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December 15 2006

                               Warrants              
                   Recent   Recent     
                   Price    Price Fair  
  U. S. Canadian U. S. Canadian Expiration Exercise Warrants Leverage     of    Intrinsic          of Market  
COMPANY NAME Symbol Stock Symbol Warrant Date Price per as at Common Value of Warrant Value Comments
  Stock Symbol Warrant Symbol   Cdn$ Share 15-Dec-06 15-Dec-06 Warrant 15-Dec-06 15-Dec-06  
Anico Eagle AEM T.AEM   T.AEM.wt.u 14-Nov-07 $22.00 1 1.71 $47.20 $25.20 $27.67 $26.23 Fairly Valued
Ascendant Copper Corp   T.ACX   T.ACX.wt 21-Nov-10 $2.50 1 4.77 $0.62 -$1.88 $0.13 $0.35 Bargain
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08 $1.71 1 4.00 $1.40 -$0.31 $0.35 $0.04 Very Overvalued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10 $1.06 1 1.47 $0.87 -$0.19 $0.59 $0.15 Very Overvalued
Aumega Discoveries Ltd AUMGF V.AUM   V.AUM.wt 16-Feb-07 $0.45 1 8.25 $0.33 -$0.12 $0.04 $0.03 Overvalued
Baja Mining Corp BAJFF V.BAJ   V.BAJ.wt 19-Apr-09 $1.15 1 1.42 $1.26 $0.11 $0.89 $0.71 Overvalued
Bankers Petroleum BNKFF T.BNK   T.BNK.wt 14-Oct-09 $0.95 1 1.92 $0.71 -$0.24 $0.37 $0.25 Very Overvalued
Bema Gold Corp BGO T.BGO BMGDF.PK T.BGO.wt 27-Oct-07 $1.90 1 1.39 $5.74 $3.84 $4.12 $3.92 Fairly Valued
Bema Gold Corp BGO T.BGO BMGDF.PK T.BGO.wt.A 7-Sep-11 $10.00 1 3.42 $5.74 -$4.26 $1.68 $1.04 Very Overvalued
Benton Resources   V.BTC   V.BTC.wt 13-Apr-07 $0.40 1 6.00 $0.36 -$0.04 $0.06 $0.07 Undervalued
Blue Pearl Mining BLEFF T.BLE   T.BLE.wt 22-Mar-07 $0.70 1 1.10 $9.80 $9.10 $8.92 $9.11 Fairly Valued
Blue Pearl Mining BLEFF T.BLE   T.BLE.wt.A 23-Oct-11 $9.00 1 2.18 $9.80 $0.80 $4.50 $4.43 Fairly Valued
Breakwater Resources BWLRF T.BWR   T.BWR.wt 28-Jan-09 $1.00 1 1.68 $2.02 $1.02 $1.20 $1.17 Fairly Valued
C A Bancorp   BKP.V   BKP.wt.V 26-Jan-07 $3.00 1 15.50 $0.31 -$2.69 $0.02 $0.01 Very Overvalued
Canadian General Inv. Ltd CGRIF T.CGI   T.CGI.wt 30-Jun-07 $5.22 1 1.21 $29.00 $23.78 $23.95 $23.92 Fairly Valued
Canadian Income Mgmt Tr   CNM-UN.TO   CNM.wt.TO 28-Feb-12 $2.65 1 8.13 $0.65 -$2.00 $0.08 $0.03 Very Overvalued
Centrasia Mining Corp CTMHF V.CTM   V.CTM.wt 28-Apr-07 $0.78 2 3.33 $0.80 $0.010 $0.12 $0.05 Very Overvalued
Chariot Resources CHDSF T.CHD   T.CHD.wt 22-Dec-06 $0.35 1 2.29 $0.64 $0.29 $0.28 $0.29 Fairly Valued
Coalcorp Mining   CCJ.TO   V.CCJ.wt 7-Feb-11 $0.80 1 2.79 $0.53 -$0.27 $0.19 $0.15 Overvalued
Coalcorp Mining   CCJ.TO   V.CCJ.wt.A 17-Aug-11 $1.20 1 3.53 $0.53 -$0.67 $0.15 $0.10 Very Overvalued
Colibri Resource Corp   V.CBI   V.CBI.wt 28-Jul-07 $0.30 1 3.40 $0.17 -$0.07 $0.05 $0.04 Overvalued
Decision Dynamics Tchnlgy   DDY.V   DDY.wt.V 29-Jan-07 $0.70 1 16.00 $0.16 -$0.54 $0.01 $0.01 Fairly Valued
Dejour Enterprises Ltd DJEEF V.DJE   V.DJE.wt 17-Mar-07 $0.80 1 1.52 $2.48 $1.68 $1.63 $1.70 Fairly Valued
Denison Mines DNMIF T.DML   T.DML.wt 24-Nov-09 $15.00 1 0.59 $10.95 -$4.05 $18.45 $3.91 Very Overvalued
Denison Mines DNMIF T.DML   T.DML.wt.A 1-Mar-11 $30.00 1 0.86 $10.95 -$19.05 $12.77 $2.99 Very Overvalued
Eastern Platinum Limited ELRFF T.ELR   T.ELR.wt 25-Apr-08 $2.00 1 2.05 $1.25 -$0.75 $0.61 $0.17 Very Overvalued
Eastern Platinum Limited ELRFF T.ELR   T.ELR.wt.A 28-Mar-09 $1.80 1 2.84 $1.25 -$0.55 $0.44 $0.32 Very Overvalued
Endeavour Mining Cap
EDVMF T.EDV EDVWF.PK T.EDV.wt 10-Nov-08 $5.50 1 2.50 $7.56 $2.06 $3.03 $3.02 Fairly Valued
Endeavour Silver Corp EDRGF T.EDR   T.EDR.wt 24-Oct-07 $5.25 1 2.78 $4.36 -$0.89 $1.57 $0.63 Very Overvalued
Envoy Communs Group Inc   ECG.TO   ECG.wt.TO 20-Feb-09 $9.00 5 148.00 $2.96 -$6.04 $0.02 $0.01 Very Overvalued
Erdene Gold   T.ERD   T.ERD.wt 15-Jun-09 $1.60 1 3.36 $0.74 -$0.86 $0.22 $0.22 Fairly Valued
European Minerals Corp EPMCF  T.EPM EPMFJ.pk T.EPM.wt 23-Dec-08 $1.39 1 1.80 $0.90 -$0.07 $0.50 $0.17 Very Overvalued
European Minerals Corp EPMCF  T.EPM EPMWF.pk T.EPM.wt.a 11-Apr-10 $1.20 1 1.91 $0.90 -$0.30 $0.47 $0.33 Very Overvalued
European Minerals Corp EPMCF  T.EPM   T.EPM.wt.b 21-Mar-11 $1.55 1 2.09 $0.90 -$0.65 $0.43 $0.33 Overvalued
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09 $1.20 1 2.70 $1.62 $0.42 $0.60 $0.79 Bargain
First Capital Realty   FCR.TO   FRC.wt.TO 31-Aug-08 $11.80 1 1.83 $26.86 $15.06 $14.65 $16.03 Fairly Valued
Gabriel Resources Ltd GBRRF T.GBU   T.GBU.wt 31-Mar-07 $2.75 1 2.07 $4.85 $2.10 $2.34 $2.14 Fairly Valued
Glencairn Gold Corp GLE T.GGG  GLECW.PK T.GGG.wt 26-Nov-08 $1.25 1 2.89 $0.55 -$0.70 $0.19 $0.01 Very Overvalued
Goldcorp GG T.G GG-WT T.G.wt.G 9-Jun-11 $45.75 1 1.89 $32.10 -$13.65 $17.00 $9.14 Very Overvalued
Golden Star Resources GSS T.GSC GSRWF.PK T.GSC.wt.a 14-Feb-07 $4.60 1 14.54 $3.49 -$1.11 $0.24 $0.01 Very Overvalued
Grande Cache Coal Corp GACHF T.GCE   T.GCE.wt 5-Apr-07 $3.40 1 9.29 $0.79 -$2.61 $0.09 $0.01 Very Overvalued
HALO Resources HLOSF V.HLO   V.HLO.wt.A 23-Dec-06 $1.50 1 12.67 $0.38 -$1.12 $0.03 $0.01 Very Overvalued
HALO Resources HLOSF V.HLO   V.HLO.wt.B 23-Dec-06 $1.35 1 19.00 $0.38 -$0.97 $0.02 $0.01 Very Overvalued
HMZ Metals Inc.   T.HMZ   T.HMZ.wt 6-Apr-07 $0.50 1 3.50 $0.07 -$0.43 $0.02 $0.01 Very Overvalued
IMA Exploration IMR V.IMR   V.IMR.wt 14-Sep-09 $3.45 1 4.20 $0.63 -$2.82 $0.15 $0.01 Very Overvalued
IMA Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10 $3.80 1 6.30 $0.63 -$3.17 $0.10 $0.01 Very Overvalued
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08 $3.75 2.381 2.80 $10.01 $0.45 $1.50 $2.76 Bargain
International Minerals Corp IMZLF T.IMZ   T.IMZ.wt 19-May-08 $6.88 1 6.47 $5.50 -$1.38 $0.85 $0.52 Very Overvalued
Ivanhoe Energy IVAN T.IE   T.IE.wt 15-May-11 $2.93 1 2.21 $1.46 -$1.47 $0.66 $0.17 Very Overvalued
Jaguar Mining JAGNF T.JAG   T.JAG.wt 31-Dec-07 $4.50 1 2.17 $6.85 $2.35 $3.15 $2.58 Overvalued
Katanga Mining   T.KAT   T.KAT.WT 20-Nov-11 $8.50 1 2.92 $7.31 -$1.19 $2.50 $2.57 Fairly Valued
Khan Resources KHRIF T.KRI   T.KRI.wt 2-Aug-08 $1.90 1 2.38 $3.09 $1.19 $1.30 $1.40 Fairly Valued
KidsFutures Inc   FUT.V   FUT.wt.V 7-Jan-08 $1.15 1 11.00 $0.11 -$1.04 $0.01 $0.01 Fairly Valued
Kinross KGC T.K   T.K.wt 5-Dec-07 $5.00 3 3.65 $13.46 -$0.51 $1.23 $2.90 Bargain
Las Vegas From Home.com   LVH.V   LVH.wt.V 13-May-07 $1.00 1 18.00 $0.18 -$0.82 $0.01 $0.01 Fairly Valued
MACCs Sustainable Yield   MYT-UN.TO   MYT.wt 15-Feb-07 $8.64 1 89.44 $8.05 -$0.59 $0.09 $0.01 Very Overvalued
Marifil Mines Ltd   V.MFM   V.MFM.wt 3-Feb-07 $0.70 1 10.00 $0.60 -$0.10 $0.06 $0.04 Very Overvalued
Medical Intelligence Tech   MIZ.TO   MIZ.wt.V 28-Sep-07 $0.75 1 4.41 $0.75 $0.00 $0.17 $0.18 Fairly Valued
Mesa Uranium Corp MSAUF V.MZU   V.MZU.wt 21-Dec-07 $0.75 1 2.52 $0.63 -$0.12 $0.25 $0.27 Fairly Valued
Metallic Ventures Gold MTLVF T.MVG   T.MVG.wt 17-Mar-09 $10.00 1 3.96 $1.78 -$8.22 $0.45 $0.04 Very Overvalued
Metallica Resources MRB T.MR  MRBWF.PK T.MR.wt 11-Dec-08 $3.10 1 2.34 $4.43 $1.33 $1.89 $1.66 Overvalued
Minco Silver   MSV.TO   MSV.wt.TO 18-May-08 $3.45 1 3.93 $2.75 -$0.70 $0.70 $0.70 Fairly Valued
Neo Material Tchnlgys Inc   NEM.TO   NEM.wt.TO 31-Aug-08 $3.00 1 3.51 $2.28 -$0.72 $0.65 $0.57 Overvalued
Nevsun Resources NSU T.NSU   T.NSU.wt 29-Jun-08 $3.25 1 2.71 $2.68 -$0.57 $0.99 $0.57 Very Overvalued
Nevsun Resources NSU T.NSU   T.NSU.wt.a 24-Oct-08 $3.00 1 2.73 $2.68 -$0.32 $0.98 $0.74 Overvalued
New Gold Inc. NGD T.NGD   T.NGD.wt 28-Feb-08 $12.00 1 6.65 $8.98 -$3.02 $1.35 $0.29 Very Overvalued
Newstrike Resource   V.NR   V.NR.wt 4-Aug-07 $0.50 1 4.00 $0.40 -$0.10 $0.10 $0.14 Bargain
Northern Orion Resources NTO T.NNO NTWWF.PK T.NNO.wt 29-May-08 $2.00 1 1.62 $4.35 $2.35 $2.69 $2.77 Fairly Valued
Northern Orion Resources NTO T.NNO  NTOWF.PK T.NNO.wt.a 17-Feb-10 $6.00 1 3.04 $4.35 -$1.65 $1.43 $0.81 Very Overvalued
Northgate Minerals Corp NXG T.NGX NGOWF.PK T.NGX.wt 28-Dec-06 $3.00 1 5.85 $3.63 $0.63 $0.62 $0.48 Overvalued
Northgate Minerals Corp NXG T.NGX   T.NGX.wt.a 28-Dec-06 $3.00 1 6.15 $3.63 $0.63 $0.59 $0.48 Overvalued
Nova Gold Resources NG T.NG NGRWF.PK T.NG.wt 1-Oct-08 $7.00 1 1.49 $18.50 $11.50 $12.45 $12.66 Fairly Valued
Nova Gold Resources NG T.NG   T.NG.wt.A 7-Jan-08 $12.10 1 2.53 $18.50 $6.40 $7.30 $7.60 Fairly Valued
Nventa Biopharmaceuticals   NVN.TO   NVN.wt.TO 23-Dec-06 $2.44 1 17.00 $0.17 -$2.27 $0.01 $0.01 Fairly Valued
Opta Minerals Inc   OPM.TO   OPM.wt.TO 17-Feb-07 $5.00 1 32.00 $3.52 -$1.48 $0.11 $0.01 Very Overvalued
Pacific Stratus Energy PVLVF V.PSE   PSE.wt.V 20-Jul-07 $3.00 1 1.54 $6.70 $3.70 $4.36 $3.62 Overvalued
Palmarejo Silver & Gold   V.PJO   V.PJO.wt 19-Oct-07 $12.50 1 13.49 $8.50 -$4.00 $0.63 $1.30 Bargain
Pan American Silver PAAS T.PAA PAAWF T.PAA.wt 20-Feb-08 $12.00 1 1.64 $28.80 $16.80 $17.60 $17.71 Fairly Valued
Peregrine Diamonds   V.PGD   V.PGD.wt 16-Jul-07 $7.00 1 15.22 $1.37 -$5.63 $0.09 $0.01 Very Overvalued
Petrolifera Petroleum Ltd
  T.PDP   T.PDP.wt 3-May-07 $3.00 1 1.24 $18.51 $15.51 $14.97 $13.15 Overvalued
Prodtn Enhancement Group   WIS.TO   WIS.wt.TO 19-Apr-07 $3.00 2 17.67 $1.06 -$1.94 $0.03 $0.01 Very Overvalued
RepeatSeat Ltd   RPS.V   RPS.wt.V 31-Dec-06 $1.25 1 35.00 $0.35 -$0.90 $0.01 $0.01 Fairly Valued
Rio Narcea Gold RNO T.RNG RNWTF.PK T.RNG.wt 11-Sep-08 $5.00 1 6.93 $3.05 -$1.95 $0.44 $0.14 Very Overvalued
SMTC Mfg Corp of Canada   SMX.TO   SMX.wt.TO 4-Mar-09 $9.25 1 103.33 $3.10 -$6.15 $0.03 $1.09 Bargain
Silver Wheaton SLW T.SLW  SLWWF T.SLW.wt 5-Aug-09 $4.00 5 1.41 $11.99 $1.60 $1.70 $1.70 Fairly Valued
Silver Wheaton SLW T.SLW SLWAF T.SLW.wt.a 30-Nov-09 $5.50 5 1.57 $11.99 $1.30 $1.53 $1.49 Fairly Valued
Silver Wheaton SLW T.SLW SLWBF T.SLW.wt.b 22-Dec-10 $10.00 1 1.79 $11.99 $1.99 $6.68 $5.31 Overvalued
Silverstone Corporation   V.SST   V.SST.wt 7-Jun-07 $1.80 1 5.03 $1.51 -$0.29 $0.30 $0.34 Undervalued
Silverwing Energy Inc   SVW.TO   SVW.wt.TO 22-Feb-08 $2.25 1 14.38 $1.15 -$1.10 $0.08 $0.16 Bargain
Southern Era Diamonds SDMFF T.SDM   T.SDM.wt 11-Nov-08 $2.00 1 3.56 $0.32 -$1.68 $0.09 $0.01 Very Overvalued
Spur Ventures SPVEF T.SVU   T.SVU.wt 28-Jul-07 $2.00 1 3.65 $0.62 -$1.38 $0.17 $0.01 Very Overvalued
Stelco Inc SECNF.PK STE.TO SECWF.PK STE.wt.TO 31-Mar-13 $11.00 1 1.69 $20.70 $9.70 $12.25 $12.70 Fairly Valued
Strait Gold Corp   SRD.V   V.SRD.wt 20-Apr-08 $0.30 1 1.36 $0.34 $0.04 $0.25 $0.11 Very Overvalued
TORR Canada Inc   TOR.TO   TOR.wt.TO 2-Nov-09 $0.65 1 2.00 $0.86 $0.21 $0.43 $0.52 Undervalued
Tiomin Resources TMIRF T.TIO   T.TIO.wt 7-Dec-07 $1.35 1 3.75 $0.15 -$1.20 $0.04 $0.02 Very Overvalued
Titan Uranium TUEFF V.TUE   TUE.wt.A.V 21-Oct-07 $0.37 1 2.06 $2.78 $2.41 $1.35 $2.78 Bargain
Tranzeo Wireless Tchnlgys TZWLF.PK TZT.TO   TZT.wt.TO 3-Apr-07 $2.50 1 4.79 $2.01 -$0.49 $0.42 $0.36 Overvalued
US Gold USGL.OB UXG.TO   U.UXG.wt 22-Feb-11 $11.58 1 2.80 $6.16 -$5.42 $2.20 $1.36 Very Overvalued
Uranium Participation URPTF.pk T.U URPTF.pk T.U.wt 10-May-07 $6.25 1 2.01 $12.28 $6.03 $6.11 $6.17 Fairly Valued
Uranium Participation URPTF.pk   URPZF.pk T.U.wt 14-Sep-08 $12.00 1 2.90 $12.28 $0.28 $4.24 $3.70 Overvalued
Welton Energy WLEYF T.WLT   WLT.wt.TO 4-Aug-07 $1.75 1 6.07 $0.91 -$0.84 $0.15 $0.03 Very Overvalued
Yamana Gold      AUY T.YRI   T.YRI.wt.A 20-Nov-08 $4.17 1.66667 1.35 $14.58 $4.58 $6.46 $6.49 Fairly Valued
Yellow Pages Income Fund YLWPF.PK YLO-UN.TO   YLO.WT.TO 14-Dec-07 $17.50 1 219.50 $13.17 -$4.33 $0.06 $0.01 Very Overvalued

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 except Ram Energy and Syntroleum which trade in USD.