Canadian Stock Warrant Values 2007

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Warrant Values as of September 14th 2007

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COMPANY NAME Stocks in 1 Month

(click on the company name for Latest U. S. U. S. Canadian Expiration Exercise Exercise Wts Price the money Historic Fair

number of warrants trading, Insider Warrant Symbol Cdn Stock Symbol Warrant Date Price Price per Leverage     of   (Intrinsic Volatility Warrant Market Comments

company website and warrant PRs.) Activity CUSIP NO Stock Symbol Warrant Symbol US$ Cdn$ Share Common Value) Annualized Price Value

Metrobridge Networks V.MEB 59165A 11 2 V.MEB MEB.wt 26-Jul-09 $0.65 1 13.33 0.4 -0.24 186 0.03 $0.30 Bargain

Khan Resources T.KRI 496902 13 1 KHRIF.pk T.KRI KRI.wt 3-Aug-08 $1.90 1 1.96 2.35 -0.15 152.3 1.2 $1.38 Undervalued

Bordeaux Energy V.BDO 099535 11 4 BDOXF.pk V.BDO BDO.wt 6-Aug-08 $0.90 1 2.18 0.435 -0.42 149.6 0.2 $0.16 Overvalued

Rye Patch Gold V.RPM 783727 11 8 V.RPM RPM.wt 19-Jul-09 $0.75 1 4 0.4 -0.34 144.8 0.1 $0.23 Bargain

Pinetree Capital T.PNP 723330 12 2 PNPFF.pk T.PNP PNP.wt 16-Apr-12 $15.00 1 4.74 5.45 -10.24 137.5 1.15 $4.35 Bargain

Blue Sky Uranium V.BSK 096049 11 9 V.BSK BSK.wt 23-Mar-09 $1.30 1 3.67 0.55 -0.78 130.3 0.15 $0.22 Undervalued

Mesa Uranium Corp V.MZU 59066W 11 4 MSAUF.pk V.MZU MZU.wt 21-Dec-07 $0.75 1 10.25 0.41 -0.39 130.1 0.04 $0.04 Fair Value

Titan Uranium V.TUE 88832T 12 1 TUEFF.pk V.TUE TUE.wt.A 21-Oct-07 $1.35 1 6.61 1.19 -0.15 128.7 0.18 $0.14 Overvalued

Dynamite Resources V.DNR 26806Q 11 1 V.DNR DNR.wt 17-Aug-09 $1.00 1 110 0.55 -0.59 124.4 0.005 $0.28 Bargain

VisionSky Corp C.VSKY 92833V 11 9 C.VSKY VSKY.w 22-Feb-10 $0.65 1 nt 0.22 -0.4 123.5 nt $0.11 not trading yet

Lateegra V.LRG 59318A 11 8 LRGFF.pk V.LRG LRG.wt 1-Dec-08 $1.50 1 4.73 0.26 -1.24 120.8 0.055 $0.03 Overvalued

Salazar Resources V.SRL 794007 11 2 V.SRL SRL.wt 19-Mar-09 $1.50 1 1.81 3.62 1.24 116.4 2 $2.65 Undervalued

Gold Point Energy Corp V.GPE 380956 17 7 V.GPE GPE.wt 29-Dec-08 $0.50 1 5.86 0.205 -0.27 114.6 0.035 $0.06 Bargain

Medical Intelligence Tech V.MIZ 58458F 13 5 V.MIZ MIZ.wt.a 20-Oct-08 $0.85 1 7.08 0.46 -0.35 111.6 0.065 $0.14 Bargain

Medical Intelligence Tech V.MIZ 58458F 12 7 V.MIZ MIZ.wt 28-Sep-07 $0.80 1 10.22 0.46 -0.3 111.6 0.045 $0.00 Overvalued

Visible Gold Mines V.VGD 92834E 11 6 V.VGD VGD.wt 17-Jul-09 $0.50 1 3.2 0.32 -0.2 108.8 0.1 $0.15 Bargain

Baja Mining Corp T.BAJ 05709R 11 1 BAJFF.pk T.BAJ BAJ.wt 13-Apr-09 $1.15 1 1.98 1.94 0.68 108.8 0.98 $1.26 Undervalued

Glencairn Gold Corp T.GGG 379462 11 2 GLE T.GGG GLECW.pk GGG.wt 26-Nov-08 $1.25 1 6.2 0.155 -1.08 107.6 0.025 $0.01 Overvalued

Canadian Income Mgmt Tr T.CNM 13607T 11 4 T.CNM-UN CNM.wt 28-Feb-12 $2.60 1 4.17 0.25 -2.25 105.7 0.06 $0.10 Bargain

M G M Energy T.MGX 55276L 11 2 T.MGX MGX.wt.b 30-Sep-07 $6.00 1 56.5 2.26 -3.47 101.9 0.04 $0.00 Overvalued

International Nickel T.INV 465790 11 1 T.INV INV.wt 18-Nov-08 $2.25 1 11.3 1.13 -1.17 99.1 0.1 $0.27 Bargain

Markland AGF Precious Metals T.MPM 570655 11 8 T.MPM.UN MPM.wt 10-Jul-10 $10.25 1 9.9 10 -0.25 98.7 1.01 $6.17 Bargain

Oromonte V.ORR 687083 11 3 ORMOF.pk V.ORR ORR.wt 17-Nov-08 $0.75 1 1.6 0.16 -0.59 97.8 0.1 $0.01 Overvalued

Olympus Pacific Minerals Inc T.OYM 68162Q 11 1 OLYMF.pk T.OYM OYM.wt 31-Jul-09 $0.90 1 3.06 0.52 -0.35 96.2 0.17 $0.19 Undervalued

Grande Cache Coal Corp T.GCE 38655X 11 3 T.GCE GCE.wt 11-Aug-08 $1.60 1 7.19 1.15 -0.55 95.9 0.16 $0.30 Bargain

M D N Inc T.MDN 31943B 12 6 T.MDN MDN.wt 14-Jan-09 $1.00 1 1.77 1.22 0.22 95.2 0.69 $0.60 Overvalued

Mega Uranium T.MGA 58516W 12 0 T.MGA MGA.wt.a 6-Jun-12 $7.00 1 2.61 3.91 -3.45 93.6 1.5 $2.50 Bargain

Mega Uranium T.MGA 58516W 11 2 T.MGA MGA.wt 12-Feb-12 $6.15 1 2.44 3.91 -2.6 93.6 1.6 $2.49 Bargain

Stingray Resources T.SRY 860838 11 9 SGYRF.pk T.SRY SRY.wt 24-Apr-09 $1.80 1 7.62 0.8 -1 93 0.105 $0.20 Bargain

Ascendant Copper Corp T.ACX 043503 11 9 ASCPF.pk T.ACX ACX.wt 21-Nov-10 $2.50 1 5.71 0.2 -2.24 92.5 0.035 $0.03 Overvalued

Ascendant Copper Corp T.ACX 043503 12 7 ASCPF.pk T.ACX ACX.wt.a 22-Jun-09 $0.65 1 1.82 0.2 -0.39 92.5 0.11 $0.04 Overvalued

Southern Era Diamonds T.SDM 84415N 11 0 SDMFF.pk T.SDM SDMWF.pk SDM.wt 17-Nov-08 $2.00 1 36 0.54 -1.44 90.6 0.015 $0.04 Bargain

Erdene Gold T.ERD 29480Q 11 8 ERDGF.pk T.ERD ERD.wt 15-Jun-09 $1.60 1 2.31 1.18 -0.43 87.9 0.51 $0.45 Overvalued

S M T C Mfg Corp of Can T.SMX 78458Q 12 1 SMTX T.SMX SMX.wt 4-Mar-09 $9.25 5 13.15 2.63 -6.07 86.5 0.04 $0.06 Bargain

Energentia Resources V.ENR 29268P 11 8 V.ENR ENR.wt 14-Feb-09 $0.75 1 4.63 0.185 -0.57 83.6 0.04 $0.01 Overvalued

New Gold Inc. T.NGD 644535 12 2 NGD T.NGD NGD.wt.a 28-Jun-17 $15.00 1 3.58 5.91 -8.93 82.3 1.65 $4.45 Bargain

New Gold Inc. T.NGD 644535 11 4 NGD T.NGD NGD.wt 29-Feb-08 $12.00 1 36.94 5.91 -5.93 82.3 0.16 $0.24 Bargain

Bioniche Life Sciences Inc T.BNC 09063P 12 5 T.BNC BNC.wt 13-Mar-09 $1.40 1 3.72 0.93 -0.52 82.2 0.25 $0.26 Fair Value

Mercator Minerals Ltd T.ML 587582 11 5 T.ML ML.wt 16-Feb-12 $4.00 1 1.71 6.85 2.55 80.9 4 $5.09 Undervalued

Fortune Minerals T.FT 34967D 13 5 FTMDF.pk T.FT FT.wt 26-Jul-09 $3.75 1 7.44 2.79 -0.83 80.4 0.375 $1.00 Bargain

Palo Duro Energy V.PDE 69744M 11 5 V.PDE PDE.wt 23-Mar-09 $0.50 1 1.47 0.11 -0.37 79.7 0.075 $0.01 Overvalued

I C S Copper Systems Ltd V.ICX 449664 11 9 V.ICX ICX.wt 4-May-09 $1.30 1 3.7 0.74 -0.56 79.6 0.2 $0.19 Fair Value

Peak Gold V.PIK 70468J 11 4 V.PIK PIK.wt 3-Apr-12 $1.50 1 2.65 0.61 -0.96 79 0.23 $0.28 Undervalued

Redcorp Ventures T.RDV 757268 16 4 T.RDV RDV.wt 10-Jul-09 $0.65 1 3.47 0.26 -0.38 79 0.075 $0.05 Overvalued

Ivory Energy V.IV 46589L 11 3 V.IV IV.wt 18-Jul-12 $1.00 1 2.19 0.81 -0.1 72.9 0.37 $0.47 Undervalued

Great Basin T.GBG 45107L 11 8 GBN T.GBG GBG.wt 17-Apr-09 $3.50 1 4.22 2.53 -0.89 71.3 0.6 $0.68 Undervalued

Calstar Oil & Gas C.CALS 13135U 11 2 CLGSF.pk C.CALS CALS.wt.b 28-Sep-07 $0.65 1 10 0.1 -0.55 71.2 0.01 $0.00 Overvalued

Futura Loyalty Group V.FUT 373686 11 2 V.FUT FUT.wt 1-Jan-08 $1.10 1 8.5 0.085 -1.02 69.6 0.01 $0.00 Overvalued

Geovic Mining Corp V.GMC 377903 14 1 GVCM.pk V.GMC GMC.wt.b 27-Apr-12 $5.00 1 3.55 2.27 -2.51 69.3 0.64 $0.94 Undervalued

Geovic Mining Corp V.GMC U37397 11 1 GVCM.pk V.GMC GMC.wt.a 6-Mar-12 $3.00 1 2.16 2.27 -0.51 69.3 1.05 $1.18 Undervalued

Geovic Mining Corp V.GMC 373686 12 0 GVCM.pk V.GMC GVCMW.pk GMC.wt 3-Nov-11 $2.75 1 1.66 2.27 -0.26 69.3 1.37 $1.18 Overvalued

Minco Silver T.MSV 60254C 12 6 MISVF.pk T.MSV MSV.wt 18-May-08 $3.45 1 6.8 1.7 -1.7 67 0.25 $0.07 Overvalued

Northern Orion Resources T.NNO 665575 12 2 NTO T.NNO NTOWF.pk NNO.wt.a 17-Feb-10 $6.00 1 3.48 5.85 0.22 66.8 1.68 $2.50 Undervalued

Northern Orion Resources T.NNO 665575 11 4 NTO T.NNO NTWWF.pk NNO.wt 29-May-08 $2.00 1 1.51 5.85 4.22 66.8 3.88 $3.94 Fair Value

Silverwing Energy Inc T.SVW 83149P 11 0 SVWGF.pk T.SVW SVW.wt 22-Feb-08 $2.25 1 3 0.24 -2.01 66.2 0.08 $0.00 Overvalued

M A C C's Sustainable T.MYT.UN 55266Q 12 1 T.MYT.UN MYT.wt.a 13-Dec-07 $8.00 1 534 8.01 0 66 0.015 $1.09 Bargain

Mines Management T.MGT 603432 11 3 T.MGT MGT.wt.U 20-Apr-12 $5.75 $5.92 1 2.48 3.57 -2.49 64.2 1.44 $1.57 Fair Value

Terrane Metals T.TRX 88103A 11 6 V.TRX TRX.wt 21-Jun-12 $0.85 1 2.11 0.38 -0.45 64.1 0.18 $0.14 Overvalued

Endeavour Silver Corp T.EDR 29258Y 11 1 EDRGF.pk T.EDR EDWGF.pk EDR.wt 24-Oct-07 $5.25 1 14.82 3.78 -1.03 64 0.255 $0.03 Overvalued

Strait Gold Corp V.SRD 86258R 11 6 V.SRD SRD.wt 25-Apr-08 $0.30 1 2.8 0.28 -0.01 63.2 0.1 $0.05 Overvalued

T O R R Canada Inc T.TOR 891326 11 8 TORFF.pk T.TOR TOR.wt 2-Nov-09 $0.65 1 2.62 0.55 -0.02 62.4 0.21 $0.18 Overvalued

Denison Mines T.DML 248356 12 3 DMLCF.pk T.DML DML.wt.A 1-Mar-11 $30.00 0.3472 2.53 10.11 -20.94 62 11.5 $5.88 Overvalued

Denison Mines T.DML 248356 11 5 DMLCF.pk T.DML DML.wt 24-Nov-09 $15.00 0.3472 1.82 10.11 -5.94 62 15.98 $7.75 Overvalued

Thompson Creek Metals T.TCM 884768 11 0 BLEFF.pk T.TCM TCM.wt 27-Oct-11 $9.00 1 1.68 17.96 9.11 59.2 10.7 $12.32 Undervalued

Katanga Mining T.KAT 49373T 12 8 KATFF.pk T.KAT KAT.wt 20-Nov-11 $8.50 1 1.77 17.95 10.55 58.6 10.16 $12.52 Undervalued

Breakwater Resources T.BWR 106902 15 8 BWLRF.ob T.BWR BWLWF.pk BWR.wt 28-Jan-09 $1.00 1 1.64 2.38 1.57 57.3 1.45 $1.48 Fair Value

Stornoway Diamonds T.SWY 86222Q 12 9 SWYDF.pk T.SWY SWY.wt 12-Apr-09 $1.50 1 3.65 0.73 -0.76 57.2 0.2 $0.07 Overvalued

European Minerals Corp T.EPM G3192Y 14 2 EPMCF.pk T.EPM EPMJF.pk EPM.wt.b 21-Mar-11 $1.55 1 2.29 1.17 -0.35 56.6 0.51 $0.44 Overvalued

European Minerals Corp T.EPM G3192Y 12 6 EPMCF.pk T.EPM EPMWF.pk EPM.wt.a 11-Apr-10 $1.20 1 1.98 1.17 0 56.6 0.59 $0.45 Overvalued

European Minerals Corp T.EPM G3192Y 11 8 EPMCF.pk T.EPM EPM.wt 23-Dec-08 $1.20 $1.24 1 2.93 1.17 -0.07 56.6 0.4 $0.30 Overvalued

Sprott Molybdenum Part. Corp. T.MLY 852067 11 5 T.MLY MLY.wt 16-Apr-09 $7.50 1 6.18 4.57 -2.91 56.5 0.74 $0.68 Fair Value

Uranium Participation T.U 917017 12 1 URPTF.pk T.U URPZF.pk U.wt.a 15-Sep-08 $12.00 1 3.92 10.97 -2.04 56.4 2.8 $2.26 Overvalued

Focused Global Trends Fund T.FTF 34416R 11 5 T.FTF.UN FTF.wt 30-Jul-10 $10.25 1 37.4 9.35 -1.2 55.7 0.25 $3.58 Bargain

Focused Global Trends Fund T.FTF 34416R 11 5 T.FTF.UN FTF.wt 30-Jan-09 $10.25 1 37.4 9.35 -1.2 55.7 0.25 $2.34 Bargain

Metallic Ventures Gold T.MVG 591253 12 5 MTLVF.pk T.MVG MVG.wt 17-Mar-09 $10.00 1 12.4 1.86 -8 55.3 0.15 $0.01 Overvalued

Australian Solomons Gold T.SGA Q8271C 11 8 T.SGA SGA.wt 28-Aug-08 $1.71 1 6.5 1.3 -0.46 55 0.2 $0.17 Overvalued

Tiomin Resources T.TIO 887901 17 1 TMIRF.pk T.TIO TIO.wt 7-Dec-07 $0.37 1 10.5 0.105 -0.26 53.4 0.01 $0.00 Overvalued

Nevsun Resources T.NSU 64156L 15 0 NSU T.NSU NSU.wt.a 25-Oct-08 $3.00 1 2.73 1.53 -1.4 53.3 0.56 $0.08 Overvalued

Nevsun Resources T.NSU 64156L 13 5 NSU T.NSU NSUWF.pk NSU.wt 29-Jun-08 $3.25 1 6.12 1.53 -1.65 53.3 0.25 $0.03 Overvalued

Acuity Small Cap T.ASF 00509R 10 6 T.ASF-UN ASF.wt 15-Jan-10 $12.00 1 21.52 9.04 -3.19 52.8 0.42 $2.35 Bargain

Eastern Platinum Limited T.ELR 276855 12 9 ELRFF.pk T.ELR ELR.wt.A 28-Mar-09 $1.80 1 3.11 2.21 0.47 52.7 0.71 $0.82 Undervalued

Eastern Platinum Limited T.ELR 276855 11 1 ELRFF.pk T.ELR ELR.wt 25-Apr-08 $2.00 1 4.42 2.21 0.27 52.7 0.5 $0.49 Fair Value

Silvercorp Metals T.SVM 82835P 11 1 T.SVM SVM.wt 26-Oct-08 $24.00 1 10.13 18.24 -5.19 52.5 1.8 $2.63 Undervalued

Chesapeake Gold V.CKG 165184 11 0 CHPGF.pk V.CKG CKG.wt 23-Feb-12 $8.00 1 1.84 6.14 -2.1 51.3 3.34 $2.44 Overvalued

Urbana T.URB 91707P 12 5 T.URB URB.wt.a 12-Jul-09 $3.75 1 8.95 3.76 -0.25 50.6 0.42 $1.14 Bargain

Urbana T.URB 91707P 11 7 T.URB URB.wt 11-Jan-09 $3.75 1 9.4 3.76 -0.25 50.6 0.4 $0.97 Bargain

Iamgold T.IMG 459875 11 8 IAG T.IMG IMG.wt 12-Aug-08 $3.75 2.381 3.63 8.03 4.51 50.4 0.93 $1.89 Bargain

First Majestic Silver Corp V.FR 32076V 11 1 FRMSF.pk V.FR FR.wt 10-Nov-08 $6.50 1 34.3 3.43 -2.98 49.3 0.1 $0.16 Bargain

Pan American Silver T.PAA 697900 12 4 PAAS T.PAA PAAWF.pk PAA.wt 20-Feb-08 $12.00 1 1.77 26.97 15.11 46.7 15.27 $15.23 Fair Value

Palmarejo Silver & Gold V.PJO 69672B 11 5 PJOFF.pk V.PJO PJO.wt 19-Oct-07 $12.50 1 885 8.85 -2.8 46.2 0.01 $0.00 Overvalued

Bankers Petroleum T.BNK 066286 12 1 T.BNK BNK.wt.A 1-Mar-12 $0.90 1 2.51 0.49 -0.48 45.8 0.195 $0.13 Overvalued

Bankers Petroleum T.BNK 066286 11 3 BNKFF.pk T.BNK BNK.wt 10-Nov-09 $0.95 1 3.92 0.49 -0.53 45.8 0.125 $0.05 Overvalued

RailPower T.P 750758 11 2 T.P P.wt 12-Feb-10 $1.25 1 4.44 0.355 -0.87 45.5 0.08 $0.01 Overvalued

Agnico Eagle T.AEM 008474 13 2 AEM T.AEM AEMLW AEM.wt.u 14-Nov-07 $19.00 $19.56 1 1.62 49.56 31.86 44.9 30.58 $30.16 Fair Value

Silver Wheaton T.SLW 828336 11 5 SLW T.SLW SLWWF.pk SLW.wt 5-Aug-09 $4.00 5 1.43 12.6 9.05 43.9 1.76 $1.80 Fair Value

Silver Wheaton T.SLW 828336 12 3 SLW T.SLW SLWAF.pk SLW.wt.a 30-Nov-09 $5.50 5 1.63 12.6 7.55 43.9 1.55 $1.57 Fair Value

Silver Wheaton T.SLW 828336 13 1 SLW T.SLW SLWBF.pk SLW.wt.b 22-Dec-10 $10.00 1 1.95 12.6 3.05 43.9 6.45 $5.69 Overvalued

Yamana Gold      T.YRI 98462Y 14 2 AUY T.YRI AUYWF.pk YRI.wt.A 20-Nov-08 $2.50 1.666667 1.48 12.13 9.84 43 4.92 $5.86 Undervalued

Skye Resources T.SKR 83081N 11 5 SKRZF.pk T.SKR SKR.wt 13-Mar-08 $12.36 1 6.5 11.7 -0.67 42.7 1.8 $1.26 Overvalued

Global Uranium T.GUR 380680 11 6 T.GUR GUR.wt 30-Jun-10 $10.25 1 5.59 6.99 -3.43 42.1 1.25 $1.35 Fair Value

Baffinland Iron Mns Corp T.BIM 056620 11 5 T.BIM BIM.wt 31-Jan-12 $5.50 1 3.21 3.4 -2.05 41.3 1.06 $0.85 Overvalued

Neo Material Tchnlgys Inc T.NEM 64045Y 11 6 NEMFF.pk T.NEM NEM.wt 31-Aug-08 $2.50 1 2.06 4.57 1.97 40.5 2.22 $2.22 Fair Value

Equinox Minerals T.EQN 29445L 11 3 T.EQN EQN.wt 6-May-08 $2.30 1 2.29 3.89 1.3 40.3 1.7 $1.68 Fair Value

Metallica Resources T.MR 59125J 12 0 MRB T.MR MRBWF.pk MR.wt 11-Dec-08 $3.10 1 2.72 4.3 1.26 40.3 1.58 $1.55 Fair Value

Kinross T.K 51818R 11 3 KGC T.K K.wt.b 7-Sep-11 $10.00 2.24871 3.02 14.31 3.75 39 2.11 $3.22 Bargain

Kinross T.K 496902 16 4 KGC T.K K.wt.a 22-Oct-07 $1.90 2.24871 1.45 14.31 11.85 39 4.4 $5.52 Undervalued

Kinross T.K 496902 15 6 KGC T.K KRSGF.pk K.wt 5-Dec-07 $15.00 3 13.83 14.31 -1.25 39 0.345 $0.28 Overvalued

U S Gold T.UXG 912023 11 6 UXG T.UXG UXG.wt 22-Feb-11 $10.00 $10.55 1 3.37 6.44 -3.8 37.5 1.91 $1.10 Overvalued

I M A Exploration V.IMR 449664 30 9 IMR V.IMR IMR.wt 14-Sep-09 $3.45 1 17.4 0.435 -3.02 36.3 0.025 $0.00 Overvalued

I M A Exploration V.IMR 450913 11 6 IMR V.IMR IMR.wt.A 21-Mar-10 $3.80 1 3.95 0.435 -3.37 36.3 0.11 $0.00 Overvalued

Coalcorp Mining T.CCJ 190135 13 7 CCJFF.pk T.CCJ CCJ.wt.A 17-Aug-11 $8.40 1 9.14 3.61 -4.65 35.7 0.395 $0.34 Overvalued

Coalcorp Mining T.CCJ 190135 11 1 CCJFF.pk T.CCJ CCJ.wt 8-Feb-11 $5.60 1 4.01 3.61 -1.85 35.7 0.9 $0.61 Overvalued

TSO3 Inc T.TOS 873015 13 5 T.TOS TOS.wt 9-Mar-09 $3.00 1 3.26 2.12 -0.75 35.4 0.65 $0.16 Overvalued

Goldcorp T.G 390124 11 3 GG T.G GG-WT G.wt.G 9-Jun-11 $30.75 1 2.68 28.18 -3.33 33.1 10.5 $8.14 Overvalued

Sentry Select Primary Metals T.PME 81733D 11 3 T.PME PME.wt 30-Jun-09 $12.00 1 14.35 7.46 -4.7 32.5 0.52 $0.42 Overvalued

NovaGold Resources T.NG 66987E 11 5 NG T.NG NGRWF.pk NG.wt 1-Oct-08 $7.00 1 1.68 15.4 8.75 30.8 9.17 $8.76 Fair Value

NovaGold Resources T.NG 66987E 13 1 NG T.NG NG.wt.A 7-Jan-08 $12.10 1 3.76 15.4 3.65 30.8 4.1 $3.56 Overvalued

Envoy Communs Group Inc T.ECG 29413B 11 3 ECGI T.ECG ECG.wt 20-Feb-09 $9.00 5 39.6 2.97 -5.9 30.8 0.015 $0.00 Overvalued

Oilsands Canada Corp T.OCF 678044 11 6 T.OCF OCF.wt 31-Jul-10 $10.25 1 9.74 9.74 -0.51 28.3 1 $2.22 Bargain

Avnel Gold Mining T.AVK G0683R 12 3 T.AVK AVK.wt 30-Jun-10 $1.06 1 3.25 0.65 -0.41 27.7 0.2 $0.05 Overvalued

Ivanhoe Energy T.IE G5221G 11 7 IVAN.pk T.IE IE.wt 15-May-11 $2.93 1 3.27 1.96 -0.91 26.4 0.6 $0.23 Overvalued

Dundee Precious Metals T.DPM 265269 12 6 T.DPM DPM.wt 29-Jun-12 $15.00 1 3.32 8.14 -6.4 26 2.45 $0.84 Overvalued

Endeavour Mining Cap T.EDV G3040R 12 5 EDVMF.pk T.EDV EDVWF.pk EDV.wt 10-Nov-08 $5.50 1 1.94 8.38 3.1 23.9 4.31 $3.21 Overvalued

DPF India Opportunities Fund T.DPF 26138Y 11 3 T.DPF-UN DPF.wt 13-Aug-10 $12.50 1 7.65 8.42 -4.05 22.2 1.1 $0.54 Overvalued

International Minerals Corp T.IMZ 460061 12 0 IMZLF.pk T.IMZ IMZ.wt 19-May-08 $6.88 1 12.78 5.75 -1.13 21.5 0.45 $0.13 Overvalued

Copernican British Banks Fund T.CBB 21727V 11 7 T.CBB-UN CBB.wt 14-Jun-10 $10.00 1 28.03 9.25 -0.3 21 0.33 $1.53 Bargain

Quadra Mining T.QUA 747319 11 9 QADMF.pk T.QUA QUA.wt 8-May-10 $20.00 1 3.98 17.09 -3.58 19.8 4.29 $2.03 Overvalued

Stelco Inc T.STE 858525 14 0 SECNF.pk T.STE SECWF.pk STE.wt 31-Mar-13 $11.00 1 1.41 37.87 26.74 19.7 26.8 $29.54 Fair Value

Yellow Pages Income Fund T.YLO 985569 13 6 YLWPF.pk T.YLO-UN YLO.wt 14-Dec-07 $17.50 1 456.33 13.69 -3.9 15.7 0.03 $0.00 Overvalued

Fralex Therapeutics Inc V.FXI 49381E 11 3 V.FXI FXI.wt 14-Feb-09 $4.00 1 7 0.7 -3.29 8.3 0.1 $0.00 Overvalued

First Capital Realty T.FCR 35168Q 11 4 FCRGF.pk T.FCR FCR.wt 31-Aug-08 $11.80 1 1.92 25.94 14.09 7.8 13.5 $14.70 Fair Value

Rio Narcea Gold T.RNG 766909 13 9 RNO T.RNG RNWTF.pk RNG.wt 11-Sep-08 $5.00 1 5.32 5.48 0.47 7.8 1.03 $0.73 Overvalued

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Notes



AEM and MGT's warrants and trade in US funds. They have been converted to Cdn$ for calculations.

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

Fair market value is calculated using the Binominal American version of Black-Scholes calculations on *historic volatility for the past month annualized.

Leverage is market price of shares divided by market price of warrant.

*Historic volatility is the deviation of the stock price over a one month, multiplied by (262 days) to produce an annualized volatility level.A volatile market therefore has a larger standard deviation of stock price and therefore gives the warrants a higher value. High volatility mayshow a reversal in a trend or could be a reaction to news put out by the company. High volatility can cause sharp price reversals.

***All comments are based on calculations alone and not a recommendation to buy. Fair is 10% either way, undervalued is 11% - 50%, bargain over 50%. Overvalued is 11% - 50% over and very over valued is over 50%.

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/

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COMPANY NAME													Stocks in	1 Month
(click on the company name for	Latest		U. S.		U. S.	Canadian	Expiration	Exercise	Exercise	Wts		Price	the money	Historic		Fair
number of warrants trading,	Insider	Warrant	Symbol	Cdn Stock	Symbol	Warrant	Date	Price	Price	per	Leverage	of	(Intrinsic	Volatility	Warrant	Market	Comments
company website and warrant PRs.)	Activity	CUSIP NO	Stock	Symbol	Warrant	Symbol		US$	Cdn$	Share		Common	Value)	Annualized	Price	Value
Metrobridge Networks	V.MEB	59165A 11 2		V.MEB		MEB.wt	26-Jul-09		$0.65	1	13.33	0.4	-0.24	186	0.03	$0.30	Bargain
Khan Resources	T.KRI	496902 13 1	KHRIF.pk	T.KRI		KRI.wt	3-Aug-08		$1.90	1	1.96	2.35	-0.15	152.3	1.2	$1.38	Undervalued
Bordeaux Energy	V.BDO	099535 11 4	BDOXF.pk	V.BDO		BDO.wt	6-Aug-08		$0.90	1	2.18	0.435	-0.42	149.6	0.2	$0.16	Overvalued
Rye Patch Gold	V.RPM	783727 11 8		V.RPM		RPM.wt	19-Jul-09		$0.75	1	4	0.4	-0.34	144.8	0.1	$0.23	Bargain
Pinetree Capital	T.PNP	723330 12 2	PNPFF.pk	T.PNP		PNP.wt	16-Apr-12		$15.00	1	4.74	5.45	-10.24	137.5	1.15	$4.35	Bargain
Blue Sky Uranium	V.BSK	096049 11 9		V.BSK		BSK.wt	23-Mar-09		$1.30	1	3.67	0.55	-0.78	130.3	0.15	$0.22	Undervalued
Mesa Uranium Corp	V.MZU	59066W 11 4	MSAUF.pk	V.MZU		MZU.wt	21-Dec-07		$0.75	1	10.25	0.41	-0.39	130.1	0.04	$0.04	Fair Value
Titan Uranium	V.TUE	88832T 12 1	TUEFF.pk	V.TUE		TUE.wt.A	21-Oct-07		$1.35	1	6.61	1.19	-0.15	128.7	0.18	$0.14	Overvalued
Dynamite Resources	V.DNR	26806Q 11 1		V.DNR		DNR.wt	17-Aug-09		$1.00	1	110	0.55	-0.59	124.4	0.005	$0.28	Bargain
VisionSky Corp	C.VSKY	92833V 11 9		C.VSKY		VSKY.w	22-Feb-10		$0.65	1	nt	0.22	-0.4	123.5	nt	$0.11	not trading yet
Lateegra	V.LRG	59318A 11 8	LRGFF.pk	V.LRG		LRG.wt	1-Dec-08		$1.50	1	4.73	0.26	-1.24	120.8	0.055	$0.03	Overvalued
Salazar Resources	V.SRL	794007 11 2		V.SRL		SRL.wt	19-Mar-09		$1.50	1	1.81	3.62	1.24	116.4	2	$2.65	Undervalued
Gold Point Energy Corp	V.GPE	380956 17 7		V.GPE		GPE.wt	29-Dec-08		$0.50	1	5.86	0.205	-0.27	114.6	0.035	$0.06	Bargain
Medical Intelligence Tech	V.MIZ	58458F 13 5		V.MIZ		MIZ.wt.a	20-Oct-08		$0.85	1	7.08	0.46	-0.35	111.6	0.065	$0.14	Bargain
Medical Intelligence Tech	V.MIZ	58458F 12 7		V.MIZ		MIZ.wt	28-Sep-07		$0.80	1	10.22	0.46	-0.3	111.6	0.045	$0.00	Overvalued
Visible Gold Mines	V.VGD	92834E 11 6		V.VGD		VGD.wt	17-Jul-09		$0.50	1	3.2	0.32	-0.2	108.8	0.1	$0.15	Bargain
Baja Mining Corp	T.BAJ	05709R 11 1	BAJFF.pk	T.BAJ		BAJ.wt	13-Apr-09		$1.15	1	1.98	1.94	0.68	108.8	0.98	$1.26	Undervalued
Glencairn Gold Corp	T.GGG	379462 11 2	GLE	T.GGG	GLECW.pk	GGG.wt	26-Nov-08		$1.25	1	6.2	0.155	-1.08	107.6	0.025	$0.01	Overvalued
Canadian Income Mgmt Tr	T.CNM	13607T 11 4		T.CNM-UN		CNM.wt	28-Feb-12		$2.60	1	4.17	0.25	-2.25	105.7	0.06	$0.10	Bargain
M G M Energy	T.MGX	55276L 11 2		T.MGX		MGX.wt.b	30-Sep-07		$6.00	1	56.5	2.26	-3.47	101.9	0.04	$0.00	Overvalued
International Nickel	T.INV	465790 11 1		T.INV		INV.wt	18-Nov-08		$2.25	1	11.3	1.13	-1.17	99.1	0.1	$0.27	Bargain
Markland AGF Precious Metals	T.MPM	570655 11 8		T.MPM.UN		MPM.wt	10-Jul-10		$10.25	1	9.9	10	-0.25	98.7	1.01	$6.17	Bargain
Oromonte	V.ORR	687083 11 3	ORMOF.pk	V.ORR		ORR.wt	17-Nov-08		$0.75	1	1.6	0.16	-0.59	97.8	0.1	$0.01	Overvalued
Olympus Pacific Minerals Inc	T.OYM	68162Q 11 1	OLYMF.pk	T.OYM		OYM.wt	31-Jul-09		$0.90	1	3.06	0.52	-0.35	96.2	0.17	$0.19	Undervalued
Grande Cache Coal Corp	T.GCE	38655X 11 3		T.GCE		GCE.wt	11-Aug-08		$1.60	1	7.19	1.15	-0.55	95.9	0.16	$0.30	Bargain
M D N Inc	T.MDN	31943B 12 6		T.MDN		MDN.wt	14-Jan-09		$1.00	1	1.77	1.22	0.22	95.2	0.69	$0.60	Overvalued
Mega Uranium	T.MGA	58516W 12 0		T.MGA		MGA.wt.a	6-Jun-12		$7.00	1	2.61	3.91	-3.45	93.6	1.5	$2.50	Bargain
Mega Uranium	T.MGA	58516W 11 2		T.MGA		MGA.wt	12-Feb-12		$6.15	1	2.44	3.91	-2.6	93.6	1.6	$2.49	Bargain
Stingray Resources	T.SRY	860838 11 9	SGYRF.pk	T.SRY		SRY.wt	24-Apr-09		$1.80	1	7.62	0.8	-1	93	0.105	$0.20	Bargain
Ascendant Copper Corp	T.ACX	043503 11 9	ASCPF.pk	T.ACX		ACX.wt	21-Nov-10		$2.50	1	5.71	0.2	-2.24	92.5	0.035	$0.03	Overvalued
Ascendant Copper Corp	T.ACX	043503 12 7	ASCPF.pk	T.ACX		ACX.wt.a	22-Jun-09		$0.65	1	1.82	0.2	-0.39	92.5	0.11	$0.04	Overvalued
Southern Era Diamonds	T.SDM	84415N 11 0	SDMFF.pk	T.SDM	SDMWF.pk	SDM.wt	17-Nov-08		$2.00	1	36	0.54	-1.44	90.6	0.015	$0.04	Bargain
Erdene Gold	T.ERD	29480Q 11 8	ERDGF.pk	T.ERD		ERD.wt	15-Jun-09		$1.60	1	2.31	1.18	-0.43	87.9	0.51	$0.45	Overvalued
S M T C Mfg Corp of Can	T.SMX	78458Q 12 1	SMTX	T.SMX		SMX.wt	4-Mar-09		$9.25	5	13.15	2.63	-6.07	86.5	0.04	$0.06	Bargain
Energentia Resources	V.ENR	29268P 11 8		V.ENR		ENR.wt	14-Feb-09		$0.75	1	4.63	0.185	-0.57	83.6	0.04	$0.01	Overvalued
New Gold Inc.	T.NGD	644535 12 2	NGD	T.NGD		NGD.wt.a	28-Jun-17		$15.00	1	3.58	5.91	-8.93	82.3	1.65	$4.45	Bargain
New Gold Inc.	T.NGD	644535 11 4	NGD	T.NGD		NGD.wt	29-Feb-08		$12.00	1	36.94	5.91	-5.93	82.3	0.16	$0.24	Bargain
Bioniche Life Sciences Inc	T.BNC	09063P 12 5		T.BNC		BNC.wt	13-Mar-09		$1.40	1	3.72	0.93	-0.52	82.2	0.25	$0.26	Fair Value
Mercator Minerals Ltd	T.ML	587582 11 5		T.ML		ML.wt	16-Feb-12		$4.00	1	1.71	6.85	2.55	80.9	4	$5.09	Undervalued
Fortune Minerals	T.FT	34967D 13 5	FTMDF.pk	T.FT		FT.wt	26-Jul-09		$3.75	1	7.44	2.79	-0.83	80.4	0.375	$1.00	Bargain
Palo Duro Energy	V.PDE	69744M 11 5		V.PDE		PDE.wt	23-Mar-09		$0.50	1	1.47	0.11	-0.37	79.7	0.075	$0.01	Overvalued
I C S Copper Systems Ltd	V.ICX	449664 11 9		V.ICX		ICX.wt	4-May-09		$1.30	1	3.7	0.74	-0.56	79.6	0.2	$0.19	Fair Value
Peak Gold	V.PIK	70468J 11 4		V.PIK		PIK.wt	3-Apr-12		$1.50	1	2.65	0.61	-0.96	79	0.23	$0.28	Undervalued
Redcorp Ventures	T.RDV	757268 16 4		T.RDV		RDV.wt	10-Jul-09		$0.65	1	3.47	0.26	-0.38	79	0.075	$0.05	Overvalued
Ivory Energy	V.IV	46589L 11 3		V.IV		IV.wt	18-Jul-12		$1.00	1	2.19	0.81	-0.1	72.9	0.37	$0.47	Undervalued
Great Basin	T.GBG	45107L 11 8	GBN	T.GBG		GBG.wt	17-Apr-09		$3.50	1	4.22	2.53	-0.89	71.3	0.6	$0.68	Undervalued
Calstar Oil & Gas	C.CALS	13135U 11 2	CLGSF.pk	C.CALS		CALS.wt.b	28-Sep-07		$0.65	1	10	0.1	-0.55	71.2	0.01	$0.00	Overvalued
Futura Loyalty Group	V.FUT	373686 11 2		V.FUT		FUT.wt	1-Jan-08		$1.10	1	8.5	0.085	-1.02	69.6	0.01	$0.00	Overvalued
Geovic Mining Corp	V.GMC	377903 14 1	GVCM.pk	V.GMC		GMC.wt.b	27-Apr-12		$5.00	1	3.55	2.27	-2.51	69.3	0.64	$0.94	Undervalued
Geovic Mining Corp	V.GMC	U37397 11 1	GVCM.pk	V.GMC		GMC.wt.a	6-Mar-12		$3.00	1	2.16	2.27	-0.51	69.3	1.05	$1.18	Undervalued
Geovic Mining Corp	V.GMC	373686 12 0	GVCM.pk	V.GMC	GVCMW.pk	GMC.wt	3-Nov-11		$2.75	1	1.66	2.27	-0.26	69.3	1.37	$1.18	Overvalued
Minco Silver	T.MSV	60254C 12 6	MISVF.pk	T.MSV		MSV.wt	18-May-08		$3.45	1	6.8	1.7	-1.7	67	0.25	$0.07	Overvalued
Northern Orion Resources	T.NNO	665575 12 2	NTO	T.NNO	NTOWF.pk	NNO.wt.a	17-Feb-10		$6.00	1	3.48	5.85	0.22	66.8	1.68	$2.50	Undervalued
Northern Orion Resources	T.NNO	665575 11 4	NTO	T.NNO	NTWWF.pk	NNO.wt	29-May-08		$2.00	1	1.51	5.85	4.22	66.8	3.88	$3.94	Fair Value
Silverwing Energy Inc	T.SVW	83149P 11 0	SVWGF.pk	T.SVW		SVW.wt	22-Feb-08		$2.25	1	3	0.24	-2.01	66.2	0.08	$0.00	Overvalued
M A C C's Sustainable	T.MYT.UN	55266Q 12 1		T.MYT.UN		MYT.wt.a	13-Dec-07		$8.00	1	534	8.01	0	66	0.015	$1.09	Bargain
Mines Management	T.MGT	603432 11 3		T.MGT		MGT.wt.U	20-Apr-12	$5.75	$5.92	1	2.48	3.57	-2.49	64.2	1.44	$1.57	Fair Value
Terrane Metals	T.TRX	88103A 11 6		V.TRX		TRX.wt	21-Jun-12		$0.85	1	2.11	0.38	-0.45	64.1	0.18	$0.14	Overvalued
Endeavour Silver Corp	T.EDR	29258Y 11 1	EDRGF.pk	T.EDR	EDWGF.pk	EDR.wt	24-Oct-07		$5.25	1	14.82	3.78	-1.03	64	0.255	$0.03	Overvalued
Strait Gold Corp	V.SRD	86258R 11 6		V.SRD		SRD.wt	25-Apr-08		$0.30	1	2.8	0.28	-0.01	63.2	0.1	$0.05	Overvalued
T O R R Canada Inc	T.TOR	891326 11 8	TORFF.pk	T.TOR		TOR.wt	2-Nov-09		$0.65	1	2.62	0.55	-0.02	62.4	0.21	$0.18	Overvalued
Denison Mines	T.DML	248356 12 3	DMLCF.pk	T.DML		DML.wt.A	1-Mar-11		$30.00	0.3472	2.53	10.11	-20.94	62	11.5	$5.88	Overvalued
Denison Mines	T.DML	248356 11 5	DMLCF.pk	T.DML		DML.wt	24-Nov-09		$15.00	0.3472	1.82	10.11	-5.94	62	15.98	$7.75	Overvalued
Thompson Creek Metals	T.TCM	884768 11 0	BLEFF.pk	T.TCM		TCM.wt	27-Oct-11		$9.00	1	1.68	17.96	9.11	59.2	10.7	$12.32	Undervalued
Katanga Mining	T.KAT	49373T 12 8	KATFF.pk	T.KAT		KAT.wt	20-Nov-11		$8.50	1	1.77	17.95	10.55	58.6	10.16	$12.52	Undervalued
Breakwater Resources	T.BWR	106902 15 8	BWLRF.ob	T.BWR	BWLWF.pk	BWR.wt	28-Jan-09		$1.00	1	1.64	2.38	1.57	57.3	1.45	$1.48	Fair Value
Stornoway Diamonds	T.SWY	86222Q 12 9	SWYDF.pk	T.SWY		SWY.wt	12-Apr-09		$1.50	1	3.65	0.73	-0.76	57.2	0.2	$0.07	Overvalued
European Minerals Corp	T.EPM	G3192Y 14 2	EPMCF.pk	T.EPM	EPMJF.pk	EPM.wt.b	21-Mar-11		$1.55	1	2.29	1.17	-0.35	56.6	0.51	$0.44	Overvalued
European Minerals Corp	T.EPM	G3192Y 12 6	EPMCF.pk	T.EPM	EPMWF.pk	EPM.wt.a	11-Apr-10		$1.20	1	1.98	1.17	0	56.6	0.59	$0.45	Overvalued
European Minerals Corp	T.EPM	G3192Y 11 8	EPMCF.pk	T.EPM		EPM.wt	23-Dec-08	$1.20	$1.24	1	2.93	1.17	-0.07	56.6	0.4	$0.30	Overvalued
Sprott Molybdenum Part. Corp.	T.MLY	852067 11 5		T.MLY		MLY.wt	16-Apr-09		$7.50	1	6.18	4.57	-2.91	56.5	0.74	$0.68	Fair Value
Uranium Participation	T.U	917017 12 1	URPTF.pk	T.U	URPZF.pk	U.wt.a	15-Sep-08		$12.00	1	3.92	10.97	-2.04	56.4	2.8	$2.26	Overvalued
Focused Global Trends Fund	T.FTF	34416R 11 5		T.FTF.UN		FTF.wt	30-Jul-10		$10.25	1	37.4	9.35	-1.2	55.7	0.25	$3.58	Bargain
Focused Global Trends Fund	T.FTF	34416R 11 5		T.FTF.UN		FTF.wt	30-Jan-09		$10.25	1	37.4	9.35	-1.2	55.7	0.25	$2.34	Bargain
Metallic Ventures Gold	T.MVG	591253 12 5	MTLVF.pk	T.MVG		MVG.wt	17-Mar-09		$10.00	1	12.4	1.86	-8	55.3	0.15	$0.01	Overvalued
Australian Solomons Gold	T.SGA	Q8271C 11 8		T.SGA		SGA.wt	28-Aug-08		$1.71	1	6.5	1.3	-0.46	55	0.2	$0.17	Overvalued
Tiomin Resources	T.TIO	887901 17 1	TMIRF.pk	T.TIO		TIO.wt	7-Dec-07		$0.37	1	10.5	0.105	-0.26	53.4	0.01	$0.00	Overvalued
Nevsun Resources	T.NSU	64156L 15 0	NSU	T.NSU		NSU.wt.a	25-Oct-08		$3.00	1	2.73	1.53	-1.4	53.3	0.56	$0.08	Overvalued
Nevsun Resources	T.NSU	64156L 13 5	NSU	T.NSU	NSUWF.pk	NSU.wt	29-Jun-08		$3.25	1	6.12	1.53	-1.65	53.3	0.25	$0.03	Overvalued
Acuity Small Cap	T.ASF	00509R 10 6		T.ASF-UN		ASF.wt	15-Jan-10		$12.00	1	21.52	9.04	-3.19	52.8	0.42	$2.35	Bargain
Eastern Platinum Limited	T.ELR	276855 12 9	ELRFF.pk	T.ELR		ELR.wt.A	28-Mar-09		$1.80	1	3.11	2.21	0.47	52.7	0.71	$0.82	Undervalued
Eastern Platinum Limited	T.ELR	276855 11 1	ELRFF.pk	T.ELR		ELR.wt	25-Apr-08		$2.00	1	4.42	2.21	0.27	52.7	0.5	$0.49	Fair Value
Silvercorp Metals	T.SVM	82835P 11 1		T.SVM		SVM.wt	26-Oct-08		$24.00	1	10.13	18.24	-5.19	52.5	1.8	$2.63	Undervalued
Chesapeake Gold	V.CKG	165184 11 0	CHPGF.pk	V.CKG		CKG.wt	23-Feb-12		$8.00	1	1.84	6.14	-2.1	51.3	3.34	$2.44	Overvalued
Urbana	T.URB	91707P 12 5		T.URB		URB.wt.a	12-Jul-09		$3.75	1	8.95	3.76	-0.25	50.6	0.42	$1.14	Bargain
Urbana	T.URB	91707P 11 7		T.URB		URB.wt	11-Jan-09		$3.75	1	9.4	3.76	-0.25	50.6	0.4	$0.97	Bargain
Iamgold	T.IMG	459875 11 8	IAG	T.IMG		IMG.wt	12-Aug-08		$3.75	2.381	3.63	8.03	4.51	50.4	0.93	$1.89	Bargain
First Majestic Silver Corp	V.FR	32076V 11 1	FRMSF.pk	V.FR		FR.wt	10-Nov-08		$6.50	1	34.3	3.43	-2.98	49.3	0.1	$0.16	Bargain
Pan American Silver	T.PAA	697900 12 4	PAAS	T.PAA	PAAWF.pk	PAA.wt	20-Feb-08		$12.00	1	1.77	26.97	15.11	46.7	15.27	$15.23	Fair Value
Palmarejo Silver & Gold	V.PJO	69672B 11 5	PJOFF.pk	V.PJO		PJO.wt	19-Oct-07		$12.50	1	885	8.85	-2.8	46.2	0.01	$0.00	Overvalued
Bankers Petroleum	T.BNK	066286 12 1		T.BNK		BNK.wt.A	1-Mar-12		$0.90	1	2.51	0.49	-0.48	45.8	0.195	$0.13	Overvalued
Bankers Petroleum	T.BNK	066286 11 3	BNKFF.pk	T.BNK		BNK.wt	10-Nov-09		$0.95	1	3.92	0.49	-0.53	45.8	0.125	$0.05	Overvalued
RailPower	T.P	750758 11 2		T.P		P.wt	12-Feb-10		$1.25	1	4.44	0.355	-0.87	45.5	0.08	$0.01	Overvalued
Agnico Eagle	T.AEM	008474 13 2	AEM	T.AEM	AEMLW	AEM.wt.u	14-Nov-07	$19.00	$19.56	1	1.62	49.56	31.86	44.9	30.58	$30.16	Fair Value
Silver Wheaton	T.SLW	828336 11 5	SLW	T.SLW	SLWWF.pk	SLW.wt	5-Aug-09		$4.00	5	1.43	12.6	9.05	43.9	1.76	$1.80	Fair Value
Silver Wheaton	T.SLW	828336 12 3	SLW	T.SLW	SLWAF.pk	SLW.wt.a	30-Nov-09		$5.50	5	1.63	12.6	7.55	43.9	1.55	$1.57	Fair Value
Silver Wheaton	T.SLW	828336 13 1	SLW	T.SLW	SLWBF.pk	SLW.wt.b	22-Dec-10		$10.00	1	1.95	12.6	3.05	43.9	6.45	$5.69	Overvalued
Yamana Gold	T.YRI	98462Y 14 2	AUY	T.YRI	AUYWF.pk	YRI.wt.A	20-Nov-08		$2.50	1.666667	1.48	12.13	9.84	43	4.92	$5.86	Undervalued
Skye Resources	T.SKR	83081N 11 5	SKRZF.pk	T.SKR		SKR.wt	13-Mar-08		$12.36	1	6.5	11.7	-0.67	42.7	1.8	$1.26	Overvalued
Global Uranium	T.GUR	380680 11 6		T.GUR		GUR.wt	30-Jun-10		$10.25	1	5.59	6.99	-3.43	42.1	1.25	$1.35	Fair Value
Baffinland Iron Mns Corp	T.BIM	056620 11 5		T.BIM		BIM.wt	31-Jan-12		$5.50	1	3.21	3.4	-2.05	41.3	1.06	$0.85	Overvalued
Neo Material Tchnlgys Inc	T.NEM	64045Y 11 6	NEMFF.pk	T.NEM		NEM.wt	31-Aug-08		$2.50	1	2.06	4.57	1.97	40.5	2.22	$2.22	Fair Value
Equinox Minerals	T.EQN	29445L 11 3		T.EQN		EQN.wt	6-May-08		$2.30	1	2.29	3.89	1.3	40.3	1.7	$1.68	Fair Value
Metallica Resources	T.MR	59125J 12 0	MRB	T.MR	MRBWF.pk	MR.wt	11-Dec-08		$3.10	1	2.72	4.3	1.26	40.3	1.58	$1.55	Fair Value
Kinross	T.K	51818R 11 3	KGC	T.K		K.wt.b	7-Sep-11		$10.00	2.24871	3.02	14.31	3.75	39	2.11	$3.22	Bargain
Kinross	T.K	496902 16 4	KGC	T.K		K.wt.a	22-Oct-07		$1.90	2.24871	1.45	14.31	11.85	39	4.4	$5.52	Undervalued
Kinross	T.K	496902 15 6	KGC	T.K	KRSGF.pk	K.wt	5-Dec-07		$15.00	3	13.83	14.31	-1.25	39	0.345	$0.28	Overvalued
U S Gold	T.UXG	912023 11 6	UXG	T.UXG		UXG.wt	22-Feb-11	$10.00	$10.55	1	3.37	6.44	-3.8	37.5	1.91	$1.10	Overvalued
I M A Exploration	V.IMR	449664 30 9	IMR	V.IMR		IMR.wt	14-Sep-09		$3.45	1	17.4	0.435	-3.02	36.3	0.025	$0.00	Overvalued
I M A Exploration	V.IMR	450913 11 6	IMR	V.IMR		IMR.wt.A	21-Mar-10		$3.80	1	3.95	0.435	-3.37	36.3	0.11	$0.00	Overvalued
Coalcorp Mining	T.CCJ	190135 13 7	CCJFF.pk	T.CCJ		CCJ.wt.A	17-Aug-11		$8.40	1	9.14	3.61	-4.65	35.7	0.395	$0.34	Overvalued
Coalcorp Mining	T.CCJ	190135 11 1	CCJFF.pk	T.CCJ		CCJ.wt	8-Feb-11		$5.60	1	4.01	3.61	-1.85	35.7	0.9	$0.61	Overvalued
TSO3 Inc	T.TOS	873015 13 5		T.TOS		TOS.wt	9-Mar-09		$3.00	1	3.26	2.12	-0.75	35.4	0.65	$0.16	Overvalued
Goldcorp	T.G	390124 11 3	GG	T.G	GG-WT	G.wt.G	9-Jun-11		$30.75	1	2.68	28.18	-3.33	33.1	10.5	$8.14	Overvalued
Sentry Select Primary Metals	T.PME	81733D 11 3		T.PME		PME.wt	30-Jun-09		$12.00	1	14.35	7.46	-4.7	32.5	0.52	$0.42	Overvalued
NovaGold Resources	T.NG	66987E 11 5	NG	T.NG	NGRWF.pk	NG.wt	1-Oct-08		$7.00	1	1.68	15.4	8.75	30.8	9.17	$8.76	Fair Value
NovaGold Resources	T.NG	66987E 13 1	NG	T.NG		NG.wt.A	7-Jan-08		$12.10	1	3.76	15.4	3.65	30.8	4.1	$3.56	Overvalued
Envoy Communs Group Inc	T.ECG	29413B 11 3	ECGI	T.ECG		ECG.wt	20-Feb-09		$9.00	5	39.6	2.97	-5.9	30.8	0.015	$0.00	Overvalued
Oilsands Canada Corp	T.OCF	678044 11 6		T.OCF		OCF.wt	31-Jul-10		$10.25	1	9.74	9.74	-0.51	28.3	1	$2.22	Bargain
Avnel Gold Mining	T.AVK	G0683R 12 3		T.AVK		AVK.wt	30-Jun-10		$1.06	1	3.25	0.65	-0.41	27.7	0.2	$0.05	Overvalued
Ivanhoe Energy	T.IE	G5221G 11 7	IVAN.pk	T.IE		IE.wt	15-May-11		$2.93	1	3.27	1.96	-0.91	26.4	0.6	$0.23	Overvalued
Dundee Precious Metals	T.DPM	265269 12 6		T.DPM		DPM.wt	29-Jun-12		$15.00	1	3.32	8.14	-6.4	26	2.45	$0.84	Overvalued
Endeavour Mining Cap	T.EDV	G3040R 12 5	EDVMF.pk	T.EDV	EDVWF.pk	EDV.wt	10-Nov-08		$5.50	1	1.94	8.38	3.1	23.9	4.31	$3.21	Overvalued
DPF India Opportunities Fund	T.DPF	26138Y 11 3		T.DPF-UN		DPF.wt	13-Aug-10		$12.50	1	7.65	8.42	-4.05	22.2	1.1	$0.54	Overvalued
International Minerals Corp	T.IMZ	460061 12 0	IMZLF.pk	T.IMZ		IMZ.wt	19-May-08		$6.88	1	12.78	5.75	-1.13	21.5	0.45	$0.13	Overvalued
Copernican British Banks Fund	T.CBB	21727V 11 7		T.CBB-UN		CBB.wt	14-Jun-10		$10.00	1	28.03	9.25	-0.3	21	0.33	$1.53	Bargain
Quadra Mining	T.QUA	747319 11 9	QADMF.pk	T.QUA		QUA.wt	8-May-10		$20.00	1	3.98	17.09	-3.58	19.8	4.29	$2.03	Overvalued
Stelco Inc	T.STE	858525 14 0	SECNF.pk	T.STE	SECWF.pk	STE.wt	31-Mar-13		$11.00	1	1.41	37.87	26.74	19.7	26.8	$29.54	Fair Value
Yellow Pages Income Fund	T.YLO	985569 13 6	YLWPF.pk	T.YLO-UN		YLO.wt	14-Dec-07		$17.50	1	456.33	13.69	-3.9	15.7	0.03	$0.00	Overvalued
Fralex Therapeutics Inc	V.FXI	49381E 11 3		V.FXI		FXI.wt	14-Feb-09		$4.00	1	7	0.7	-3.29	8.3	0.1	$0.00	Overvalued
First Capital Realty	T.FCR	35168Q 11 4	FCRGF.pk	T.FCR		FCR.wt	31-Aug-08		$11.80	1	1.92	25.94	14.09	7.8	13.5	$14.70	Fair Value
Rio Narcea Gold	T.RNG	766909 13 9	RNO	T.RNG	RNWTF.pk	RNG.wt	11-Sep-08		$5.00	1	5.32	5.48	0.47	7.8	1.03	$0.73	Overvalued