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January 19 2007

                               Warrants              
                  Recent               
                   Price       1 Month      
  U. S. Canadian U. S. Canadian Expiration Exercise Exercise Warrants          of    Price  Intrinsic Historic   Fair  
COMPANY NAME Symbol Stock Symbol Warrant Date Price Price per Warrant Leverage     of   Value of Volatility Warrant Market Comments
  Stock Symbol Warrant Symbol   USD Cdn$ Share USD   Common Warrant Annualized Price Value  
Anico Eagle AEM T.AEM AEMLW T.AEM.wt.u 14-Nov-07 $19.00 $22.33 1 $19.25 1.89 $42.88 $20.55 44.4 $22.63 $21.65 Fair Value
Ascendant Copper Corp ASCPF.pk T.ACX   T.ACX.wt 21-Nov-10   $2.50 1   2.94 $0.50 -$2.00 81.2 $0.17 $0.14 Over Valued
Aspire Capital APIRF.PK C.CALS   C.CALS.wt.b 18-May-07   $0.25 1   9.00 $0.09 -$0.16 270.1 $0.01 $0.03 Undervalued
Australian Solomons Gold   T.SGA   T.SGA.wt 28-Aug-08   $1.71 1   2.98 $1.67 -$0.04 126.2 $0.56 $0.98 Undervalued
Avnel Gold Mining   T.AVK   T.AVK.wt 30-Jun-10   $1.06 1   1.64 $0.90 -$0.16 21.7 $0.55 $0.15 Over Valued
Baja Mining Corp BAJFF.pk V.BAJ   V.BAJ.wt 13-Apr-09   $1.25 1   1.39 $1.39 $0.14 72.4 $1.00 $0.66 Over Valued
Bankers Petroleum BNKFF.pk T.BNK   T.BNK.wt 10-Nov-09   $0.95 1   2.00 $0.60 -$0.35 29.6 $0.30 $0.06 Over Valued
Bema Gold Corp BGO T.BGO BMGDF.pk T.BGO.wt 22-Oct-07   $1.90 1   1.42 $6.46 $4.56 33.6 $4.56 $4.63 Fair Value
Bema Gold Corp BGO T.BGO   T.BGO.wt.A 8-Sep-11   $10.00 1   3.08 $6.46 -$3.54 33.6 $2.10 $1.39 Over Valued
Benton Resources   V.BTC BNRWF.pk V.BTC.wt 13-Apr-07   $0.40 1   4.30 $0.43 $0.03 102.9 $0.10 $0.10 Fair Value
Blue Pearl Mining BLEFF.pk T.BLE BLEWF.pk T.BLE.wt 22-Mar-07   $0.70 1   1.08 $8.71 $8.01 55.2 $8.03 $8.02 Fair Value
Blue Pearl Mining BLEFF.pk T.BLE   T.BLE.wt.A 27-Oct-11   $9.00 1   2.23 $8.71 -$0.29 55.2 $3.90 $4.43 Undervalued
Breakwater Resources BWLRF.ob T.BWR BWLWF.pk T.BWR.wt 28-Jan-09   $1.00 1   1.82 $1.67 $0.67 57.9 $0.92 $0.89 Fair Value
C A Bancorp   V.BKP   V.BKP.wt 26-Jan-07   $0.35 1   37.00 $0.37 $0.02 86.2 $0.01 $0.03 Undervalued
Canadian General Inv. Ltd CGRIF T.CGI   T.CGI.wt 30-Jun-07   $4.12 1   1.15 $27.75 $23.63 18.4 $24.20 $23.72 Fair Value
Canadian Income Mgmt Tr   T.CNM-UN   T.CNM.wt 28-Feb-12   $2.60 1   6.25 $0.25 -$2.35 118.8 $0.04 $0.14 Undervalued
Centrasia Mining Corp CTMHF.ob V.CTM   V.CTM.wt 28-Apr-07   $0.78 2   3.21 $1.09 $0.155 146.0 $0.17 $0.23 Undervalued
Coalcorp Mining CCJFF.pk T.CCJ   T.CCJ.wt 25-Feb-09   $0.80 1   2.82 $0.62 -$0.18 65.1 $0.22 $0.20 Fair Value
Coalcorp Mining CCJFF.pk T.CCJ   T.CCJ.wt.A 17-Aug-11   $1.20 1   3.44 $0.62 -$0.58 65.1 $0.18 $0.25 Undervalued
Colibri Resource Corp CRUCF.pk V.CBI   V.CBI.wt 28-Jul-07   $0.30 1   2.36 $0.26 -$0.02 201.3 $0.11 $0.13 Undervalued
Decision Dynamics Tchnlgy   V.DDY   V.DDY.wt 29-Jan-07   $0.70 1   19.00 $0.19 -$0.51 247.1 $0.01 $0.00 Over Valued
Dejour Enterprises Ltd DJEEF.ob V.DJE   V.DJE.wt 17-Mar-07   $0.80 1   1.53 $2.34 $1.54 66.9 $1.53 $1.55 Fair Value
Denison Mines DMLCF.pk T.DML   T.DML.wt 24-Nov-09   $15.00 1   1.75 $31.25 $16.25 53.9 $17.90 $19.77 Fair Value
Denison Mines DMLCF.pk T.DML   T.DML.wt.A 1-Mar-11   $30.00 1   2.85 $31.25 $1.25 53.9 $10.96 $15.26 Undervalued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt 25-Apr-08   $2.00 1   1.73 $1.30 -$0.70 22.1 $0.75 $0.01 Over Valued
Eastern Platinum Limited ELRFF.pk T.ELR   T.ELR.wt.A 28-Mar-09   $1.80 1   3.25 $1.30 -$0.50 22.1 $0.40 $0.07 Over Valued
Endeavour Mining Cap EDVMF.pk T.EDV EDVWF.pk T.EDV.wt 10-Nov-08   $5.50 1   2.40 $6.74 $1.24 39.9 $2.81 $2.28 Over Valued
Endeavour Silver Corp EDRGF.pk T.EDR EDWGF.pk T.EDR.wt 24-Oct-07   $5.25 1   3.16 $4.20 -$1.05 43.4 $1.33 $0.35 Over Valued
Envoy Communs Group Inc   T.ECG   T.ECG.wt 20-Feb-09   $9.00 5   149.00 $2.98 -$6.02 22.2 $0.02 $0.00 Over Valued
Erdene Gold ERDGF.pk T.ERD   T.ERD.wt 15-Jun-09   $1.60 1   3.08 $0.77 -$0.83 73.5 $0.25 $0.20 Over Valued
European Minerals Corp EPMCF.PK. T.EPM EPMWF.pk T.EPM.wt 23-Dec-08 $1.20 $1.41 1   1.91 $0.86 -$0.28 55.0 $0.45 $0.15 Over Valued
European Minerals Corp EPMCF.PK. T.EPM EPMJF.pk T.EPM.wt.a 11-Apr-10   $1.20 1   1.83 $0.86 -$0.34 55.0 $0.47 $0.28 Over Valued
European Minerals Corp EPMCF.PK. T.EPM   T.EPM.wt.b 21-Mar-11   $1.55 1   2.32 $0.86 -$0.69 55.0 $0.37 $0.34 Fair Value
Explorations Minieres du Nord   T.MDN   T.MDN.wt 14-Jan-09   $1.00 1   2.12 $0.70 -$0.30 59.9 $0.33 $0.17 Over Valued
First Capital Realty FCRGF.pk T.FCR   T.FRC.wt 31-Aug-08   $11.80 1   1.90 $27.81 $16.01 46.5 $14.65 $17.18 Undervalued
Fortress Base Metals AUMGF.pk V.FBM   V.FBM.wt 16-Feb-07   $0.40 5   7.30 $1.46 $1.06 176.5 $0.04 $0.21 Undervalued
Gabriel Resources Ltd GBRRF.pk T.GBU   T.GBU.wt 31-Mar-07   $2.75 1   2.21 $4.75 $2.00 33.8 $2.15 $2.03 Fair Value
Geovic Mining Corp GVCM.pk V.GMC GVCMW.pk V.GMC.wt 3-Nov-11   $2.75 1   1.96 $2.45 -$0.30 68.7 $1.25 $1.42 Undervalued
Glencairn Gold Corp GLE T.GGG GLECW.pk T.GGG.wt 26-Nov-08   $1.25 1   3.06 $0.52 -$0.73 35.2 $0.17 $0.01 Over Valued
Goldcorp GG T.G GG.wt T.G.wt.G 9-Jun-11   $30.75 1   2.09 $29.95 -$0.80 35.9 $14.35 $10.91 Over Valued
Golden Star Resources GSS T.GSC GSRWF.pk T.GSC.wt.a 14-Feb-07   $4.60 1   88.75 $3.55 -$1.05 31.9 $0.04 $0.00 Over Valued
Grande Cache Coal Corp GACHF.pk T.GCE   T.GCE.wt 5-Apr-07   $3.40 1   10.57 $0.74 -$2.66 65.7 $0.07 $0.00 Over Valued
HMZ Metals Inc. HMZMF.pk T.HMZ   T.HMZ.wt 6-Apr-07   $0.50 1   3.00 $0.06 -$0.44 200.4 $0.020 $0.00 Over Valued
Iamgold IMG T.IMG   T.IMG.wt 12-Aug-08   $3.75 2.381   2.80 $10.33 $0.59 32.7 $1.55 $2.89 Undervalued
IMA Exploration IMR V.IMR   V.IMR.wt 14-Sep-09   $3.45 1   4.57 $0.64 -$2.81 48.5 $0.14 $0.01 Over Valued
IMA Exploration IMR V.IMR   V.IMR.wt.A 21-Mar-10   $3.80 1   6.40 $0.64 -$3.16 48.5 $0.10 $0.01 Over Valued
International Minerals Corp IMZLF.pk T.IMZ   T.IMZ.wt 19-May-08   $6.88 1   7.22 $5.34 -$1.54 24.0 $0.74 $0.24 Over Valued
Ivanhoe Energy IVAN.pk T.IE   T.IE.wt 15-May-11   $2.93 1   2.46 $1.45 -$1.48 56.1 $0.59 $0.44 Over Valued
Jaguar Mining JAGNF.pk T.JAG   T.JAG.wt 31-Dec-07   $4.50 1   2.58 $6.72 $2.22 52.9 $2.60 $2.72 Fair Value
Katanga Mining KATFF.pk T.KAT   T.KAT.wt 20-Nov-11   $8.50 1   2.92 $6.94 -$1.56 41.5 $2.38 $2.55 Fair Value
Khan Resources KHRIF.pk T.KRI   T.KRI.wt 3-Aug-08   $1.90 1   1.98 $3.68 $1.78 61.5 $1.86 $2.09 Undervalued
Kinross KGC T.K KRSGF.pk T.K.wt 5-Dec-07   $15.00 3   4.09 $14.49 -$0.17 50.1 $1.18 $0.91 Over Valued
Las Vegas From Home.com LVFHF.ob V.LVH   V.LVH.wt 13-May-07   $1.00 1   16.00 $0.32 -$0.68 363.6 $0.02 $0.16 Undervalued
MACCs Sustainable Yield   T.MYT-UN   T.MYT.wt 15-Feb-07   $8.64 1   212.50 $8.50 -$0.14 19.6 $0.04 $0.14 Undervalued
Marifil Mines Ltd MFMLF.pk V.MFM   V.MFM.wt 3-Feb-07   $0.70 1   20.33 $0.61 -$0.09 65.0 $0.03 $0.01 Over Valued
Medical Intelligence Tech   V.MIZ   V.MIZ.wt 28-Sep-07   $0.80 1   6.15 $0.80 $0.00 75.5 $0.13 $0.18 Undervalued
Mesa Uranium Corp MSAUF.pk V.MZU   V.MZU.wt 21-Dec-07   $0.75 1   2.31 $0.60 -$0.15 81.3 $0.26 $0.15 Over Valued
Metallic Ventures Gold MTLVF.pk T.MVG   T.MVG.wt 17-Mar-09   $10.00 1   2.97 $1.75 -$8.25 48.2 $0.59 $0.01 Over Valued
Metallica Resources MRB T.MR  MRBWF.pk T.MR.wt 11-Dec-08   $3.10 1   2.59 $4.55 $1.45 30.1 $1.76 $1.82 Fair Value
Metallica Resources MRB T.MR   T.MR.wt.a 12-Dec-09   $5.50 1   ? $4.55 ? 30.1 ? $0.84 not trading
Metanor Resources MEAOF.pk V.MTO   V.MTO.wt 10-Nov-08   $0.55 1   ? $0.68 ? 54.7 ? $0.27 not trading
Minco Silver MISVF.pk T.MSV   T.MSV.wt 18-May-08   $3.45 1   4.47 $2.68 -$0.77 56.3 $0.60 $0.51 Over Valued
Neo Material Tchnlgys Inc NEMFF.pk T.NEM   T.NEM.wt 31-Aug-08   $2.50 1   3.05 $3.05 $0.55 55.8 $1.00 $1.17 Undervalued
Nevsun Resources NSU T.NSU NSUWF.pk T.NSU.wt 29-Jun-08   $3.25 1   2.70 $2.43 -$0.82 45.5 $0.90 $0.34 Over Valued
Nevsun Resources NSU T.NSU   T.NSU.wt.a 25-Oct-08   $3.00 1   2.70 $2.43 -$0.57 45.5 $0.90 $0.48 Over Valued
New Gold Inc. NGD T.NGD   T.NGD.wt 29-Feb-08   $12.00 1   7.58 $9.10 -$2.90 43.7 $1.20 $0.95 Over Valued
Newstrike Resource   V.NR   V.NR.wt 25-Jul-07   $0.60 1   7.50 $0.45 -$0.15 107.5 $0.06 $0.10 Undervalued
Northern Orion Resources NTO T.NNO NTWWF.pk T.NNO.wt 29-May-08   $2.00 1   1.73 $4.40 $2.40 36.5 $2.55 $2.63 Fair Value
Northern Orion Resources NTO T.NNO  NTOWF.pk T.NNO.wt.a 17-Feb-10   $6.00 1   3.70 $4.40 -$1.60 36.5 $1.19 $0.36 Over Valued
NovaGold Resources NG T.NG NGRWF.pk T.NG.wt 1-Oct-08   $7.00 1   1.53 $18.75 $11.75 12.2 $12.25 $12.31 Fair Value
NovaGold Resources NG T.NG   T.NG.wt.A 7-Jan-08   $12.10 1   2.44 $18.75 $6.65 12.2 $7.70 $7.26 Fair Value
Opta Minerals Inc   T.OPM   T.OPM.wt 17-Feb-07   $5.00 1   44.00 $4.40 -$0.60 49.0 $0.10 $0.07 Over Valued
Pacific Stratus Energy PSELF.pk V.PSE   V.PSE.wt 20-Jul-07   $0.30 1   1.75 $6.40 $6.10 49.9 $3.65 $6.11 Undervalued
Palmarejo Silver & Gold PJOFF.pk V.PJO   V.PJO.wt 19-Oct-07   $12.50 1   13.24 $9.00 -$3.50 40.1 $0.68 $0.40 Over Valued
Pan American Silver PAAS T.PAA PAAWF.pk T.PAA.wt 20-Feb-08   $12.00 1   1.63 $29.53 $17.53 23.6 $18.11 $18.17 Fair Value
Peregrine Diamonds   T.PGD   T.PGD.wt 16-Jul-07   $7.00 1   14.44 $1.30 -$5.70 38.4 $0.09 $0.00 Over Valued
Petrolifera Petroleum Ltd
PRFPF.pk T.PDP   T.PDP.wt 3-May-07   $3.00 1   1.22 $16.95 $13.95 39.3 $13.90 $13.99 Fair Value
Prodtn Enhancement Group   T.WIS   T.WIS.wt 19-Apr-07   $3.00 2   27.50 $1.10 -$1.90 117.1 $0.02 $0.01 Over Valued
Rio Narcea Gold RNO T.RNG RNWTF.pk T.RNG.wt 11-Sep-08   $5.00 1   7.87 $2.99 -$2.01 21.4 $0.38 $0.04 Over Valued
S M T C Mfg Corp of Can SMTX T.SMX   T.SMX.wt 4-Mar-09   $9.25 1   59.80 $2.99 -$6.26 91.1 $0.05 $0.74 Undervalued
Silver Wheaton SLW T.SLW SLWWF.pk T.SLW.wt 5-Aug-09   $4.00 5   1.43 $11.35 $1.47 37.3 $1.59 $1.57 Fair Value
Silver Wheaton SLW T.SLW SLWAF.pk T.SLW.wt.a 30-Nov-09   $5.50 5   1.51 $11.35 $1.17 37.3 $1.50 $1.35 Fair Value
Silver Wheaton SLW T.SLW SLWBF.pk T.SLW.wt.b 22-Dec-10   $10.00 1   1.79 $11.35 $1.35 37.3 $6.35 $4.64 Over Valued
Silverstone Corporation SVRCF.pk V.SST   V.SST.wt 7-Jun-07   $1.80 1   6.15 $1.60 -$0.20 122.6 $0.26 $0.42 Undervalued
Silverwing Energy Inc SVWGF.pk T.SVW SVRWF.pk T.SVW.wt 22-Feb-08   $2.25 1   16.00 $0.80 -$1.45 74.9 $0.05 $0.05 Fair Value
Skye Resources SKRZF.pk T.SKR   T.SKR.wt 13-Mar-08   $12.36 1   4.77 $11.92 -$0.44 51.1 $2.50 $2.27 Fair Value
Southern Era Diamonds SDMFF.pk T.SDM SDMWF.pk T.SDM.wt 11-Nov-08   $2.00 1   4.25 $0.34 -$1.66 11.7 $0.08 $0.00 Over Valued
Spur Ventures SPVEF.pk T.SVU   T.SVU.wt 28-Jul-07   $2.00 1   4.31 $0.69 -$1.31 65.2 $0.16 $0.00 Over Valued
Stelco Inc SECNF.pk T.STE SECWF.pk T.STE.wt 31-Mar-13   $11.00 1   1.68 $21.25 $10.25 16.9 $12.65 $13.20 Fair Value
Strait Gold Corp   V.SRD   V.SRD.wt 25-Apr-08   $0.30 1   1.78 $0.48 $0.18 182.5 $0.27 $0.37 Undervalued
Tiomin Resources TMIRF.pk T.TIO   T.TIO.wt 7-Dec-07   $0.37 1   2.80 $0.14 -$0.23 204.4 $0.05 $0.07 Undervalued
Titan Uranium TUEFF.pk V.TUE   T.TUE.wt.A 21-Oct-07   $1.35 1   2.53 $2.28 $0.93 48.4 $0.90 $1.01 Undervalued
TORR Canada Inc TORFF.pk T.TOR   T.TOR.wt 2-Nov-09   $0.65 1   2.03 $0.75 $0.10 49.6 $0.37 $0.32 Over Valued
Tranzeo Wireless Tchnlgys TZWLF.pk T.TZT   T.TZT.wt 3-Apr-07   $2.50 1   5.10 $2.55 $0.05 56.9 $0.50 $0.30 Over Valued
Uranium Participation URPTF.pk T.U URPTF.pk T.U.wt 10-May-07   $6.25 1   1.98 $12.50 $6.25 19.9 $6.30 $6.34 Fair Value
Uranium Participation URPTF.pk T.U URPZF.pk T.U.wt.a 15-Sep-08   $12.00 1   3.20 $12.50 $0.50 19.9 $3.91 $2.07 Over Valued
Urbana   T.URB   T.URB.wt 11-Jan-09   $3.75 1   4.42 $3.93 $0.18 47.2 0.89 $1.24 Undervalued
US Gold UXG T.UXG   T.UXG.wt 22-Feb-11 $10.00 $11.75 1   2.74 $5.20 -$6.55 58.3 $1.90 $1.46 Over Valued
Welton Energy WLEYF.pk T.WLT   T.WLT.wt 4-Aug-07   $1.75 1   8.73 $0.96 -$0.79 61.9 $0.11 $0.03 Over Valued
Yamana Gold      AUY T.YRI AUYWF.pk T.YRI.wt.A 20-Nov-08   $2.50 1.66667   1.35 $13.99 $5.89 44.6 $6.24 $6.96 Undervalued
Yellow Pages Income Fund YLWPF.pk T.YLO-UN   T.YLO.wt 14-Dec-07   $17.50 1   265.60 $13.28 -$4.22 14.9 $0.05 $0.05 Fair Value

Top 10 with the highest leverage this week

Yellow Pages Income Fund
MACCs Sustainable Yield
Envoy Communs Group Inc
Golden Star Resources
S M T C Mfg Corp of Can
Opta Minerals Inc
C A Bancorp
Prodtn Enhancement Group
Marifil Mines Ltd
Decision Dynamics Tchnlgy

Notes

Aumega had a name change to Fortress Base Metals Corp and has consolidated shares on a basis of five old for one new.


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.

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.

Good sites for US warrants are:

Amex Stock Warrants

NYSE Stock Warrants

Nasdaq Stock Warrants W

Nasdaq Stock Warrants Z

OTCBB Stock Warrants W

OTCBB Stock Warrants Z

thanks to http://www.equitywatcher.com/