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	63,817,017.26	ELR.WT	25-Apr-08	FNV.WT	-12.8	ECG.WT	102	ECG.WT	0.005	CNM.WT	258.2%	CNM.WT	0.025	$0.38	Bargain
The last day the warrants can be exercised. If	Ascendant Copper Corp	8,494,868.88	SRD.WT	25-Apr-08	PNP.WT	-11.88	CSM.WT	82.4	IMR.WT.A	0.005	AVK.WT	240.4%	GRE.WT	0.115	$1.13	Bargain
warrants aren't being exercised then they	Global Agribusiness Trust	37,000,000.00	CALS.W	30-Apr-08	DML.WT.A	-10.3	IMR.WT.A	79	SRD.WT	0.005	LS.WT	225.1%	FTF.WT	0.18	$1.50	Bargain
must be sold the day before the expiry date.	Atlas Minerals	24,511,943.66	EQN.WT	6-May-08	TMB.WT	-8.56	GRE.WT	72.61	ENR.WT	0.01	GPE.WT	194.1%	ASF.WT	0.12	$0.84	Bargain
The longer the time to expiry the more	Acuity Small Cap	26,040,000.00	MSV.WT	18-May-08	DPM.WT	-8.31	ASF.WT	54.25	MIZ.WT.A	0.01	MEB.WT	181.2%	RNZ.WT.B	0.05	$0.28	Bargain
valuable the warrants.	Avnel Gold Mining	22,312,309.95	IMZ.WT	19-May-08	MVG.WT	-8.11	EPD.WT	46.11	ACX.WT	0.02	FXI.WT	162.0%	ENR.WT	0.01	$0.06	Bargain
	Argenta Oil & Gas	21,293,580.00	YRI.WT.B	29-May-08	SKR.WT.A	-7.6	IMZ.WT	42.27	AZA.WT	0.02	ZAZ.WT	161.2%	EPD.WT	0.18	$0.98	Bargain
Leverage	Baja Mining Corp	159,995,552.08	AZA.WT	31-May-08	NGD.WT.A	-7.59	FTF.WT	42.22	CNM.WT	0.025	AMR.WT	158.5%	CBB.WT	0.215	$0.95	Bargain
The leverage of a warrant is a measure	Bear Creek Mining	350,373,803.25	NSU.WT	29-Jun-08	UXG.WT	-7.42	FTF.WT	42.22	CSM.WT	0.025	AMR.WT.A	158.5%	AMR.WT	0.045	$0.16	Bargain
of how much you can increase your	Bordeaux Energy	27,050,891.28	KRI.WT	3-Aug-08	SMX.WT	-7.3	PME.WT	40.94	RDV.WT	0.025	ENR.WT	155.7%	TCP.WT	0.55	$1.95	Bargain
exposure to a share if you bought warrants	Baffinland Iron Mns Corp	273,023,815.50	BDO.WT	6-Aug-08	CMP.WT.B	-6.9	SKR.WT.A	30.12	GPE.WT	0.03	RPM.WT	154.9%	FTF.WT	0.18	$0.53	Bargain
instead of making a direct investment. It	Bioniche Life Sciences Inc	55,540,680.30	GCE.WT.A	11-Aug-08	CSM.WT	-6.69	CCJ.WT.A	29.88	ACX.WT.A	0.03	MIZ.WT.A	154.5%	MIZ.WT.A	0.01	$0.03	Bargain
is calculated dividing the current share	Bankers Petroleum	757,305,041.48	IMG.WT	12-Aug-08	ECG.WT	-6.45	CBB.WT	27.3	PDE.WT	0.03	TOS.WT	151.0%	FXI.WT	0.1	$0.29	Bargain
price by the current price of the warrant.	Blue Sky Uranium	6,775,000.00	SGA.WT	28-Aug-08	CCJ.WT.A	-6.01	MVG.WT	27	SMX.WT	0.035	SMX.WT	146.7%	PME.WT	0.16	$0.45	Bargain
	Breakwater Resources	447,551,730.15	FCR.WT	31-Aug-08	GUR.WT	-5.75	MIZ.WT.A	23	VGD.WT	0.04	SRL.WT.A	143.5%	URB.WT	0.25	$0.69	Bargain
Intrinsic Value	Calstar Oil & Gas Ltd	11,090,832.25	NEM.WT	31-Aug-08	ASF.WT	-5.49	ENR.WT	21.5	DNR.WT	0.04	SRL.WT	143.5%	ZAZ.WT	0.25	$0.65	Bargain
The difference between the exercise price and	Copernican British Banks Fund	123,270,000.00	U.WT.A	15-Sep-08	PME.WT	-5.45	SRD.WT	21	LRG.WT	0.04	PIE.WT	140.6%	CMP.WT.A	1.06	$2.74	Bargain
the actual trading price of the common stock.	Coalcorp Mining	214,278,480.52	NG.WT	1-Oct-08	G.WT.G	-4.95	IMG.WT	20.46	CALS.W	0.04	VGD.WT	121.4%	TMB.WT	0.65	$1.61	Bargain
Once the common has gone over the exercise	Challenger Energy Corp	102,093,587.20	EOS.WT	2-Oct-08	MGA.WT.A	-4.72	RNZ.WT.B	20.4	IMR.WT	0.04	LRG.WT	121.2%	TOS.WT	0.195	$0.48	Bargain
price the warrants are said to be 'in the money'.	Chesapeake Gold	124,204,552.60	MIZ.WT.A	20-Oct-08	DPF.WT	-4.69	EOS.WT	16.73	AMR.WT	0.045	MGA.WT.A	121.0%	AGB.WT	0.95	$2.28	Bargain
	Creston Moly	36,819,675.26	NSU.WT.A	25-Oct-08	CBB.WT	-4.13	MLY.WT	16.43	TRT.WT	0.045	MGA.WT	121.0%	MGA.WT.A	0.65	$1.53	Bargain
Volatility	Canadian Income Mgmt Tr	2,216,722.95	SVM.WT	26-Oct-08	CMP.WT.A	-3.9	TCP.WT	15.73	RNZ.WT.B	0.05	SRD.WT	117.0%	EOS.WT	0.55	$1.18	Bargain
The higher the volatility rating the higher	Ceres Global Ag Corp	137,500,000.00	EDV.WT	10-Nov-08	GMC.WT.B	-3.86	CNM.WT	15.6	HDG.WT	0.055	BNC.WT	113.2%	DPM.WT	1.21	$2.59	Bargain
the price of the warrant will be.	Colossus Minerals	69,430,179.00	FR.WT	10-Nov-08	MGA.WT	-3.72	MSV.WT	15.23	ICX.WT	0.06	ACX.WT	109.6%	FGX.WT	1	$2.11	Bargain
A measure of actual stock price changes over a	Central Sun Mining	163,326,129.74	ORR.WT	17-Nov-08	IMR.WT.A	-3.41	URB.WT	13.6	TOR.WT	0.06	ACX.WT.A	109.6%	ICX.WT	0.06	$0.13	Bargain
specific period of time. Historical volatility	Davie Yards	160,065,500.00	INV.WT	18-Nov-08	PNP.WT.A	-3.38	CCJ.WT	13.28	BDO.WT	0.06	TOR.WT	107.9%	URB.WT.A	0.45	$0.93	Bargain
is calculated by using the standard deviation	Denison Mines	1,296,821,831.40	YRI.WT.A	20-Nov-08	OSK.WT	-3.3	FT.WT	13.04	SGA.WT	0.06	ICX.WT	104.1%	AVK.WT	0.15	$0.31	Bargain
of an underlying stock price	Dynamite Resources	4,283,750.00	CSM.WT	26-Nov-08	CCJ.WT	-3.21	U.WT.A	12.19	RPM.WT	0.07	TMB.WT	96.6%	SMX.WT	0.035	$0.07	Bargain
	DPF India Opportunities Fund	195,250,000.00	LRG.WT	1-Dec-08	FRE.WT	-3.08	GUR.WT	12.16	SRY.WT	0.07	HDG.WT	94.5%	NGD.WT.A	1.75	$3.50	Bargain
In the Money	Dundee Precious Metals	406,969,458.45	MR.WT	11-Dec-08	SRL.WT.A	-3.08	AZA.WT	11.25	MVG.WT	0.07	GCE.WT.A	92.1%	GBG.WT	0.7	$1.25	Bargain
When the price of the common is higher than	Envoy Communs Group Inc	25,551,165.75	EPM.WT	23-Dec-08	IMR.WT	-3.06	SMX.WT	11.14	CCJ.WT.A	0.08	BDO.WT	92.1%	VGD.WT	0.04	$0.07	Bargain
the exercise price	Endeavour Mining Cap	166,912,323.80	GPE.WT	29-Dec-08	FXI.WT	-2.93	INV.WT	10.75	INV.WT	0.08	PNP.WT.A	90.6%	PIE.WT	0.1	$0.18	Bargain
	Etruscan Resources	308,668,834.02	RNZ.WT.A	29-Dec-08	MLY.WT	-2.9	FXI.WT	10.7	OYM.WT	0.08	PNP.WT	90.6%	PNP.WT.A	1.05	$1.80	Bargain
At the Money	Eastern Platinum Limited	2,075,623,516.60	URB.WT	11-Jan-09	BCM.WT	-2.75	NSU.WT.A	10.6	CMS.WT	0.085	NSU.WT.A	90.1%	FGX.WT	1	$1.70	Bargain
When the price of the underlying is equivalent	Energentia Resources	15,786,760.00	MDN.WT	14-Jan-09	FTF.WT	-2.65	SRY.WT	10.57	FXI.WT	0.1	NSU.WT	90.1%	MGA.WT	0.9	$1.52	Bargain
or close to the strike price.	Enervest Energy and Oil Sands	43,851,882.80	SKR.WT.A	26-Jan-09	FTF.WT	-2.65	DPF.WT	10.41	PIE.WT	0.1	PDL.WT	89.8%	TOR.WT	0.06	$0.10	Bargain
	European Premium Dividend	83,000,000.00	BWR.WT	28-Jan-09	FR.WT.A	-2.65	IMR.WT	9.88	MEB.WT	0.1	KAT.WT	86.4%	RML.WT	0.4	$0.63	Bargain
Exercise ratio	European Minerals Corp	249,271,959.17	FTF.WT	30-Jan-09	OCF.WT	-2.61	ICX.WT	9.83	BSK.WT	0.1	INV.WT	86.2%	PNP.WT	0.74	$1.16	Bargain
The number of warrants related to one share	Equinox Minerals	2,672,559,176.32	ENR.WT	14-Feb-09	RML.WT	-2.5	AGB.WT	9.74	ORR.WT	0.1	RNZ.WT.B	85.2%	FRE.WT	0.86	$1.32	Bargain
and specifies the amount of underlying that	Erdene Gold	59,758,716.84	FXI.WT	14-Feb-09	CRP.WT	-2.5	UF.WT	9.43	SWY.WT	0.105	RNZ.WT.A	85.2%	CRP.WT	1.25	$1.80	Undervalued
the owner of a single warrant is entitled to	First Capital Realty	1,717,968,480.48	ECG.WT	20-Feb-09	ACX.WT	-2.39	FRE.WT	9.21	P.WT	0.11	PDE.WT	85.0%	IMG.WT	0.155	$0.22	Undervalued
buy.	Faircourt Gold Income	19,360,000.00	SMX.WT	4-Mar-09	U.WT.A	-2.37	FR.WT	9.01	GRE.WT	0.115	CSI.WT	80.6%	K.WT.B	4	$5.55	Undervalued
	Franco-Nevada	1,945,027,000.00	TOS.WT	9-Mar-09	UF.WT	-2.34	FGX.WT	8.8	FT.WT	0.115	BSK.WT	79.2%	RPM.WT	0.07	$0.10	Undervalued
Time Value	First Majestic Silver Corp	236,057,947.69	BNC.WT	13-Mar-09	FT.WT	-2.25	FGX.WT	8.8	ASF.WT	0.12	GBG.WT	79.1%	SVM.WT	3.75	$5.04	Undervalued
The time value is the difference between the	Front Street Resource Perf. Fund	127,399,369.68	MVG.WT	17-Mar-09	CNM.WT	-2.21	CRP.WT	8.8	AVK.WT	0.15	DNR.WT	78.0%	AAB.WT	0.215	$0.29	Undervalued
current warrant price and its intrinsic value.	Fortune Minerals	72,819,610.50	SRL.WT	19-Mar-09	FR.WT	-2.13	RDV.WT	8.8	NSU.WT.A	0.15	P.WT	77.4%	CCJ.WT.A	0.08	$0.11	Undervalued
The time value is to be interpreted as the	Focused Global Trends Fund	36,523,320.00	BSK.WT	23-Mar-09	MGT.WT.U	-2.08	EF.WT	8.61	IV.WT	0.15	CSM.WT	77.0%	LIR.WT	1.25	$1.62	Undervalued
consideration paid for the advantage that the	Fralex Therapeutics Inc	22,558,164.79	PDE.WT	23-Mar-09	BIM.WT	-2.08	SGA.WT	8.5	IMZ.WT	0.15	ORR.WT	76.1%	PIK.WT	0.17	$0.22	Undervalued
warrant buyer has over the direct investor. It	Goldcorp	28,730,225,352.00	ELR.WT.A	28-Mar-09	GRE.WT	-1.9	NSU.WT	7.95	IMG.WT	0.155	RML.WT	75.1%	PDL.WT	2.41	$3.11	Undervalued
is greatest when the warrants are 'at the money'	Great Basin	655,434,095.68	SWY.WT	12-Apr-09	GMC.WT.A	-1.86	CMP.WT.A	7.64	PME.WT	0.16	GD.WT	73.4%	CSI.WT	0.7	$0.89	Undervalued
but decreases as exercise date draws closer.	Grande Cache Coal Corp	401,440,312.68	MLY.WT	16-Apr-09	MPM.WT	-1.74	URB.WT.A	7.56	PIK.WT	0.17	NG.WT	73.2%	QUA.WT	5.75	$7.29	Undervalued
The decreased value is called time decay and	Distinction Group	75,679,770.40	GBG.WT	17-Apr-09	CKG.WT	-1.72	OCF.WT	6.95	FTF.WT	0.18	MR.WT	73.1%	FNV.WT	4.46	$5.54	Undervalued
decreases at a faster pace as the expiry date	Geovic Mining Corp	114,806,878.32	BAJ.WT	19-Apr-09	EPD.WT	-1.7	TOS.WT	6.92	EPD.WT	0.18	DAV.WT	72.9%	MSV.WT	0.22	$0.27	Undervalued
draws closer.	Gold Point Energy Corp	3,305,149.20	SRY.WT	24-Apr-09	NSU.WT	-1.66	AMR.WT	6.78	FTF.WT	0.18	IV.WT	70.1%	KAT.WT	8.1	$10.00	Undervalued
	Global Uranium	46,769,850.00	ICX.WT	4-May-09	TOS.WT	-1.65	SVM.WT	6.51	CCJ.WT	0.18	DPM.WT	70.0%	PEG.WT	0.5	$0.62	Undervalued
	High Desert Gold Corp	7,920,000.00	SRL.WT.A	31-May-09	GMC.WT	-1.61	DNR.WT	6.25	TRX.WT	0.19	AAB.WT	70.0%	GD.WT	0.95	$1.15	Undervalued
	High River Gold Mines	712,265,798.20	ERD.WT	15-Jun-09	TCP.WT	-1.6	OSK.WT	5.9	TOS.WT	0.195	SWY.WT	69.7%	BNK.WT	0.81	$0.94	Undervalued
	I C S Copper Systems Ltd	15,891,130.80	ACX.WT.A	22-Jun-09	HRG.WT	-1.58	ACX.WT	5.75	ERD.WT	0.2	UXG.WT	69.6%	BNK.WT.A	1.02	$1.17	Undervalued
	Ivanhoe Energy	466,929,385.32	PME.WT	30-Jun-09	ZAZ.WT	-1.51	DPM.WT	5.53	NSU.WT	0.2	ERD.WT	69.1%	DML.WT.A	5.15	$5.77	Undervalued
	Iamgold	2,212,599,655.35	RDV.WT	10-Jul-09	EET.WT	-1.46	EET.WT	5.52	SRL.WT.A	0.21	BNK.WT	67.9%	MGT.WT.U	1.37	$1.54	Undervalued
	I M A Exploration	20,805,225.60	URB.WT.A	12-Jul-09	NSU.WT.A	-1.41	VGD.WT	5.5	CBB.WT	0.215	BNK.WT.A	67.9%	SRL.WT.A	0.21	$0.23	Undervalued
	International Minerals Corp	602,934,006.34	VGD.WT	17-Jul-09	INV.WT	-1.39	TMB.WT	5.29	AAB.WT	0.215	K.WT.B	67.8%	DAV.WT	0.35	$0.38	Fair Market Value
	International Nickel	41,494,126.24	RPM.WT	19-Jul-09	IMG.WT	-1.38	CALS.W	5.25	MSV.WT	0.22	LIR.WT	67.6%	EF.WT	0.23	$0.25	Fair Market Value
	Ivory Energy	13,973,333.22	MEB.WT	26-Jul-09	LRG.WT	-1.33	GBG.WT	5.2	EF.WT	0.23	KRI.WT	67.5%	FR.WT.A	1	$1.09	Fair Market Value
	Kinross	13,975,889,443.58	FT.WT	26-Jul-09	CHQ.WT	-1.29	BCM.WT	5.17	URB.WT	0.25	FR.WT.A	67.1%	TCM.WT	13.7	$14.88	Fair Market Value
	Katanga Mining	1,086,977,665.92	OYM.WT	31-Jul-09	YNG.WT	-1.23	MPM.WT	5.16	ZAZ.WT	0.25	FR.WT	67.1%	SRL.WT	0.35	$0.38	Fair Market Value
	Khan Resources	65,926,076.84	BCM.WT	1-Aug-09	FGX.WT	-1.2	TOR.WT	5	MDN.WT	0.25	MSV.WT	66.5%	MR.WT	3.69	$3.96	Fair Market Value
	Labrador Iron Mines	166,723,104.70	SLW.WT	5-Aug-09	FGX.WT	-1.2	FNV.WT	4.68	SKR.WT.A	0.25	BWR.WT	66.2%	CCJ.WT	0.18	$0.19	Fair Market Value
	Lateegra	4,637,500.55	DNR.WT	17-Aug-09	SGA.WT	-1.2	OYM.WT	4.63	EPM.WT	0.27	IE.WT	65.8%	ELR.WT.A	1.42	$1.50	Fair Market Value
	M D N Inc	86,500,445.00	OCO.WT	12-Sep-09	SRY.WT	-1.06	ERD.WT	4.6	MLY.WT	0.28	SGA.WT	65.3%	FCR.WT	10.2	$10.76	Fair Market Value
	Metrobridge Networks	4,989,611.04	IMR.WT	14-Sep-09	DIO.WT	-1.05	PIE.WT	4.5	GMC.WT.B	0.32	URB.WT	65.2%	NG.WT	2.19	$2.30	Fair Market Value
	Mega Uranium	352,476,317.28	PIE.WT	18-Sep-09	SWY.WT	-1.03	SWY.WT	4.48	DAV.WT	0.35	URB.WT.A	65.2%	SLW.WT.A	2.28	$2.38	Fair Market Value
	Mines Management	73,218,582.57	RNZ.WT.B	26-Sep-09	IE.WT	-1	SRL.WT.A	4.38	SRL.WT	0.35	CMP.WT.A	64.5%	HRG.WT	0.61	$0.63	Fair Market Value
	Medical Intelligence Tech	20,283,075.78	GD.WT	30-Sep-09	PIE.WT	-0.9	FR.WT.A	4.37	BNC.WT	0.35	CMP.WT.B	64.5%	NEM.WT	1.5	$1.53	Fair Market Value
	Mercator Minerals Ltd	796,117,191.68	HDG.WT	17-Oct-09	BSK.WT	-0.9	PIK.WT	4.35	EPM.WT.A	0.36	YRI.WT.A	64.1%	SLW.WT	2.56	$2.62	Fair Market Value
	Sprott Molybdenum Part. Corp.	204,646,235.20	FGX.WT	30-Oct-09	P.WT	-0.88	LRG.WT	4.25	PIK.WT.A	0.37	YRI.WT.C	64.1%	SLW.WT.B	9.25	$9.47	Fair Market Value
	Markland AGF Precious Metals...	19,998,500.00	DIO.WT	30-Oct-09	AZA.WT	-0.78	NGD.WT.A	4.23	GUR.WT	0.37	YRI.WT.B	64.1%	YRI.WT.A	6.5	$6.60	Fair Market Value
	Metallica Resources	633,191,059.35	GRE.WT	31-Oct-09	PIK.WT	-0.76	PNP.WT	4.22	EPM.WT.B	0.38	BAJ.WT	63.8%	YRI.WT.C	3.8	$3.88	Fair Market Value
	Minco Silver	104,287,061.10	TOR.WT	2-Nov-09	PIK.WT.A	-0.76	CHQ.WT	4.2	BWR.WT	0.39	GMC.WT.A	63.8%	G.WT.G	15.15	$15.27	Fair Market Value
	Metallic Ventures Gold	98,263,925.55	FRE.WT	9-Nov-09	AGB.WT	-0.75	TRT.WT	4	RML.WT	0.4	GMC.WT.B	63.8%	GCE.WT.A	3.99	$4.04	Fair Market Value
	Neo Material Tchnlgys Inc	314,717,613.26	BNK.WT	10-Nov-09	DNR.WT	-0.75	MDN.WT	4	KRI.WT	0.4	GMC.WT	63.8%	YRI.WT.B	6.12	$6.18	Fair Market Value
	NovaGold Resources	857,505,348.60	OSK.WT	15-Nov-09	ICX.WT	-0.71	BSK.WT	4	GMC.WT.A	0.42	MGT.WT.U	63.6%	EQN.WT	2.55	$2.55	Fair Market Value
	New Gold Inc.	273,797,402.97	DML.WT	24-Nov-09	AVK.WT	-0.71	HRG.WT	3.97	URB.WT.A	0.45	SVM.WT	63.4%	DML.WT	8.4	$8.28	Fair Market Value
	Nevsun Resources	186,855,721.98	LS.WT	29-Nov-09	BDO.WT	-0.71	HDG.WT	3.91	EET.WT	0.46	TCM.WT	61.3%	ELR.WT	1.13	$1.12	Fair Market Value
	Oilsands Canada Corp	38,200,000.00	SLW.WT.A	30-Nov-09	AMR.WT	-0.7	DML.WT.A	3.83	FR.WT	0.485	ML.WT	61.1%	EET.WT	0.46	$0.45	Fair Market Value
	Oromonte	2,763,319.68	LIR.WT	3-Dec-09	ERD.WT	-0.68	ACX.WT.A	3.83	PEG.WT	0.5	CMS.WT	60.7%	ML.WT	8.4	$8.13	Fair Market Value
	Osisko Exploration	717,258,914.60	PDL.WT	11-Dec-09	DAV.WT	-0.67	DAV.WT	3.8	TCP.WT	0.55	EPM.WT.A	60.5%	IE.WT	0.75	$0.71	Fair Market Value
	Olympus Pacific Minerals Inc	71,661,259.23	EF.WT	11-Dec-09	IV.WT	-0.67	LIR.WT	3.76	EOS.WT	0.55	EPM.WT.B	60.5%	NSU.WT.A	0.15	$0.14	Fair Market Value
	RailPower	33,113,319.46	UF.WT	15-Dec-09	EPM.WT.B	-0.66	RML.WT	3.75	BAJ.WT	0.6	EPM.WT	60.5%	TRT.WT	0.045	$0.04	Fair Market Value
	Palo Duro Energy	15,789,684.40	AMR.WT	28-Dec-09	KRI.WT	-0.66	NG.WT	3.74	UF.WT	0.6	HRG.WT	60.1%	OCF.WT	1.1	$1.01	Fair Market Value
	North American Palladium Ltd.	341,649,413.46	AMR.WT.A	31-Dec-09	ORR.WT	-0.66	CMS.WT	3.65	YNG.WT	0.6	TRX.WT	59.0%	EDV.WT	2.05	$1.86	Fair Market Value
	Petro Rubiales Energy	918,163,186.70	ASF.WT	15-Jan-10	RNZ.WT.B	-0.63	QUA.WT	3.57	HRG.WT	0.61	ELR.WT.A	58.3%	CHQ.WT	0.74	$0.63	Overvalued
	Primary Petroleum	16,041,742.65	P.WT	12-Feb-10	MIZ.WT.A	-0.62	GMC.WT.B	3.56	TMB.WT	0.65	ELR.WT	58.3%	BAJ.WT	0.6	$0.51	Overvalued
	Peak Gold	536,900,633.04	YRI.WT.C	17-Feb-10	EF.WT	-0.62	MGA.WT.A	3.51	MGA.WT.A	0.65	PIK.WT	57.9%	TRX.WT	0.19	$0.15	Overvalued
	Sentry Select Primary Metals	114,625,000.00	DAV.WT	20-Feb-10	CMS.WT	-0.59	EDV.WT	3.46	GMC.WT	0.68	PIK.WT.A	57.9%	UF.WT	0.6	$0.48	Overvalued
	Pinetree Capital	310,743,725.76	VSKY.WT	22-Feb-10	SRL.WT	-0.58	RPM.WT	3.43	GBG.WT	0.7	SRY.WT	57.8%	BNC.WT	0.35	$0.27	Overvalued
	Quadra Mining	1,035,322,460.25	CHQ.WT	6-Mar-10	VSKY.WT	-0.55	P.WT	3.36	CSI.WT	0.7	DML.WT.A	57.6%	FR.WT	0.485	$0.38	Overvalued
	Redcorp Ventures	29,238,334.62	IMR.WT.A	21-Mar-10	ENR.WT	-0.54	UXG.WT	3.35	PNP.WT	0.74	DML.WT	57.6%	BWR.WT	0.39	$0.30	Overvalued
	Rusoro Mining	580,252,659.00	FR.WT.A	25-Mar-10	ACX.WT.A	-0.54	PDE.WT	3.33	CHQ.WT	0.74	PEG.WT	57.1%	DPF.WT	0.75	$0.57	Overvalued
	Rye Patch Gold	26,365,589.34	EPM.WT.A	11-Apr-10	IMZ.WT	-0.54	EPM.WT	3.3	IE.WT	0.75	ASF.WT	55.2%	GMC.WT.A	0.42	$0.32	Overvalued
	Australian Solomons Gold	13,291,117.68	QUA.WT	8-May-10	OYM.WT	-0.53	BDO.WT	3.25	DPF.WT	0.75	QUA.WT	54.8%	YNG.WT	0.6	$0.45	Overvalued
	Skye Resources	22,512,735.18	CMS.WT	9-May-10	RPM.WT	-0.51	KRI.WT	3.1	OSK.WT	0.78	SLW.WT.A	53.8%	MEB.WT	0.1	$0.07	Overvalued
	Silver Wheaton	3,734,765,180.20	FGX.WT	31-May-10	BNC.WT	-0.5	PNP.WT.A	2.97