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December 8 2006

                               Warrants                
                   Recent     Recent     
  U. S. Canadian U. S. Canadian   Exercise Warrants Leverage  Price  Intrinsic 1 Month  Price Fair  
COMPANY NAME Symbol Stock Symbol Warrant Expiration Price per       of   Value of Historic          of Market Comments
  Stock Symbol Warrant Symbol Date Cdn$ Share   Common Warrant Volatility Warrant Value  
Anico Eagle AEM T.AEM   T.AEM.wt.u 14-Nov-07 $21.85 1 1.65 $47.83 $25.98 39.4 $29.05 $27.04 Fairly Valued
Ascendant Copper Corp   T.ACX   T.ACX.wt 21-Nov-10 $2.50 1 3.84 $0.73 -$1.77 50 $0.190 $0.05 Very Overpriced
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08 $1.71 1 4.00 $1.40 -$0.31 62 $0.35 $0.39 Undervalued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10 $1.06 1 1.53 $0.90 -$0.16 47 $0.590 $0.61 Fairly Valued
Aumega Discoveries Ltd AUMGF V.AUM   V.AUM.wt 16-Feb-07 $0.45 1 7.75 $0.310 -$0.14 114.4 $0.040 $0.02 Very Overpriced
Baja Mining Corp BAJFF V.BAJ   V.BAJ.wt 19-Apr-09 $1.15 1 1.70 $1.340 $0.19 78.6 $0.790 $0.71 Fairly Valued
Bankers Petroleum BNKFF T.BNK   T.BNK.wt 14-Oct-09 $0.95 1 1.89 $0.70 -$0.25 79.1 $0.370 $0.33 Overpriced
Bema Gold Corp BGO T.BGO BMGDF.PK T.BGO.wt 27-Oct-07 $1.90 1 1.46 $6.10 $4.20 34.2 $4.18 $4.28 Fairly Valued
Bema Gold Corp BGO T.BGO BMGDF.PK T.BGO.wt.A 7-Sep-11 $10.00 1 3.49 $6.10 -$3.90 34.2 $1.75 $0.74 Very Overpriced
Benton Resources   V.BTC   V.BTC.wt 13-Apr-07 $0.40 1 5.57 $0.390 -$0.01 102.6 $0.070 $0.09 Bargain
Blue Pearl Mining BLEFF T.BLE   T.BLE.wt 22-Mar-07 $0.70 1 1.09 $9.25 $8.55 36.3 $8.50 $8.56 Fairly Valued
Blue Pearl Mining BLEFF T.BLE   T.BLE.wt.A 23-Oct-11 $9.00 1 2.20 $9.25 $0.25 36.3 $4.20 $3.77 Fairly Valued
Breakwater Resources BWLRF T.BWR   T.BWR.wt 28-Jan-09 $1.00 1 1.78 $1.920 $0.92 30.7 $1.080 $1.03 Fairly Valued
C A Bancorp   BKP.V   BKP.wt.V 26-Jan-07 $0.35 1 9.67 $0.29 -$0.06 25 $0.030 $0.01 Fairly Valued
Canadian General Inv. Ltd CGRIF T.CGI   T.CGI.wt 30-Jun-07 $5.22 1 1.25 $28.60 $23.38 19.4 $22.900 $23.52 Fairly Valued
Canadian Income Mgmt Tr   CNM-UN.TO   CNM.wt.TO 28-Feb-12 $2.60 1 14.38 $1.15 -$1.45 18.9 $0.080 $0.03 Very Overpriced
Centrasia Mining Corp CTMHF V.CTM   V.CTM.wt 28-Apr-07 $0.78 2 4.72 $0.85 $0.035 36.6 $0.090 $0.06 Very Overpriced
Chariot Resources CHDSF T.CHD   T.CHD.wt 22-Dec-06 $0.35 1 2.17 $0.650 $0.30 45.1 $0.300 $0.30 Fairly Valued
Coalcorp Mining   V.CCJ   V.CCJ.wt 7-Feb-11 $0.80 1 3.00 $0.51 -$0.29 73.9 $0.170 $0.25 Bargain
Coalcorp Mining   V.CCJ   V.CCJ.wt.A 17-Aug-11 $1.20 1 4.25 $0.51 -$0.69 73.9 $0.12 $0.23 Bargain
Colibri Resource Corp   V.CBI   V.CBI.wt 28-Jul-07 $0.30 1 2.67 $0.160 -$0.07 135.9 $0.060 $0.04 Very Overpriced
Decision Dynamics Tchnlgy   DDY.V   DDY.wt.V 29-Jan-07 $0.70 1 16.00 $0.16 -$0.54 25 $0.010 $0.01 Fairly Valued
Dejour Enterprises Ltd DJEEF V.DJE   V.DJE.wt 17-Mar-07 $0.80 1 1.33 $2.64 $1.84 110.2 $1.980 $1.85 Fairly Valued
Denison Mines DNMIF T.DML   T.DML.wt 24-Nov-09 $15.00 1 0.58 $11.65 -$3.35 52.5 $20.00 $7.27 Very Overpriced
Denison Mines DNMIF T.DML   T.DML.wt.A 1-Mar-11 $30.00 1 0.90 $11.65 -$18.35 52.5 $13.00 $21.81 Bargain
Eastern Platinum Limited ELRFF T.ELR   T.ELR.wt 25-Apr-08 $2.00 1 1.67 $1.25 -$0.75 57 $0.75 $0.95 Bargain
Eastern Platinum Limited ELRFF T.ELR   T.ELR.wt.A 28-Mar-09 $1.80 1 2.84 $1.25 -$0.55 70 $0.44 $0.41 Fairly Valued
Endeavour Mining Cap
EDVMF T.EDV EDVWF.PK T.EDV.wt 10-Nov-08 $5.50 1 2.28 $7.51 $2.01 57 $3.30 $3.43 Fairly Valued
Endeavour Silver Corp EDRGF T.EDR   T.EDR.wt 24-Oct-07 $5.25 1 2.62 $4.40 -$0.85 84.9 $1.68 $1.15 Very Overpriced
Envoy Communs Group Inc   ECG.TO   ECG.wt.TO 20-Feb-09 $9.00 5 150.00 $3.00 -$6.00 13.7 $0.020 $0.01 Very Overpriced
Erdene Gold   T.ERD   T.ERD.wt 15-Jun-09 $1.60 1 1.91 $0.67 -$0.93 73.4 $0.35 $0.17 Very Overpriced
European Minerals Corp EPMCF  T.EPM EPMFJ.pk T.EPM.wt 23-Dec-08 $1.20 1 2.12 $0.89 -$0.08 59.2 $0.420 $0.23 Very Overpriced
European Minerals Corp EPMCF  T.EPM EPMWF.pk T.EPM.wt.a 11-Apr-10 $1.20 1 2.23 $0.89 -$0.31 59.2 $0.400 $0.31 Overpriced
European Minerals Corp EPMCF  T.EPM   T.EPM.wt.b 21-Mar-11 $1.55 1 2.62 $0.89 -$0.66 59.2 $0.340 $0.25 Very Overpriced
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09 $1.20 1 2.20 $0.770 -$0.43 69.1 $0.350 $0.22 Very Overpriced
First Capital Realty   FCR.TO   FRC.WT.TO 31-Aug-08 $11.80 1 1.94 $27.11 $15.31 15.9 $14.000 $16.26 Undervalued
Frontera Copper   T.FCC   T.FCC.wt 11-Dec-06 $3.00 1 2.28 $5.35 $2.35 51.2 $2.350 $2.35 Fairly Valued
Gabriel Resources Ltd GBRRF T.GBU   T.GBU.wt 31-Mar-07 $2.75 1 1.99 $5.00 $2.25 31.4 $2.510 $2.29 Fairly Valued
Glencairn Gold Corp GLE T.GGG  GLECW.PK T.GGG.wt 26-Nov-08 $1.25 1 2.79 $0.530 -$0.72 48.2 $0.190 $0.03 Very Overpriced
Goldcorp GG T.G GG-WT T.G.wt.G 9-Jun-11 $45.75 1 1.82 $33.62 -$12.13 41.9 $18.50 $6.65 Very Overpriced
Golden Star Resources GSS T.GSC GSRWF.PK T.GSC.wt.a 14-Feb-07 $4.60 1 15.87 $3.65 -$0.95 37.8 $0.230 $0.03 Very Overpriced
Grande Cache Coal Corp GACHF T.GCE   T.GCE.wt 5-Apr-07 $3.40 1 10.00 $0.85 -$2.55 77.2 $0.085 $0.01 Very Overpriced
HALO Resources HLOSF V.HLO   V.HLO.wt.A 23-Dec-06 $1.50 1 13.33 $0.400 -$1.10 114 $0.030 $0.01 Very Overpriced
HALO Resources HLOSF V.HLO   V.HLO.wt.B 23-Dec-06 $1.35 1 8.00 $0.400 -$0.95 114 $0.05 $0.01 Very Overpriced
HMZ Metals Inc.   T.HMZ   T.HMZ.wt 6-Apr-07 $0.50 1 3.00 $0.060 -$0.44 170 $0.020 $0.01 Very Overpriced
IMA Exploration IMR V.IMR   V.IMR.wt 14-Sep-09 $3.45 1 4.00 $0.60 -$2.85 38.9 $0.150 $0.01 Very Overpriced
IMA Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10 $3.80 1 6.00 $0.60 -$3.20 38.9 $0.100 $0.01 Very Overpriced
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08 $3.75 2.381 2.72 $10.35 $0.60 34.1 $1.60 $1.16 Very Overpriced
International Minerals Corp IMZLF T.IMZ   T.IMZ.wt 19-May-08 $6.88 1 6.21 $5.28 -$1.60 15.2 $0.85 $0.08 Very Overpriced
Ivanhoe Energy IVAN T.IE   T.IE.wt 15-May-11 $2.93 1 2.42 $1.57 -$1.36 21.7 $0.65 $0.09 Very Overpriced
Jaguar Mining JAGNF T.JAG   T.JAG.wt 31-Dec-07 $4.50 1 2.18 $6.92 $2.42 47.3 $3.18 $2.87 Fairly Valued
Katanga Mining   T.KAT   T.KAT.WT 20-Nov-11 $8.50 1 2.71 $6.20 -$2.30 38.8 $2.29 $1.94 Overpriced
Khan Resources KHRIF T.KRI   T.KRI.wt 2-Aug-08 $1.90 1 2.09 $3.15 $1.25 47.8 $1.51 $1.74 Undervalued
KidsFutures Inc   FUT.V   FUT.wt.V 7-Jan-08 $1.15 1 12.00 $0.12 -$1.03 146.5 $0.01 $0.02 Bargain
Kinross KGC T.K   T.K.wt 5-Dec-07 $15.00 3 3.68 $14.12 -$0.29 36.5 $1.28 $0.67 Very Overpriced
Las Vegas From Home.com   LVH.V   LVH.wt.V 13-May-07 $1.00 1 9.50 $0.19 -$0.81 89.8 $0.02 $0.01 Very Overpriced
MACCs Sustainable Yield   MYT-UN.TO   MYT.wt 15-Feb-07 $8.64 1 393.00 $7.86 -$0.78 25 $0.02 $0.11 Bargain
Marifil Mines Ltd   V.MFM   V.MFM.wt 3-Feb-07 $0.70 1 7.44 $0.670 -$0.03 66 $0.09 $0.07 Overpriced
Mesa Uranium Corp MSAUF V.MZU   V.MZU.wt 21-Dec-07 $0.75 1 2.41 $0.650 -$0.10 135 $0.27 $0.32 Undervalued
Metallic Ventures Gold MTLVF T.MVG   T.MVG.wt 17-Mar-09 $10.00 1 4.63 $1.90 -$8.10 50.4 $0.41 $0.02 Very Overpriced
Metallica Resources MRB T.MR  MRBWF.PK T.MR.wt 11-Dec-08 $3.10 1 2.35 $4.47 $1.37 44.8 $1.90 $1.97 Fairly Valued
Minco Silver   MSV.TO   MSV.wt.TO 18-May-08 $3.45 1 4.10 $2.75 -$0.70 65.2 $0.67 $0.70 Fairly Valued
Neo Material Tchnlgys Inc   NEM.TO   NEM.wt.TO 31-Aug-08 $3.00 1 3.17 $2.38 -$0.62 56.9 $0.75 $0.57 Overpriced
Nevsun Resources NSU T.NSU   T.NSU.wt 29-Jun-08 $3.25 1 2.88 $2.88 -$0.37 44 $1.00 $0.57 Very Overpriced
Nevsun Resources NSU T.NSU   T.NSU.wt.a 24-Oct-08 $3.00 1 2.77 $2.88 -$0.12 44 $1.04 $0.74 Very Overpriced
New Gold Inc. NGD T.NGD   T.NGD.wt 28-Feb-08 $12.00 1 6.85 $9.11 -$2.89 23.7 $1.33 $0.29 Very Overpriced
Newstrike Resource   V.NR   V.NR.wt 4-Aug-07 $0.50 1 5.00 $0.400 -$0.10 124.7 $0.08 $0.14 Bargain
Northern Orion Resources NTO T.NNO NTWWF.PK T.NNO.wt 29-May-08 $2.00 1 1.67 $4.63 $2.63 29.7 $2.78 $2.77 Fairly Valued
Northern Orion Resources NTO T.NNO  NTOWF.PK T.NNO.wt.a 17-Feb-10 $6.00 1 3.17 $4.63 -$1.37 29.7 $1.460 $0.81 Very Overpriced
Northgate Minerals Corp NXG T.NGX NGOWF.PK T.NGX.wt 28-Dec-06 $3.00 1 7.40 $3.48 $0.48 30.9 $0.470 $0.48 Fairly Valued
Northgate Minerals Corp NXG T.NGX   T.NGX.wt.a 28-Dec-06 $3.00 1 7.91 $3.48 $0.48 30.9 $0.440 $0.48 Fairly Valued
Nova Gold Resources NG T.NG NGRWF.PK T.NG.wt 1-Oct-08 $7.00 1 1.53 $19.04 $12.04 18.2 $12.42 $12.66 Fairly Valued
Nova Gold Resources NG T.NG   T.NG.wt.A 7-Jan-08 $12.10 1 2.54 $19.04 $6.94 18.3 $7.50 $7.60 Fairly Valued
Nventa Biopharmaceuticals   NVN.TO   NVN.wt.TO 23-Dec-06 $2.44 1 8.50 $0.17 -$2.27 63.5 $0.020 $0.01 Very Overpriced
Opta Minerals Inc   OPM.TO   OPM.wt.TO 17-Feb-07 $5.00 1 29.25 $3.51 -$1.49 38 $0.120 $0.01 Very Overpriced
Pacific Stratus Energy PVLVF V.PSE   T.PSE.wt 20-Jul-07 $3.00 1 1.36 $6.580 $3.58 84 $4.840 $3.62 Overpriced
Palmarejo Silver & Gold   V.PJO   V.PJO.wt 19-Oct-07 $12.50 1 9.26 $8.80 -$3.70 68.7 $0.950 $1.30 Bargain
Pan American Silver PAAS T.PAA PAAWF T.PAA.wt 20-Feb-08 $12.00 1 1.66 $29.02 $17.02 30 $17.53 $17.71 Fairly Valued
Peregrine Diamonds   V.PGD   V.PGD.wt 16-Jul-07 $7.00 1 16.88 $1.35 -$5.65 75 $0.080 $0.01 Very Overpriced
Petrolifera Petroleum Ltd
  T.PDP   T.PDP.wt 3-May-07 $3.00 1 1.21 $16.15 $13.15 79.1 $13.38 $13.15 Fairly Valued
Prodtn Enhancement Group   WIS.TO   WIS.wt.TO 19-Apr-07 $3.00 2 20.00 $1.20 -$1.80 101.7 $0.030 $0.01 Very Overpriced
RepeatSeat Ltd   RPS.V   RPS.wt.V 31-Dec-06 $1.25 1 25.00 $0.25 -$1.00 64 $0.010 $0.01 Fairly Valued
Rio Narcea Gold RNO T.RNG RNWTF.PK T.RNG.wt 11-Sep-08 $5.00 1 7.00 $3.08 -$1.92 60.4 $0.440 $0.59 Undervalued
SMTC Mfg Corp of Canada   SMX.TO   SMX.wt.TO 4-Mar-09 $9.25 1 96.33 $2.89 -$6.36 73.2 $0.030 $0.44 Bargain
Silver Wheaton SLW T.SLW  SLWWF T.SLW.wt 5-Aug-09 $4.00 5 1.40 $12.58 $1.72 43.8 $1.80 $1.83 Fairly Valued
Silver Wheaton SLW T.SLW SLWAF T.SLW.wt.a 30-Nov-09 $5.50 5 1.54 $12.58 $1.42 43.8 $1.63 $1.62 Fairly Valued
Silver Wheaton SLW T.SLW SLWBF T.SLW.wt.b 22-Dec-10 $10.00 1 1.75 $12.58 $2.58 43.8 $7.20 $6.13 Overpriced
Silverstone Corporation   V.SST   V.SST.wt 7-Jun-07 $1.80 1 6.32 $1.58 -$0.22 85.2 $0.250 $0.31 Undervalued
Silverwing Energy Inc   SVW.TO   SVW.wt.TO 22-Feb-08 $2.25 1 11.50 $1.15 -$1.10 0.5 $0.100 $0.10 Fairly Valued
Southern Era Diamonds SDMFF T.SDM   T.SDM.wt 11-Nov-08 $2.00 1 5.67 $0.340 -$1.66 54.3 $0.060 $0.01 Very Overpriced
Spur Ventures SPVEF V.SVU   V.SVU.wt 28-Jul-07 $2.00 1 3.00 $0.63 -$1.37 119 $0.21 $0.05 Very Overpriced
Stelco Inc SECNF.PK STE.TO SECWF.PK STE.wt.TO 31-Mar-13 $11.00 1 1.76 $22.00 $11.00 15 $12.500 $12.55 Fairly Valued
Strait Gold Corp        SRD.V   V.SRD.wt 20-Apr-08 $0.30 1 1.60 $0.40 $0.10 20.5 $0.25 $0.13 Very Overpriced
TORR Canada Inc   TOR.TO   TOR.wt.TO 2-Nov-09 $0.65 1 2.73 $0.82 $0.17 86.9 $0.300 $0.51 Bargain
Tiomin Resources TMIRF V.TIO   V.TIO.wt 7-Dec-07 0.36 1 4.00 $0.200 -$0.16 78.5 $0.050 $0.03 Very Overpriced
Titan Uranium TUEFF V.TUE   T.TUE.wt.A 21-Oct-07 $1.35 1 1.79 $2.69 $1.34 69.9 $1.50 $1.47 Fairly Valued
Tranzeo Wireless Tchnlgys TZWLF.PK TZT.TO   TZT.wt.TO 3-Apr-07 $2.50 1 2.76 $2.07 -$0.43 117.7 $0.750 $0.45 Very Overpriced
US Gold USGL.OB UXG.TO   U.UXG.wt 22-Feb-11 $11.00 1 2.87 $6.32 -$4.68 57.2 $2.200 $2.21 Fairly Valued
Uranium Participation URPTF.pk T.U URPWF.pk T.U.wt 10-May-07 $6.25 1 1.99 $12.21 $5.96 22.1 $6.13 $6.10 Fairly Valued
Uranium Participation URPTF.pk   URPZF.pk T.U.wt 14-Sep-08 $12.00 1 2.71 $12.21 $0.21 22.1 $4.50 $2.06 Very Overpriced
Welton Energy WLEYF T.WLT   WLT.wt.TO 4-Aug-07 $1.75 1 7.42 $0.89 -$0.86 60.8 $0.120 $0.03 Very Overpriced
Yamana Gold      AUY T.YRI   T.YRI.wt.A 20-Nov-08 $4.17 1.666667 1.35 $14.66 $4.63 50 $6.53 $6.56 Fairly Valued
Yellow Pages Income Fund YLWPF.PK YLO-UN.TO   YLO.WT.TO 14-Dec-07 $17.50 1 188.14 $13.17 -$4.33 25.2 $0.070 $0.37 Bargain

 

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

Fair market value is calculated using the black scholes calculations on volatility for the past month annualized.

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

All US$ prices translated to C$ at current exchange rate for above calculations.