that would be large enough to attract a major to take over the company at a premium and develop the project toward a mine. Due to the mergers and acquisitions activity in the last few years there has been a hollowing out of the industry and now there are not nearly as many middle level producers that could grow into large scale miners. Thus, there is a great opportunity for a company to grow rapidly by using revenue from mining to acquire projects that may not be quite big enough to attract the majors.



Candente is quickly growing into a takeover target but it wouldn’t hurt our feelings to see them develop Canariaco into a mine and use that to help them grow into a much larger company in the future.



Candente’s stock symbol is DNT and the shares trade on the Toronto Stock Exchange. Their website is www.candente.com. Their website contains past news releases and additional information to do your own due diligence.



Gold Eagle Mines



Gold Eagle has been busy drilling their main gold discovery in Red Lake, Ontario, which is showing the realistic potential of being a multi-million ounce gold discovery. We are shareholders of the company.



Although we have only featured Gold Eagle once in the past, we have been following their 100% owned project for some time. One of our past picks, Exall Resources, was one of the partners that made the discovery and merged with their joint venture partner to become Gold Eagle Mines.



The main discovery continues to return excellent drill results and is open in all directions so it has room to grow. Another reason we have been excited about their ground is their regional exploration theory. The basis of this theory is that favourable geology covers a large area of their ground and has the potential for several additional discoveries.



Recently they announced drill results that suggest this theory has a lot of merit. They have found a new area that is a significant distance from the main discovery with very good grades from drilling so far. They haven’t drilled very much into this new discovery area but most importantly they have already hit high grade gold. These early holes will help them better understand where to focus follow up drilling. This new emerging discovery area looks to be a separate discovery from the main zone and it shows a lot of potential and is a strong confirmation of their regional exploration theory.



The combination of these two discoveries in such a prolific mining camp has the company well positioned for growth. They have a lot of funds in the treasury to aggressively work on their main discovery, as well as their emerging discovery, and test other areas to prove up their regional exploration theory. The company has breakout potential based on upward moves in the price of gold and further exploration success.



Gold Eagle’s stock symbol is GEA and the shares trade on the Toronto Stock Exchange. Their website is www.goldeaglemines.com. Their website contains past news releases and additional information to do your own due diligence.











Niblack Mining



Niblack recently announced very good grades from the ongoing drilling program at Lookout Mountain in southern Alaska. In addition they are progressing on the work to go underground and this tunneling work will allow drilling throughout the colder winter months. We are shareholders of the company and a consultant to the company.



One of the highlight holes from the recent results hit 18.68 metres of 1.37 g/t gold, 34 g/t silver, 3.56% copper and 3.15% zinc. Several of the other holes also hit promising grades of these metals over healthy intersections. The remainder of the assay results from all these holes can be found on their website that is quoted below.



Another interesting addition to their website is a new presentation on how volcanogenic massive sulphide deposits are formed. This presentation is very helpful for the average investor to get a basic understanding of how these deposits are formed and additionally it shows the basic conceptual theory of what the mineralization looks like at Niblack’s Lookout Mountain project.



The recent drill holes start at the top of Lookout Mountain and then long drill holes are needed to test the mineralization at depth. Work is progressing on efforts to go underground by developing a crosscut that will tunnel into Lookout Mountain and this tunnel will start fairly close to sea level. By going underground at the bottom of the mountain makes drilling easier as they will be much closer to the mineralization that currently has to be drilled with long holes starting at the top of the mountain. In addition it will be just over a horizontal zone that is challenging to drill from the top of the mountain but will be easily reached with shorter holes from the underground workings.



Another benefit of the underground workings is that it will enable drilling year round. So far this year they have put together a large financing to fund construction of the underground workings and have returned very good results from drilling. The year has been off to a very good start and this trend looks to continue throughout the remainder of the year.



Niblack’s stock symbol is NIB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.niblackmining.com. Their website contains past news releases and additional information to do your own due diligence.



Premier Gold Mines



Premier Gold is partnered on a 50/50 basis with Goldcorp on a large portfolio of exploration projects in the Red Lake mining district of Ontario. This partnership puts together two teams with a great deal of experience and success in exploration and mining in this highly profitable region for gold mining. We are shareholders of the company.



Recent news emphasizes the benefits of this close relationship between Premier Gold and Goldcorp. In Red Lake the major mines have high grade gold but it is deep and this can be costly to drill. The recent news shows how the partnership is able to use underground workings on Goldcorp’s wholly owned property, that enable easier drilling from depth. It gives them easier access to zones at depth on a nearby exploration target that is part of the joint venture ground.



This allows quicker and cheaper access to these deep targets and is a prime example of the benefits of the joint venture between the companies. Recent assay results from the drilling using the underground workings has encountered high grade gold in similar intersections as some of the main mines in the Red Lake gold camp.



They continue drilling from the underground workings and also have drills working on other targets that are part of the joint venture. With all the drilling it has the partners in a strong position to come up with additional good results. Good gold results in the Red Lake area have a tendency of catching a lot of attention amongst investors.



Premier’s stock symbol is PG and the shares trade on the Toronto Stock Exchange. Their website is www.premiergoldmines.com. Their website contains past news releases and additional information to do your own due diligence.



Xemplar Energy Corp.



Xemplar is another of our past picks that, shortly after featuring them, their market value performed exceptionally well but with the recent softening of prices in uranium stocks is providing a good time to feature them again. In addition, they are poised to begin drilling shortly on one of their key projects in Namibia and this is another reason to re-visit the company. We are shareholders of the company.



A very important aspect that we look for in any company is that their projects are in mining friendly regions and when it comes to uranium this is even more imperative. Namibia has a long history of uranium mining and derives much of its economic growth from mining.



A great deal of exploration work was done in this country in the 70’s and 80’s that stopped when uranium prices were much lower than they are today. The president of Xemplar worked for major mining companies that did some of this work in the past so he has significant experience in the country. When uranium prices took off a few years ago he used this past experience to focus on getting projects of merit that hadn’t seen any work in many years.



Xemplar has a very attractive group of exploration projects in Namibia in areas that had seen exploration in the past. These projects are well beyond grassroots projects with past work having seen limited drilling that encountered uranium and surface outcropping rocks that are geologically similar to some of the well-known uranium deposits found in this country.



Warmbad is one of their key projects. It is at the drill ready stage due to exploration work done by Xemplar. Located in southern Namibia, it has the Orange River immediately to the south of the claims. In addition, it has power lines running through the claim block so they have two key things needed in the mining business: power and water.



They are nearing drilling at Warmbad and it could become very large scale quickly. There is a large area of favourable outcropping rock and the geophysical work looks to be very helpful in target selection. In this large area of favourable rock there are areas of known uranium mineralization that shows up nicely in the geophysical work. We are looking forward to the upcoming drilling because the indicators so far are pointing to a high probability of finding uranium in the upcoming drilling.



Xemplar’s new stock symbol is XE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.xemplar.ca. On their website you can find past news releases and additional information to do your own due diligence.



Our Report Card



In the last two editions we have changed things up a little in this section. In the past we had individual discussion on gold, silver and copper and now this section begins with a metals commentary. In the final edition of the year we will have a review of how our speculations on prices did and at the beginning of the year we will present our outlook for the year ahead. After the commentary on metals then we will have updates on each individual company if they haven’t been featured in our previous “Our Favourite Treasure Hunters” section.



Before going on, we would like to remind our readers of something we have all heard before: past performance is not always an accurate indicator of future returns. We feel it is very important for readers to do their own due diligence including talking to those whose opinion you rely on to make investment decisions. We cannot stress enough how important we think it is for investors to do their homework before making any investment decisions. If these reports are helpful in identifying companies that merit readers doing their own further investigating, then we feel this report is a success.



Metals Commentary



Earlier this year we presented our reasons why we are bullish on metals prices and our predictions that we feel they will reach before the end of the year. So far things seem to be fairly on track for gold, silver and copper. In this edition we will begin with a brief discussion on those metals and then we will discuss our outlook for uranium prices, as we have selected two uranium exploration companies in past editions and added two new picks in this edition.



Gold is a key metal to follow because it is a strong indicator of the general direction of prices of all metals. Of course, all metals prices don’t follow in lock step; they generally move in a common direction and gold is a barometer. Our view is that gold will reach between $750.00 and $800.00 USD per ounce before the end of the year. Currently gold is less than 10% from reaching that level and in the summer demand is usually the softest of the year. As we come out of the summer months we are moving into the season when demand is typically the strongest of the year so it looks like things are on track to reach the prices we speculated on. In addition to seasonal strength for demand of gold, the weakness in the American dollar looks to stay that way due to upcoming lowering of interest rates by the Federal Reserve. That move is not bullish for the dollar; weakness in the dollar is usually bullish for the price of gold.



We follow the price of silver because it moves in a similar direction as gold but offers a leveraged way to play moves in gold. In addition to this close relationship between their prices, the supply and demand outlook for silver is even more compelling than gold. We feel that it is due for a breakout and will outperform in percentage terms the price of gold. We also follow companies with significant silver projects, which offer exposure to bullish moves in silver prices and exploration success.



Copper is also a very important metal to follow because it is an exceptionally good indicator of economic growth. When economies are growing they use a lot of copper and thus the demand for copper is a very good indicator of growth. The two largest consumers of copper are America and China. In the last year or so, with the weakness in the American housing market, there was a lot of speculation that demand for copper would drop significantly. Due to growth in other segments of the economy that picked up the slack in consumption, there was only a slight weakness in annual demand from America. On the other hand, the strong economic growth in China continues and they are consuming a great deal of copper. The health of demand from these two countries has helped the performance of copper and with it currently around $3.25 USD per pound it is within striking distance of hitting our price call for it to reach $4.00 before the end of this year.



Uranium has had a very powerful move from under $10.00 USD per pound a few years ago to reach just over $130.00 earlier this year. The main reason for this move has to do with supply and demand in general, and more specifically the outlook for future demand based on the number of nuclear reactors under construction and the projected need for more in the future.



For several years there has been a significant imbalance between what is mined each year and how much is consumed with demand much stronger than supply. Decommissioning of nuclear weapons has been the source that has filled this deficit but this source will not last for many more years. At the same time that this source is used up, the growth of users of nuclear energy is projected to grow rapidly with the large number of nuclear reactors currently under construction globally.



Nuclear energy is going through what some call a renaissance. One of the main reasons for this is a desire from many in the developed (and developing) economies of the world to lessen dependence on oil. To reduce this global dependence on oil and supply the needs of users, nuclear energy is one of the only realistic alternatives.



Of course there are other alternatives but the problem is the vast number of consumers of energy that is growing rapidly. This large and growing user base and their energy needs far outweigh what the various alternatives can provide and nuclear energy is the only realistic source of energy to provide for the demands. Even some environmental activists are starting to accept the reality that if they want lower carbon emissions globally nuclear energy has to play a big role in achieving that result.



Most often when a commodity goes up as dramatically as the price uranium has in the last few years, consumption can slow. One thing that makes uranium particularly unique is that uranium is a small fraction of the overall cost of utilities to produce energy. So even if the price of uranium were to rise dramatically from its current levels, it would still be a manageable cost increase to utilities that can easily be passed on to consumers.



In the next ten years as the supply from nuclear weapons is depleted, and demand continues to rise dramatically, and mined supply stays relatively soft, it is easy to see that this imbalance of supply and demand will drive prices higher. The fact that utilities will be able to pay higher prices because they can pass the incremental increases to their costs onto consumers adds to the likelihood that prices will go higher.



When the price of uranium took off, so did the stock prices of mining companies involved in this commodity. It had taken on such a frenzied pace that basically any company in the mining exploration business that announced they had projects in prospective uranium areas had reached irrational levels. In this kind of frenzy it was difficult for us to find companies with quality projects that still had reasonably priced market values. We were able to find a couple that we picked earlier this year that have performed very well for us.



Since the time that uranium prices hit $136.00 USD per pound and then corrected, a lot of the hot stocks of the last year came down significantly from their highs. Now that some of the hot air has come out of the market, we have been able to find a couple of new companies with high quality projects which now have more reasonable market values.



The long-term fundamentals that caused uranium to perform as it has over the last few years are still the same. The only thing that has changed is price. The long-term bull market for uranium has a long way to go and the current price fluctuation is a classic buy on the dip because the long-term fundamentals are still in a very bullish scenario.



Gold, silver, copper and uranium have strong fundamentals based on supply and demand. Demand is growing and supply is playing catch up from years of under investment in mine development and exploration for new mines. Exploration companies have traditionally been the ones that go out and find new mines and our featured companies are in a very good position for success.







Past Performance of our Favourite Treasure Hunters



This section of the report is provided to present a snapshot of all the companies we have featured in past reports. We include the dates and prices only for comparison purposes; we are not making buying and selling recommendations. Our reports are designed as a resource to help investors uncover companies with good potential. As always the companies are listed in alphabetical order and the prices are in Canadian dollars.



Abacus Mining and Exploration



First featured in Sept 19/2005 edition, price on that date $0.25

Second feature in Dec 07/2005 edition, price on that date $0.36

Third feature in Jan 16/2006 edition, price on that date $0.75

Fourth feature in Feb 7/2006 edition, price on that date $0.96

Fifth feature in Mar 21/2006 edition, price on that date $0.73

Sixth feature in July 12/2006 edition, price on that date $0.59

Seventh feature in Oct 3/2006 edition, price on that date $0.50

Eighth feature in Apr 2/2007 edition, price on that date $0.70

Current price $0.52



Abacus is in the midst of a very aggressive drilling program, which includes infill drilling on the Ajax West discovery that has a substantial resource of copper and gold. One important goal of the drilling will include further testing of the discovery of copper and gold below the Ajax East pit. Another goal is to complete a feasibility study by the middle of 2008. An important part of this feasibility study will include the mining related assets that Abacus is buying from Teck Cominco, which will play an important role for any future mining plans in this historical mining camp. Included in these assets are a mine building that was used in the past for a mill, a tailings pond permitted for additional tailings, water rights and the permits related to these assets. Two unique aspects of this project are its close proximity to a city and the moderate climate that allows work throughout most months of the year. In addition, this region has a long history of mining that plays an important role in the local economy. With the size of the resources that compare favourably to mines currently in production in the province of British Columbia, Canada and the various mining assets, this gives this project a good chance of becoming a future mine. The work being done to complete a feasibility study will help understand more about the potential and is a major milestone for the company. We are shareholders of the company and a consultant to the company.



Abacus’s stock symbol is AME and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.amemining.com. Their website contains past news releases and additional information to do your own due diligence.



Atna Resources



First featured in Jan 16/2006 edition, price on that date $2.17

Second feature in Feb 7/2006 edition, price on that date $2.04

Third feature in Mar 21/2006 edition, price on that date $1.95

Fourth feature in July 12/2006 edition, price on that date $1.40

Fifth feature in Oct 3/2006 edition, price on that date $1.00

Current price $1.66



Atna recently announced news relating to the exploration plans that Barrick has to further develop the Pinson project in Nevada. In order for Barrick to earn back a 70% interest they have to do the next $30 million worth of exploration work before the first quarter of 2009; this would leave Atna with a 30% interest if completed. We had been waiting for this news for quite some time now. Prior to Barrick announcing their intention to exercise this back-in right, Atna had been getting excellent results from their drilling and was able to advance the project significantly. Once Barrick made their intentions known, work on the project came to a halt and stayed that way for over a year. This was frustrating for shareholders of Atna because it was looking like this was quickly becoming a project with multi-million ounce potential and was being advanced while gold prices were performing very well. The price of gold is still performing well and could reach new multi-year highs in the next six months. At the same time Barrick will have to do a lot of work to earn their interest. In order to spend $30 million by the first quarter of 2009, they will have to do a lot of drilling quickly. If they are unable to complete the work in time, then Atna keeps a 70% interest and Barrick would have the other 30% interest. This is a lot of work to complete in a relatively short period of time and is not a slam dunk that Barrick will get it done in the time they have. The bottom line is Barrick is really only interested in developing large multi-million ounce gold deposits and the decision to exercise their back in rights says a lot about what they think of the potential of the Pinson project. If Barrick earns back their 70% interest they will have completed a lot of work, which would help them understand how big this project is. With Atna having a 30% interest, this could mean they are co-developing a large-scale mine or are a takeover target. On the other hand, if Barrick doesn’t complete the work in time then Atna will have a 70% interest in an advanced gold discovery. Either way, the outlook is very positive for Atna in the next 18 months. We are shareholders of the company.



Atna’s stock symbol is ATN and the shares trade on the Toronto Stock Exchange. Their website is www.atna.com. Their website contains past news releases and additional information to do your own due diligence.



Bear Creek Mining



First featured in Sept 19/2005 edition, price on that date $2.96

Second feature in Nov 1/2005 edition, price on that date $3.20

Third feature in Feb 7/2006 edition, price on that date $4.17

Fourth feature in Mar 21/2006 edition, price on that date $5.96

Fifth feature in July 12/2006 edition, price on that date $7.17

Sixth feature in Oct 3/2006 edition, price on that date $9.30

Seventh feature in Apr 2/2007 edition, price on that date $6.85

Current price $6.95



Bear Creek continues to develop their main asset, the Corani project, and are also getting very encouraging results from their Santa Ana project, both of which are located in Peru. At Corani they have outlined a large discovery of silver and base metals with a resource calculation that estimates over 250 million ounces of silver with the potential of getting larger. As they continue to expand the size of this discovery and test the economic potential to turn it into a mine, the balance of supply and demand of silver suggests silver prices should be much higher in the future. Therefore, their timing is very good. We have viewed Santa Ana like icing on the cake – if they can find a serious discovery it will be a complement to their key Corani project. The drilling is clearly showing that Santa Ana is shaping up to be a very promising discovery with room to grow much larger. They are aggressively drilling this project and as more results come in, they will reveal more about the realistic potential of this asset so far things are going the right way. Bear Creek and Peru Copper Inc. have the same management team and now that Peru Copper is in the final stages of being taken over, these key people will be able to focus more of their attention on Bear Creek and hopefully will turn it into a future takeover target. Based on what they have at Corani they already have to be on the radar screen of several majors as a takeover target. With Santa Ana looking very good as well it could make a takeover happen sooner than later. We are shareholders of the company.



Bear Creek’s stock symbol is BCM and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.bearcreekmining.com. On their website you can find past news releases and additional information to do your own due diligence.



Candente Resource Corp.



First featured in May 9/2006 edition, price on that date $1.10

Second feature in July 12/2006 edition, price on that date $1.06

Third feature in Oct 3/2006 edition, price on that date $0.81

Fourth feature in Jan 23/2007 edition, price on that date $1.30

Fifth feature in Apr 2/2007 edition, price on that date $1.41

Current price $1.59



We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.



Candente’s stock symbol is DNT and the shares trade on the Toronto Stock Exchange. Their website is www.candente.com. Their website contains past news releases and additional information to do your own due diligence.



Exall Resources



First featured in Dec 07/2005 edition, price on that date $1.34

Second feature in Mar 21/2006 edition, price on that date $1.68

Third feature in July 12/2006 edition, price on that date $2.05

Fourth feature in Oct 3/2006 edition, price on that date $2.32

Final trading price prior to merging into Gold Eagle Mines $4.05



Exall merged with their joint venture partner; the new company is called Gold Eagle Mines and they are one of our featured companies in this report. We will keep Exall in the report card section for comparison purposes and will keep track of the discovery that they helped find in Red Lake, Ontario through Gold Eagle Mines. From now on we will also use the final trading price on their last day of trading in place of a current price.



Exmin Resources



First featured in May 9/2006 edition, price on that date $0.22

Second feature in July 12/2006 edition, price on that date $0.195

Third feature in Oct 3/2006 edition, price on that date $0.30

Current price $0.36



Exmin is focused on acquiring high quality exploration and development projects in Mexico. So far they have acquired a very attractive group of projects and two of those projects have major mining companies as partners and this is a good example of their ability to acquire high quality projects. One of their key assets is the Moris Mine that Hochschild and Exmin recently announced has been brought back into production. To complement the production from the Moris Mine, they have several projects that will also see aggressive exploration programs. The ground they have is highly prospective and they have passed a milestone by bringing the Moris Mine back into production. Future work on their other projects has the potential of seeing them reach more milestones. We are shareholders of the company.



Exmin’s stock symbol is EXM and the shares trade on the Toronto Stock Exchange Venture market. Their website is www.exmin.com. Their website contains past news releases and additional information to do your own due diligence.



Gold Eagle Mines



First featured in Jan 23/2007 edition, price on that date $7.30

Current price $6.72



We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.



Gold Eagle’s stock symbol is GEA and the shares trade on the Toronto Stock Exchange. Their website is www.goldeaglemines.com. Their website contains past news releases and additional information to do your own due diligence.



International PBX Ventures



First featured in Jan 16/2006 edition, price on that date $0.59

Second feature in Feb 7/2006 edition, price on that date $0.61

Third feature in Mar 21/2006 edition, price on that date $0.60

Fourth feature in July 12/2006 edition, price on that date $0.53

Fifth feature in Oct 3/2006 edition, price on that date $0.43

Current price $0.375



International PBX is currently doing a lot of work on their Copaquire project with extensive drilling. This project is located in a region of Chile that hosts one of the largest copper/molybdenum mines in the world. Past drilling at Copaquire has shown that this project has excellent tonnage potential with attractive grades for a large tonnage target. Sprott Asset Management launched a mutual fund focused on molybdenum investments and International PBX was one of the first companies they invested in. The managers of the funds at Sprott are a pretty sharp group and we would guess their main reason for investing is because of the Copaquire project; it has a great address and the drilling so far is very promising. If the drill keeps coming up with the kind of results it has so far it seems that it is only a matter of time before a larger group of investors figure out what impressed Sprott enough to make a sizeable investment. We look forward to more work from the Copaquire project and their other extensive group of projects that have significant potential as well. We are shareholders of the company.



International PBX’s stock symbol is PBX and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.internationalpbx.com. Their website contains past news releases and additional information to do your own due diligence.



Kodiak Exploration



First featured in May 9/2006 edition, price on that date $0.97

Second feature in July 12/2006 edition, price on that date $0.40

Third feature in Oct 3/2006 edition, price on that date $0.62

Fourth feature in Jan 23/2007 edition, price on that date $0.85

Fifth feature in Apr 2/2007 edition, price on that date $0.92

Current price $0.50



The main reason we are interested in Kodiak is their key project, Caribou, located in fairly close proximity to Yellowknife in the Northwest Territories of Canada. This company caused a lot of excitement a couple of years ago when they had their geophysical data and surface sampling results at the PDAC conference in Toronto. The stock moved aggressively upwards because they have an extremely large geophysical target and the surface samples had very high-grade base metals with high-grade nickel values. Following this they announced results from shallow drilling and found base metals but not nearly as high grade as their surface sampling and this caused a big drop in their stock price. Around this time we started featuring the company because a lot of the hot air came out of the stock but mainly because they still had a very large geophysical target that would take a lot of work to understand. They had established through shallow drilling and surface sampling that they have base metals. Earlier this year they started to drill deeper to test the potential of targets at depth and so far they haven’t announced any discoveries but they are learning from their deeper drilling and they have many targets to drill. In the mining business it often takes many holes to understand a project and make a major discovery; determination is an important attribute for an exploration company. We maintain our outlook of the potential of this company to make a discovery at Caribou because they still have a very large geophysical target and now they are drilling deep and will gain important information to help in drill target selection. In addition to this project, they also have a good gold project in Ontario that has shown promise in past drilling. They also have ground in Quebec that has potential for uranium; however our main focus still remains on their Caribou base metal project. The gold and uranium projects could be a bonus but we are most interested in results from current drilling at Caribou and future drilling. It would always be nice if making discoveries was easy but that is rarely the reality of exploration. The encouragement they have so far gives many reasons to stay determined in exploring the Caribou project. We are shareholders of the company.



Kodiak’s stock symbol is KXL and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.kodiakexp.com. Their website contains past news releases and additional information to do your own due diligence.



Mountain Boy Minerals



First featured in Sept 19/2005 edition, price on that date $0.71

Second feature in Mar21/2006 edition, price on that date $0.59

Third feature in July 12/2006 edition, price on that date $0.61

Fourth feature in Oct 3/2006 edition, price on that date $0.60

Current price $0.51



Mountain Boy is in the midst of their exploration season in the Stewart mining district of British Columbia, Canada where the company is focused on exploration. The key project that caught our attention is their Silver Coin project. Last year they made a new discovery at their BA project that hit some good drill results in the Barbara zone and this year they plan on drilling many more holes. They also have other projects that show promise and are being drilled currently. They have more time left this exploration season to continue drilling and the results from their drilling should all be announced before the end of 2007. One of the key things we look for in an exploration company is that they like to drill a lot of holes and this shows the company is focused on trying to make discoveries and advance their discoveries. Mountain Boy is one of these companies that like to put drill holes in the ground and this can lead to results that catch the market’s attention. This region of British Columbia has led to major discoveries in the past and management knows this area well having been focused on exploration in this area for several years. We are looking forward to drilling results from their various projects as they all have good potential for exploration success. We are shareholders of the company.



Mountain Boy’s stock symbol is MTB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.mountainboyminerals.ca. Their website contains past news releases and additional information to do your own due diligence.







Niblack Mining



First featured in Dec 07/2005 edition, price on that date $0.345

Second feature in Mar 21/2006 edition, price on that date $0.80

Third feature in July 12/2006 edition, price on that date $0.62

Fourth feature in Oct 3/2006 edition, price on that date $0.56

Fifth feature in Apr 2/2007 edition, price on that dates $0.76

Current price $0.48



We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.



Niblack’s stock symbol is NIB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.niblackmining.com. Their website contains past news releases and additional information to do your own due diligence.



Peru Copper Inc.



First featured in Nov 01/2005 edition, price on that date $2.00

Second feature in Dec 07/2005 edition, price on that date $3.45

Third feature in Mar 21/2006 edition, price on that date $3.37

Fourth feature in July 12/2006 edition, price on that date $5.65

Fifth feature in Oct 3/2006 edition, price on that date $4.20

Sixth feature in Jan 23/2007 edition, price on that date $4.67

Takeover price $6.60



Peru Copper had the shareholder vote on the takeover by Chinalco Canada B.C. Holdings Ltd., a wholly owned subsidiary of Aluminum Corp. of China for $6.60 per share and the shareholders voted over 90% in favour of the offer. Now Chinalco is in the final stages of acquiring the remaining shares and after that Peru Copper will be delisted. We will keep Peru Copper in the report for comparison purposes only. In place of the current price we will use the takeover price.



Premier Gold Mines



First featured in Oct 3/2006 edition, price on that date $0.85

Second feature in Jan 23/2007 edition, price on that date $1.80

Current price $2.30



We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.



Premier’s stock symbol is PG and the shares trade on the Toronto Stock Exchange. Their website is www.premiergoldmines.com. Their website contains past news releases and additional information to do your own due diligence.



Redstar Gold Corp.



First featured in Nov 01/2005 edition, price on that date $0.12

Second feature in Dec 07/2005 edition, price on that date $0.10

Third feature in Feb 7/2006 edition, price on that date $0.25

Fourth feature in Mar 21/2006 edition, price on that date $0.35

Fifth feature in July 12/2006 edition, price on that date $0.19

Sixth feature in Oct 3/2006 edition, price on that date $0.13

Current price $0.15



Redstar has a primary focus on gold exploration in two prolific mining regions: one in Red Lake, Ontario and the other in Nevada. To date, the best drill results have come from the Newman/Todd project in west Red Lake. In the shallow drilling completed so far, there has been high grade gold found in narrow steeply dipping veins. This kind of rock with gold found in similar type veins is much like major mines in the region. In Nevada the main focus has been on using a geological database that was developed by Anglogold/Ashanti to acquire high quality exploration projects and then look to joint venture them out and have partners fund the exploration. So far there have been several projects acquired, two of which have been joint ventured with International Tower Hill Resources. Recently Redstar completed a $2 million financing with part of the funds earmarked to advance the two areas of interest. At Red Lake they are focused on getting a drilling program underway in the next couple of months and in Nevada they looking at further acquisitions. The drilling at Red Lake will be designed to follow up on past drill results and develop a direction to focus deeper drilling. Most of the mines in the region are deep but very high grade and the drilling so far clearly shows the potential for high grade gold mineralization at depth. Due to the high grade nature of gold mines in the Red Lake mining camp, companies with new discoveries can see significant market value growth in a short period of time. In addition, the same can be said for significant results in Nevada. The combination of high quality projects in the most prolific gold mining regions in North America has Redstar well positioned for growth and with drilling that is realistic in the near term. We are shareholders of the company and a consultant to the company.



Redstar’s stock symbol is RGC and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.redstargold.com. On their website you can find past news releases and additional information to do your own due diligence.



Silvermex Resources



First featured in Oct 3/2006 edition, price on that date $0.80

Current price $1.08



Silvermex has a drill program underway on their Cerro De Plata project in Mexico. This project was an acquisition that was added to complement their more advanced project, Panasco Quemado, which is also in Mexico. Past work at Cerro De Plata included surface sampling that returned promising silver and copper grades from channel sampling. The drilling is testing geophysical anomalies in areas where they had found silver and copper in the surface sampling. We look forward to results from this drilling as it could add another highly prospective project to their portfolio. Their key project is the Panasco Quemado that has quickly advanced from discovery to its first resource calculation of a healthy resource of silver in a very short period of time. To prepare for follow up drilling to expand the resource at Penasco Quemado they are doing geophysical surveys. From what they have learned in past drilling and the current geophysical work, it should help them significantly with their target selection for the upcoming drilling. These two projects – one that is more advanced and another with a lot of exploration potential – complement each other very well. The company has only been trading for a little over a year. Because they had early success, they have not had to issue a lot of stock at lower prices so they have a relatively small market capitalization. With not a lot of stock outstanding, good quality projects, and drilling underway, they are well positioned for growth. We are shareholders of the company.



Silvermex’s stock symbol is SMR and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.silvermexresources.com. On their website you can find past news releases and additional information to do your own due diligence.



Skygold Ventures



First featured in Sept 19/2005 edition, price on that date $0.65

Second feature in Nov 01/2005 edition, price on that date $0.55

Third feature in Mar 21/2006 edition, price on that date $1.50

Fourth feature in July 12/2006 edition, price on that date $1.49

Fifth feature in Oct 3/2006 edition, price on that date $1.57

Current price $1.47



Skygold is in the midst of a very large drilling program on their Spanish Mountain project. Past drilling has outlined a large zone of gold with grades that are fairly high for a large tonnage project. This zone is at or near surface so is the kind of project that could be mined in an open pit fashion. Past surface sampling and geophysical work has been very helpful in leading to success with the drill. So far the drilling has only tested a portion of the surface sampling and geophysical anomaly and leaves a great deal of room for the zone to grow significantly from its current size. Current drilling will enable testing of a larger portion of the untested areas and further drilling in the current discovery zone will give them a better understanding of their gold discovery. So far this discovery has shown the realistic potential of being a multi-million ounce gold project. If the drilling in the untested areas is successful, it could grow into the size that would be a project several major mining companies would be interested in owning. We are shareholders of the company.



Skygold’s stock symbol is SKV and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.skygold.ca. Their website contains past news releases and additional information to do your own due diligence.



SNS Silver Corp. (Formerly Strategic Nevada Resources)



First featured in Feb 7/2006 edition, price on that date $0.85

Second feature in Mar 21/2006 edition, price on that date $0.89

Third feature in July 12/2006 edition, price on that date $0.50

Fourth feature in Oct 3/2006 edition, price on that date $0.30

Current price $0.87



SNS Silver recently announced that they have completed their first ten drill holes on the Crescent Mine project in Idaho. This mine is a past producing mine that had historically reported high-grade silver production. This project sat idle for many years; it has two mines on either side and this region has been a prolific producer of silver for over 100 years. Another exciting aspect of this region is that it is well known for bonanza grades of silver and has a lot of exploration potential. If there is one thing that gets the mining investing community excited, its high-grade intersections and this area (and specifically the Crescent Mine project) is a very good place to be looking for high grade silver. We look forward to the results from the recently completed drilling and from future drilling as we feel there is a very good chance of coming up with high grade silver in these drill holes. We are shareholders of the company.



SNS Silver’s stock symbol is SNS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.snssilver.com. On their website you can find past news releases and additional information to do your own due diligence.



Tri Origin Exploration Ltd.



First featured in Apr. 2/2007 edition, price on that date $1.15

Current price $0.64



Tri Origin is a unique exploration company because in addition to having a high quality group of exploration projects in Canada they also own approximately 50% of the shares of a company with an advanced exploration project that is trading on the Australian Stock Exchange. Using a current share price and the amount of stock they own in this Australian company, Tri Origin’s current market value is around the same as the value of the shares they own in the Australian company. This says to us that in general terms Tri Origin is not being given much value for the Canadian exploration projects. The key Canadian exploration project that we are most interested in is their project in the Red Lake mining region. The Ontario Geological Survey had previously done regional work in this area and Tri Origin believes that they may have classified the rock on their ground incorrectly and believe it is the same kind of rock as the major gold mines in the region. They are doing shallow drilling on their Red Lake project that is designed to give them additional information for deeper follow up drilling. In addition to this project they have another project in Nunavut, Canada with uranium, gold and copper potential that has a drilling program underway and we look forward to results from this drilling. In addition, their Australian subsidiary is advancing its Woodlawn project toward a feasibility study. Combining the work on their various projects in Canada, and the work the subsidiary in Australia has underway; Tri Origin is doing the work that can help them unlock value from their various projects. We are not shareholders of the company.



Tri Origin’s stock symbol is TOE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.triorigin.com. On their website you can find past news releases and additional information to do your own due diligence.



UEX Corporation



First featured in Dec 5/2006 edition, price on that date $5.45

Second feature in Jan 23/2007 edition, price on that date $5.10

Current price $5.00



UEX is a long term growth story for us with a high quality group of projects in northern Saskatchewan that has the realistic potential of becoming a large scale uranium mining company in the future. They are in the midst of a large drilling program that is budgeted for $25 million. This extensive drilling will keep them very busy and having results for the remainder of the year, which should launch them into next year with just as much or likely more work. The key discovery they have is their Shea Creek project that makes them the leading exploration company in this important uranium mining region – the most prolific in the world. The results so far have established this project as a very high grade uranium discovery and the drill results this year are continuing the success at Shea Creek. In addition, they have several other projects with significant exploration potential. Uranium prices have been in a very powerful trend for the last couple of years and this has a lot to do with the long term supply and demand outlook. Even though prices have come off their all time highs the long term trend is still in outstanding shape. Higher uranium prices is nice but more importantly UEX looks like they have the realistic potential of being a uranium producing company in the future and the current drilling will help them further understand this potential. We are shareholders of the company.



UEX’s stock symbol is UEX and the shares trade on the Toronto Stock Exchange. Their website is www.uex-corporation.com. Their website contains past news releases and additional information to do your own due diligence.



Virginia Mines Inc.



First featured in Dec 5/2006 edition, price on that date $4.35

Second feature in Apr 2/2007 edition, price on that date $5.65

Current price $6.08



Virginia is one of our favourite exploration companies. One of the key reasons is because the team running the company and the exploration efforts is the same team that made the Eleonore gold discovery that was bought by Goldcorp. Finding a new mine is no easy feat but we think they can repeat their past success because they have a good group of exploration projects and they have a large treasury to fund exploration. Another key reason for their potential for success is the area they are focused on; this team has been focused on exploration in Quebec for many years – it is their backyard and they understand it exceptionally well. One of their key assets is the Coulon project, and past drilling showed this project having the potential of being a significant discovery. With recent results looking very good, they are continuing with aggressive drilling on this project and they should continue to have results in the coming months. In addition, they also have several other projects that are in various stages of exploration that will add to the exploration news flow in the coming months. A strong team with a large portfolio of high quality exploration projects and a large treasury is a formula for success and obviously we like their chances. We are shareholders of the company.



Virginia’s stock symbol is VGQ and the shares trade on the Toronto Stock Exchange. Their website is www.virginia.qc.ca. Their website contains past news releases and additional information to do your own due diligence.



Wolfden Resources



First featured in Jan 16/2006 edition, price on that date $3.77

Second feature in Mar 21/2006 edition, price on that date $3.70

Third feature in July 12/2006 edition, price on that date $2.53

Fourth feature in Oct 3/2006 edition, price on that date $1.40

Takeover price $3.81



Now that Wolfden has been taken over by Zinifex, we will keep them in the report only for comparison purposes. In place of the current price we will use the takeover price.



Xemplar Energy Corp.



First featured in Jan 23/2007 edition, price on that date $0.79

Current price $1.26



We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.



Xemplar’s stock symbol is XE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.xemplar.ca. On their website you can find past news releases and additional information to do your own due diligence.



What makes the Allan Barry Report Unique



For the last 13 years, the editor of this report has had a career as a consultant to publicly traded junior exploration companies. Services provided to these companies include investor relations, corporate communications, strategic planning, and fund-raising.



These efforts have provided a unique opportunity to learn, from an insider’s perspective, the challenges that junior exploration companies face. Additionally it has opened doors to meeting a very accomplished group of people. Spending this time as a consultant to junior exploration companies has provided a unique perspective that is an asset few analysts or newsletter writers possess.



In Closing



We would like to take this opportunity to thank you for taking the time to read this report. We hope this information proves to be informative and helpful. We ask the reader not to post this report on any website for at least three days after you receive it and that if it is posted to post the entire report without any editing. We invite our readers to pass on our

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Regards,



Allan Barry Laboucan,

Editor and Writer

Allan Barry Reports



Disclaimer: The information included in this Allan Barry Report on Precious and Base Metals Exploration, is for information purposes only. No statement or expression of opinion, or any other matters herein, directly or indirectly, is an offer, solicitation or recommendation to buy or sell any securities mentioned. The information contained in this e-mail is drawn from sources believed to be reliable, but the accuracy and completeness of the information is not guaranteed, nor in providing it does the editor Allan Barry Laboucan or his companies, or affiliated companies, assume any liability. We do not receive or request compensation in any form in order to feature companies mentioned herein. The editor may have equity positions in companies referenced in this newsletter, or offers consulting services to these companies and will notify the reader of these positions or services provided to the company in the section of the report on each individual company. The editor his personal company or affiliated companies, disclaims all responsibility and accepts no liability (including negligence) for the consequences for any person acting, or refraining from acting, on the information provided in this publication.