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December 29 2006

 

                               Warrants            
                Recent               
                 Price       1 Month      
  U. S. Canadian U. S. Canadian Expiration Exercise Exercise          of    Price  Intrinsic Historic   Fair  
COMPANY NAME Symbol Stock Symbol Warrant Date Price Price Warrant Leverage     of   Value of Volatility Warrant Market Comments
  Stock Symbol Warrant Symbol   USD Cdn$ USD   Common Warrant Annualized Price Value  
Anico Eagle AEM T.AEM AEMLW T.AEM.wt.u 14-Nov-07 $19.00 $22.04 $23.70 1.75 $48.09 $26.05 35.9 $27.49 $27.02 Fair Value
Ascendant Copper Corp ASCPF.pk T.ACX   T.ACX.wt 21-Nov-10   $2.50   5.17 $0.62 -$1.88 128.2 $0.12 $0.35 Undervalued
Aspire Capital APIRF.PK C.CALS   C.CALS.wt.b 18-May-07   $0.25   5.00 $0.05 -$0.20 35.0 $0.01 $0.01 Fair Value
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08   $1.71   3.48 $1.39 -$0.32 22.3 $0.40 $0.09 Over Valued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10   $1.06   1.47 $0.87 -$0.19 11.2 $0.59 $0.06 Over Valued
Aumega Discoveries Ltd AUMGF.pk V.AUM   V.AUM.wt 16-Feb-07   $0.40   11.00 $0.33 -$0.07 153.0 $0.03 $0.05 Undervalued
Baja Mining Corp BAJFF.pk V.BAJ   V.BAJ.wt 13-Apr-09   $1.25   1.23 $1.35 $0.10 48.7 $1.10 $0.48 Over Valued
Bankers Petroleum BNKFF.pk T.BNK   T.BNK.wt 10-Nov-09   $0.95   2.17 $0.65 -$0.30 55.0 $0.30 $0.18 Over Valued
Bema Gold Corp BGO T.BGO BMGDF.pk T.BGO.wt 22-Oct-07   $1.90   1.38 $6.10 $4.20 36.0 $4.42 $4.28 Fair Value
Bema Gold Corp BGO T.BGO   T.BGO.wt.A 8-Sep-11   $10.00   3.26 $6.10 -$3.90 36.0 $1.87 $1.33 Over Valued
Benton Resources   V.BTC BNRWF.pk V.BTC.wt 13-Apr-07   $0.40   4.38 $0.35 -$0.05 43.4 $0.08 $0.02 Over Valued
Blue Pearl Mining BLEFF.pk T.BLE BLEWF.pk T.BLE.wt 22-Mar-07   $0.70   1.07 $9.87 $9.17 49.2 $9.19 $9.18 Fair Value
Blue Pearl Mining BLEFF.pk T.BLE   T.BLE.wt.A 27-Oct-11   $9.00   2.10 $9.87 $0.87 49.2 $4.70 $5.04 Fair Value
Breakwater Resources BWLRF.ob T.BWR BWLWF.pk T.BWR.wt 28-Jan-09   $1.00   1.72 $1.84 $0.84 48.6 $1.07 $1.01 Fair Value
C A Bancorp   V.BKP   V.BKP.wt 26-Jan-07   $0.35   16.00 $0.32 -$0.03 47.8 $0.02 $0.01 Over Valued
Canadian General Inv. Ltd CGRIF T.CGI   T.CGI.wt 30-Jun-07   $4.12   1.19 $27.40 $23.28 22.1 $23.05 $23.38 Fair Value
Canadian Income Mgmt Tr   T.CNM-UN   T.CNM.wt 28-Feb-12   $2.60   6.00 $0.48 -$2.12 142.4 $0.08 $0.38 Undervalued
Centrasia Mining Corp CTMHF.ob V.CTM   V.CTM.wt 28-Apr-07   $0.78   7.90 $0.79 $0.005 128.8 $0.05 $0.12 Undervalued
Coalcorp Mining CCJFF.pk T.CCJ   V.CCJ.wt 8-Feb-11   $0.80   2.77 $0.61 -$0.19 80.9 $0.22 $0.35 Undervalued
Coalcorp Mining CCJFF.pk T.CCJ   V.CCJ.wt.A 17-Aug-11   $1.20   3.59 $0.61 -$0.59 80.9 $0.17 $0.32 Undervalued
Colibri Resource Corp CRUCF.pk V.CBI   V.CBI.wt 28-Jul-07   $0.30   4.20 $0.21 -$0.05 162.3 $0.05 $0.08 Undervalued
Decision Dynamics Tchnlgy   V.DDY   V.DDY.wt 29-Jan-07   $0.70   18.00 $0.18 -$0.52 143.2 $0.01 $0.00 Over Valued
Dejour Enterprises Ltd DJEEF.ob V.DJE   V.DJE.wt 17-Mar-07   $0.80   1.44 $2.67 $1.87 68.0 $1.85 $1.88 Fair Value
Denison Mines DMLCF.pk T.DML   T.DML.wt 24-Nov-09   $15.00   1.49 $31.25 $16.25 56.0 $21.00 $20.01 Fair Value
Denison Mines DMLCF.pk T.DML   T.DML.wt.A 1-Mar-11   $30.00   2.39 $31.25 $1.25 56.0 $13.10 $15.73 Undervalued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt 25-Apr-08   $2.00   1.74 $1.27 -$0.73 25.0 $0.73 $0.02 Over Valued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt.A 28-Mar-09   $1.80   2.76 $1.27 -$0.53 25.0 $0.46 $0.09 Over Valued
Endeavour Mining Cap
EDVMF.pk T.EDV EDVWF.pk T.EDV.wt 10-Nov-08   $5.50   2.35 $7.10 $1.60 35.9 $3.02 $2.50 Over Valued
Endeavour Silver Corp EDRGF.pk T.EDR EDWGF.pk T.EDR.wt 24-Oct-07   $5.25   2.60 $4.53 -$0.72 52.8 $1.74 $0.68 Over Valued
Envoy Communs Group Inc   T.ECG   T.ECG.wt 20-Feb-09   $9.00   149.00 $2.98 -$6.02 19.3 $0.02 $0.00 Over Valued
Erdene Gold ERDGF.pk T.ERD   T.ERD.wt 15-Jun-09   $1.60   3.27 $0.72 -$0.88 89.5 $0.22 $0.26 Undervalued
European Minerals Corp EPMCF.PK. T.EPM EPMWF.pk T.EPM.wt 23-Dec-08 $1.20 $1.39   1.78 $0.89 -$0.24 27.5 $0.50 $0.04 Over Valued
European Minerals Corp EPMCF.PK. T.EPM EPMJF.pk T.EPM.wt.a 11-Apr-10   $1.20   1.89 $0.89 -$0.31 27.5 $0.47 $0.13 Over Valued
European Minerals Corp EPMCF.PK. T.EPM   T.EPM.wt.b 21-Mar-11   $1.55   2.12 $0.89 -$0.66 27.5 $0.42 $0.10 Over Valued
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09   $1.00   2.26 $0.79 -$0.21 63.3 $0.35 $0.24 Over Valued
First Capital Realty FCRGF.pk T.FCR   T.FRC.wt 31-Aug-08   $11.80   1.90 $27.78 $15.98 14.4 $14.65 $16.92 Undervalued
Gabriel Resources Ltd GBRRF.pk T.GBU   T.GBU.wt 31-Mar-07   $2.75   2.11 $5.06 $2.31 22.6 $2.40 $2.34 Fair Value
Geovic Mining Corp GVCM.pk V.GMC GVCMW.pk V.GMC.wt 3-Nov-11   $2.75   2.12 $2.65 -$0.10 26.0 $1.25 $0.82 Over Valued
Glencairn Gold Corp GLE T.GGG GLECW.pk T.GGG.wt 26-Nov-08   $1.25   2.95 $0.56 -$0.69 37.5 $0.19 $0.02 Over Valued
Goldcorp GG T.G GG.wt T.G.wt.G 9-Jun-11   $30.75   1.96 $33.11 $2.36 37.8 $16.90 $13.82 Over Valued
Golden Star Resources GSS T.GSC GSRWF.pk T.GSC.wt.a 14-Feb-07   $4.60   37.89 $3.41 -$1.19 33.1 $0.09 $0.00 Over Valued
Grande Cache Coal Corp GACHF.pk T.GCE   T.GCE.wt 5-Apr-07   $3.40   10.44 $0.94 -$2.46 54.5 $0.09 $0.00 Over Valued
HMZ Metals Inc. HMZMF.pk T.HMZ   T.HMZ.wt 6-Apr-07   $0.50   7.00 $0.07 -$0.43 146.4 $0.01 $0.00 Over Valued
IMA Exploration IMR V.IMR   V.IMR.wt 14-Sep-09   $3.45   4.29 $0.60 -$2.85 43.6 $0.14 $0.01 Over Valued
IMA Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10   $3.80   6.00 $0.60 -$3.20 43.6 $0.10 $0.01 Over Valued
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08   $3.75   2.74 $10.32 $0.58 32.9 $1.58 $2.89 Undervalued
International Minerals Corp IMZLF.pk T.IMZ   T.IMZ.wt 19-May-08   $6.88   6.58 $5.59 -$1.29 33.5 $0.85 $0.60 Over Valued
Ivanhoe Energy IVAN.pk T.IE   T.IE.wt 15-May-11   $2.93   2.42 $1.57 -$1.36 71.5 $0.65 $0.71 Fair Value
Jaguar Mining JAGNF.pk T.JAG   T.JAG.wt 31-Dec-07   $4.50   2.27 $6.79 $2.29 21.6 $2.99 $2.52 Over Valued
Katanga Mining KATFF.pk T.KAT   T.KAT.wt 20-Nov-11   $8.50   2.94 $7.20 -$1.30 29.2 $2.45 $2.03 Over Valued
Khan Resources KHRIF.pk T.KRI   T.KRI.wt 3-Aug-08   $1.90   1.87 $3.68 $1.78 59.6 $1.97 $2.09 Fair Value
Kinross KGC T.K KRSGF.pk T.K.wt 5-Dec-07   $15.00   3.46 $13.82 -$0.39 36.0 $1.33 $0.57 Over Valued
Las Vegas From Home.com LVFHF.ob V.LVH   V.LVH.wt 13-May-07   $1.00   20.00 $0.20 -$0.80 89.6 $0.01 $0.00 Over Valued
MACCs Sustainable Yield   T.MYT-UN   T.MYT.wt 15-Feb-07   $8.64   69.00 $8.28 -$0.36 18.7 $0.12 $0.11 Fair Value
Marifil Mines Ltd MFMLF.pk V.MFM   V.MFM.wt 3-Feb-07   $0.70   12.20 $0.61 -$0.09 59.1 $0.05 $0.02 Over Valued
Medical Intelligence Tech   V.MIZ V.MIZ.wt 28-Sep-07 $0.80 4.35 $0.87 $0.07 58.7 $0.20 $0.22 Fair Value
Mesa Uranium Corp MSAUF.pk V.MZU   V.MZU.wt 21-Dec-07   $0.75   2.62 $0.68 -$0.07 116.8 $0.26 $0.29 Undervalued
Metallic Ventures Gold MTLVF.pk T.MVG   T.MVG.wt 17-Mar-09   $10.00   3.33 $1.83 -$8.17 51.8 $0.55 $0.02 Over Valued
Metallica Resources MRB T.MR  MRBWF.pk T.MR.wt 11-Dec-08   $3.10   2.45 $4.60 $1.50 19.7 $1.88 $1.80 Fair Value
Metanor Resources MEAOF.pk V.MTO   V.MTO.wt 10-Nov-08 $0.55   ? $0.66 ? 63.9 ? $0.28 Not Trading
Minco Silver MISVF.pk T.MSV   T.MSV.wt 18-May-08   $3.45   3.59 $2.80 -$0.65 16.4 $0.78 $0.08 Over Valued
Neo Material Tchnlgys Inc NEMFF.pk T.NEM   T.NEM.wt 31-Aug-08   $2.50   3.36 $2.59 $0.09 58.4 $0.77 $0.87 Undervalued
Nevsun Resources NSU T.NSU NSUWF.pk T.NSU.wt 29-Jun-08   $3.25   2.50 $2.55 -$0.70 42.8 $1.02 $0.37 Over Valued
Nevsun Resources NSU T.NSU   T.NSU.wt.a 25-Oct-08   $3.00   2.48 $2.55 -$0.45 42.8 $1.03 $0.52 Over Valued
New Gold Inc. NGD T.NGD   T.NGD.wt 29-Feb-08   $12.00   7.21 $8.58 -$3.42 30.0 $1.19 $0.35 Over Valued
Newstrike Resource   V.NR   V.NR.wt 25-Jul-07   $0.60   5.50 $0.33 -$0.27 66.6 $0.06 $0.01 Over Valued
Northern Orion Resources NTO T.NNO NTWWF.pk T.NNO.wt 29-May-08   $2.00   1.73 $4.24 $2.24 34.4 $2.45 $2.39 Fair Value
Northern Orion Resources NTO T.NNO  NTOWF.pk T.NNO.wt.a 17-Feb-10   $6.00   2.90 $4.24 -$1.76 34.4 $1.46 $0.72 Over Valued
NovaGold Resources NG T.NG NGRWF.pk T.NG.wt 1-Oct-08   $7.00   1.52 $19.78 $12.78 14.5 $13.05 $13.37 Fair Value
NovaGold Resources NG T.NG   T.NG.wt.A 7-Jan-08   $12.10   2.20 $19.78 $7.68 14.5 $9.01 $8.28 Fair Value
Opta Minerals Inc   T.OPM   T.OPM.wt 17-Feb-07   $5.00   27.50 $3.85 -$1.15 24.4 $0.14 $0.00 Over Valued
Pacific Stratus Energy PSELF.pk V.PSE   V.PSE.wt 20-Jul-07   $0.30   1.56 $6.80 $6.50 51.1 $4.36 $6.51 Undervalued
Palmarejo Silver & Gold PJOFF.pk V.PJO   V.PJO.wt 19-Oct-07   $12.50   12.97 $8.69 -$3.81 31.4 $0.67 $0.17 Over Valued
Pan American Silver PAAS T.PAA PAAWF.pk T.PAA.wt 20-Feb-08   $12.00   1.64 $29.40 $17.40 29.5 $17.95 $18.07 Fair Value
Peregrine Diamonds   T.PGD   T.PGD.wt 16-Jul-07   $7.00   16.11 $1.45 -$5.55 60.8 $0.09 $0.00 Over Valued
Petrolifera Petroleum Ltd
PRFPF.pk T.PDP   T.PDP.wt 3-May-07   $3.00   1.20 $17.65 $14.65 40.2 $14.71 $14.70 Fair Value
Prodtn Enhancement Group   T.WIS   T.WIS.wt 19-Apr-07   $3.00   27.25 $1.09 -$1.91 101.5 $0.02 $0.01 Over Valued
Rio Narcea Gold RNO T.RNG RNWTF.pk T.RNG.wt 11-Sep-08   $5.00   6.52 $2.87 -$2.13 32.6 $0.44 $0.11 Over Valued
SMTC Mfg Corp of Canada SMTX T.SMX   T.SMX.wt 4-Mar-09   $9.25   72.50 $2.90 -$6.35 123.5 $0.04 $1.27 Undervalued
Silver Wheaton SLW T.SLW SLWWF.pk T.SLW.wt 5-Aug-09   $4.00   1.41 $12.22 $1.64 24.1 $1.73 $1.74 Fair Value
Silver Wheaton SLW T.SLW SLWAF.pk T.SLW.wt.a 30-Nov-09   $5.50   1.53 $12.22 $1.34 24.1 $1.60 $1.50 Fair Value
Silver Wheaton SLW T.SLW SLWBF.pk T.SLW.wt.b 22-Dec-10   $10.00   1.90 $12.22 $2.22 24.1 $6.43 $4.56 Over Valued
Silverstone Corporation SVRCF.pk V.SST   V.SST.wt 7-Jun-07   $1.80   5.67 $1.70 -$0.10 146.0 $0.30 $0.61 Undervalued
Silverwing Energy Inc SVWGF.pk T.SVW SVRWF.pk T.SVW.wt 22-Feb-08   $2.25   11.00 $1.10 -$1.15 69.0 $0.10 $0.11 Fair Value
Skye Resources SKRZF.pk T.SKR   T.SKR.wt 13-Mar-08   $12.36   4.91 $11.55 -$0.81 12.0 $2.35 $2.27 Fair Value
Southern Era Diamonds SDMFF.pk T.SDM SDMWF.pk T.SDM.wt 11-Nov-08   $2.00   5.50 $0.33 -$1.67 52.7 $0.06 $0.00 Over Valued
Spur Ventures SPVEF.pk T.SVU   T.SVU.wt 28-Jul-07   $2.00   2.95 $0.59 -$1.41 79.7 $0.20 $0.08 Over Valued
Stelco Inc SECNF.pk T.STE SECWF.pk T.STE.wt 31-Mar-13   $11.00   1.82 $21.42 $10.42 31.7 $11.75 $13.91 Undervalued
Strait Gold Corp   V.SRD   V.SRD.wt 25-Apr-08   $0.30   1.44 $0.36 $0.06 146.0 $0.25 $0.23 Fair Value
TORR Canada Inc TORFF.pk T.TOR   T.TOR.wt 2-Nov-09   $0.65   2.00 $0.80 $0.15 64.5 $0.40 $0.41 Fair Value
Tiomin Resources TMIRF.pk T.TIO   T.TIO.wt 7-Dec-07   $0.37   3.40 $0.17 -$0.20 190.1 $0.05 $0.09 Undervalued
Titan Uranium TUEFF.pk V.TUE   T.TUE.wt.A 21-Oct-07   $1.35   2.20 $2.66 $1.31 76.5 $1.21 $1.46 Undervalued
Tranzeo Wireless Tchnlgys TZWLF.pk T.TZT   T.TZT.wt 3-Apr-07   $2.50   6.38 $2.55 $0.05 57.7 $0.40 $0.34 Over Valued
US Gold UXG T.UXG   T.UXG.wt 22-Feb-11 $10.00 $11.60   2.57 $5.91 -$5.69 44.7 $2.30 $1.27 Over Valued
Uranium Participation URPTF.pk T.U URPTF.pk T.U.wt 10-May-07   $6.25   2.02 $12.30 $6.05 20.8 $6.09 $6.16 Fair Value
Uranium Participation URPTF.pk T.U URPZF.pk T.U.wt 15-Sep-08   $12.00   2.96 $12.30 $0.30 20.8 $4.16 $2.02 Over Valued
Welton Energy WLEYF.pk T.WLT   T.WLT.wt 4-Aug-07   $1.75   7.20 $1.08 -$0.67 74.3 $0.15 $0.09 Over Valued
Yamana Gold      AUY T.YRI AUYWF.pk T.YRI.wt.A 20-Nov-08   $2.50   1.29 $15.31 $6.69 21.9 $7.10 $7.82 Fair Value
Yellow Pages Income Fund YLWPF.pk T.YLO-UN   T.YLO.wt 14-Dec-07   $17.50   214.50 $12.87 -$4.63 12.4 $0.06 $0.01 Over Valued
RAM Energy Resources RAME   RAMEW   10-May-08 $5.00   $0.86 6.41 $5.51 $0.51 15.2 $0.86 $0.93 Fair Value
Syntroleum Corporation SYNM   SYNMW   4-Nov-07 $5.00   $0.85 4.07 $3.46 -$1.54 145.1 $0.85 $1.44 Undervalued
Syntroleum Corporation SYNM   SYNMZ   26-May-08 $7.60   $0.80 4.33 $3.46 -$4.14 145.1 $0.80 $1.61 Undervalued

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

Fair market value is calculated using the American version of 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.

Comments are mine and fair value is 10% either way of the price of the warrant. Undervalued and overvalued are any warrant prices higher or lower and not a recommend to buy. As with any stock due diligence should be exercised before buying.