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     April 20 2007

(To sort click on the column headings in blue)                  
                               
COMPANY NAME                       Stocks in  1 Month      
(click on the company name for    U. S. Canadian U. S. Canadian Expiration Exercise Exercise Warrants    Price the money Historic   Fair  
number of warrants trading, Warrant Symbol Stock Symbol Warrant Date Price Price per Leverage     of   (Intrinsic Volatility Warrant Market Comments
company website and warrant PRs.) CUSIP NO Stock Symbol Warrant Symbol   US$ Cdn$ Share   Common Value) Annualized Price Value  
Canadian General Inv. Ltd 135825 12 3 CGRIF T.CGI   CGI.wt 30-Jun-07   $2.62 1 1.13 28 $25.38 14.1 24.750 $25.41 Fair Value
Denison Mines  (1) 248356 11 5 DMLCF.pk T.DML   DML.wt 24-Nov-09   $15.00 1 1.54 40 $25.00 69.3 26.000 $28.77 Undervalued
Pan American Silver
697900 12 4 PAAS T.PAA PAAWF.pk PAA.wt 20-Feb-08   $12.00 1 1.51 34.06 $22.06 33.4 22.600 $22.55 Fair Value
Stelco Inc 858525 14 0 SECNF.pk T.STE SECWF.pk STE.wt 31-Mar-13   $11.00 1 1.51 32.19 $21.19 16.5 21.250 $24.02 Undervalued
Agnico Eagle 008474 13 2 AEM T.AEM AEMLW AEM.wt.u 14-Nov-07 $19.00 $21.44 1 1.97
42.17
$20.73 35.6 21.440 $21.34 Fair Value
First Capital Realty 31943B 12 6 FCRGF.pk T.FCR   FCR.wt 31-Aug-08   $11.80 1 1.85
27.81
$16.01 16.1 15.050 $16.79 Undervalued
Petrolifera Petroleum 716709 11 8 PRFPF.pk T.PDP   PDP.wt 3-May-07   $3.00 1 1.20 17.85 $14.85 35.9 14.930 $14.86 Fair Value
Yamana Gold      98462Y 14 2 AUY T.YRI AUYWF.pk YRI.wt.A 20-Nov-08   $2.50 1.66667 1.31 16.56 $14.06 26.4 7.610 $8.55 Undervalued
Kinross 496902 15 6 KGC T.K   K.wt.a 22-Oct-07   $1.90 2.24871 1.35 15.82 $13.92 27.7 5.200 $6.21 Undervalued
NovaGold Resources 66987E 11 5 NG T.NG NGRWF.pk NG.wt 1-Oct-08   $7.00 1 1.59 18.15 $11.15 38.2 11.450 $11.66 Fair Value
Denison Mines  (1) 248356 12 3 DMLCF.pk T.DML   DML.wt.A 1-Mar-11   $30.00 1 2.22 40 $10.00 69.3 18.000 $24.72 Undervalued
Uranium Participation 917017 11 3 URPTF.pk T.U URPWF.pk U.wt 10-May-07   $6.25 1 1.66 15.92 $9.67 45.2 9.590 $9.69 Fair Value
Silver Wheaton 828336 11 5 SLW T.SLW SLWWF.pk SLW.wt 5-Aug-09   $4.00 5 1.44 12.85 $8.85 37.7 1.790 $1.86 Fair Value
Blue Pearl Mining 09578T 30 7 BLEFF.pk T.BLE   BLE.wt.A 27-Oct-11   $9.00 1 1.64 16.99 $7.99 94.5 10.350 $13.71 Undervalued
Pacific Stratus Energy 69487T 30 1 PSELF.pk T.PSE   PSE.wt 20-Jul-07   $0.30 1 1.06
8.2
$7.90 27.6 7.700 $7.90 Fair Value
Silver Wheaton 828336 12 3 SLW T.SLW SLWAF.pk SLW.wt.a 30-Nov-09   $5.50 5 1.61 12.85 $7.35 37.7 1.600 $1.63 Fair Value
NovaGold Resources 66987E 13 1 NG T.NG   NG.wt.A 7-Jan-08   $12.10 1 2.69 18.15 $6.05 38.2 6.750 $6.66 Fair Value
Kinross 496902 16 4 KGC T.K   K.wt.b 7-Sep-11   $10.00 2.24871 2.56 15.82 $5.82 27.7 2.750 $3.64 Undervalued
Iamgold 450913 11 6 IAG T.IMG   IMG.wt 12-Aug-08   $3.75 2.381 3.25 8.97 $5.22 29.2 1.160 $2.29 Bargain
Katanga Mining G5221G 11 7 KATFF.pk T.KAT   KAT.wt 20-Nov-11   $8.50 1 1.63 13 $4.50 37.3 8.000 $7.06 Overvalued
Uranium Participation
917017 12 1 URPTF.pk T.U URPZF.pk U.wt.a 15-Sep-08   $12.00 1 1.94 15.92 $3.92 45.2 8.200 $5.81 Overvalued
Endeavour Mining Cap G3040R 12 5 EDVMF.pk T.EDV EDVWF.pk EDV.wt 10-Nov-08   $5.50 1 1.70 9.36 $3.86 28.6 5.500 $4.32 Overvalued
Northern Orion Resources 665575 11 4 NTO T.NNO NTWWF.pk NNO.wt 29-May-08   $2.00 1 1.53 5.4 $3.40 40.4 3.520 $3.51 Fair Value
Khan Resources 49373T 12 8 KHRIF.pk T.KRI   KRI.wt 3-Aug-08   $1.90 1 1.55 5.05 $3.15 59.5 3.260 $3.32 Fair Value
Metallica Resources 59125J 12 0 MRB T.MR  MRBWF.pk MR.wt 11-Dec-08   $3.10 1 2.00
6.01
$2.91 35.3 3.000 $3.19 Fair Value
Silver Wheaton 828336 13 1 SLW T.SLW SLWBF.pk SLW.wt.b 22-Dec-10   $10.00 1 2.01 12.85 $2.85 37.7 6.400 $5.77 Fair Value
Mercator Minerals Ltd 587582 11 5   T.ML   ML.wt 16-Feb-12   $4.00 1 1.87 5.99 $1.99 60.9 3.200 $3.91 Undervalued
Mega Uranium 58516W 11 2   T.MGA   MGA.wt 12-Feb-12   $6.15 1 1.94 8.13 $1.98 98 4.200 $6.39 Bargain
Salazar Resources 794007 11 2   V.SRL   SRL.wt 19-Mar-09   $1.50 1 1.72 3.44 $1.94 54.6 2.000 $2.16 Fair Value
Skye Resources 83081N 11 5 SKRZF.pk T.SKR   SKR.wt 13-Mar-08   $12.36 1 4.03 13.9 $1.54 30.9 3.450 $2.76 Overvalued
Neo Material Tchnlgys Inc 64045Y 11 6 NEMFF.pk T.NEM   NEM.wt 31-Aug-08   $2.50 1 2.19 3.75 $1.25 39.1 1.710 $1.52 Overvalued
Titan Uranium 88832T 12 1 TUEFF.pk V.TUE   TUE.wt.A 21-Oct-07   $1.35 1 1.92 2.57 $1.22 55.9 1.340 $1.27 Fair Value
Breakwater Resources 106902 15 8 BWLRF.ob T.BWR BWLWF.pk BWR.wt 28-Jan-09   $1.00 1 1.73 2.16 $1.16 58.7 1.250 $1.32 Fair Value
Geovic Mining Corp 373686 11 2 GVCM.pk V.GMC GVCMW.pk GMC.wt 3-Nov-11   $2.75 1 1.67 3.75 $1.00 98.6 2.250 $2.93 Undervalued
Kinross 496902 13 1 KGC T.K KRSGF.pk K.wt 5-Dec-07   $15.00 3 6.06 15.82 $0.82 27.7 0.870 $0.69 Overvalued
Explorations Minieres du Nord 301906 12 9   T.MDN   MDN.wt 14-Jan-09   $1.00 1 2.16 1.6 $0.60 46.5 0.740 $0.76 Fair Value
Silverstone Corporation 82846B 11 9 SVRCF.pk V.SST SVRWF.pk SST.wt 7-Jun-07   $1.80 1 5.00 2.35 $0.55 70.9 0.470 $0.60 Undervalued
Endeavour Silver Corp
29258Y 11 1 EDRGF.pk T.EDR EDWGF.pk EDR.wt 24-Oct-07   $5.25 1 5.26 5.79 $0.54 48.6 1.100 $1.14 Fair Value
Eastern Platinum Limited 276855 12 9 ELRFF.pk T.ELR   ELR.wt.A 28-Mar-09   $1.80 1 2.49 2.34 $0.54 84.1 0.940 $1.27 Undervalued
Centrasia Mining Corp 15626R 11 0 CTMHF.ob V.CTM   CTM.wt 28-Apr-07   $0.78 2 4.46
1.16
$0.38 85 0.130 $0.19 Undervalued
Eastern Platinum Limited 276855 11 1 ELRFF.pk T.ELR   ELR.wt 25-Apr-08   $2.00 1 3.66 2.34 $0.34 84.1 0.640 $0.93 Undervalued
Baja Mining Corp 05709R 11 1 BAJFF.pk T.BAJ   BAJ.wt 13-Apr-09   $1.25 1 1.59 1.51 $0.26 49.2 0.950 $0.58 Overvalued
European Minerals Corp G3192Y 12 6 EPMCF.PK. T.EPM EPMWF.pk EPM.wt.a 11-Apr-10   $1.20 1 2.16 1.45 $0.25 44.1 0.670 $0.61 Fair Value
Rio Narcea Gold 766909 13 9 RNO T.RNG RNWTF.pk RNG.wt 11-Sep-08   $5.00 1 4.68 5.2 $0.20 25.7 1.110 $0.91 Overvalued
Colibri Resource Corp 194168 11 8 CRUCF.pk V.CBI   CBI.wt 28-Jul-07   $0.30 2 2.59 0.44 $0.14 48.1 0.085 $0.08 Overvalued
European Minerals Corp G3192Y 11 8 EPMCF.PK. T.EPM   EPM.wt 23-Dec-08 $1.20 $1.35 1 2.74 1.45 $0.10 44.1 0.530 $0.42 Overvalued
Strait Gold Corp 86258R 11 6   V.SRD   SRD.wt 25-Apr-08   $0.30 1 2.11 0.38 $0.08 122 0.180 $0.20 Undervalued
Mesa Uranium Corp 59066W 11 4 MSAUF.pk V.MZU   MZU.wt 21-Dec-07   $0.75 1 3.16 0.79 $0.04 96.1 0.250 $0.27 Fair Value
Equinox Minerals 29445L 11 3   T.EQN   EQN.wt 6-May-08   $2.30 1 4.18 2.3 $0.00 37.3 0.550 $0.40 Overvalued
T O R R Canada Inc 891326 11 8 TORFF.pk T.TOR   TOR.wt 2-Nov-09   $0.65 1 2.17 0.65 $0.00 48.7 0.300 $0.23 Overvalued
Newstrike Resource 652508 11 0   V.NR   NR.wt 25-Jul-07   $0.60 1 4.23 0.55 -$0.05 80.8 0.130 $0.07 Overvalued
Urbana 91707P 11 7   T.URB   URB.wt 11-Jan-09   $3.75 1 6.83 3.69 -$0.06 45.5 0.540 $0.98 Bargain
Erdene Gold
29480Q 11 8 ERDGF.pk T.ERD   ERD.wt 15-Jun-09   $1.60 1 2.50 1.5 -$0.10 54.4 0.600 $0.49 Overvalued
European Minerals Corp G3192Y 14 2 EPMCF.PK. T.EPM EPMJF.pk EPM.wt.b 21-Mar-11   $1.55 1 2.46 1.45 -$0.10 44.1 0.590 $0.55 Fair Value
Gold Point Energy Corp 380680 11 6   V.GPE   GPE.wt 29-Dec-08   $0.50 1 2.60 0.39 -$0.11 35.3 0.150 $0.05 Very Overvalued
Coalcorp Mining 190135 11 1 CCJFF.pk T.CCJ   CCJ.wt 25-Feb-09   $0.80 1 2.43 0.68 -$0.12 53.8 0.280 $0.18 Overvalued
Aspire Capital 04537P 12 4 APIRF.PK C.CALS   CALS.wt.b 18-May-07   $0.25 1 9.00 0.09 -$0.16 292.7 0.010 $0.01 Fair Value
Medical Intelligence Tech 58458F 12 7   V.MIZ   MIZ.wt 28-Sep-07   $0.80 1 4.20 0.63 -$0.17 92.2 0.150 $0.10 Overvalued
Tiomin Resources 887901 17 1 TMIRF.pk T.TIO   TIO.wt 7-Dec-07   $0.37 1 4.86 0.17 -$0.20 165 0.035 $0.05 Undervalued
Blue Sky Uranium 096049 11 9   T.BSK   BSK.wt 23-Mar-09   $1.30 1 5.58 1.06 -$0.24 65.3 0.190 $0.33 Bargain
Ivanhoe Energy 465790 11 1 IVAN.pk T.IE   IE.wt 15-May-11   $2.93 1 1.93 2.64 -$0.29 76.5 1.370 $1.54 Undervalued
VisionSky Corp 92833V 11 9   C.VSKY   VSKY.w 22-Feb-10   $0.65 1 nt 0.35 -$0.30 201 nt $0.31 not trading yet
Avnel Gold Mining
G0683R 12 3   T.AVK   AVK.wt 30-Jun-10   $1.06 1 1.36 0.75 -$0.31 81.2 0.550 $0.37 Overvalued
Bankers Petroleum
066286 12 1   T.BNK   BNK.wt.A 1-Mar-12   $0.90 1 2.37 0.58 -$0.32 24 0.245 $0.08 Very Overvalued
Australian Solomons Gold Q8271C 11 8   T.SGA   SGA.wt 28-Aug-08   $1.71 1 4.42 1.37 -$0.34 42.6 0.310 $0.19 Overvalued
Bankers Petroleum 066286 11 3 BNKFF.pk T.BNK   BNK.wt 10-Nov-09   $0.95 1 2.52 0.58 -$0.37 24 0.230 $0.02 Very Overvalued
Stornoway Diamonds 86222Q 12 9 SWYDF.PK T.SWY   SWY.wt 12-Apr-09   $1.50 1 3.78 1.02 -$0.48 31.3 0.270 $0.08 Very Overvalued
RailPower 750758 11 2   T.P   P.wt 12-Feb-10   $1.25 1 2.47 0.74 -$0.51 83.2 0.300 $0.31 Fair Value
Coalcorp Mining 190135 13 7 CCJFF.pk T.CCJ   CCJ.wt.A 17-Aug-11   $1.20 1 5.04 0.68 -$0.52 53.8 0.135 $0.22 Bargain
Baffinland Iron Mns Corp 056620 11 5   T.BIM   BIM.wt 31-Jan-12   $2.75 1 3.58 2.22 -$0.53 32.7 0.620 $0.65 Fair Value
Glencairn Gold Corp 377903 14 1 GLE T.GGG GLECW.pk GGG.wt 26-Nov-08   $1.25 1 4.18 0.69 -$0.56 32.2 0.165 $0.02 Very Overvalued
Northern Orion Resources 665575 12 2 NTO T.NNO  NTOWF.pk NNO.wt.a 17-Feb-10   $6.00 1 3.67 5.4 -$0.60 40.4 1.470 $1.50 Fair Value
Peak Gold 70468J 11 4   V.PIK   PIK.wt 3-Apr-12   $1.50 1 2.00 0.87 -$0.63 53.5 0.435 $0.32 Overvalued
Minco Silver 60254C 12 6 MISVF.pk T.MSV   MSV.wt 18-May-08   $3.45 1 3.53 2.82 -$0.63 51.1 0.800 $0.44 Overvalued
Lateegra 51818R 11 3 LRGFF.PK V.LRG   LRG.wt 1-Dec-08   $1.50 1 6.17 0.74 -$0.76 45.9 0.120 $0.04 Very Overvalued
Las Vegas From Home.com 517672 11 9 LVFHF.ob V.LVH   LVH.wt 13-May-07   $1.00 1 45.00 0.225 -$0.78 40.5 0.005 $0.00 Very Overvalued
Nevsun Resources 64156L 15 0 NSU T.NSU   NSU.wt.a 25-Oct-08   $3.00 1 3.58 2.15 -$0.85 53.1 0.600 $0.36 Overvalued
TSO3 Inc 873015 13 5   T.TOS   TOS.wt 9-Mar-09   $3.00 1 5.38 2.15 -$0.85 26 0.400 $0.13 Very Overvalued
KidsFutures 49381E 11 3    V.FUT   FUT.wt 1-Jan-08   $1.10 1 19.00 0.19 -$0.91 122.8 0.010 $0.01 Fair Value
Chesapeake Gold 165184 11 0 CHPGF.pk V.CKG   CKG.wt 23-Feb-12   $8.00 1 1.99
7.08
-$0.92 23.5 3.550 $1.28 Very Overvalued
Welton Energy 950456 11 1 WLEYF.pk T.WLT   WLT.wt 4-Aug-07   $1.75 1 9.38 0.75 -$1.00 39.4 0.080 $0.00 Very Overvalued
Nevsun Resources 64156L 13 5 NSU T.NSU NSUWF.pk NSU.wt 29-Jun-08   $3.25 1 3.31 2.15 -$1.10 53.1 0.650 $0.24 Very Overvalued
Mines Management 603432 11 3   T.MGT   MGT.wt.U 20-Apr-12 $5.75 $6.49 1 3.53
5.3
-$1.19 60.4 1.500 $2.70 Bargain
International Minerals Corp 459875 11 8 IMZLF.pk T.IMZ   IMZ.wt 19-May-08   $6.88 1 9.43 5.66 -$1.22 22.5 0.600 $0.25 Very Overvalued
Spur Ventures 85216L 12 0 SPVEF.pk T.SVU   SVU.wt 28-Jul-07   $2.00 1 7.22 0.65 -$1.35 130 0.090 $0.02 Very Overvalued
Southern Era Diamonds
84415N 11 0 SDMFF.pk T.SDM
SDMWF.pk
SDM.wt 17-Nov-08   $2.00 1 11.25 0.45 -$1.55 63.4 0.040 $0.01 Very Overvalued
Sprott Molybdenum Participation Corp 852067 11 5   T.MLY   MLY.wt 16-Apr-09   $7.50 1 3.67 5.8 -$1.70 30.3 1.580 $0.66 Very Overvalued
Silverwing Energy Inc 83149P 11 0 SVWGF.pk T.SVW   SVW.wt 22-Feb-08   $2.25 1 3.64 0.51 -$1.74 215.4 0.140 $0.21 Undervalued
Ascendant Copper Corp 043503 11 9 ASCPF.pk T.ACX   ACX.wt 21-Nov-10   $2.50 1 6.60 0.66 -$1.84 135.4 0.100 $0.44 Bargain
Goldcorp 380956 17 7 GG T.G GG.wt G.wt.G 9-Jun-11   $30.75 1 2.30 28.8 -$1.95 29.9 12.500 $8.53 Overvalued
Canadian Income Mgmt Tr 13607T 11 4   T.CNM-UN   CNM.wt 28-Feb-12   $2.60 1 14.50 0.58 -$2.02 172.9 0.040 $0.52 Bargain
Fralex Therapeutics Inc 35168Q 11 4   V.FXI   FXI.wt 14-Feb-09   $4.00 1 14.00 1.4 -$2.60 65.7 0.100 $0.14 Undervalued
I M A Exploration 449664 11 9 IMR V.IMR   IMR.wt 14-Sep-09   $3.45 1 7.64 0.84 -$2.61 88.2 0.110 $0.17 Bargain
M G M Energy 59318A 11 8   T.MGX   MGX.wt.b 30-Sep-07   $6.00 1 16.50 3.3 -$2.70 55.9 0.200 $0.04 Very Overvalued
I M A Exploration
449664 30 9 IMR V.IMR   IMR.wt.A 21-Mar-10   $3.80 1 4.67 0.84 -$2.96 88.2 0.180 $0.21 Undervalued
Yellow Pages Income Fund
985569 13 6 YLWPF.pk T.YLO-UN   YLO.wt 14-Dec-07   $17.50 1 160.78 14.47 -$3.03 15.3 0.090 $0.09 Fair Value
Palmarejo Silver & Gold 69672B 11 5 PJOFF.pk V.PJO   PJO.wt 19-Oct-07   $12.50 1 22.63 9.05 -$3.45 19.2 0.400 $0.01 Very Overvalued
New Gold Inc. 644535 11 4 NGD T.NGD   NGD.wt 29-Feb-08   $12.00 1 14.40 8.35 -$3.65 40.2 0.580 $0.39 Overvalued
U S Gold 912023 11 6 UXG T.UXG   UXG.wt 22-Feb-11 $10.00 $11.29 1 2.87 7.17 -$4.12 109.8 2.500 $4.88 Bargain
Peregrine Diamonds 713916 11 2   T.PGD   PGD.wt 16-Jul-07   $7.00 1 19.60 1.96 -$5.04 53.9 0.100 $0.00 Very Overvalued
Envoy Communs Group Inc 29413B 11 3 ECGI T.ECG   ECG.wt 20-Feb-09   $9.00 5 24.47 3.67 -$5.33 66.7 0.030 $0.10 Bargain
S M T C Mfg Corp of Can 78458Q 12 1 SMTX T.SMX   SMX.wt 4-Mar-09   $9.25 5 11.67 3.5 -$5.75 107 0.060 $0.23 Bargain
Metallic Ventures Gold 591253 12 5 MTLVF.pk T.MVG   MVG.wt 17-Mar-09   $10.00 1 6.71 2.55 -$7.45 47.6 0.380 $0.03 Very Overvalued

 

Notes

(1) Stock close adjusted to reflect puchase of multiple shares. Eg. Dennison Mines end of day share price multiplied by 2.88

(2) Peak Gold and Sprott Moly Fund have not traded for a full month which will affect the volatility rate.

The intrinsic value is market price of shares minus exercise price of warrant.

Fair market value is calculated using the Binominal American version of  Black-Scholes calculations on *historic volatility for the past month annualized.

Leverage is market price of shares divided by market price of warrant.

*Historic volatility is the deviation of the stock price over a one month, multiplied by  (262 days) to produce an annualized volatility level.A volatile market therefore has a larger standard deviation of stock price and therefore gives  the warrants a higher value. High volatility mayshow a reversal in a trend or could be a reaction to news put out by the company. High volatility can cause sharp price reversals.

***All comments are based on calculations alone and not a recommendation to buy. Fair is 10% either way, undervalued is 11% - 50%, bargain over 50%. Overvalued is 11% - 50% over and very over valued is over 50%.

Good sites for US warrants are:

Amex Stock Warrants

NYSE Stock Warrants

Nasdaq Stock Warrants W

Nasdaq Stock Warrants Z

OTCBB Stock Warrants W

OTCBB Stock Warrants Z

thanks to

http://www.equitywatcher.com/