(To sort click on the column headings in blue)                                                                                            

COMPANY NAME													Stocks in	1 Month
(click on the company name for	Latest		U. S.	Canadian	U. S.	Canadian	Expiration	Exercise	Exercise	Wts		Price	the money	Historic		Fair
number of warrants trading,	Insider	Warrant	Symbol	Stock	Symbol	Warrant	Date	Price	Price	per	Leverage	of	(Intrinsic	Volatility	Warrant	Market	Comments
company website and warrant PRs.)	Activity	CUSIP NO	Stock	Symbol	Warrant	Symbol		US$	Cdn$	Share		Common	Value)	Annualized	Price	Value
Oilsands Canada Corp	T.OCF	678044 11 6		T.OCF		OCF.wt	31-Jul-10		$10.25	1	nt	9.74	-0.51	31.5	1.02	$2.58	Bargain
Palmarejo Silver & Gold	V.PJO	69672B 11 5	PJOFF.pk	V.PJO		PJO.wt	19-Oct-07		$12.50	1	970	9.7	-2.80	58	0.01	$0.11	Bargain
Yellow Pages Income Fund	T.YLO	985569 13 6	YLWPF.pk	T.YLO-UN		YLO.wt	14-Dec-07		$17.50	1	453.33	13.6	-3.90	18.3	0.03	$0.00	Very Overvalued
M A C C's Sustainable	T.MYT.UN	55266Q 12 1		T.MYT.UN		MYT.wt.a	13-Dec-07		$8.00	1	200	8	0.00	43.2	0.04	$1.03	Bargain
New Gold Inc.	T.NGD	644535 11 4	NGD	T.NGD		NGD.wt	29-Feb-08		$12.00	1	60.7	6.07	-5.93	112.3	0.1	$1.06	Bargain
M G M Energy	T.MGX	55276L 11 2		T.MGX		MGX.wt.b	30-Sep-07		$6.00	1	50.6	2.53	-3.47	49.5	0.05	$0.00	Very Overvalued
Envoy Communs Group Inc	T.ECG	29413B 11 3	ECGI	T.ECG		ECG.wt	20-Feb-09		$9.00	5	31	3.1	-5.90	14.1	0.02	$0.00	Very Overvalued
Focused Global Trends Fund	T.FTF	34416R 11 5		T.FTF.UN		FTF.wt	30-Jul-10		$10.25	1	30.17	9.05	-1.20	80.3	0.3	$4.77	Bargain
Focused Global Trends Fund	T.FTF	34416R 11 5		T.FTF.UN		FTF.wt	30-Jan-09		$10.25	1	30.17	9.05	-1.20	80.3	0.3	$3.40	Bargain
I M A Exploration	V.IMR	449664 30 9	IMR	V.IMR		IMR.wt	14-Sep-09		$3.45	1	28.67	0.43	-3.02	23.8	0.015	$0.00	Very Overvalued
Southern Era Diamonds	T.SDM	84415N 11 0	SDMFF.pk	T.SDM	SDMWF.pk	SDM.wt	17-Nov-08		$2.00	1	28	0.56	-1.44	118.5	0.02	$0.11	Bargain
Copernican British Banks Fund	T.CBB	21727V 11 7		T.CBB-UN		CBB.wt	14-Jun-10		$10.00	1	24.25	9.7	-0.30	25.5	0.4	$2.23	Bargain
Kinross	T.K	496902 15 6	KGC	T.K	KRSGF.pk	K.wt	5-Dec-07		$15.00	3	17.63	13.75	-1.25	53.7	0.26	$0.54	Bargain
Acuity Small Cap	T.ASF	00509R 10 6		T.ASF-UN		ASF.wt	15-Jan-10		$12.00	1	17.62	8.81	-3.19	47.3	0.5	$2.04	Bargain
Dynamite Resources	V.DNR	26806Q 11 1		V.DNR		DNR.wt	17-Aug-09		$1.00	1	16.4	0.41	-0.59	122.9	0.025	$0.20	Bargain
S M T C Mfg Corp of Can	T.SMX	78458Q 12 1	SMTX	T.SMX		SMX.wt	4-Mar-09		$9.25	5	15.9	3.18	-6.07	89.9	0.04	$0.10	Bargain
Sentry Select Primary Metals	T.PME	81733D 11 3		T.PME		PME.wt	30-Jun-09		$12.00	1	15.87	7.3	-4.70	52.3	0.46	$1.06	Bargain
International Nickel	T.INV	465790 11 1		T.INV		INV.wt	18-Nov-08		$2.25	1	13.5	1.08	-1.17	108.6	0.08	$0.34	Bargain
Metallic Ventures Gold	T.MVG	591253 12 5	MTLVF.pk	T.MVG		MVG.wt	17-Mar-09		$10.00	1	13.33	2	-8.00	96.8	0.15	$0.27	Bargain
Endeavour Silver Corp	T.EDR	29258Y 11 1	EDRGF.pk	T.EDR	EDWGF.pk	EDR.wt	24-Oct-07		$5.25	1	12.79	4.22	-1.03	82	0.33	$0.49	Undervalued
Urbana	T.URB	91707P 11 7		T.URB		URB.wt	11-Jan-09		$3.75	1	11.67	3.5	-0.25	93.3	0.3	$1.44	Bargain
International Minerals Corp	T.IMZ	460061 12 0	IMZLF.pk	T.IMZ		IMZ.wt	19-May-08		$6.88	1	11.5	5.75	-1.13	28.8	0.5	$0.34	Overvalued
Urbana	T.URB	91707P 12 5		T.URB		URB.wt.a	12-Jul-09		$3.75	1	11.29	3.5	-0.25	93.3	0.31	$1.68	Bargain
Medical Intelligence Tech	V.MIZ	58458F 12 7		V.MIZ		MIZ.wt	28-Sep-07		$0.80	1	11.11	0.5	-0.30	213.6	0.045	$0.15	Bargain
Nevsun Resources	T.NSU	64156L 13 5	NSU	T.NSU	NSUWF.pk	NSU.wt	29-Jun-08		$3.25	1	10.67	1.6	-1.65	72.7	0.15	$0.16	Fair Value
Coalcorp Mining	T.CCJ	190135 13 7	CCJFF.pk	T.CCJ		CCJ.wt.A	17-Aug-11		$8.40	1	10.14	3.75	-4.65	50.9	0.37	$0.86	Bargain
Calstar Oil & Gas	C.CALS	13135U 11 2	CLGSF.pk	C.CALS		CALS.wt.b	28-Sep-07		$0.65	1	10	0.1	-0.55	224.9	0.01	$0.01	Fair Value
Canadian Income Mgmt Tr	T.CNM	13607T 11 4		T.CNM-UN		CNM.wt	28-Feb-12		$2.60	1	10	0.35	-2.25	256.6	0.035	$0.03	Overvalued
Ascendant Copper Corp	T.ACX	043503 11 9	ASCPF.pk	T.ACX		ACX.wt	21-Nov-10		$2.50	1	8.67	0.26	-2.24	147.9	0.03	$0.15	Bargain
Futura Loyalty Group	V.FUT	373686 11 2		V.FUT		FUT.wt	1-Jan-08		$1.10	1	8.5	0.085	-1.02	84.4	0.01	$0.00	Very Overvalued
Medical Intelligence Tech	V.MIZ	58458F 13 5		V.MIZ		MIZ.wt.a	20-Oct-08		$0.85	1	7.69	0.5	-0.35	213.6	0.065	$0.36	Bargain
Tiomin Resources	T.TIO	887901 17 1	TMIRF.pk	T.TIO		TIO.wt	7-Dec-07		$0.37	1	7.67	0.115	-0.26	51.4	0.015	$0.00	Very Overvalued
Stingray Resources	T.SRY	860838 11 9	SGYRF.PK	T.SRY		SRY.wt	24-Apr-09		$1.80	1	7.62	0.8	-1.00	112.3	0.105	$0.28	Bargain
Minco Silver	T.MSV	60254C 12 6	MISVF.pk	T.MSV		MSV.wt	18-May-08		$3.45	1	7.29	1.75	-1.70	80.7	0.24	$0.21	Overvalued
Fralex Therapeutics Inc	V.FXI	49381E 11 3		V.FXI		FXI.wt	14-Feb-09		$4.00	1	7.1	0.71	-3.29	86.1	0.1	$0.05	Very Overvalued
Gold Point Energy Corp	V.GPE	380956 17 7		V.GPE		GPE.wt	29-Dec-08		$0.50	1	6.57	0.23	-0.27	120.9	0.035	$0.09	Bargain
DPF India Opportunities Fund	T.DPF	26138Y 11 3		T.DPF-UN		DPF.wt	13-Aug-10		$12.50	1	6.55	8.45	-4.05	31.3	1.29	$1.14	Overvalued
Fortune Minerals	T.FT	34967D 13 5	FTMDF.PK	T.FT		FT.wt	26-Jul-09		$3.75	1	6.49	2.92	-0.83	59.9	0.45	$0.85	Bargain
Sprott Molybdenum Part. Corp.	T.MLY	852067 11 5		T.MLY		MLY.wt	16-Apr-09		$7.50	1	6.38	4.59	-2.91	67	0.72	$1.04	Undervalued
Skye Resources	T.SKR	83081N 11 5	SKRZF.pk	T.SKR		SKR.wt	13-Mar-08		$12.36	1	6.32	11.69	-0.67	92.3	1.85	$2.90	Bargain
Australian Solomons Gold	T.SGA	Q8271C 11 8		T.SGA		SGA.wt	28-Aug-08		$1.71	1	6.25	1.25	-0.46	71.5	0.2	$0.24	Undervalued
Global Uranium	T.GUR	380680 11 6		T.GUR		GUR.wt	30-Jun-10		$10.25	1	6.2	6.82	-3.43	98.8	1.1	$3.82	Bargain
Mesa Uranium Corp	V.MZU	59066W 11 4	MSAUF.pk	V.MZU		MZU.wt	21-Dec-07		$0.75	1	6	0.36	-0.39	160.2	0.06	$0.09	Bargain
Titan Uranium	V.TUE	88832T 12 1	TUEFF.pk	V.TUE		TUE.wt.A	21-Oct-07		$1.35	1	6	1.2	-0.15	193.5	0.2	$0.27	Undervalued
Pinetree Capital	T.PNP	723330 12 2	PNPFF.PK	T.PNP		PNP.wt	16-Apr-12		$15.00	1	5.67	4.76	-10.24	132.3	0.84	$3.61	Bargain
Rio Narcea Gold	T.RNG	766909 13 9	RNO	T.RNG	RNWTF.pk	RNG.wt	11-Sep-08		$5.00	1	5.31	5.47	0.47	7.3	1.03	$0.72	Overvalued
Lateegra	V.LRG	59318A 11 8	LRGFF.PK	V.LRG		LRG.wt	1-Dec-08		$1.50	1	5.2	0.26	-1.24	208.4	0.05	$0.00	Very Overvalued
Uranium Participation	T.U	917017 12 1	URPTF.pk	T.U	URPZF.pk	U.wt.a	15-Sep-08		$12.00	1	5.11	9.96	-2.04	50.8	1.95	$1.53	Overvalued
Eastern Platinum Limited	T.ELR	276855 11 1	ELRFF.pk	T.ELR		ELR.wt	25-Apr-08		$2.00	1	5.04	2.27	0.27	63.3	0.45	$0.67	Undervalued
Coalcorp Mining	T.CCJ	190135 11 1	CCJFF.pk	T.CCJ		CCJ.wt	8-Feb-11		$5.60	1	5	3.75	-1.85	50.9	0.75	$1.15	Bargain
Markland AGF Precious Metals	T.MPM			T.MPM.UN		MPM.wt	10-Jul-10		$10.25	1	5	10	-0.25	26.2	2	$2.36	Undervalued
Redcorp Ventures	T.RDV	757268 16 4		T.RDV		RDV.wt	10-Jul-09		$0.65	1	4.91	0.27	-0.38	125.9	0.055	$0.12	Bargain
Grande Cache Coal Corp	T.GCE	38655X 11 3		T.GCE		GCE.wt	11-Aug-08		$1.60	1	4.88	1.05	-0.55	110.7	0.215	$0.36	Bargain
Glencairn Gold Corp	T.GGG	379462 11 2	GLE	T.GGG	GLECW.pk	GGG.wt	26-Nov-08		$1.25	1	4.86	0.17	-1.08	111.7	0.035	$0.02	Overvalued
New Gold Inc.	T.NGD	644535 12 2	NGD	T.NGD		NGD.wt.a	28-Jun-17		$15.00	1	4.67	6.07	-8.93	112.3	1.3	$5.50	Bargain
Metrobridge Networks	V.MEB	59165A 11 2		V.MEB		MEB.wt	26-Jul-09		$0.65	1	4.56	0.41	-0.24	99.2	0.09	$0.18	Bargain
Quadra Mining	T.QUA	747319 11 9	QADMF.PK	T.QUA		QUA.wt	8-May-10		$20.00	1	4.26	16.42	-3.58	48.2	3.85	$4.65	Undervalued
Great Basin	T.GBG	45107L 11 8	GBN	T.GBG		GBG.wt	17-Apr-09		$3.50	1	4.14	2.61	-0.89	103.5	0.63	$1.22	Bargain
Iamgold	T.IMG	459875 11 8	IAG	T.IMG		IMG.wt	12-Aug-08		$3.75	2.381	4.13	8.26	4.51	70.4	0.84	$2.09	Bargain
Rye Patch Gold	V.RPM	783727 11 8		V.RPM		RPM.wt	19-Jul-09		$0.75	1	4.1	0.41	-0.34	113.7	0.1	$0.18	Bargain
Energentia Resources	V.ENR	29268P 11 8		V.ENR		ENR.wt	14-Feb-09		$0.75	1	4	0.18	-0.57	101.8	0.045	$0.03	Overvalued
I M A Exploration	V.IMR	450913 11 6	IMR	V.IMR		IMR.wt.A	21-Mar-10		$3.80	1	3.91	0.43	-3.37	23.8	0.11	$0.00	Very Overvalued
Geovic Mining Corp	V.GMC	377903 14 1	GVCM.pk	V.GMC		GMC.wt.b	27-Apr-12		$5.00	1	3.83	2.49	-2.51	71.2	0.65	$1.16	Bargain
Northern Orion Resources	T.NNO	665575 12 2	NTO	T.NNO	NTOWF.pk	NNO.wt.a	17-Feb-10		$6.00	1	3.77	6.22	0.22	105.8	1.65	$4.01	Bargain
I C S Copper Systems Ltd	V.ICX	449664 11 9		V.ICX		ICX.wt	4-May-09		$1.30	1	3.7	0.74	-0.56	170.7	0.2	$0.52	Bargain
Stornoway Diamonds	T.SWY	86222Q 12 9	SWYDF.PK	T.SWY		SWY.wt	12-Apr-09		$1.50	1	3.7	0.74	-0.76	65.6	0.2	$0.11	Overvalued
Olympus Pacific Minerals Inc	T.OYM	68162Q 11 1	OLYMF.PK	T.OYM		OYM.wt	31-Jul-09		$0.90	1	3.67	0.55	-0.35	112.1	0.15	$0.28	Bargain
Strait Gold Corp	V.SRD	86258R 11 6		V.SRD		SRD.wt	25-Apr-08		$0.30	1	3.63	0.29	-0.01	74.2	0.08	$0.07	Overvalued
NovaGold Resources	T.NG	66987E 13 1	NG	T.NG		NG.wt.A	7-Jan-08		$12.10	1	3.62	15.75	3.65	40.3	4.35	$4.32	Fair Value
Nevsun Resources	T.NSU	64156L 15 0	NSU	T.NSU		NSU.wt.a	25-Oct-08		$3.00	1	3.6	1.6	-1.40	72.7	0.445	$0.26	Overvalued
Bankers Petroleum	T.BNK	066286 11 3	BNKFF.pk	T.BNK		BNK.wt	10-Nov-09		$0.95	1	3.5	0.42	-0.53	39.8	0.12	$0.02	Very Overvalued
RailPower	T.P	750758 11 2		T.P		P.wt	12-Feb-10		$1.25	1	3.5	0.385	-0.87	41	0.11	$0.01	Very Overvalued
Blue Sky Uranium	V.BSK	096049 11 9		V.BSK		BSK.wt	23-Mar-09		$1.30	1	3.47	0.52	-0.78	117.7	0.15	$0.20	Undervalued
Silverwing Energy Inc	T.SVW	83149P 11 0	SVWGF.pk	T.SVW		SVW.wt	22-Feb-08		$2.25	1	3.43	0.24	-2.01	63.8	0.07	$0.00	Very Overvalued
U S Gold	T.UXG	912023 11 6	UXG	T.UXG		UXG.wt	22-Feb-11	$10.00	$10.55	1	3.36	6.75	-3.80	52.3	2.01	$1.95	Fair Value
Baffinland Iron Mns Corp	T.BIM	056620 11 5		T.BIM		BIM.wt	31-Jan-12		$5.50	1	3.29	3.45	-2.05	63.3	1.05	$1.53	Undervalued
Avnel Gold Mining	T.AVK	G0683R 12 3		T.AVK		AVK.wt	30-Jun-10		$1.06	1	3.25	0.65	-0.41	50.3	0.2	$0.15	Overvalued
Dundee Precious Metals	T.DPM	265269 12 6		T.DPM		DPM.wt	29-Jun-12		$15.00	1	3.19	8.6	-6.40	26.3	2.7	$1.09	Very Overvalued
TSO3 Inc	T.TOS	873015 13 5		T.TOS		TOS.wt	9-Mar-09		$3.00	1	3.04	2.25	-0.75	45.4	0.74	$0.32	Very Overvalued
Eastern Platinum Limited	T.ELR	276855 12 9	ELRFF.pk	T.ELR		ELR.wt.A	28-Mar-09		$1.80	1	3.03	2.27	0.47	63.3	0.75	$0.99	Undervalued
Bioniche Life Sciences Inc	T.BNC	09063P 12 5		T.BNC		BNC.wt	13-Mar-09		$1.40	1	3.03	0.88	-0.52	85.7	0.29	$0.28	Fair Value
T O R R Canada Inc	T.TOR	891326 11 8	TORFF.pk	T.TOR		TOR.wt	2-Nov-09		$0.65	1	3	0.63	-0.02	58.1	0.21	$0.22	Fair Value
European Minerals Corp	T.EPM	G3192Y 11 8	EPMCF.PK.	T.EPM		EPM.wt	23-Dec-08	$1.20	$1.27	1	3	1.2	-0.07	51.8	0.4	$0.31	Overvalued
Ivanhoe Energy	T.IE	G5221G 11 7	IVAN.pk	T.IE		IE.wt	15-May-11		$2.93	1	2.89	2.02	-0.91	33.7	0.7	$0.41	Overvalued
Kinross	T.K	51818R 11 3	KGC	T.K		K.wt.b	7-Sep-11		$10.00	2.24871	2.75	13.75	3.75	53.7	2.22	$3.50	Bargain
Metallica Resources	T.MR	59125J 12 0	MRB	T.MR	MRBWF.pk	MR.wt	11-Dec-08		$3.10	1	2.74	4.36	1.26	45.7	1.59	$1.74	Fair Value
Geovic Mining Corp	V.GMC	U37397 11 1	GVCM.pk	V.GMC		GMC.wt.a	6-Mar-12		$3.00	1	2.71	2.49	-0.51	71.2	0.92	$1.42	Bargain
Goldcorp	T.G	390124 11 3	GG	T.G	GG.wt	G.wt.G	9-Jun-11		$30.75	1	2.7	27.42	-3.33	49.8	10.14	$11.19	Fair Value
Terrane Metals	T.TRX	88103A 11 6		V.TRX		TRX.wt	21-Jun-12		$0.85	1	2.67	0.4	-0.45	78.9	0.15	$0.20	Undervalued
Khan Resources	T.KRI	496902 13 1	KHRIF.pk	T.KRI		KRI.wt	3-Aug-08		$1.90	1	2.57	1.75	-0.15	267.3	0.68	$1.47	Bargain
Equinox Minerals	T.EQN	29445L 11 3		T.EQN		EQN.wt	6-May-08		$2.30	1	2.57	3.6	1.30	74.8	1.4	$1.67	Undervalued
Visible Gold Mines	V.VGD	92834E 11 6		V.VGD		VGD.wt	17-Jul-09		$0.50	1	2.5	0.3	-0.20	121.3	0.12	$0.15	Undervalued
Mega Uranium	T.MGA	58516W 11 2		T.MGA		MGA.wt	12-Feb-12		$6.15	1	2.5	3.55	-2.60	61.9	1.42	$1.47	Fair Value
European Minerals Corp	T.EPM	G3192Y 14 2	EPMCF.PK.	T.EPM	EPMJF.pk	EPM.wt.b	21-Mar-11		$1.55	1	2.45	1.2	-0.35	51.8	0.49	$0.44	Fair Value
Denison Mines  (1)	T.DML	248356 12 3	DMLCF.pk	T.DML		DML.wt.A	1-Mar-11		$30.00	0.3472	2.44	9.06	-20.94	69.6	10.7	$6.71	Overvalued
Mines Management	T.MGT	603432 11 3		T.MGT		MGT.wt.U	20-Apr-12	$5.75	$6.07	1	2.42	3.58	-2.49	99.1	1.48	$2.44	Bargain
Mega Uranium	T.MGA	58516W 12 0		T.MGA		MGA.wt.a	6-Jun-12		$7.00	1	2.37	3.55	-3.45	61.9	1.5	$1.44	Fair Value
Bordeaux Energy	V.BDO	099535 11 4	BDOXF.pk	V.BDO		BDO.wt	6-Aug-08		$0.90	1	2.37	0.485	-0.42	135.2	0.205	$0.19	Fair Value
Ascendant Copper Corp	T.ACX	043503 12 7	ASCPF.pk	T.ACX		ACX.wt.a	22-Jun-09		$0.65	1	2.36	0.26	-0.39	147.9	0.11	$0.15	Undervalued
Peak Gold	V.PIK	70468J 11 4		V.PIK		PIK.wt	3-Apr-12		$1.50	1	2.35	0.54	-0.96	84.4	0.23	$0.27	Undervalued
Bankers Petroleum	T.BNK	066286 12 1		T.BNK		BNK.wt.A	1-Mar-12		$0.90	1	2.33	0.42	-0.48	39.8	0.18	$0.08	Very Overvalued
Erdene Gold	T.ERD	29480Q 11 8	ERDGF.pk	T.ERD		ERD.wt	15-Jun-09		$1.60	1	2.29	1.17	-0.43	130.8	0.51	$0.71	Undervalued
Salazar Resources	V.SRL	794007 11 2		V.SRL		SRL.wt	19-Mar-09		$1.50	1	2.26	2.74	1.24	134.1	1.21	$1.98	Bargain
Neo Material Tchnlgys Inc	T.NEM	64045Y 11 6	NEMFF.pk	T.NEM		NEM.wt	31-Aug-08		$2.50	1	2.19	4.47	1.97	50.2	2.04	$2.22	Fair Value
Chesapeake Gold	V.CKG	165184 11 0	CHPGF.pk	V.CKG		CKG.wt	23-Feb-12		$8.00	1	2.11	5.9	-2.10	57.7	2.8	$2.66	Fair Value
European Minerals Corp	T.EPM	G3192Y 12 6	EPMCF.PK.	T.EPM	EPMWF.pk	EPM.wt.a	11-Apr-10		$1.20	1	2.11	1.2	0.00	51.8	0.57	$0.46	Overvalued
Baja Mining Corp	T.BAJ	05709R 11 1	BAJFF.pk	T.BAJ		BAJ.wt	13-Apr-09		$1.15	1	2.1	1.83	0.68	42.2	0.87	$0.85	Fair Value
Ivory Energy	V.IV	46589L 11 3		V.IV		IV.wt	18-Jul-12		$1.00	1	2.09	0.9	-0.10	91.1	0.43	$0.65	Bargain
Denison Mines  (1)	T.DML	248356 11 5	DMLCF.pk	T.DML		DML.wt	24-Nov-09		$15.00	0.3472	2.02	9.06	-5.94	69.6	12.9	$7.98	Overvalued
Silver Wheaton	T.SLW	828336 13 1	SLW	T.SLW	SLWBF.pk	SLW.wt.b	22-Dec-10		$10.00	1	2.01	13.05	3.05	58.5	6.5	$6.99	Fair Value
Geovic Mining Corp	V.GMC	373686 12 0	GVCM.pk	V.GMC	GVCMW.pk	GMC.wt	3-Nov-11		$2.75	1	1.96	2.49	-0.26	71.2	1.27	$1.42	Undervalued
First Capital Realty	T.FCR	35168Q 11 4	FCRGF.pk	T.FCR		FCR.wt	31-Aug-08		$11.80	1	1.92	25.89	14.09	10.7	13.49	$14.77	Fair Value
Endeavour Mining Cap	T.EDV	G3040R 12 5	EDVMF.pk	T.EDV	EDVWF.pk	EDV.wt	10-Nov-08		$5.50	1	1.91	8.6	3.10	21.3	4.5	$3.48	Overvalued
Mercator Minerals Ltd	T.ML	587582 11 5		T.ML		ML.wt	16-Feb-12		$4.00	1	1.79	6.55	2.55	92.9	3.65	$5.16	Undervalued
M D N Inc	T.MDN	31943B 12 6		T.MDN		MDN.wt	14-Jan-09		$1.00	1	1.77	1.22	0.22	40.6	0.69	$0.39	Overvalued
NovaGold Resources	T.NG	66987E 11 5	NG	T.NG	NGRWF.pk	NG.wt	1-Oct-08		$7.00	1	1.76	15.75	8.75	40.3	8.97	$9.23	Fair Value
Pan American Silver	T.PAA	697900 12 4	PAAS	T.PAA	PAAWF.pk	PAA.wt	20-Feb-08		$12.00	1	1.76	27.11	15.11	67	15.41	$15.75	Fair Value
Katanga Mining	T.KAT	49373T 12 8	KATFF.pk	T.KAT		KAT.wt	20-Nov-11		$8.50	1	1.73	19.05	10.55	57.2	11	$13.57	Undervalued
Palo Duro Energy	V.PDE	69744M 11 5		V.PDE		PDE.wt	23-Mar-09		$0.50	1	1.73	0.13	-0.37	63.4	0.075	$0.01	Very Overvalued
Oromonte	V.ORR	687083 11 3	ORMOF.PK	V.ORR		ORR.wt	17-Nov-08		$0.75	1	1.65	0.165	-0.59	142.5	0.1	$0.05	Very Overvalued
Agnico Eagle	T.AEM	008474 13 2	AEM	T.AEM	AEMLW	AEM.wt.u	14-Nov-07	$19.00	$20.04	1	1.64	51.9	31.86	110.4	31.66	$33.03	Fair Value
Thompson Creek Metals	T.TCM	884768 11 0	BLEFF.pk	T.TCM		TCM.wt	27-Oct-11		$9.00	1	1.62	18.11	9.11	80.6	11.15	$13.70	Undervalued
Breakwater Resources	T.BWR	106902 15 8	BWLRF.ob	T.BWR	BWLWF.pk	BWR.wt	28-Jan-09		$1.00	1	1.62	2.57	1.57	65.8	1.59	$1.71	Fair Value
Silver Wheaton	T.SLW	828336 12 3	SLW	T.SLW	SLWAF.pk	SLW.wt.a	30-Nov-09		$5.50	5	1.6	13.05	7.55	58.5	1.63	$1.72	Fair Value
Northern Orion Resources	T.NNO	665575 11 4	NTO	T.NNO	NTWWF.pk	NNO.wt	29-May-08		$2.00	1	1.47	6.22	4.22	105.8	4.22	$4.51	Fair Value
Yamana Gold	T.YRI	98462Y 14 2	AUY	T.YRI	AUYWF.pk	YRI.wt.A	20-Nov-08		$2.50	1.666667	1.44	12.34	9.84	79.3	5.14	$6.02	Undervalued
Kinross	T.K	496902 16 4	KGC	T.K		K.wt.a	22-Oct-07		$1.90	2.24871	1.42	13.75	11.85	53.7	4.3	$5.28	Undervalued
Stelco Inc	T.STE	858525 14 0	SECNF.pk	T.STE	SECWF.pk	STE.wt	31-Mar-13		$11.00	1	1.41	37.74	26.74	21.7	26.75	$29.42	Fair Value
Silver Wheaton	T.SLW	828336 11 5	SLW	T.SLW	SLWWF.pk	SLW.wt	5-Aug-09		$4.00	5	1.41	13.05	9.05	58.5	1.85	$1.91	Fair Value
First Majestic Silver Corp	V.FR	32076V 11 1	FRMSF.PK	V.FR		FR.wt	10-Nov-08		$6.50	1	nt	3.52	-$2.98	63	0	$0.44	not trading yet
Silvercorp Metals	T.SVM	82835P 11 1		T.SVM		SVM.wt	26-Oct-08		$24.00	1	nt	18.81	-$5.19	69.1	67.2	$4.21	not trading yet
VisionSky Corp	C.VSKY	92833V 11 9		C.VSKY		VSKY.w	22-Feb-10		$0.65	1	nt	0.25	-0.40	114.9	0.25	$0.12	not trading yet