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December 22 2006

                               Warrants          
               Recent   Recent     
               Price 1 Month  Price Fair  
  U. S. Canadian U. S. Canadian Expiration Exercise     of   Historic          of Market  
COMPANY NAME Symbol Stock Symbol Warrant Date Price Common Volatility Warrant Value Comments
  Stock Symbol Warrant Symbol   Cdn$ 22-Dec-06 22-Dec-06 22-Dec-06 22-Dec-06  
Anico Eagle AEM T.AEM   T.AEM.wt.u 14-Nov-07 $22.00 $46.30 35.4 $26.62 $25.29 Fair Value
Ascendant Copper Corp   T.ACX   T.ACX.wt 21-Nov-10 $2.50 $0.65 128.2 $0.12 $0.35 Bargain
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08 $1.71 $1.30 22.3 $0.40 $0.06 Over Valued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10 $1.06 $0.87 25.4 $0.59 $0.15 Over Valued
Aumega Discoveries Ltd AUMGF V.AUM   V.AUM.wt 16-Feb-07 $0.40 $0.27 143.2 $0.03 $0.03 Fair Valued
Baja Mining Corp BAJFF V.BAJ   V.BAJ.wt 13-Apr-09 $1.25 $1.37 53.5 $1.00 $0.54 Over Valued
Bankers Petroleum BNKFF T.BNK   T.BNK.wt 10-Nov-09 $0.95 $0.66 55.9 $0.30 $0.19 Over Valued
Bema Gold Corp BGO T.BGO BMGDF.PK T.BGO.wt 22-Oct-07 $1.90 $5.83 33.6 $4.04 $4.01 Fair Valued
Bema Gold Corp BGO T.BGO BMGDF.PK T.BGO.wt.A 8-Sep-11 $10.00 $5.83 33.6 $1.74 $1.08 Over Valued
Benton Resources   V.BTC   V.BTC.wt 13-Apr-07 $0.40 $0.36 84.1 $0.08 $0.05 Over Valued
Blue Pearl Mining BLEFF T.BLE   T.BLE.wt 22-Mar-07 $0.70 $9.00 47.5 $8.00 $8.31 Fair Valued
Blue Pearl Mining BLEFF T.BLE   T.BLE.wt.A 27-Oct-11 $9.00 $9.00 47.5 $4.44 $4.24 Fair Valued
Breakwater Resources BWLRF T.BWR   T.BWR.wt 28-Jan-09 $1.00 $1.83 50.2 $1.06 $1.01 Fair Valued
C A Bancorp   V.BKP   BKP.wt.V 26-Jan-07 $0.35 $0.31 77.8 $0.02 $0.02 Fair Valued
Canadian General Inv. Ltd CGRIF T.CGI   T.CGI.wt 30-Jun-07 $4.12 $28.07 19.9 $23.50 $24.06 Fair Valued
Canadian Income Mgmt Tr   T.CNM-UN   CNM.wt.TO 28-Feb-12 $2.60 $0.48 232.1 $0.08 $0.47 Bargain
Centrasia Mining Corp CTMHF V.CTM   V.CTM.wt 28-Apr-07 $0.78 $0.83 196.6 $0.08 $0.19 Bargain
Coalcorp Mining   T.CCJ   V.CCJ.wt 8-Feb-11 $0.80 $0.62 83.8 $0.21 $0.37 Bargain
Coalcorp Mining   T.CCJ   V.CCJ.wt.A 17-Aug-11 $1.20 $0.62 83.8 $0.17 $0.34 Bargain
Colibri Resource Corp   V.CBI   V.CBI.wt 28-Jul-07 $0.30 $0.16 153.4 $0.05 $0.05 Fair Valued
Decision Dynamics Tchnlgy   V.DDY   DDY.wt.V 29-Jan-07 $0.70 $0.16 163.0 $0.01 $0.01 Fair Valued
Dejour Enterprises Ltd DJEEF V.DJE   V.DJE.wt 17-Mar-07 $0.80 $2.40 110.4 $1.55 $1.60 Fair Valued
Denison Mines DNMIF T.DML   T.DML.wt 24-Nov-09 $15.00 $31.25 59.9 $20.45 $20.37 Fair Valued
Denison Mines DNMIF T.DML   T.DML.wt.A 1-Mar-11 $30.00 $31.25 59.9 $13.00 $16.50 Bargain
Eastern Platinum Limited ELRFF T.ELR   T.ELR.wt 25-Apr-08 $2.00 $1.29 35.7 $0.65 $0.07 Over Valued
Eastern Platinum Limited ELRFF T.ELR   T.ELR.wt.A 28-Mar-09 $1.80 $1.29 35.7 $0.43 $0.17 Over Valued
Endeavour Mining Cap
EDVMF T.EDV EDVWF.PK T.EDV.wt 10-Nov-08 $5.50 $6.98 38.7 $3.03 $2.48 Over Valued
Endeavour Silver Corp EDRGF T.EDR   T.EDR.wt 24-Oct-07 $5.25 $4.57 60.5 $1.70 $0.84 Over Valued
Envoy Communs Group Inc   T.ECG   ECG.wt.TO 20-Feb-09 $9.00 $2.98 18.9 $0.02 $0.01 Over Valued
Erdene Gold   T.ERD   T.ERD.wt 15-Jun-09 $1.60 $0.75 87.5 $0.22 $0.27 Bargain
European Minerals Corp EPMCF  T.EPM EPMFJ.pk T.EPM.wt 23-Dec-08 $1.39 $0.88 36.8 $0.50 $0.08 Over Valued
European Minerals Corp EPMCF  T.EPM EPMWF.pk T.EPM.wt.a 11-Apr-10 $1.20 $0.88 36.8 $0.46 $0.19 Over Valued
European Minerals Corp EPMCF  T.EPM   T.EPM.wt.b 21-Mar-11 $1.55 $0.88 36.8 $0.40 $0.16 Over Valued
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09 $1.00 $1.48 57.3 $0.70 $0.73 Fair Valued
First Capital Realty   T.FCR   FRC.wt.TO 31-Aug-08 $11.80 $27.00 10.1 $14.65 $16.16 Fair Valued
Gabriel Resources Ltd GBRRF T.GBU   T.GBU.wt 31-Mar-07 $2.75 $4.90 31.9 $2.30 $2.19 Fair Valued
Glencairn Gold Corp GLE T.GGG  GLECW.PK T.GGG.wt 26-Nov-08 $1.25 $0.55 28.9 $0.18 $0.01 Over Valued
Goldcorp GG T.G GG-WT T.G.wt.G 9-Jun-11 $30.75 $31.46 36.0 $15.70 $12.14 Over Valued
Golden Star Resources GSS T.GSC GSRWF.PK T.GSC.wt.a 14-Feb-07 $4.60 $3.38 30.2 $0.10 $0.01 Over Valued
Grande Cache Coal Corp GACHF T.GCE   T.GCE.wt 5-Apr-07 $3.40 $0.84 55.6 $0.06 $0.01 Over Valued
HMZ Metals Inc.   T.HMZ   T.HMZ.wt 6-Apr-07 $0.50 $0.07 175.7 $0.02 $0.01 Over Valued
IMA Exploration IMR V.IMR   V.IMR.wt 14-Sep-09 $3.45 $0.60 39.9 $0.14 $0.01 Over Valued
IMA Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10 $3.80 $0.60 39.9 $0.10 $0.01 Over Valued
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08 $3.75 $9.77 28.4 $1.41 $2.65 Bargain
International Minerals Corp IMZLF T.IMZ   T.IMZ.wt 19-May-08 $6.88 $5.40 31.9 $0.85 $0.47 Over Valued
Ivanhoe Energy IVAN T.IE   T.IE.wt 15-May-11 $2.93 $1.42 43.7 $0.69 $0.29 Over Valued
Jaguar Mining JAGNF T.JAG   T.JAG.wt 31-Dec-07 $4.50 $6.75 35.9 $2.95 $2.57 Over Valued
Katanga Mining   T.KAT   T.KAT.WT 20-Nov-11 $8.50 $7.00 33.8 $2.36 $2.19 Fair Valued
Khan Resources KHRIF T.KRI   T.KRI.wt 3-Aug-08 $1.90 $3.50 59.2 $1.92 $1.92 Fair Valued
KidsFutures Inc   V.FUT   FUT.wt.V 7-Jan-08 $1.15 $0.09 131.2 $0.01 $0.01 Fair Valued
Kinross KGC T.K   T.K.wt 5-Dec-07 $15.00 $13.15 32.5 $1.22 $0.41 Over Valued
Las Vegas From Home.com   V.LVH   LVH.wt.V 13-May-07 $1.00 $0.16 63.5 $0.01 $0.01 Fair Valued
MACCs Sustainable Yield   T.MYT-UN   MYT.wt 15-Feb-07 $8.64 $8.21 10.0 $0.12 $0.02 Over Valued
Marifil Mines Ltd   V.MFM   V.MFM.wt 3-Feb-07 $0.70 $0.56 67.8 $0.06 $0.01 Over Valued
Medical Intelligence Tech   V.MIZ   MIZ.wt.V 28-Sep-07 $0.80 $0.79 48.6 $0.11 $0.14 Bargain
Mesa Uranium Corp MSAUF V.MZU   V.MZU.wt 21-Dec-07 $0.75 $0.69 83.7 $0.27 $0.31 Bargain
Metallic Ventures Gold MTLVF T.MVG   T.MVG.wt 17-Mar-09 $10.00 $1.76 59.6 $0.45 $0.05 Over Valued
Metallica Resources MRB T.MR  MRBWF.PK T.MR.wt 11-Dec-08 $3.10 $4.49 13.6 $1.81 $1.68 Fair Valued
Metanor Resources   V.MTO   MTO.wt.V 10-Nov-08 $0.55 $0.64 75.2 ? $0.30 Not Trading
Minco Silver   T.MSV   MSV.wt.TO 18-May-08 $3.45 $2.75 18.4 $0.65 $0.09 Over Valued
Neo Material Tchnlgys Inc   T.NEM   NEM.wt.TO 31-Aug-08 $2.50 $2.43 52.4 $0.74 $0.69 Fair Valued
Nevsun Resources NSU T.NSU   T.NSU.wt 29-Jun-08 $3.25 $2.50 43.4 $0.95 $0.36 Over Valued
Nevsun Resources NSU T.NSU   T.NSU.wt.a 25-Oct-08 $3.00 $2.50 43.4 $0.99 $0.50 Over Valued
New Gold Inc. NGD T.NGD   T.NGD.wt 29-Feb-08 $12.00 $8.64 34.2 $0.99 $0.50 Over Valued
Newstrike Resource   V.NR   V.NR.wt 25-Jul-07 $0.60 $0.33 132.1 $0.06 $0.07 Bargain
Northern Orion Resources NTO T.NNO NTWWF.PK T.NNO.wt 29-May-08 $2.00 $4.29 33.3 $2.50 $2.44 Fair Valued
Northern Orion Resources NTO T.NNO  NTOWF.PK T.NNO.wt.a 17-Feb-10 $6.00 $4.29 33.3 $1.40 $0.73 Over Valued
Northgate Minerals Corp NXG T.NGX NGOWF.PK T.NGX.wt 28-Dec-06 $3.00 $3.88 36.2 $0.87 $0.88 Fair Valued
Northgate Minerals Corp NXG T.NGX   T.NGX.wt.a 28-Dec-06 $3.00 $3.88 36.2 $0.86 $0.88 Fair Valued
Nova Gold Resources NG T.NG NGRWF.PK T.NG.wt 1-Oct-08 $7.00 $19.17 32.6 $12.30 $12.78 Fair Valued
Nova Gold Resources NG T.NG   T.NG.wt.A 7-Jan-08 $12.10 $19.17 32.6 $7.50 $7.82 Fair Valued
Opta Minerals Inc   T.OPM   OPM.wt.TO 17-Feb-07 $5.00 $3.60 19.0 $0.12 $0.03 Over Valued
Pacific Stratus Energy PVLVF V.PSE   PSE.wt.V 20-Jul-07 $0.30 $6.96 51.9 $4.36 $6.96 Bargain
Palmarejo Silver & Gold   V.PJO   V.PJO.wt 19-Oct-07 $12.50 $8.26 29.8 $0.75 $0.11 Over Valued
Pan American Silver PAAS T.PAA PAAWF T.PAA.wt 20-Feb-08 $12.00 $28.26 29.8 $16.90 $16.94 Fair Valued
Peregrine Diamonds   V.PGD   V.PGD.wt 16-Jul-07 $7.00 $1.50 90.5 $0.09 $0.01 Over Valued
Petrolifera Petroleum Ltd
  T.PDP   T.PDP.wt 3-May-07 $3.00 $17.50 91.7 $14.24 $14.55 Fair Valued
Prodtn Enhancement Group   T.WIS   WIS.wt.TO 19-Apr-07 $3.00 $1.10 126.6 $0.02 $0.03 Bargain
RepeatSeat Ltd   V.RPS   RPS.wt.V 31-Dec-06 $1.25 $0.29 181.1 $0.01 $0.01 Fair Valued
Rio Narcea Gold RNO T.RNG RNWTF.PK T.RNG.wt 11-Sep-08 $5.00 $2.78 32.1 $0.42 $0.08 Over Valued
SMTC Mfg Corp of Canada   T.SMX   SMX.wt.TO 4-Mar-09 $9.25 $2.90 117.1 $0.04 $1.17 Bargain
Silver Wheaton SLW T.SLW  SLWWF T.SLW.wt 5-Aug-09 $4.00 $11.95 37.1 $1.70 $1.69 Fair Valued
Silver Wheaton SLW T.SLW SLWAF T.SLW.wt.a 30-Nov-09 $5.50 $11.95 37.1 $1.51 $1.47 Fair Valued
Silver Wheaton SLW T.SLW SLWBF T.SLW.wt.b 22-Dec-10 $10.00 $11.95 37.1 $6.40 $5.14 Over Valued
Silverstone Corporation   V.SST   V.SST.wt 7-Jun-07 $1.80 $1.62 61.1 $0.24 $0.21 Over Valued
Silverwing Energy Inc   T.SVW   SVW.wt.TO 22-Feb-08 $2.25 $1.10 53.3 $0.11 $0.05 Over Valued
Southern Era Diamonds SDMFF T.SDM   T.SDM.wt 11-Nov-08 $2.00 $0.30 49.1 $0.06 $0.01 Over Valued
Spur Ventures SPVEF T.SVU   T.SVU.wt 28-Jul-07 $2.00 $0.60 61.2 $0.22 $0.01 Over Valued
Stelco Inc SECNF.pk T.STE SECWF.PK STE.wt.TO 31-Mar-13 $11.00 $20.90 33.4 $11.75 $13.51 Bargain
Strait Gold Corp   V.SRD   V.SRD.wt 25-Apr-08 $0.30 $0.37 65.3 $0.25 $0.15 Over Valued
TORR Canada Inc   T.TOR   TOR.wt.TO 2-Nov-09 $0.65 $0.80 69.1 $0.41 $0.43 Fair Valued
Tiomin Resources TMIRF T.TIO   T.TIO.wt 7-Dec-07 $0.37 $0.19 183.7 $0.05 $0.10 Bargain
Titan Uranium TUEFF V.TUE   TUE.wt.A.V 21-Oct-07 $1.35 $2.44 73.1 $0.99 $2.09 Bargain
Tranzeo Wireless Tchnlgys TZWLF.PK T.TZT   TZT.wt.TO 3-Apr-07 $2.50 $2.30 57.6 $0.40 $0.22 Over Valued
US Gold USGL.OB T.UXG   U.UXG.wt 22-Feb-11 $11.58 $5.79 49.5 $2.15 $1.46 Over Valued
Uranium Participation URPTF.pk T.U URPTF.pk T.U.wt 10-May-07 $6.25 $12.17 25.3 $6.11 $6.04 Fair Valued
Uranium Participation URPTF.pk T.U URPZF.pk T.U.wt 15-Sep-08 $12.00 $12.17 25.3 $4.45 $2.17 Over Valued
Welton Energy WLEYF T.WLT   WLT.wt.TO 4-Aug-07 $1.75 $0.90 57.9 $0.15 $0.02 Over Valued
Yamana Gold      AUY T.YRI   T.YRI.wt.A 20-Nov-08 $2.50 $14.50 47.5 $6.27 $7.34 Bargain
Yellow Pages Income Fund YLWPF.pk T.YLO-UN   YLO.WT.TO 14-Dec-07 $17.50 $13.05 12.1 $0.07 $0.01 Over Valued

 

 

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..