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January 5 2007

                               Warrants              
                  Recent        Recent         
                   Price        Price 1 Month      
  U. S. Canadian U. S. Canadian Expiration Exercise Exercise Warrants          of    Price  Intrinsic          of Historic   Fair  
COMPANY NAME Symbol Stock Symbol Warrant Date Price Price per Warrant Leverage     of   Value of Common Volatility Warrant Market Comments
  Stock Symbol Warrant Symbol   USD Cdn$ Share USD   Common Warrant USD Annualized Price Value  
Anico Eagle AEM T.AEM AEMLW T.AEM.wt.u 14-Nov-07 $19.00 $22.33 1 $23.70 1.85 $43.98 $21.65   39.3 $23.72 $22.69 Fair Value
Ascendant Copper Corp ASCPF.pk T.ACX   T.ACX.wt 21-Nov-10   $2.50 1   4.42 $0.53 -$1.97   93.5 $0.12 $0.35 Undervalued
Aspire Capital APIRF.PK C.CALS   C.CALS.wt.b 18-May-07   $0.25 1   10.00 $0.10 -$0.15   295.5 $0.01 $0.01 Fair Value
Aumega Discoveries Ltd AUMGF.pk V.AUM   V.AUM.wt 16-Feb-07   $0.40 1   10.00 $0.30 -$0.10   160.5 $0.03 $0.04 Undervalued
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08   $1.71 1   2.64 $1.74 $0.03   110.0 $0.66 $0.95 Undervalued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10   $1.06 1   1.58 $0.87 -$0.19   15.9 $0.55 $0.09 Over Valued
Baja Mining Corp BAJFF.pk V.BAJ   V.BAJ.wt 13-Apr-09   $1.25 1   1.02 $1.12 -$0.13   60.7 $1.10 $0.40 Over Valued
Bankers Petroleum BNKFF.pk T.BNK   T.BNK.wt 10-Nov-09   $0.95 1   2.41 $0.65 -$0.30   91.6 $0.27 $0.33 Undervalued
Bema Gold Corp BGO T.BGO BMGDF.pk T.BGO.wt 22-Oct-07   $1.90 1   1.48 $5.75 $3.85   38.7 $3.88 $3.93 Fair Value
Bema Gold Corp BGO T.BGO   T.BGO.wt.A 8-Sep-11   $10.00 1   3.59 $5.75 -$4.25   38.7 $1.60 $1.30 Over Valued
Benton Resources   V.BTC BNRWF.pk V.BTC.wt 13-Apr-07   $0.40 1   4.67 $0.42 $0.02   118.4 $0.09 $0.11 Undervalued
Blue Pearl Mining BLEFF.pk T.BLE   T.BLE.wt.A 27-Oct-11   $9.00 1   2.14 $9.47 $0.47   66.9 $4.43 $5.72 Undervalued
Blue Pearl Mining BLEFF.pk T.BLE BLEWF.pk T.BLE.wt 22-Mar-07   $0.70 1   1.09 $9.47 $8.77   66.9 $8.70 $8.78 Fair Value
Breakwater Resources BWLRF.ob T.BWR BWLWF.pk T.BWR.wt 28-Jan-09   $1.00 1   1.72 $1.65 $0.65   41.9 $0.96 $0.81 Over Valued
C A Bancorp   V.BKP   V.BKP.wt 26-Jan-07   $0.35 1   13.00 $0.39 $0.04   109.2 $0.03 $0.07 Undervalued
Canadian General Inv. Ltd CGRIF T.CGI   T.CGI.wt 30-Jun-07   $4.12 1   1.15 $26.46 $22.34   21.8 $23.05 $22.44 Fair Value
Canadian Income Mgmt Tr   T.CNM-UN   T.CNM.wt 28-Feb-12   $2.60 1   5.63 $0.45 -$2.15   129.0 $0.08 $0.32 Undervalued
Centrasia Mining Corp CTMHF.ob V.CTM   V.CTM.wt 28-Apr-07   $0.78 2   8.00 $0.80 $0.010   128.8 $0.05 $0.12 Undervalued
Coalcorp Mining CCJFF.pk T.CCJ   V.CCJ.wt.A 17-Aug-11   $1.20 1   4.92 $0.59 -$0.61   133.3 $0.12 $0.48 Undervalued
Coalcorp Mining CCJFF.pk T.CCJ   V.CCJ.wt 8-Feb-11   $0.80 1   2.95 $0.59 -$0.21   133.3 $0.20 $0.48 Undervalued
Colibri Resource Corp CRUCF.pk V.CBI   V.CBI.wt 28-Jul-07   $0.30 1   2.75 $0.22 -$0.04   162.3 $0.08 $0.09 Undervalued
Decision Dynamics Tchnlgy   V.DDY   V.DDY.wt 29-Jan-07   $0.70 1   20.00 $0.20 -$0.50   178.5 $0.01 $0.00 Over Valued
Dejour Enterprises Ltd DJEEF.ob V.DJE   V.DJE.wt 17-Mar-07   $0.80 1   1.71 $2.32 $1.52   61.3 $1.36 $1.53 Undervalued
Denison Mines DMLCF.pk T.DML   T.DML.wt.A 1-Mar-11   $30.00 1   2.59 $31.25 $1.25   49.7 $12.05 $14.60 Undervalued
Denison Mines DMLCF.pk T.DML   T.DML.wt 24-Nov-09   $15.00 1   1.72 $31.25 $16.25   49.7 $18.19 $19.55 Fair Value
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt.A 28-Mar-09   $1.80 1   3.02 $1.30 -$0.50   29.6 $0.43 $0.13 Over Valued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt 25-Apr-08   $2.00 1   1.69 $1.30 -$0.70   29.6 $0.77 $0.04 Over Valued
Endeavour Mining Cap EDVMF.pk T.EDV EDVWF.pk T.EDV.wt 10-Nov-08   $5.50 1   2.08 $6.46 $0.96   27.3 $3.10 $1.78 Over Valued
Endeavour Silver Corp EDRGF.pk T.EDR EDWGF.pk T.EDR.wt 24-Oct-07   $5.25 1   2.57 $4.08 -$1.17   54.5 $1.59 $0.50 Over Valued
Envoy Communs Group Inc   T.ECG   T.ECG.wt 20-Feb-09   $9.00 1   149.50 $2.99 -$6.01   16.7 $0.02 $0.00 Over Valued
Erdene Gold ERDGF.pk T.ERD   T.ERD.wt 15-Jun-09   $1.60 1   3.27 $0.72 -$0.88   78.9 $0.22 $0.21 Fair Value
European Minerals Corp EPMCF.PK. T.EPM EPMJF.pk T.EPM.wt.a 11-Apr-10   $1.20 1   1.86 $0.93 -$0.27   20.2 $0.50 $0.11 Over Valued
European Minerals Corp EPMCF.PK. T.EPM   T.EPM.wt.b 21-Mar-11   $1.55 1   2.33 $0.93 -$0.62   20.2 $0.40 $0.07 Over Valued
European Minerals Corp EPMCF.PK. T.EPM EPMWF.pk T.EPM.wt 23-Dec-08 $1.20 $1.41 1   1.69 $0.93 -$0.21   20.2 $0.55 $0.02 Over Valued
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09   $1.00 1   2.32 $0.79 -$0.21   52.0 $0.34 $0.19 Over Valued
First Capital Realty FCRGF.pk T.FCR   T.FRC.wt 31-Aug-08   $11.80 1   1.86 $27.26 $15.46   12.7 $14.65 $16.41 Undervalued
Gabriel Resources Ltd GBRRF.pk T.GBU   T.GBU.wt 31-Mar-07   $2.75 1   2.18 $4.84 $2.09   34.4 $2.22 $2.12 Fair Value
Geovic Mining Corp GVCM.pk V.GMC GVCMW.pk V.GMC.wt 3-Nov-11   $2.75 1   1.94 $2.42 -$0.33   30.2 $1.25 $0.82 Over Valued
Glencairn Gold Corp GLE T.GGG GLECW.pk T.GGG.wt 26-Nov-08   $1.25 1   3.18 $0.54 -$0.71   77.7 $0.17 $0.11 Over Valued
Goldcorp GG T.G GG.wt T.G.wt.G 9-Jun-11   $30.75 1   2.10 $30.19 -$0.56   33.3 $14.40 $10.58 Over Valued
Golden Star Resources GSS T.GSC GSRWF.pk T.GSC.wt.a 14-Feb-07   $4.60 1   41.50 $3.32 -$1.28   32.4 $0.08 $0.00 Over Valued
Grande Cache Coal Corp GACHF.pk T.GCE   T.GCE.wt 5-Apr-07   $3.40 1   11.25 $0.90 -$2.50   48.8 $0.08 $0.00 Over Valued
HMZ Metals Inc. HMZMF.pk T.HMZ   T.HMZ.wt 6-Apr-07   $0.50 1   4.67 $0.07 -$0.43   114.6 $0.015 $0.00 Over Valued
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08   $3.75 2.381   2.86 $9.66 $0.31   31.3 $1.42 $2.60 Undervalued
IMA Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10   $3.80 1   6.00 $0.60 -$3.20   43.6 $0.10 $0.01 Over Valued
IMA Exploration IMR V.IMR   V.IMR.wt 14-Sep-09   $3.45 1   4.29 $0.60 -$2.85   36.2 $0.14 $0.00 Over Valued
International Minerals Corp IMZLF.pk T.IMZ   T.IMZ.wt 19-May-08   $6.88 1   6.47 $5.50 -$1.38   46.5 $0.85 $0.86 Fair Value
Ivanhoe Energy IVAN.pk T.IE   T.IE.wt 15-May-11   $2.93 1   2.47 $1.48 -$1.45   56.8 $0.60 $0.47 Over Valued
Jaguar Mining JAGNF.pk T.JAG   T.JAG.wt 31-Dec-07   $4.50 1   2.46 $5.85 $1.35   39.7 $2.38 $1.81 Over Valued
Katanga Mining KATFF.pk T.KAT   T.KAT.wt 20-Nov-11   $8.50 1   3.22 $6.60 -$1.90   62.3 $2.05 $3.34 Undervalued
Khan Resources KHRIF.pk T.KRI   T.KRI.wt 3-Aug-08   $1.90 1   1.96 $3.68 $1.78   73.3 $1.88 $2.19 Undervalued
Kinross KGC T.K KRSGF.pk T.K.wt 5-Dec-07   $15.00 3   3.60 $12.97 -$0.68   35.3 $1.20 $0.41 Over Valued
Las Vegas From Home.com LVFHF.ob V.LVH   V.LVH.wt 13-May-07   $1.00 1   18.00 $0.18 -$0.82   87.7 $0.01 $0.00 Over Valued
MACCs Sustainable Yield   T.MYT-UN   T.MYT.wt 15-Feb-07   $8.64 1   812.00 $8.12 -$0.52   16.5 $0.01 $0.04 Undervalued
Marifil Mines Ltd MFMLF.pk V.MFM   V.MFM.wt 3-Feb-07   $0.70 1   7.88 $0.63 -$0.07   64.1 $0.08 $0.02 Over Valued
Medical Intelligence Tech   V.MIZ   V.MIZ.wt 28-Sep-07   $0.80 1   3.48 $0.80 $0.00   76.1 $0.23 $0.14 Over Valued
Mesa Uranium Corp MSAUF.pk V.MZU   V.MZU.wt 21-Dec-07   $0.75 1   2.76 $0.69 -$0.06   54.5 $0.25 $0.29 Undervalued
Metallic Ventures Gold MTLVF.pk T.MVG   T.MVG.wt 17-Mar-09   $10.00 1   3.27 $1.80 -$8.20   45.5 $0.55 $0.01 Over Valued
Metallica Resources MRB T.MR  MRBWF.pk T.MR.wt 11-Dec-08   $3.10 1   2.58 $4.60 $1.50   19.1 $1.78 $1.80 Fair Value
Metanor Resources MEAOF.pk V.MTO   V.MTO.wt 10-Nov-08   $0.55 1   ? $0.69 ?   45.0   $0.26 not trading
Minco Silver MISVF.pk T.MSV   T.MSV.wt 18-May-08   $3.45 1   4.35 $2.61 -$0.84   15.3 $0.60 $0.03 Over Valued
Neo Material Tchnlgys Inc NEMFF.pk T.NEM   T.NEM.wt 31-Aug-08   $2.50 1   3.56 $2.49 -$0.01   47.4 $0.70 $0.67 Fair Value
Nevsun Resources NSU T.NSU   T.NSU.wt.a 25-Oct-08   $3.00 1   2.63 $2.52 -$0.48   45.1 $0.96 $0.52 Over Valued
Nevsun Resources NSU T.NSU NSUWF.pk T.NSU.wt 29-Jun-08   $3.25 1   2.71 $2.52 -$0.73   45.1 $0.93 $0.38 Over Valued
New Gold Inc. NGD T.NGD   T.NGD.wt 29-Feb-08   $12.00 1   7.32 $8.05 -$3.95   35.7 $1.10 $0.37 Over Valued
Newstrike Resource   V.NR   V.NR.wt 25-Jul-07   $0.60 1   6.67 $0.40 -$0.20   103.2 $0.06 $0.07 Undervalued
Northern Orion Resources NTO T.NNO NTWWF.pk T.NNO.wt 29-May-08   $2.00 1   1.80 $4.18 $2.18   38.1 $2.32 $2.33 Fair Value
Northern Orion Resources NTO T.NNO  NTOWF.pk T.NNO.wt.a 17-Feb-10   $6.00 1   3.51 $4.18 -$1.82   38.1 $1.19 $0.81 Over Valued
NovaGold Resources NG T.NG NGRWF.pk T.NG.wt 1-Oct-08   $7.00 1   1.56 $18.73 $11.73   25.5 $12.00 $12.31 Fair Value
NovaGold Resources NG T.NG   T.NG.wt.A 7-Jan-08   $12.10 1   2.50 $18.73 $6.63   25.5 $7.50 $7.26 Fair Value
Opta Minerals Inc   T.OPM   T.OPM.wt 17-Feb-07   $5.00 1   45.00 $4.50 -$0.50   24.6 $0.10 $0.03 Over Valued
Pacific Stratus Energy PSELF.pk V.PSE   V.PSE.wt 20-Jul-07   $0.30 1   1.84 $6.70 $6.40   53.8 $3.65 $6.41 Undervalued
Palmarejo Silver & Gold PJOFF.pk V.PJO   V.PJO.wt 19-Oct-07   $12.50 1   11.40 $8.55 -$3.95   35.8 $0.75 $0.23 Over Valued
Pan American Silver PAAS T.PAA PAAWF.pk T.PAA.wt 20-Feb-08   $12.00 1   1.71 $28.14 $16.14   24.4 $16.45 $16.80 Fair Value
Peregrine Diamonds   T.PGD   T.PGD.wt 16-Jul-07   $7.00 1   13.20 $1.32 -$5.68   58.3 $0.10 $0.00 Over Valued
Petrolifera Petroleum Ltd
PRFPF.pk T.PDP   T.PDP.wt 3-May-07   $3.00 1   1.21 $16.25 $13.25   46.0 $13.41 $13.30 Fair Value
Prodtn Enhancement Group   T.WIS   T.WIS.wt 19-Apr-07   $3.00 2   24.75 $0.99 -$2.01   96.8 $0.02 $0.01 Over Valued
Rio Narcea Gold RNO T.RNG RNWTF.pk T.RNG.wt 11-Sep-08   $5.00 1   8.00 $2.72 -$2.28   18.9 $0.34 $0.00 Over Valued
Silver Wheaton SLW T.SLW SLWWF.pk T.SLW.wt 5-Aug-09   $4.00 5   1.37 $10.97 $1.39   24.5 $1.60 $1.49 Fair Value
Silver Wheaton SLW T.SLW SLWAF.pk T.SLW.wt.a 30-Nov-09   $5.50 5   1.52 $10.97 $1.09   24.5 $1.44 $1.25 Over Valued
Silver Wheaton SLW T.SLW SLWBF.pk T.SLW.wt.b 22-Dec-10   $10.00 1   1.83 $10.97 $0.97   24.5 $6.00 $3.54 Over Valued
Silverstone Corporation SVRCF.pk V.SST   V.SST.wt 7-Jun-07   $1.80 1   6.04 $1.51 -$0.29   53.3 $0.25 $0.12 Over Valued
Silverwing Energy Inc SVWGF.pk T.SVW SVRWF.pk T.SVW.wt 22-Feb-08   $2.25 1   10.60 $1.06 -$1.19   55.8 $0.10 $0.05 Over Valued
Skye Resources SKRZF.pk T.SKR   T.SKR.wt 13-Mar-08   $12.36 1   5.18 $11.40 -$0.96   41.2 $2.20 $2.27 Fair Value
SMTC Mfg Corp of Canada SMTX T.SMX   T.SMX.wt 4-Mar-09   $9.25 1   88.33 $2.65 -$6.60   96.3 $0.03 $0.68 Undervalued
Southern Era Diamonds SDMFF.pk T.SDM SDMWF.pk T.SDM.wt 11-Nov-08   $2.00 1   3.78 $0.34 -$1.66   52.7 $0.09 $0.00 Over Valued
Spur Ventures SPVEF.pk T.SVU   T.SVU.wt 28-Jul-07   $2.00 1   3.16 $0.60 -$1.40   55.1 $0.19 $0.00 Over Valued
Stelco Inc SECNF.pk T.STE SECWF.pk T.STE.wt 31-Mar-13   $11.00 1   1.81 $21.26 $10.26   29.7 $11.75 $13.62 Undervalued
Strait Gold Corp   V.SRD   V.SRD.wt 25-Apr-08   $0.30 1   2.06 $0.35 $0.05   98.1 $0.17 $0.17 Fair Value
Tiomin Resources TMIRF.pk T.TIO   T.TIO.wt 7-Dec-07   $0.37 1   4.00 $0.16 -$0.21   195.3 $0.04 $0.08 Undervalued
Titan Uranium TUEFF.pk V.TUE   T.TUE.wt.A 21-Oct-07   $1.35 1   1.99 $2.41 $1.06   67.7 $1.21 $1.19 Fair Value
TORR Canada Inc TORFF.pk T.TOR   T.TOR.wt 2-Nov-09   $0.65 1   1.77 $0.78 $0.13   40.5 $0.44 $0.31 Over Valued
Tranzeo Wireless Tchnlgys TZWLF.pk T.TZT   T.TZT.wt 3-Apr-07   $2.50 1   6.30 $2.52 $0.02   52.2 $0.40 $0.28 Over Valued
Uranium Participation URPTF.pk T.U URPTF.pk T.U.wt 10-May-07   $6.25 1   2.02 $12.20 $5.95   23.9 $6.03 $6.06 Fair Value
Uranium Participation URPTF.pk T.U URPZF.pk T.U.wt 15-Sep-08   $12.00 1   2.98 $12.20 $0.20   23.9 $4.10 $2.10 Over Valued
US Gold UXG T.UXG   T.UXG.wt 22-Feb-11 $10.00 $11.75 1   2.43 $5.35 -$6.40   46.6 $2.20 $1.05 Over Valued
Welton Energy WLEYF.pk T.WLT   T.WLT.wt 4-Aug-07   $1.75 1   9.73 $1.07 -$0.68   42.0 $0.11 $0.01 Over Valued
Yamana Gold      AUY T.YRI AUYWF.pk T.YRI.wt.A 20-Nov-08   $2.50 1.66667   1.35 $13.53 $5.62   24.0 $6.00 $6.75 Undervalued
Yellow Pages Income Fund YLWPF.pk T.YLO-UN   T.YLO.wt 14-Dec-07   $17.50 1   216.67 $13.00 -$4.50   14.9 $0.06 $0.04 Over Valued

 

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.

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.