Canadian Stock Warrant Values 2008

						Stocks in						1 Month
Valuing Warrants	Companies with	Market Cap	Canadian	Expiration	Canadian	the money	Canadian		Canadian		Canadian	Historic	Canadian		Fair
	Trading Warrants		Warrant	Date	Warrant	(Intrinsic	Warrant	Leverage	Warrant	Warrant	Warrant	Volatility	Warrant	Warrant	Market	Comments
			Symbol		Symbol	Value)	Symbol		Symbol	Price	Symbol	Annualized	Symbol	Price	Value
Expiration Date	Aberdeen International Inc	$62,787,710.53	ELR.WT	25-Apr-08	FNV.WT	-12.8	ECG.WT	104.4	ECG.WT	$0.01	DIO.WT	287.5%	CNM.WT	$0.03	$0.34	Bargain
The last day the warrants can be exercised. If	Ascendant Copper Corp	$7,786,963.14	SRD.WT	25-Apr-08	PNP.WT	-11.86	IMR.WT.A	82	IMR.WT.A	$0.01	CNM.WT	260.0%	RNZ.WT.B	$0.05	$0.53	Bargain
warrants aren't being exercised then they	Global Agribusiness Trust	$36,000,000.00	CALS.W	30-Apr-08	DML.WT.A	-8.6	CSM.WT	80	SRD.WT	$0.01	AVK.WT	237.1%	FTF.WT	$0.18	$1.59	Bargain
must be sold the day before the expiry date.	Atlas Minerals	$21,349,112.22	EQN.WT	6-May-08	DPM.WT	-8.47	GRE.WT	72.78	ENR.WT	$0.01	LS.WT	225.1%	GRE.WT	$0.12	$0.93	Bargain
The longer the time to expiry the more	Acuity Small Cap	$27,480,000.00	MSV.WT	18-May-08	MVG.WT	-8.21	ASF.WT	57.25	MIZ.WT.A	$0.01	GPE.WT	198.2%	ASF.WT	$0.12	$0.89	Bargain
valuable the warrants.	Avnel Gold Mining	$22,312,309.95	IMZ.WT	19-May-08	TMB.WT	-8.15	EPD.WT	47.94	ACX.WT	$0.02	RPM.WT	182.6%	EPD.WT	$0.18	$1.03	Bargain
	Argenta Oil & Gas	$21,293,580.00	YRI.WT.B	29-May-08	UXG.WT	-7.71	FTF.WT	42.78	AZA.WT	$0.02	FXI.WT	177.1%	FXI.WT	$0.10	$0.46	Bargain
Leverage	Baja Mining Corp	$185,910,324.60	AZA.WT	31-May-08	SKR.WT.A	-7.58	FTF.WT	42.78	CNM.WT	$0.03	AMR.WT	175.1%	CBB.WT	$0.22	$0.97	Bargain
The leverage of a warrant is a measure	Bear Creek Mining	$354,894,755.55	NSU.WT	29-Jun-08	SMX.WT	-7.53	IMZ.WT	40.8	RDV.WT	$0.03	AMR.WT.A	175.1%	ENR.WT	$0.01	$0.04	Bargain
of how much you can increase your	Bordeaux Energy	$25,627,160.16	KRI.WT	3-Aug-08	NGD.WT.A	-7.41	PME.WT	39.06	CSM.WT	$0.03	TOS.WT	174.8%	TCP.WT	$0.55	$2.15	Bargain
exposure to a share if you bought warrants	Baffinland Iron Mns Corp	$249,074,358.00	BDO.WT	6-Aug-08	CSM.WT	-6.75	SKR.WT.A	30.2	ACX.WT.A	$0.03	ZAZ.WT	159.6%	CMP.WT.A	$1.06	$4.01	Bargain
instead of making a direct investment. It	Bioniche Life Sciences Inc	$52,455,086.95	GCE.WT.A	11-Aug-08	CMP.WT.B	-6.5	CCJ.WT.A	26.88	GPE.WT	$0.03	VGD.WT	150.6%	AMR.WT	$0.05	$0.15	Bargain
is calculated dividing the current share	Bankers Petroleum	$757,305,041.48	IMG.WT	12-Aug-08	ECG.WT	-6.39	MVG.WT	25.57	PDE.WT	$0.03	SRL.WT.A	147.4%	URB.WT	$0.25	$0.80	Bargain
price by the current price of the warrant.	Blue Sky Uranium	$6,436,250.00	SGA.WT	28-Aug-08	CCJ.WT.A	-6.25	CBB.WT	25.12	SMX.WT	$0.04	SRL.WT	147.4%	FTF.WT	$0.18	$0.57	Bargain
	Breakwater Resources	$443,369,003.70	NEM.WT	31-Aug-08	PME.WT	-5.75	MIZ.WT.A	24.5	VGD.WT	$0.04	MIZ.WT.A	143.8%	VGD.WT	$0.04	$0.11	Bargain
Intrinsic Value	Calstar Oil & Gas Ltd	$11,090,832.25	FCR.WT	31-Aug-08	GUR.WT	-5.74	RNZ.WT.B	23.8	DNR.WT	$0.04	ACX.WT	139.7%	MIZ.WT.A	$0.01	$0.03	Bargain
The difference between the exercise price and	Copernican British Banks Fund	$113,400,000.00	U.WT.A	15-Sep-08	G.WT.G	-5.42	ENR.WT	23	LRG.WT	$0.04	ACX.WT.A	139.7%	AGB.WT	$0.95	$2.43	Bargain
the actual trading price of the common stock.	Coalcorp Mining	$192,760,976.20	NG.WT	1-Oct-08	ASF.WT	-5.13	SRD.WT	21	CALS.W	$0.04	MEB.WT	138.6%	FGX.WT	$1.00	$2.51	Bargain
Once the common has gone over the exercise	Challenger Energy Corp	$114,896,320.00	EOS.WT	2-Oct-08	CBB.WT	-4.6	IMG.WT	19.64	IMR.WT	$0.04	ENR.WT	131.1%	EOS.WT	$0.55	$1.36	Bargain
price the warrants are said to be 'in the money'.	Chesapeake Gold	$127,962,333.65	MIZ.WT.A	20-Oct-08	MGA.WT.A	-4.55	MLY.WT	17.64	AMR.WT	$0.05	SGA.WT	127.6%	MGA.WT.A	$0.65	$1.56	Bargain
	Creston Moly	$38,007,406.72	NSU.WT.A	25-Oct-08	DPF.WT	-4.4	EOS.WT	17.24	TRT.WT	$0.05	ORR.WT	125.2%	TMB.WT	$0.65	$1.52	Bargain
Volatility	Canadian Income Mgmt Tr	$1,989,366.75	SVM.WT	26-Oct-08	GMC.WT.B	-3.8	TCP.WT	16.36	RNZ.WT.B	$0.05	SRD.WT	124.2%	URB.WT.A	$0.45	$1.06	Bargain
The higher the volatility rating the higher	Ceres Global Ag Corp	$140,000,000.00	EDV.WT	10-Nov-08	MGA.WT	-3.55	URB.WT	14.4	HDG.WT	$0.06	SMX.WT	122.8%	ZAZ.WT	$0.25	$0.52	Bargain
the price of the warrant will be.	Colossus Minerals	$71,017,154.52	FR.WT	10-Nov-08	CMP.WT.A	-3.5	MSV.WT	14.05	ICX.WT	$0.06	MGA.WT.A	113.6%	AVK.WT	$0.15	$0.31	Bargain
A measure of actual stock price changes over a	Central Sun Mining	$158,569,058.00	ORR.WT	17-Nov-08	CCJ.WT	-3.45	CNM.WT	14	TOR.WT	$0.06	MGA.WT	113.6%	FGX.WT	$1.00	$2.04	Bargain
specific period of time. Historical volatility	Crosshair Exploration & Mining Corp	$62,067,701.25	INV.WT	18-Nov-08	IMR.WT.A	-3.39	FT.WT	13.91	OCO.WT	$0.06	RNZ.WT.B	113.1%	ICX.WT	$0.06	$0.12	Bargain
is calculated by using the standard deviation	Davie Yards	$180,525,000.00	YRI.WT.A	20-Nov-08	OSK.WT	-3.37	FXI.WT	13	SGA.WT	$0.06	RNZ.WT.A	113.1%	EF.WT	$0.23	$0.44	Bargain
of an underlying stock price	Denison Mines	$1,408,682,194.05	CSM.WT	26-Nov-08	PNP.WT.A	-3.36	GUR.WT	12.19	BDO.WT	$0.06	HDG.WT	106.5%	DAV.WT	$0.35	$0.67	Bargain
	Dynamite Resources	$3,941,050.00	LRG.WT	1-Dec-08	U.WT.A	-3.2	CCJ.WT	11.94	RPM.WT	$0.07	PIE.WT	103.5%	NGD.WT.A	$1.75	$3.28	Bargain
In the Money	DPF India Opportunities Fund	$202,500,000.00	MR.WT	11-Dec-08	SRL.WT.A	-3.1	U.WT.A	11.14	SRY.WT	$0.07	ICX.WT	102.2%	TOS.WT	$0.20	$0.36	Bargain
When the price of the common is higher than	Dundee Precious Metals	$397,236,257.65	EPM.WT	23-Dec-08	IMR.WT	-3.04	AZA.WT	11	MVG.WT	$0.07	PDE.WT	101.9%	MGA.WT	$0.90	$1.55	Bargain
the exercise price	Envoy Communs Group Inc	$26,152,369.65	GPE.WT	29-Dec-08	FRE.WT	-3.03	DPF.WT	10.8	CCJ.WT.A	$0.08	BDO.WT	101.5%	RPM.WT	$0.07	$0.12	Bargain
	Endeavour Mining Cap	$165,031,621.56	RNZ.WT.A	29-Dec-08	FXI.WT	-2.7	NSU.WT.A	10.6	OYM.WT	$0.08	BNC.WT	99.6%	PNP.WT.A	$1.05	$1.70	Bargain
At the Money	Etruscan Resources	$303,807,907.50	URB.WT	11-Jan-09	FR.WT.A	-2.65	INV.WT	10.38	INV.WT	$0.08	EPM.WT.B	99.2%	ACX.WT	$0.02	$0.03	Bargain
When the price of the underlying is equivalent	Eastern Platinum Limited	$2,068,949,486.00	MDN.WT	14-Jan-09	BCM.WT	-2.65	IMR.WT	10.25	CMS.WT	$0.09	EPM.WT.A	99.2%	PIK.WT	$0.17	$0.26	Bargain
or close to the strike price.	Energentia Resources	$16,504,340.00	SKR.WT.A	26-Jan-09	RML.WT	-2.6	ICX.WT	9.83	FXI.WT	$0.10	EPM.WT	99.2%	QUA.WT	$5.75	$8.84	Bargain
	Enervest Energy and Oil Sands	$45,186,505.32	BWR.WT	28-Jan-09	MLY.WT	-2.56	SMX.WT	9.83	PIE.WT	$0.10	SWY.WT	98.7%	CRP.WT	$1.25	$1.90	Bargain
Exercise ratio	European Premium Dividend	$86,300,000.00	FTF.WT	30-Jan-09	FTF.WT	-2.55	SRY.WT	9.57	MEB.WT	$0.10	LRG.WT	98.2%	GBG.WT	$0.70	$1.06	Bargain
The number of warrants related to one share	European Minerals Corp	$282,881,661.53	FXI.WT	14-Feb-09	FTF.WT	-2.55	AGB.WT	9.47	BSK.WT	$0.10	DAV.WT	97.6%	EPM.WT.B	$0.38	$0.55	Undervalued
and specifies the amount of underlying that	Equinox Minerals	$2,534,513,764.32	ENR.WT	14-Feb-09	ACX.WT	-2.39	UF.WT	9.42	ORR.WT	$0.10	GD.WT	97.6%	GD.WT	$0.95	$1.37	Undervalued
the owner of a single warrant is entitled to	Erdene Gold	$59,758,716.84	ECG.WT	20-Feb-09	BIM.WT	-2.38	FRE.WT	9.27	SWY.WT	$0.11	AZA.WT	97.4%	EPM.WT.A	$0.36	$0.50	Undervalued
buy.	First Capital Realty	$1,673,325,930.36	SMX.WT	4-Mar-09	UF.WT	-2.35	FR.WT	9.15	P.WT	$0.11	GCE.WT.A	95.7%	PNP.WT	$0.74	$1.03	Undervalued
	Faircourt Gold Income	$18,832,000.00	TOS.WT	9-Mar-09	CRP.WT	-2.3	CRP.WT	8.96	GRE.WT	$0.12	CXX.WT	95.2%	TOR.WT	$0.06	$0.08	Undervalued
Time Value	Franco-Nevada	$1,962,541,000.00	BNC.WT	13-Mar-09	MGT.WT.U	-2.26	EF.WT	8.65	FT.WT	$0.12	TOR.WT	94.0%	DML.WT.A	$5.15	$6.83	Undervalued
The time value is the difference between the	First Majestic Silver Corp	$239,839,196.28	MVG.WT	17-Mar-09	CNM.WT	-2.25	FGX.WT	8.56	ASF.WT	$0.12	OYM.WT	90.3%	SVM.WT	$3.75	$4.95	Undervalued
current warrant price and its intrinsic value.	Front Street Resource Perf. Fund	$128,203,658.63	SRL.WT	19-Mar-09	OCF.WT	-2.15	FGX.WT	8.56	AVK.WT	$0.15	NSU.WT.A	90.0%	AAB.WT	$0.22	$0.28	Undervalued
The time value is to be interpreted as the	Fortune Minerals	$77,674,251.20	PDE.WT	23-Mar-09	FT.WT	-2.15	RDV.WT	8.4	IV.WT	$0.15	NSU.WT	90.0%	BAJ.WT	$0.60	$0.77	Undervalued
consideration paid for the advantage that the	Focused Global Trends Fund	$37,003,890.00	BSK.WT	23-Mar-09	FR.WT	-2.06	SGA.WT	8.25	NSU.WT.A	$0.15	ERD.WT	89.2%	K.WT.B	$4.00	$5.12	Undervalued
warrant buyer has over the direct investor. It	Fralex Therapeutics Inc	$27,407,116.10	ELR.WT.A	28-Mar-09	TOS.WT	-2.03	CMP.WT.A	8.02	IMZ.WT	$0.15	PNP.WT.A	85.2%	PEG.WT	$0.50	$0.62	Undervalued
is greatest when the warrants are 'at the money'	Goldcorp	$28,399,264,422.70	SWY.WT	12-Apr-09	GRE.WT	-1.88	URB.WT.A	8	IMG.WT	$0.16	PNP.WT	85.2%	NEM.WT	$1.50	$1.83	Undervalued
but decreases as exercise date draws closer.	Great Basin	$650,032,166.32	MLY.WT	16-Apr-09	GMC.WT.A	-1.8	NSU.WT	7.95	PME.WT	$0.16	CMP.WT.A	84.7%	KAT.WT	$8.10	$9.71	Undervalued
The decreased value is called time decay and	Grande Cache Coal Corp	$369,239,218.08	GBG.WT	17-Apr-09	HRG.WT	-1.69	OCF.WT	7.36	PIK.WT	$0.17	CMP.WT.B	84.7%	DML.WT	$8.40	$9.67	Undervalued
decreases at a faster pace as the expiry date	Distinction Group	$75,679,770.40	BAJ.WT	19-Apr-09	IMG.WT	-1.68	SVM.WT	6.77	FTF.WT	$0.18	TMB.WT	84.3%	LIR.WT	$1.25	$1.42	Undervalued
draws closer.	Geovic Mining Corp	$120,849,345.60	SRY.WT	24-Apr-09	NSU.WT	-1.66	AMR.WT	6	EPD.WT	$0.18	IV.WT	83.4%	OCF.WT	$1.10	$1.24	Undervalued
	Gold Point Energy Corp	$4,131,436.50	ICX.WT	4-May-09	ZAZ.WT	-1.65	VGD.WT	6	FTF.WT	$0.18	BAJ.WT	82.8%	SRL.WT.A	$0.21	$0.24	Undervalued
	Global Uranium	$46,873,783.00	SRL.WT.A	31-May-09	MPM.WT	-1.58	TMB.WT	5.92	CCJ.WT	$0.18	P.WT	80.1%	BNK.WT	$0.81	$0.90	Undervalued
	High Desert Gold Corp	$7,200,000.00	ERD.WT	15-Jun-09	GMC.WT	-1.55	OSK.WT	5.81	TRX.WT	$0.19	BSK.WT	79.6%	PDL.WT	$2.41	$2.68	Undervalued
	High River Gold Mines	$679,890,080.10	ACX.WT.A	22-Jun-09	CKG.WT	-1.53	DNR.WT	5.75	TOS.WT	$0.20	PDL.WT	78.5%	FRE.WT	$0.86	$0.95	Fair Market Value
	I C S Copper Systems Ltd	$15,891,130.80	PME.WT	30-Jun-09	EET.WT	-1.5	ACX.WT	5.5	ERD.WT	$0.20	INV.WT	77.2%	TCM.WT	$13.70	$15.02	Fair Market Value
	Ivanhoe Energy	$495,961,264.20	RDV.WT	10-Jul-09	FGX.WT	-1.44	EET.WT	5.43	NSU.WT	$0.20	KAT.WT	76.2%	BNK.WT.A	$1.02	$1.11	Fair Market Value
	Iamgold	$2,124,681,788.25	URB.WT.A	12-Jul-09	FGX.WT	-1.44	DPM.WT	5.4	SRL.WT.A	$0.21	AAB.WT	70.3%	IV.WT	$0.15	$0.16	Fair Market Value
	I M A Exploration	$21,325,356.24	VGD.WT	17-Jul-09	INV.WT	-1.42	MPM.WT	5.25	CBB.WT	$0.22	MR.WT	69.3%	FNV.WT	$4.46	$4.71	Fair Market Value
	International Minerals Corp	$582,012,006.12	RPM.WT	19-Jul-09	NSU.WT.A	-1.41	BCM.WT	5.23	AAB.WT	$0.22	UXG.WT	68.6%	PIK.WT.A	$0.37	$0.39	Fair Market Value
	International Nickel	$40,046,656.72	MEB.WT	26-Jul-09	EPD.WT	-1.37	TOR.WT	5.17	MSV.WT	$0.22	LIR.WT	68.0%	SRL.WT	$0.35	$0.37	Fair Market Value
	Ivory Energy	$15,243,636.24	FT.WT	26-Jul-09	YNG.WT	-1.33	GBG.WT	5.16	EF.WT	$0.23	NG.WT	67.9%	CSI.WT	$0.70	$0.73	Fair Market Value
	Kinross	$13,757,054,103.16	OYM.WT	31-Jul-09	LRG.WT	-1.33	TOS.WT	4.97	URB.WT	$0.25	CMS.WT	66.9%	DPF.WT	$0.75	$0.78	Fair Market Value
	Katanga Mining	$1,108,842,159.20	BCM.WT	1-Aug-09	TCP.WT	-1.25	OYM.WT	4.75	ZAZ.WT	$0.25	SRY.WT	66.8%	ERD.WT	$0.20	$0.21	Fair Market Value
	Khan Resources	$62,204,443.47	SLW.WT	5-Aug-09	SGA.WT	-1.22	CHQ.WT	4.73	MDN.WT	$0.25	GBG.WT	66.6%	ACX.WT.A	$0.03	$0.03	Fair Market Value
	Labrador Iron Mines	$156,081,204.40	DNR.WT	17-Aug-09	SRY.WT	-1.13	FNV.WT	4.68	SKR.WT.A	$0.25	URB.WT	65.6%	ELR.WT.A	$1.42	$1.45	Fair Market Value
	Lateegra	$4,637,500.55	OCO.WT	12-Sep-09	SWY.WT	-1.03	ERD.WT	4.6	EPM.WT	$0.27	URB.WT.A	65.6%	EPM.WT	$0.27	$0.27	Fair Market Value
	M D N Inc	$83,905,431.65	IMR.WT	14-Sep-09	AGB.WT	-1	PIE.WT	4.6	MLY.WT	$0.28	PIK.WT	63.9%	MGT.WT.U	$1.37	$1.38	Fair Market Value
	Metrobridge Networks	$4,989,611.04	PIE.WT	18-Sep-09	CXX.WT	-0.95	SWY.WT	4.52	GMC.WT.B	$0.32	PIK.WT.A	63.9%	SLW.WT.A	$2.28	$2.29	Fair Market Value
	Mega Uranium	$378,757,446.20	RNZ.WT.B	26-Sep-09	BSK.WT	-0.92	FR.WT.A	4.44	DAV.WT	$0.35	CSM.WT	63.3%	FCR.WT	$10.20	$10.17	Fair Market Value
	Mines Management	$71,047,681.20	GD.WT	30-Sep-09	CHQ.WT	-0.9	PIK.WT	4.41	SRL.WT	$0.35	K.WT.B	62.7%	PIE.WT	$0.10	$0.10	Fair Market Value
	Medical Intelligence Tech	$22,046,821.50	CXX.WT	5-Oct-09	PIE.WT	-0.89	NGD.WT.A	4.34	BNC.WT	$0.35	GMC.WT.A	61.9%	SLW.WT	$2.56	$2.54	Fair Market Value
	Mercator Minerals Ltd	$798,312,367.76	HDG.WT	17-Oct-09	P.WT	-0.89	DAV.WT	4.29	EPM.WT.A	$0.36	GMC.WT.B	61.9%	ELR.WT	$1.13	$1.10	Fair Market Value
	Sprott Molybdenum Part. Corp.	$219,772,261.28	FGX.WT	30-Oct-09	DIO.WT	-0.89	SRL.WT.A	4.29	PIK.WT.A	$0.37	GMC.WT	61.9%	MR.WT	$3.69	$3.58	Fair Market Value
	Markland AGF Precious Metals...	$20,374,500.00	DIO.WT	30-Oct-09	IE.WT	-0.88	LRG.WT	4.25	GUR.WT	$0.37	CSI.WT	61.5%	YRI.WT.A	$6.50	$6.30	Fair Market Value
	Metallica Resources	$598,989,498.48	GRE.WT	31-Oct-09	AZA.WT	-0.78	PNP.WT	4.24	EPM.WT.B	$0.38	HRG.WT	61.2%	YRI.WT.B	$6.12	$5.91	Fair Market Value
	Minco Silver	$96,193,139.94	TOR.WT	2-Nov-09	DNR.WT	-0.77	PDE.WT	4.17	BWR.WT	$0.39	MGT.WT.U	61.1%	CHQ.WT	$0.74	$0.71	Fair Market Value
	Metallic Ventures Gold	$93,064,776.05	FRE.WT	9-Nov-09	IMZ.WT	-0.76	DML.WT.A	4.16	RML.WT	$0.40	TRX.WT	60.0%	G.WT.G	$15.15	$14.59	Fair Market Value
	Neo Material Tchnlgys Inc	$339,292,540.24	BNK.WT	10-Nov-09	PIK.WT	-0.75	QUA.WT	3.96	KRI.WT	$0.40	RML.WT	59.1%	HRG.WT	$0.61	$0.58	Fair Market Value
	NovaGold Resources	$820,904,510.55	OSK.WT	15-Nov-09	AMR.WT	-0.73	MDN.WT	3.88	GMC.WT.A	$0.42	CBB.WT	58.1%	SLW.WT.B	$9.25	$8.88	Fair Market Value
	New Gold Inc.	$280,448,352.03	DML.WT	24-Nov-09	KRI.WT	-0.73	BSK.WT	3.8	URB.WT.A	$0.45	DML.WT.A	58.0%	RML.WT	$0.40	$0.38	Fair Market Value
	Nevsun Resources	$186,855,721.98	LS.WT	29-Nov-09	BDO.WT	-0.72	HRG.WT	3.79	EET.WT	$0.46	DML.WT	58.0%	CCJ.WT.A	$0.08	$0.07	Fair Market Value
	Oilsands Canada Corp	$40,500,000.00	SLW.WT.A	30-Nov-09	AVK.WT	-0.71	MGA.WT.A	3.77	FR.WT	$0.49	BNK.WT	57.7%	GPE.WT	$0.03	$0.03	Fair Market Value
	Oromonte	$4,298,497.28	LIR.WT	3-Dec-09	ICX.WT	-0.71	CMS.WT	3.76	PEG.WT	$0.50	BNK.WT.A	57.7%	ML.WT	$8.40	$7.77	Fair Market Value
	Osisko Exploration	$706,344,105.03	EF.WT	11-Dec-09	HAY.WT	-0.69	GMC.WT.B	3.75	TCP.WT	$0.55	IE.WT	57.7%	PME.WT	$0.16	$0.15	Fair Market Value
	Olympus Pacific Minerals Inc	$73,598,050.02	PDL.WT	11-Dec-09	ERD.WT	-0.68	EPM.WT	3.74	EOS.WT	$0.55	YRI.WT.A	57.3%	YRI.WT.C	$3.80	$3.45	Fair Market Value
	RailPower	$32,218,364.88	UF.WT	15-Dec-09	IV.WT	-0.64	ACX.WT.A	3.67	BAJ.WT	$0.60	YRI.WT.B	57.3%	EQN.WT	$2.55	$2.30	Fair Market Value
	Palo Duro Energy	$18,947,621.28	AMR.WT	28-Dec-09	ORR.WT	-0.62	TRT.WT	3.67	YNG.WT	$0.60	YRI.WT.C	57.3%	GCE.WT.A	$3.99	$3.60	Fair Market Value
	North American Palladium Ltd.	$331,501,411.08	AMR.WT.A	31-Dec-09	MIZ.WT.A	-0.61	HDG.WT	3.64	UF.WT	$0.60	PEG.WT	57.1%	IE.WT	$0.75	$0.67	Overvalued
	Petro Rubiales Energy	$893,008,030.90	ASF.WT	15-Jan-10	EF.WT	-0.61	NG.WT	3.58	HRG.WT	$0.61	EF.WT	56.6%	NSU.WT.A	$0.15	$0.13	Overvalued
	Primary Petroleum	$16,398,225.82	P.WT	12-Feb-10	LIR.WT	-0.6	LIR.WT	3.52	MGA.WT.A	$0.65	DNR.WT	54.7%	NG.WT	$2.19	$1.92	Overvalued
	Peak Gold	$544,156,047.00	YRI.WT.C	17-Feb-10	SRL.WT	-0.6	RML.WT	3.5	TMB.WT	$0.65	FGX.WT	54.6%	OYM.WT	$0.08	$0.07	Overvalued
	Sentry Select Primary Metals	$109,375,000.00	DAV.WT	20-Feb-10	CMS.WT	-0.58	EDV.WT	3.42	GMC.WT	$0.68	FGX.WT	54.6%	DPM.WT	$1.21	$1.00	Overvalued
	Pinetree Capital	$312,735,672.72	VSKY.WT	22-Feb-10	BNC.WT	-0.55	GPE.WT	3.33	GBG.WT	$0.70	QUA.WT	54.4%	EDV.WT	$2.05	$1.71	Overvalued
	Quadra Mining	$1,146,663,707.80	HAY.WT	26-Feb-10	VSKY.WT	-0.55	RPM.WT	3.29	CSI.WT	$0.70	MSV.WT	54.4%	SMX.WT	$0.04	$0.03	Overvalued
	Redcorp Ventures	$27,909,319.41	CHQ.WT	6-Mar-10	EPM.WT.B	-0.54	P.WT	3.27	PNP.WT	$0.74	SVM.WT	54.3%	MPM.WT	$1.65	$1.35	Overvalued
	Rusoro Mining	$541,569,148.40	IMR.WT.A	21-Mar-10	ACX.WT.A	-0.54	UXG.WT	3.14	CHQ.WT	$0.74	KRI.WT	54.2%	HDG.WT	$0.06	$0.04	Overvalued
	Rye Patch Gold	$30,759,854.23	FR.WT.A	25-Mar-10	ENR.WT	-0.52	BDO.WT	3	DPF.WT	$0.75	ASF.WT	52.8%	IMG.WT	$0.16	$0.13	Overvalued
	Australian Solomons Gold	$12,737,321.11	EPM.WT.A	11-Apr-10	RPM.WT	-0.52	PNP.WT.A	2.99	IE.WT	$0.75	FR.WT.A	52.5%	GMC.WT.A	$0.42	$0.33	Overvalued
	Skye Resources	$22,071,309.00	QUA.WT	8-May-10	OYM.WT	-0.52	KRI.WT	2.93	OSK.WT	$0.78	FR.WT	52.5%	CCJ.WT	$0.18	$0.14	Overvalued
	Silver Wheaton	$3,650,489,006.30	CMS.WT	9-May-10	DAV.WT	-0.5	GMC.WT.A	2.86	UXG.WT	$0.79	BIM.WT	52.0%	FR.WT.A	$1.00	$0.76	Overvalued
	S M T C Mfg Corp of Can	$2,110,364.32	FGX.WT	31-May-10	MEB.WT	-0.49	NEM.WT	2.85	U.WT.A	$0.79	RDV.WT	51.6%	YNG.WT	$0.60	$0.44	Overvalued