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Warrant Values as of May 11th 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 Wts    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  
Denison Mines  (1) 248356 11 5 DMLCF.pk T.DML   DML.wt 24-Nov-09   $15.00 1 1.44 45.68 $30.68 60.3 31.75 $33.46 Fair Value
Canadian General Inv. Ltd 135825 12 3 CGRIF T.CGI   CGI.wt 30-Jun-07   $2.62 1 1.15
28.92
$26.30 11.7 25.1 $26.32 Fair Value
Pan American Silver 697900 12 4 PAAS T.PAA PAAWF.pk PAA.wt 20-Feb-08   $12.00 1 1.61 31 $19.00 31.5 19.31 $19.46 Fair Value
Stelco Inc 858525 14 0 SECNF.pk T.STE SECWF.pk STE.wt 31-Mar-13   $11.00 1 1.53 29.89 $18.89 22.1 19.5 $21.72 Undervalued
Agnico Eagle 008474 13 2 AEM T.AEM AEMLW AEM.wt.u 14-Nov-07 $19.00 $21.13 1 2.07 40 $18.87 32.5 19.36 $19.41 Fair Value
First Capital Realty 31943B 12 6 FCRGF.pk T.FCR   FCR.wt 31-Aug-08   $11.80 1 1.74 27.87 $16.07 10.9 16 $16.82 Fair Value
Denison Mines  (1) 248356 12 3 DMLCF.pk T.DML   DML.wt.A 1-Mar-11   $30.00 1 1.94
45.68
$15.68 60.3 23.5 $27.79 Undervalued
Pacific Stratus Energy 69487T 30 1 PSELF.pk T.PSE   PSE.wt.a 20-Jul-07   $0.30 1 1.20
13.23
$12.93 49 11 $7.90 Overvalued
Yamana Gold      98462Y 14 2 AUY T.YRI AUYWF.pk YRI.wt.A 20-Nov-08   $2.50 1.66667 1.33 15.55 $11.38 28.7 7.01 $7.94 Undervalued
Kinross 496902 15 6 KGC T.K   K.wt.a 22-Oct-07   $1.90 2.24871 1.41 15.01 $10.74 35.2 4.75 $5.85 Undervalued
Blue Pearl Mining 09578T 30 7 BLEFF.pk T.BLE   BLE.wt.A 27-Oct-11   $9.00 1 1.59 18.22 $9.22 57.1 11.45 $12.59 Fair Value
NovaGold Resources 66987E 11 5 NG T.NG NGRWF.pk NG.wt 1-Oct-08   $7.00 1 1.71 16.19 $9.19 49.3 9.49 $9.82 Fair Value
Katanga Mining G5221G 11 7 KATFF.pk T.KAT   KAT.wt 20-Nov-11   $8.50 1 1.64 17.5 $9.00 69.4 10.65 $12.89 Undervalued
Uranium Participation 917017 12 1 URPTF.pk T.U URPZF.pk U.wt.a 15-Sep-08   $12.00 1 2.12 17.06 $5.06 43.2 8.05 $6.61 Overvalued
Endeavour Mining Cap G3040R 12 5 EDVMF.pk T.EDV EDVWF.pk EDV.wt 10-Nov-08   $5.50 1 1.91 10.4 $4.90 38.4 5.45 $5.39 Fair Value
NovaGold Resources 66987E 13 1 NG T.NG   NG.wt.A 7-Jan-08   $12.10 1 3.37 16.19 $4.09 49.3 4.8 $5.15 Fair Value
Skye Resources 83081N 11 5 SKRZF.pk T.SKR   SKR.wt 13-Mar-08   $12.36 1 3.07 16.1 $3.74 69 5.24 $5.97 Undervalued
Northern Orion Resources 665575 11 4 NTO T.NNO NTWWF.pk NNO.wt 29-May-08   $2.00 1 1.50 5.55 $3.55 46.7 3.7 $3.66 Fair Value
Khan Resources 49373T 12 8 KHRIF.pk T.KRI   KRI.wt 3-Aug-08   $1.90 1 1.50 4.89 $2.99 59.5 3.27 $3.16 Fair Value
Silver Wheaton 828336 13 1 SLW T.SLW SLWBF.pk SLW.wt.b 22-Dec-10   $10.00 1 2.10 12.87 $2.87 41.6 6.12 $6.00 Fair Value
Metallica Resources 59125J 12 0 MRB T.MR  MRBWF.pk MR.wt 11-Dec-08   $3.10 1 2.21 5.49 $2.39 25.9 2.48 $2.64 Fair Value
Salazar Resources 794007 11 2   V.SRL   SRL.wt 19-Mar-09   $1.50 1 1.55 3.71 $2.21 84.1 2.4 $2.59 Fair Value
Mercator Minerals Ltd 587582 11 5   T.ML   ML.wt 16-Feb-12   $4.00 1 1.80 6.07 $2.07 60.5 3.38 $3.97 Undervalued
Breakwater Resources 106902 15 8 BWLRF.ob T.BWR BWLWF.pk BWR.wt 28-Jan-09   $1.00 1 1.65 2.59 $1.59 61.4 1.57 $1.73 Fair Value
Neo Material Tchnlgys Inc 64045Y 11 6 NEMFF.pk T.NEM   NEM.wt 31-Aug-08   $2.50 1 2.33
3.85
$1.35 48.2 1.65 $1.67 Fair Value
Silverstone Corporation 82846B 11 9 SVRCF.pk V.SST SVRWF.pk SST.wt 7-Jun-07   $1.80 1 3.68 2.76 $0.96 45.1 0.75 $0.97 Undervalued
Titan Uranium 88832T 12 1 TUEFF.pk V.TUE   TUE.wt.A 21-Oct-07   $1.35 1 2.39 2.2 $0.85 51.1 0.92 $0.90 Fair Value
Eastern Platinum Limited 276855 12 9 ELRFF.pk T.ELR   ELR.wt.A 28-Mar-09   $1.80 1 1.87 2.6 $0.80 54.6 1.39 $1.21 Overvalued
Geovic Mining Corp 373686 11 2 GVCM.pk V.GMC GVCMW.pk GMC.wt 3-Nov-11   $2.75 1 1.77 3.55 $0.80 69.7 2.01 $2.30 Undervalued
Mega Uranium 58516W 11 2   T.MGA   MGA.wt 12-Feb-12   $6.15 1 1.84 6.79 $0.64 37.9 3.7 $2.99 Overvalued
Eastern Platinum Limited 276855 11 1 ELRFF.pk T.ELR   ELR.wt 25-Apr-08   $2.00 1 2.77 2.6 $0.60 54.6 0.94 $0.90 Fair Value
Equinox Minerals 29445L 11 3   T.EQN   EQN.wt 6-May-08   $2.30 1 3.39 2.85 $0.55 42.4 0.84 $0.83 Fair Value
Geovic Mining Corp 373686 12 0 GVCM.pk V.GMC   GMC.wt.a 6-Mar-12   $3.00 1 1.69 3.55 $0.55 69.7 2.1 $2.29 Fair Value
Endeavour Silver Corp
29258Y 11 1 EDRGF.pk T.EDR
EDWGF.pk
EDR.wt 24-Oct-07   $5.25 1 6.11 5.8 $0.55 43.9 0.95 $1.03 Fair Value
Rio Narcea Gold 766909 13 9 RNO T.RNG RNWTF.pk RNG.wt 11-Sep-08   $5.00 1 4.50 5.4 $0.40 40.9 1.2 $1.35 Undervalued
Explorations Minieres du Nord 301906 12 9   T.MDN   MDN.wt 14-Jan-09   $1.00 1 2.00 1.4 $0.40 51.6 0.7 $0.60 Overvalued
Baja Mining Corp 05709R 11 1 BAJFF.pk T.BAJ   BAJ.wt 13-Apr-09   $1.25 1 1.31 1.51 $0.26 57.4 1.15 $0.62 Overvalued
European Minerals Corp G3192Y 12 6 EPMCF.PK. T.EPM EPMWF.pk EPM.wt.a 11-Apr-10   $1.20 1 2.13 1.36 $0.16 57.1 0.64 $0.63 Fair Value
T O R R Canada Inc 891326 11 8 TORFF.pk T.TOR   TOR.wt 2-Nov-09   $0.65 1 2.96 0.74 $0.09 64.8 0.25 $0.35 Undervalued
I C S Copper Systems Ltd 45107L 11 8   V.ICX   ICX.wt 4-May-09   $1.30 1 4.57 1.37 $0.07 99.8 0.3 $0.20 Overvalued
Baffinland Iron Mns Corp 056620 11 5   T.BIM   BIM.wt 31-Jan-12   $2.75 1 3.29 2.8 $0.05 57.6 0.85 $1.51 Bargain
European Minerals Corp G3192Y 11 8 EPMCF.PK. T.EPM   EPM.wt 23-Dec-08 $1.20 $1.33 1 2.39 1.36 $0.03 57.1 0.57 $0.44 Overvalued
Strait Gold Corp 86258R 11 6   V.SRD   SRD.wt 25-Apr-08   $0.30 1 2.46 0.32 $0.02 114 0.13 $0.15 Undervalued
Mesa Uranium Corp
59066W 11 4 MSAUF.pk V.MZU   MZU.wt 21-Dec-07   $0.75 1 3.94 0.71 -$0.04 84.2 0.18 $0.18 Fair Value
Coalcorp Mining 190135 11 1 CCJFF.pk T.CCJ   CCJ.wt 25-Feb-09   $0.80 1 2.52 0.73 -$0.07 50.7 0.29 $0.20 Overvalued
Newstrike Resource 652508 11 0   V.NR   NR.wt 25-Jul-07   $0.60 1 5.00 0.5 -$0.10 44.5 0.1 $0.01 Very Overvalued
Gold Point Energy Corp 380680 11 6   V.GPE   GPE.wt 29-Dec-08   $0.50 1 3.13 0.36 -$0.14 79.4 0.115 $0.11 Fair Value
Calstar Oil & Gas 04537P 12 4 APIRF.PK C.CALS   CALS.wt.b 18-May-07   $0.25 1 10.00 0.1 -$0.15 134.2 0.01 $0.00 Very Overvalued
Medical Intelligence Tech 58458F 12 7   V.MIZ   MIZ.wt 28-Sep-07   $0.80 1 10.83 0.65 -$0.15 90.2 0.06 $0.10 Bargain
Colibri Resource Corp 194168 11 8 CRUCF.pk V.CBI   CBI.wt 28-Jul-07   $0.30 2 2.96 0.415 -$0.19 54.1 0.07 $0.06 Overvalued
European Minerals Corp G3192Y 14 2 EPMCF.PK. T.EPM EPMJF.pk EPM.wt.b 21-Mar-11   $1.55 1 2.47 1.36 -$0.19 57.1 0.55 $0.60 Fair Value
Medical Intelligence Tech 58458F 13 5   V.MIZ   MIZ.wt.a 20-Oct-08   $0.85 1 6.50 0.65 -$0.20 90.2 0.1 $0.23 Bargain
Erdene Gold 29480Q 11 8 ERDGF.pk T.ERD   ERD.wt 15-Jun-09   $1.60 1 3.45
1.38
-$0.22 79.8 0.4 $0.59 Undervalued
Blue Sky Uranium
096049 11 9   V.BSK   BSK.wt 23-Mar-09   $1.30 1 4.12
1.07
-$0.23 77 0.26 $0.40 Bargain
Tiomin Resources 887901 17 1 TMIRF.pk T.TIO   TIO.wt 7-Dec-07   $0.37 1 4.33 0.13 -$0.24 98.9 0.03 $0.01 Very Overvalued
VisionSky Corp 92833V 11 9   C.VSKY   VSKY.w 22-Feb-10   $0.65 1 nt 0.33 -$0.32 159 nt $0.25 not trading yet
Australian Solomons Gold Q8271C 11 8   T.SGA   SGA.wt 28-Aug-08   $1.71 1 4.45
1.38
-$0.33 63.2 0.31 $0.32 Fair Value
Bankers Petroleum 066286 12 1   T.BNK   BNK.wt.A 1-Mar-12   $0.90 1 1.66 0.53 -$0.37 42.4 0.32 $0.14 Very Overvalued
Avnel Gold Mining
G0683R 12 3   T.AVK   AVK.wt 30-Jun-10   $1.06 1 1.25 0.69 -$0.37 49.8 0.55 $0.18 Very Overvalued
Bankers Petroleum
066286 11 3 BNKFF.pk T.BNK   BNK.wt 10-Nov-09   $0.95 1 2.94 0.53 -$0.42 42.4 0.18 $0.06 Very Overvalued
Urbana 91707P 11 7   T.URB   URB.wt 11-Jan-09   $3.75 1 8.68 3.3 -$0.45 47.2 0.38 $0.73 Bargain
Northern Orion Resources 665575 12 2 NTO T.NNO  NTOWF.pk NNO.wt.a 17-Feb-10   $6.00 1 3.78 5.55 -$0.45 46.7 1.47 $1.81 Undervalued
Coalcorp Mining 190135 13 7 CCJFF.pk T.CCJ   CCJ.wt.A 17-Aug-11   $1.20 1 5.21 0.73 -$0.47 50.7 0.14 $0.23 Bargain
Chesapeake Gold 165184 11 0 CHPGF.pk V.CKG   CKG.wt 23-Feb-12   $8.00 1 2.13 7.46 -$0.54 21.5 3.5 $1.97 Overvalued
Stornoway Diamonds 86222Q 12 9 SWYDF.PK T.SWY   SWY.wt 12-Apr-09   $1.50 1 3.24 0.94 -$0.56 28.2 0.29 $0.04 Very Overvalued
Glencairn Gold Corp 377903 14 1 GLE T.GGG GLECW.pk GGG.wt 26-Nov-08   $1.25 1 4.55
0.66
-$0.59 52.6 0.145 $0.06 Very Overvalued
Iamgold 450913 11 6 IAG T.IMG   IMG.wt 12-Aug-08   $3.75 2.381 3.24 8.33 -$0.60 14.5 1.08 $2.02 Bargain
Peak Gold 70468J 11 4   V.PIK   PIK.wt 3-Apr-12   $1.50 1 1.98 0.89 -$0.61 65.6 0.45 $0.42 Fair Value
RailPower 750758 11 2   T.P   P.wt 12-Feb-10   $1.25 1 2.11
0.57
-$0.68 46.5 0.27 $0.07 Very Overvalued
Nevsun Resources 64156L 15 0 NSU T.NSU   NSU.wt.a 25-Oct-08   $3.00 1 4.04 2.3 -$0.70 44.9 0.57 $0.33 Overvalued
Stingray Resources
860841 13 9 SGYRF.PK V.SRY   SRY.wt 24-Apr-09   $1.80 1 3.18 1.08 -$0.72 28.3 0.34 $0.16 Very Overvalued
Great Basin 390124 11 3   T.GBG   GBG.wt 17-Apr-09   $3.50 1 4.37 2.71 -$0.79 54.8 0.62 $0.66 Fair Value
Ivanhoe Energy 465790 11 1 IVAN.pk T.IE   IE.wt 15-May-11   $2.93 1 1.78 2.1 -$0.83 71 1.18 $1.03 Overvalued
Lateegra 51818R 11 3 LRGFF.PK V.LRG   LRG.wt 1-Dec-08   $1.50 1 4.85 0.63 -$0.87 75.4 0.13 $0.09 Overvalued
KidsFutures 49381E 11 3    V.FUT   FUT.wt 1-Jan-08   $1.10 1 18.50 0.185 -$0.92 74.3 0.01 $0.00 Very Overvalued
Welton Energy 950456 11 1 WLEYF.pk T.WLT   WLT.wt 4-Aug-07   $1.75 1 9.65
0.82
-$0.93 52.5 0.085 $0.00 Very Overvalued
Nevsun Resources 64156L 13 5 NSU T.NSU NSUWF.pk NSU.wt 29-Jun-08   $3.25 1 4.26 2.3 -$0.95 44.9 0.54 $0.21 Very Overvalued
TSO3 Inc 873015 13 5   T.TOS   TOS.wt 9-Mar-09   $3.00 1 5.77 2.02 -$0.98 40.5 0.35 $0.24 Overvalued
Spur Ventures 85216L 12 0 SPVEF.pk T.SVU   SVU.wt 28-Jul-07   $2.00 1 13.14 0.92 -$1.08 99.2 0.07 $0.01 Very Overvalued
International Minerals Corp 459875 11 8 IMZLF.pk T.IMZ   IMZ.wt 19-May-08   $6.88 1 9.63 5.78 -$1.10 20.3 0.6 $0.21 Very Overvalued
Minco Silver 60254C 12 6 MISVF.pk T.MSV   MSV.wt 18-May-08   $3.45 1 4.19 2.26 -$1.19 55.7 0.54 $0.23 Very Overvalued
Sprott Molybdenum Participation Corp
852067 11 5   T.MLY   MLY.wt 16-Apr-09   $7.50 1 3.24 6.15 -$1.35 42.1 1.9 $1.18 Overvalued
Geovic Mining Corp U37397 11 1 GVCM.pk V.GMC   GMC.wt.b 27-Apr-12   $5.00 1 3.51 3.55 -$1.45 69.7 1.01 $1.93 Bargain
Mines Management 603432 11 3   T.MGT   MGT.wt.U 20-Apr-12 $5.75 $6.40 1 3.26 4.89 -$1.51 43.8 1.50 $1.81 Undervalued
Southern Era Diamonds 84415N 11 0 SDMFF.pk T.SDM SDMWF.pk SDM.wt 17-Nov-08   $2.00 1 10.33 0.465 -$1.54 22.4 0.045 $0.00 Very Overvalued
Silverwing Energy Inc 83149P 11 0 SVWGF.pk T.SVW   SVW.wt 22-Feb-08   $2.25 1 3.15 0.41 -$1.84 83.6 0.13 $0.00 Very Overvalued
Canadian Income Mgmt Tr 13607T 11 4   T.CNM-UN   CNM.wt 28-Feb-12   $2.60 1 12.50 0.75 -$1.85 182.3 0.06 $0.70 Bargain
Ascendant Copper Corp 043503 11 9 ASCPF.pk T.ACX   ACX.wt 21-Nov-10   $2.50 1 6.00 0.6 -$1.90 95.2 0.1 $0.23 Bargain
Palmarejo Silver & Gold 69672B 11 5 PJOFF.pk V.PJO   PJO.wt 19-Oct-07   $12.50 1 28.08 10.39 -$2.11 91.9 0.37 $1.89 Bargain
I M A Exploration 449664 11 9 IMR V.IMR   IMR.wt 14-Sep-09   $3.45 1 7.57 0.87 -$2.58 45.2 0.115 $0.01 Very Overvalued
M G M Energy 59318A 11 8   T.MGX   MGX.wt.b 30-Sep-07   $6.00 1 31.33 3.29 -$2.71 50.9 0.105 $0.02 Very Overvalued
Fralex Therapeutics Inc 35168Q 11 4   V.FXI   FXI.wt 14-Feb-09   $4.00 1 11.50 1.15 -$2.85 99.6 0.1 $0.25 Bargain
Yellow Pages Income Fund 985569 13 6 YLWPF.pk T.YLO-UN   YLO.wt 14-Dec-07   $17.50 1 153.68 14.6 -$2.90 19.1 0.095 $0.18 Bargain
I M A Exploration
449664 30 9 IMR V.IMR   IMR.wt.A 21-Mar-10   $3.80 1 4.83 0.87 -$2.93 45.2 0.18 $0.02 Very Overvalued
New Gold Inc. 644535 11 4 NGD T.NGD   NGD.wt 29-Feb-08   $12.00 1 19.42 8.35 -$3.65 22.8 0.43 $0.05 Very Overvalued
Goldcorp 380956 17 7 GG T.G GG.wt G.wt.G 9-Jun-11   $30.75 1 2.24 26.95 -$3.80 24.1 12.01 $5.98 Very Overvalued
U S Gold 912023 11 6 UXG T.UXG   UXG.wt 22-Feb-11 $10.00 $11.12 1 2.36 6.25 -$4.87 29.5 2.65 $0.65 Very Overvalued
Peregrine Diamonds
713916 11 2   T.PGD   PGD.wt 16-Jul-07   $7.00 1 17.78 1.6 -$5.40 35.5 0.09 $0.00 Very Overvalued
Quadra Mining 747319 11 9 QADMF.PK T.QUA   QUA.wt 8-May-10   $20.00 1 5.09 13.23 -$6.77 35.1 2.6 $3.92 Bargain
Silver Wheaton 828336 11 5 SLW T.SLW SLWWF.pk SLW.wt 5-Aug-09   $4.00 5 1.40 12.87 -$7.13 41.6 1.84 $1.86 Fair Value
Kinross 496902 16 4 KGC T.K   K.wt.b 7-Sep-11   $10.00 2.24871 2.67 15.01 -$7.48 35.2 2.5 $3.47 Undervalued
Metallic Ventures Gold 591253 12 5 MTLVF.pk T.MVG   MVG.wt 17-Mar-09   $10.00 1 11.95 2.27 -$7.73 63.7 0.19 $0.09 Very Overvalued
Silver Wheaton 828336 12 3 SLW T.SLW SLWAF.pk SLW.wt.a 30-Nov-09   $5.50 5 1.58 12.87 -$14.63 41.6 1.63 $1.64 Fair Value
Kinross 496902 13 1 KGC T.K KRSGF.pk K.wt 5-Dec-07   $15.00 3 5.96 15.01 -$29.99 35.2 0.84 $0.59 Overvalued
Envoy Communs Group Inc 29413B 11 3 ECGI T.ECG   ECG.wt 20-Feb-09   $9.00 5 29.28 3.66 -$41.34 30.2 0.025 $0.00 Very Overvalued
S M T C Mfg Corp of Can 78458Q 12 1 SMTX T.SMX   SMX.wt 4-Mar-09   $9.25 5 15.75 3.15 -$43.10 48.7 0.04 $0.02 Very Overvalued

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Notes

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

(2) AEM and MGT's warrants and trade in US funds. They have been converted to Cdn$ as the common trades in Cdn$.

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

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