Bottom-Fish Action Report for Week of October 11-24, 2009

All resource sectors embark on seasonal downturn

The resource sector has embarked on what hopefully will turn out to be a seasonal downturn and not the end of what was a dead cat bounce that followed the Crash of 2008. Our Bottom-Fish 2009 Index topped during October and has now begun a descent which is being led by market retreats of big 2009 winners such as Quest Uranium Corp and Peregrine Diamonds Ltd, though there is a softening in the prices of all our bottom-fish picks. We continue to view both companies as having exceptional stories which will result in valuations well above the 2009 peaks next year as more results are reported for their respective rare earth Strange Lake and diamond Chidliak projects and as the next stages in the exploration cycle get tackled. However, given the abnormal uptrend we had from May through September which violated the "sell in May and go away" rule, and the dubious "green shoots" basis for the record general equity market rally during the same period, the case for a seasonal downturn characterized by both profit-taking and tax-loss selling is very strong, and there is nothing anybody can do about it other than bail and hope to buy back at lower prices or simply endure the pullback and hope the intervening bottom is brief and illiquid.

The current year was unusual in that the resource sector experienced an uninterrupted uptrend from May through September in both commodity and stock prices. To some degree the strength is attributable to a natural rebound from the collapse in 2008 by companies with solid management teams and active projects, which was helped along by base metal prices which recovered nicely from 2008 lows that proved to be well above, often more than 100% higher, than the lows achieved during the commodity bear market of 1998-2002. The strength in raw material prices was generated by Asian restocking activities, continuing strong demand from China's infrastructure development program, and to some degree from a carry trade whereby China allowed its citizens to borrow funds to speculate in the commodity markets. The strength in the gold juniors was helped by a large round of equity financing during the first half of 2009, followed by a stronger than expected gold price during Q3 of 2009, at least as seen by Gold Fields Mineral Services which in its September update expressed skepticism that gold had sufficient fundamentals to definitively breach the $1,000 milestone. All our KBFO indices, however, are now showing subtle rounding tops, except the Rare Earth Index, which outperformed all other groups so much the chart took on an exponential appearance for which this group is now paying the price.

Overall it is probably fair to say that the resource juniors received a big shot in the arm from the record rally of general equity markets this year. That rally, which helped the Dow Jones Industrial Index surpass 10,000, has started to fall apart, a victim of its own success. The equity market rally has been interpreted as a sign that the worst of the recession is over and has spurred calls for higher interest rates to head off the inflationary implications of global fiscal stimulus programs and stop the downtrend in the US dollar. However, the truth is that not only is unemployment in the United States still rising, but apart from a lower exchange rate giving the US manufacturing industry a competitive edge for exports with regard to Europe, but not China, which has maintained a tight peg during 2009 between the renmimbi and the dollar, there is no economic trend in place to support the notion that the unemployment numbers are a lagging indicator which eventually will start to decline. Furthermore, there remains a significant chunk of high value mortgages in place which are scheduled to reset during 2010-2011.

We are of the view that the resource juniors are in a two year recovery cycle that was made possible by the mid-stream crash in 2008 and which started with the December 2008 bottom. We think the circumstances provided bottom-fishers with a once in a life time opportunity which offers two key bottoms, the first occurring during the first half of 2009, and the second just starting in the final quarter of 2009 and possibly extending into the first quarter of 2010. What happens in 2011 and beyond is anybody's guess, but under the scenarios we think are most plausible there will be diminished opportunities for traditional bottom-fishing after next year. Instead, the opportunities in 2011 and beyond will lie mainly in breaking stories which have not been fully discounted by the market and where "bottom-fish" value will hinge on assessments of speculative value without the comfort of a "bottom" style chart pattern.

2010 will be a critical year for determining whether the American economy is permanently crippled or on a recovery track made possible by the reinvention of its destiny. In both cases we expect Chinese infrastructure spending geared towards fostering domestic growth and reducing American export dependency to continue to support high raw material prices, but if it becomes apparent that the American economy is in a death spiral, raw material prices will be in serious retreat by late 2010 and whatever resource juniors with pounds in the ground that are left will depart for reorganization hell.

In the more optimistic scenario we will see the Obama administration embrace transformative infrastructure renewal as the medium term backbone for the revival of the American economy which will heal the widening rift between the generations over 50 and those under 50. There is still no answer to the question, what will Americans in the long run do that is of value to the rest of the world? The reason there is no answer to this question lies with the fact that globalization premised on a universal currency called the US dollar has tapped into the very large and motivated populations of China and India to create a hopeless imbalance in the cost of producing general goods between the OECD and China or India. Short of everybody in North America agreeing to a vow of poverty and scrapping those regulations which inhibit production from dispersing costs onto an anonymous public, competition based on beating the China Price will simply not happen.

The proper response to the question thus becomes "nothing", or better phrased, it is the wrong question, for the real question is, what will Americans do in the long run that is of value to themselves? To pose this question is to be a globalization heretic, and to certainly fall afoul of the libertarian crowd which prays at the altar of free markets. You know there is a globalization crisis when Karl Rove, who toiled mightily on behalf of the economic elite to harness the support of the victims of globalization, takes Doug Casey to task in a New Orleans conference debate for being a silver-spooned libertarian who is too myopic to recognize that his privileged status as a wealth concentrator would disappear in a truly libertarian world where "boobus americanus" organizes itself into a pitchfork armed mob that scours the planet in search of "elitus cosmopolitanus" unless there is an authoritarian system in place to snuff out such mobs. The idea of free trade is not dead; it will simply reduce itself to smaller geographically defined economic zones, as depicted in the "Post Globalization Economic Zone Fragmentation" chart below of which long time KBFO readers by now must be getting tired.

I trot it out once again because this idea is now in the mainstream. On October 15, 2009 Bloomberg carried an article that quoted Daisuke Uno, chief strategist of Sumitomo Mitsui, Japan's third largest bank, as stating "the US economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger...the dollar's fall won't stop until there's a change to the global currency system". He goes on to declare that "after the dollar loses its reserve currency status, the US, Europe and Asia will form separate economic blocs". Wow, what a crackpot!

While China has maintained a very tight peg between its renmimbi and the US dollar so far this year, and thus lost no competitive export advantage vis a vis the United States but gained plenty against Japan and Europe, there is no question that China is aware that the current relationship is unsustainable. Through its program of "quantitative easing" the Federal Reserve has been buying crappy securitized debt and long term treasury notes from China which in turn has shipped those dollars back into the western world by purchasing corporate and raw material assets, frequently on terms that defy economic logic and can only be attributed to strategic logic tied to long term scenarios which appear to rule out the globalization mantra that a glut of raw materials will always accommodate demand if the price is high enough.

Last week we saw Chinese strategic logic at play once again in the announcement that it would finance Moly Mines Ltd and its Spinifex Ridge moly-copper project in Australia, in effect bailing out the Moly Mines lender which had already agreed to restructure a US $150 million loan due on October 3 into a new two year term. Our explanation of the transaction is reproduced below but can also be accessed directly through our Moly Mines Index Member Comment. I can just imagine a certain newsletter shaking his head over the stupidity of the Chinese, for, as he had explained to me a month ago, molybdenum is a terrible metal for a junior to try to develop because Freeport can crank up its Henderson supply or turn on its Cyprus underground mine whenever a molybdenum supply-demand imbalance develops. But perhaps the Chinese are thinking in terms of how security of supply would be achieved in a fragmented global economy for a commodity whose production is currently divided as follows:

And whose resources are divided as follows:

Note that although China has a fair share of the moly production and resource, the majority resides in the economic zone I call NoSoMerica. Furthermore, perhaps the Chinese read the editorial minor metals trader Anthony Lippmann wrote last year questioning Why does the LME want to get involved with minor metals? and concur with his conclusion that when the LME molybdenum and cobalt futures contracts start trading in February of 2010 they will be hijacked by hedge funds and other speculators.

When Barack Obama moved into the White House in January 2009 he had to shelve all his ambitions in order to deal with the fallout from the financial crisis Wall Street had engineered through its blind faith in the self-regulating nature of the "free market". When "green shoots" finally started to appear Obama shifted his attention to the goal of achieving universal health care for Americans, something most people in the rest of the OECD take for granted. Before he knew it universal health care had been spun into a battle between the entitled old and the non-entitled young with the inevitable result that the eventual outcome will please nobody. Now there are signs that Obama is returning to climate change, the topic which initially attracted young people when his candidacy was a mere glimmer and people like Rick Rule were confidently telling me that the Clinton Machine would crush Obama in the primaries. (See my Speculations on the Green Economy as the Next Big Thing published on January 8, 2008 in which I outline a path that continues to unfold.)

Young people gravitated toward Obama because they saw him as a bridge between them and a self-obsessed boomer generation that appeared determined to party hardy for another 30 years before vacating a planet whose temperature was steadily marching higher. On February 25, 2009 New Scientist Magazine published an article on How to survive the coming century which included a map of what the world would look like in 2099 if global temperatures increased by 4 degrees Celsius. The above reduced size version should give a rough idea why some people speculated that the Canadian and Russian Realtors Association had produced the map, but if you want to see a bigger version with all the details click here for the New Scientist version.

While most young people will not live long enough to suffer this world, their children probably will, and since these will be the grandchildren of the boomers, there is a good chance that the boomers will deal with their own looming mortality by accepting the economic sacrifice that will accompany energy policies designed to slow the pace of climate change. That the "party hardy" until the lights dim mentality is fading is evident in the growing interest in genealogy among boomers and their aging parents. In fact, Ancestry.com, publisher of the Family Tree Maker software and operator of a major genealogy site, is considering a pricey IPO. Recovering one's ancestral past is a gesture that restores life to the departed and creates hope that oneself will live on, even if only as a memory, but a memory that somebody cares about, which to do requires a livable habitat. So the emerging bargain between the older and younger generations is that if the older generation coughs up the dough and political will to reduce the average footprint and keep the planet habitable, the younger generation will develop an appreciation for their elders and perhaps not let future libertarians build hospitals for the elderly rich and coffins for the elderly poor.

The cynics, of course, will dismiss Obama's push as a "save the planet" scam, those who watch Fox News will fret that the notion that only humans can save the planet constitutes major blasphemy, and certain geologists will worry that any shift away from fossil fuel dependency will accelerate the global cooling trend currently underway. But all of them will probably come around to the idea that ocean acidification due to carbon dioxide loading of the atmosphere and the possible extinction it may pose for the whale, which has peacefully roamed the oceans since shortly after the Cretaceous Extinction when an asteroid suspiciously put an end to all those violent dinosaurs, and which just maybe is the true chosen species, is a very bad thing preferably avoided.

Obama is shifting the political discourse back toward climate change, not necessarily because he believes the electrification of the car industry and the implementation of a renewable energy base will save the planet, but more so because he needs an economic vision which will nurture the American economy back to life. During December all the countries of the world are supposed to gather for the Copenhagen Climate Conference where they will supposedly hammer out a new Kyoto Protocol. The reality is that neither China nor the United States have any interest in being told by all those other countries what they should do. But China and the United States are already quietly collaborating on how they can solve a problem which the leadership of both countries believe is a real problem. On October 23, 2009 the New York Times reported in a small article that senior American and Chinese officials at a small clean energy forum in Beijing had urged their governments to accelerate joint efforts to reduce pollution. China has a long term interest in reducing pollution and mitigating climate change; the United States has a short to medium term interest in giving its people something productive to do while China gradually boosts its own China Price as it enforces emission controls and improves the lot of its workers.

The deal that is quietly being developed by China and the United States is the deliberate fragmentation of the global economy into smaller economic zones whose ability to develop a vibrant manufacturing base will be facilitated through "green" standards and policies which end up being described as anything except what they are, trade protectionism. What is being contemplated is a workout of the trade imbalance created by globalization, the debt fueled consumption boom facilitated by mortgage securitization and poor regulation, and the deindustrialization of the United States. The fly in the ointment is security of supply with regard to raw materials, and the touchiest of these is the supply of rare earths which China currently dominates and which is not entirely adequate for China's long term needs.

In our optimistic scenario we thus expect the "green economy" to become the driving force for the reindustrialization of the United States as a transitional measure while China also incorporates a green mentality into its economy and waits for a rising standard of living to erode the competitive advantage of the China Price so that in a decade global trade can resume in a more balanced manner which does not pump up one economy at the expense of another. If this trend becomes solid during 2010 we would expect raw material demand to remain strong, and the prices of resource juniors to recover from the current seasonal downturn and achieve new post 2008 Crash highs.

Both scenarios are negative for bottom-fishing in 2011 and beyond because in the pessimistic scenario all the resource juniors with advanced projects will have been absorbed by stronger companies or jettisoned as benefiting from neither economic nor strategic logic. In the optimistic scenario these same companies will be considerably higher priced and not eligible as bottom-fish candidates in the traditional sense. In both cases we will be back to the situation that prevailed in early 2003 when most of what was left on the TSXV drifting along the bottom were shells, lots of them, with any one of them capable of being halted for a cheap private placement and reverse takeover of private assets. The return of the machine play is still at least a year down the road, but return it will and certain pessimists who have been telling their readers to sell almost everything since April cannot wait until it happens.

During the next six weeks we will close out those bottom-fish from the 2009 Bottom-Fish Index which we think are duds or vulnerable to a substantial seasonal downturn. During the same time we will add as buy recommendations a few bottom-fish which did not participate in this year's bottom bounce. We will continue to track the resulting 2009 Bottom-Fish Index until the end of 2010 when it will be closed out in its entirety. The good thing about the seasonal downturn in the juniors is that it will build new bottoming charts for many good juniors. Unless the current downturn abruptly reverses itself, and the entire market cranks higher, we will issue a new 2010 Bottom-Fish Index some time in December that will feature some of the companies in the 2009 Bottom-Fish Index as well as new ones. Whether we close out the 2010 Bottom-Fish Index at the end of 2010 will depend on how the economy and markets have actually unfolded. If our optimistic scenario proves to be the reality, we will let the 2010 Bottom-Fish Index ride through 2011. During the course of 2010 we will focus on identifying those bottom-fish which are rising on the basis of stories with staying power and adopt them as Spec Value Hunter recommendations which have more precisely spelled out targets and timelines.

Meanwhile the seasonal downturn will give some relief to market commentators such as Casey Research and the more apocalyptic gold bug variety who have been pounding the table with sell signals since April. Both groups tend to let their outlook be guided by ideology rather than the tape. For example, the anti-government libertarian bent of Doug Casey's team compels it to predict great depression two as long as anything resembling a government remains in charge, which, of course, compels hostility toward the idea that state controlled China remains on a major economic expansion track and a driver of raw material demand. It also forces them to be hostile toward anything involving "green energy".

Missing the boat and even being dead wrong, however, has not stopped the Casey gang from tooting its horn in self-congratulation, a having your cake and eating it habit that Stockwatch's John Woods delights in documenting, much to the displeasure of the Casey Research team. In a recent egregious example Louis James of the Casey team reiterated his sell recommendation of Rare Element Resources Ltd, which he had originally recommended at $1.20 on October 19, 2007. After watching it sag below $0.50 during 2008 and then jump in late May 2009 after Jim Dines recommended the stock, the writer on June 1, 2009 recommended "recovering your original investment" at $1.41 to his readers, which meant effectively selling most of the Rare Element position bought at the original $1.20 recommended price. After Rare Element shot over $4.50 Louis James described his pick as being up 228.3% at $3.94 and urged any readers who have not already done so to take profits. Chalk up another big score on behalf of the Casey stock-picking team. But in an even more cynical practice widely used in the group's energy report, the Casey team will write up some expensive oil stock, recommend buying it with a "stink bid" as much as 50% below the market price, which is in effect a short sale recommendation, and when the stock moves higher instead, they "close the position" while listing the stink bid price as the initial recommendation price. For example, in June the energy group recommended that readers buy Linn Energy LLC at $13 even though it was trading at $20, and when the stock instead moved to $24, they closed out the position in October which in the report is listed as "initially recommended at $13 in June 2009". John Woods probably goes to bed every night praying, "please, please, Casey Research, please sue me".

Above Bottom-Fish Range

Within Bottom-Fish Range

Below Bottom-Fish Range

Recently Closed Out

Updated this Week

New 2 Year High

New 2 Year Low

New Bottom-Fish High

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Bottom-Fish Recommendations made from October 11, 2009 to October 24, 2009

Company	Date		Price	Recommendation	Action	Net Cash	Net Stock	Gain	New Status
African Aura Resources Ltd (AAZ-V)	10/13/2009		$0.18	BF Cycle Closeout Sell 100%	Sell 10,000 @ $0.18	$1,800	0	80%	Closeout Hold 0%

New Comments

Company		Volume	High	Low	Close	Chg	Status
Moly Mines Ltd (MOL-T)		15,960,500	$1.460	$1.060	$1.150	$0.090

Bottom-Fish Action Report for October 11, 2009 to October 24, 2009

Moly Mines Ltd (MOL-T: $1.45)
		Profile	Search	Web	Tree	Forum	SEDAR	Quote	IPV

Index Member Comment - October 19, 2009: Moly Mines Financing Signals Ongoing Chinese Efforts to Acquire Advanced Metals Projects.

Moly Mines Ltd, the Austrialian developer of the Spinifex Ridge iron and molybdenum/copper deposit in Australia's Pilbara region, closed up 20% on October 19, 2009 on strong volume after announcing a (U.S.) $200 million debt and equity financing agreement with Hanlong Mining Investment Pty. Ltd.(Hanlong), a subsidiary of the China-based, privately owned, Sichuan Hanlong Group Co. Ltd, that will allow Moly Mines to advance Spinifex Ridge project through advanced development and construction and into production in return for ceding to Hanlong rights to acquire up to 54% of Moly Mines. Hanlong will also arrange US $500 million in debt financing for Spinifex Ridge. This transaction, where approval is expected in early 2010, will represent the acquisition of a controlling interest in one of the largest undeveloped Moly projects in our KBFO Molybdenum Resource Table by Chinese interests and the further emergence of China as a major project developer in Australia. Coming shortly after the September 2009 denial by Australia's Foreign Investment Review Board (FIRB) of the attempt by China Nonferrous Metal Mining (Group) Co Ltd to acquire a controlling interest in Lynas Corp's Mt. Weld rare earth project that was mentioned in our September 24 comment, it shows continued Chinese interest in advanced base and specialty metals projects, and a continued perception of Australia as an attractive destination for Chinese capital. Whether the tensions over the Chinese presence in Australia that some were suggesting to be appearing around the time of the failed Lynas transaction reappear, and whether the FIRB allows the financing to go forward after previously stating it preferred to see foreign interest in Australian miners limited to a minority stake, will be issues to watch.

Spinifex Ridge, Moly Mines' flagship project, possesses both iron and copper/moly resources. The copper-moly resources at Spinifex Ridge were estimated in July 2008 at 206.8 million tonnes measured grading 0.06% Mo, 0.10% Cu, and 1.5 grams per tonne silver, with indicated resources of 445.4 million tonnes grading 0.04% Mo, 0.07% Cu, and 1.1 g/t Ag, and inferred resources of 399 million tonnnes at similar grades. Contained metal in the measured and indicated categories was 663 million pounds of moly, 1.15 billion pounds copper, and 25 million silver ounces. During August 2008 Moly Mines managed to raise US $150 million in interim debt financing from Trust Company of the West which was due October 3, 2009. This bridge financing was to assist with the AUD $1 billion plan to develop the fully permitted Spinifex Ridge project as a 20 million tpy moly-copper open pit mine. At the time molybdenum was still trading at $30 per lb, but in September when Lehman Brothers was allowed to collapse, the price of molydenum collapsed below $10/lb as steel demand screeched to a halt and metals traders who found their credit withdrawn were forced to dump their molybdenum inventory into a no bid market. The ensuing global financial crisis made it impossible for Moly Mines to raise the rest of the construction cost and exposed the company to a looming default. In response Moly Mines produced a scoping study in March 2009 which scaled back the mining plan to a 10 million tpy operation (27,000 tpd) with a lower AUD $528 million capital cost, a 24 year mine plan, and production costs of $7.80 (U.S.) per pound of moly. The new plan had a $461 million net present value using US $17.50/lb moly. Although molybdenum had recovered to this level by August there remained uncertainty about its ability to maintain this price in the long run. In an attempt to develop an alternative cash flow basis for the company Moly Mines spent much of 2009 addressing the development of the Spinifex Ridge iron deposit located on another part of the property.

The company announced in July 2009 an initial resource estimate of 6.1 million indicated tonnes grading 58.9% Fe, with inferred resources of 1.1 million tonnes grading 57.2%. Moly Mines chose to immedietely begin mining and processing feasibility studies to consider a minimum five-year direct shipping ore operation with production rates of at least one million tonnes annually that it believes could be in production by mid 2010. With project mining costs targeted for a range of $45 to $50 (AUD) per tonne, the company feels early production of the iron ore resource could provide significant cash flow towards the subsequent development of the project's more significant copper/moly resource. This led to a restructuring proposal for the debt which required Moly Mines to raise US $25 million in new equity earmarked in part for development of the iron project and repay US $43 million from working capital to Trust Company of the West, which in return would agree to a new two year term for US $100 million in remaining debt. On October 7 Moly Mines priced the financing as 42 million units at $0.75 to raise CAD $31.5 million, which closed on October 13, 2009. The US $200 million Hanlong financing is designed to get rid of Trust Company of the West by repaying all amounts still owing. Hanlong in turn will provide the loan guarantees needed to borrow US $500 million to complete development of Spinifex Ridge by mid 2010.

The terms of the Hanlong financing provide for Hanlong to subscribe for 207.1 million shares in Moly Mines for $140-million (U.S.), effectively $.747 AUD per share, and to provide Moly Mines with an interest-bearing $60-million (U.S.) 10-year loan. Hanlong is also committed to securing debt financing of $500-million (U.S.) by June 30, 2010 for development of the moly-copper resource at Spinifex Ridge. Hanlong will also receive 35.5 million unlisted three-year options exercisable at $1 per share that vest upon the arrangement of construction financing. Should Hanlong prove unable to arrange the $500 million construction funding a portion of the $60 million loan will be forgiven so that the effective terms of the private placement announced in October 2009 will be modified to $1.00. Also included in the agreement was a promise by both parties to work towards creating an offtake agreement for Hanlong. The funds from this agreement will allow Moly Mines to repay its interim debt financing completed in 2008, with the balance to go towards continued project development.

Assuming this transaction is completed, it will stand as yet more reinforcement of the commitment Chinese firms are showing towards issues of securing supplies of critical metals such as molybdenum and rare earths. Coming only weeks after the failed Lynas takeover by China Nonferrous Metal Mining, and days after articles were appearing in the Austrialian press describing how Chinese control of over 75% of production of global tungsten production was beginning to make end users nervous, one also wonders at what point security of supply logics and concerns will began to receive wider recognition? The decision of Australia's FIRB in this case may well be an interesting one, and it will be worth watching to see whether they seek to have the transaction modified to keep Hanlong's interest below 50%. The transaction also indicates the confidence Chinese firms have in robust metals demand and prices going forward. As Moly Mines chief executive officer Derek Fisher observed in describing the transaction "this agreement represents a wonderful opportunity for Moly Mines to clear the company's existing debt and build the Spinifex Ridge molybdenum/copper project significantly ahead of the point at which financing from the traditional debt and equity markets becomes available." This willingness of the Hanlong group to come forward at a point when Moly Mines was otherwise unable to secure financing--much as was the situation with Lynas where a failed production financing arrangement left the company hanging and allowed the Chinese to step in when there were few other interested parties--also shows that it is precisely the willingness of Chinese firms to see past the short-term questions about the global economy and make longer-term assumptions about the future that is allowing them to acquire control of critical assets, and in many cases at prices that are merely a fraction of what projects were being valued at in the recent past. Whether these will turn out to have been opportune acquisitions will not be clear for some time, but what is readily apparent is the onging trend of increasing Chinese control over development-stage mining projects around the world.--BD

New Bottom-Fish Highs

Company		Volume	High	Low	Close	Chg	Status
Amarc Resources Ltd (AHR-V)		1,249,600	$0.380	$0.260	$0.350	$0.080	BF MP Buy $0.10-$0.19
Anfield Nickel Corp (ANF-V)		635,200	$3.750	$3.100	$3.200	($0.350)	BF Spec Cycle Hold 100%
Christopher James Gold Corp (CJG-V)		644,400	$0.075	$0.060	$0.070	$0.010	BF XP Buy below $0.10
Dome Ventures Corp (DV.U-V)		70,500	$0.290	$0.200	$0.290	$0.145	BF MP Buy $0.10-$0.19
Golden Queen Mining Co Ltd (GQM-T)		1,269,500	$1.050	$0.840	$0.970	$0.040	BF MP Buy $0.30-$0.49
Intl Nickel Ventures Corp (INV-T)		673,200	$1.200	$1.010	$1.140	$0.140	BF MP Buy $0.10-$0.19
Kootenay Gold Inc (KTN-V)		584,500	$1.050	$0.770	$0.930	$0.130	BF MP Buy $0.30-$0.49
Max Resource Corp (MXR-V)		815,400	$0.410	$0.300	$0.355	$0.055	BF XP Buy below $0.10
Metallic Ventures Gold Inc (MVG-T)		946,600	$1.100	$0.920	$0.930	$0.010	BF MP Buy $0.30-$0.49
Newport Exploration Ltd (NWX-V)		604,400	$0.180	$0.140	$0.160	$0.010	BF XP Buy below $0.10
Planet Exploration Inc (PXI-V)		117,200	$0.260	$0.205	$0.240	$0.020	BF MP Buy $0.10-$0.19
Polar Star Mining Corp (PSR-V)		1,678,000	$0.790	$0.560	$0.730	$0.170	BF MP Buy $0.20-$0.29
Riverside Resources Inc (RRI-V)		1,473,500	$0.610	$0.425	$0.580	$0.160	BF TP Buy $0.20-$0.29
Source Exploration Corp (SOP-V)		241,900	$0.280	$0.180	$0.280	$0.050	BF XP Buy below $0.10
South American Silver Corp (SAC-T)		751,700	$0.550	$0.400	$0.500	$0.060	BF TP Buy $0.10-$0.19
Western Lithium Canada Corp (WLC-V)		8,707,000	$1.620	$1.010	$1.360	$0.310	BF MP Buy $0.10-$0.19

Top 10 Bottom-Fish Volume Traders

Company		Volume	High	Low	Close	Chg	Status
MDN Inc (MDN-T)		9,757,200	$0.710	$0.560	$0.670	$0.110	BF TP Buy $0.50-$0.75
Western Lithium Canada Corp (WLC-V)		8,707,000	$1.620	$1.010	$1.360	$0.310	BF MP Buy $0.10-$0.19
Western Uranium Corp (WUC-V)		8,314,700	$0.990	$0.780	$0.900	$0.110	BF MP But $0.50-$0.75
Nevsun Resources Ltd (NSU-T)		7,625,600	$3.590	$2.730	$3.250	$0.260	Spec Cycle Hold 100%
Peregrine Diamonds Ltd (PGD-T)		7,550,900	$3.450	$2.620	$2.720	($0.010)	BF TP Buy $0.30-$0.49
Ur-Energy Inc (URE-T)		6,486,100	$1.060	$0.960	$1.000	($0.010)	BF MP Buy $0.50-$0.75
Stingray Copper Inc (SRY-T)		6,036,500	$0.740	$0.640	$0.690	($0.020)	BF MP Buy $0.10-$0.19
Quest Uranium Corp (QUC-V)		5,476,100	$2.790	$1.750	$1.790	($0.900)	Spec Cycle Hold 100%
Volta Resources Inc (VTR-T)		4,935,400	$0.440	$0.330	$0.390	$0.045	BF MP Buy $0.10-$0.19
Orko Silver Corp (OK-V)		3,774,700	$1.040	$0.890	$0.960	$0.060	BF TP Buy $0.30-$0.49

Top 10 Bottom-Fish Value Traders

Company		Value	High	Low	Close	Chg	Status
Nevsun Resources Ltd (NSU-T)		$23,666,735	$3.590	$2.730	$3.250	$0.260	Spec Cycle Hold 100%
Peregrine Diamonds Ltd (PGD-T)		$22,235,539	$3.450	$2.620	$2.720	($0.010)	BF TP Buy $0.30-$0.49
Quest Uranium Corp (QUC-V)		$12,577,237	$2.790	$1.750	$1.790	($0.900)	Spec Cycle Hold 100%
Western Lithium Canada Corp (WLC-V)		$11,937,292	$1.620	$1.010	$1.360	$0.310	BF MP Buy $0.10-$0.19
Avalon Rare Metals Inc (AVL-T)		$10,825,891	$3.430	$2.820	$2.820	($0.420)	Spec Cycle Hold 100%
Rare Element Resources Ltd (RES-V)		$9,123,128	$4.050	$2.870	$3.220	($0.830)	Spec Cycle Hold 100%
Western Uranium Corp (WUC-V)		$7,301,422	$0.990	$0.780	$0.900	$0.110	BF MP But $0.50-$0.75
Ur-Energy Inc (URE-T)		$6,517,478	$1.060	$0.960	$1.000	($0.010)	BF MP Buy $0.50-$0.75
MDN Inc (MDN-T)		$6,248,128	$0.710	$0.560	$0.670	$0.110	BF TP Buy $0.50-$0.75
Linear Gold Corp (LRR-T)		$4,703,029	$2.650	$2.030	$2.090	($0.440)	BF TP Buy $0.50-$0.75

Top 10 Bottom-Fish Price Gainers

Company		Volume	High	Low	Close	Chg	Status
Western Lithium Canada Corp (WLC-V)		8,707,000	$1.620	$1.010	$1.360	$0.310	BF MP Buy $0.10-$0.19
Nevsun Resources Ltd (NSU-T)		7,625,600	$3.590	$2.730	$3.250	$0.260	Spec Cycle Hold 100%
Marathon PGM Corp (MAR-T)		717,000	$0.990	$0.680	$0.920	$0.250	BF MP Buy $0.30-$0.49
Mountain Province Diamonds Inc (MPV-T)		432,900	$3.050	$2.740	$3.050	$0.190	Spec Cycle Hold 100%
Polar Star Mining Corp (PSR-V)		1,678,000	$0.790	$0.560	$0.730	$0.170	BF MP Buy $0.20-$0.29
Riverside Resources Inc (RRI-V)		1,473,500	$0.610	$0.425	$0.580	$0.160	BF TP Buy $0.20-$0.29
Dome Ventures Corp (DV.U-V)		70,500	$0.290	$0.200	$0.290	$0.145	BF MP Buy $0.10-$0.19
Intl Nickel Ventures Corp (INV-T)		673,200	$1.200	$1.010	$1.140	$0.140	BF MP Buy $0.10-$0.19
Kootenay Gold Inc (KTN-V)		584,500	$1.050	$0.770	$0.930	$0.130	BF MP Buy $0.30-$0.49
Western Uranium Corp (WUC-V)		8,314,700	$0.990	$0.780	$0.900	$0.110	BF MP But $0.50-$0.75

Top 10 Bottom-Fish Price Percentage Gainers

Company		Volume	High	Low	Close	Chg	Status
Dome Ventures Corp (DV.U-V)		70,500	$0.290	$0.200	$0.290	100%	BF MP Buy $0.10-$0.19
Nevgold Resource Corp (NDG-V)		344,500	$0.200	$0.120	$0.195	39%	BF XP Buy below $0.10
Riverside Resources Inc (RRI-V)		1,473,500	$0.610	$0.425	$0.580	38%	BF TP Buy $0.20-$0.29
Marathon PGM Corp (MAR-T)		717,000	$0.990	$0.680	$0.920	37%	BF MP Buy $0.30-$0.49
Polar Star Mining Corp (PSR-V)		1,678,000	$0.790	$0.560	$0.730	30%	BF MP Buy $0.20-$0.29
Amarc Resources Ltd (AHR-V)		1,249,600	$0.380	$0.260	$0.350	30%	BF MP Buy $0.10-$0.19
Western Lithium Canada Corp (WLC-V)		8,707,000	$1.620	$1.010	$1.360	30%	BF MP Buy $0.10-$0.19
Karmin Exploration Inc (KAR-V)		185,000	$0.255	$0.150	$0.255	28%	BF MP Buy $0.30-$0.49
Champion Minerals Inc (CHM-V)		1,306,200	$0.445	$0.300	$0.430	26%	BF MP Buy $0.30-$0.49
Atacama Minerals Corp (AAM-V)		1,399,500	$0.550	$0.430	$0.510	23%	BF LP Buy $0.20-$0.29

Top 10 Bottom-Fish Price Losers

Company		Volume	High	Low	Close	Chg	Status
Quest Uranium Corp (QUC-V)		5,476,100	$2.790	$1.750	$1.790	($0.900)	Spec Cycle Hold 100%
Rare Element Resources Ltd (RES-V)		2,614,900	$4.050	$2.870	$3.220	($0.830)	Spec Cycle Hold 100%
Linear Gold Corp (LRR-T)		2,045,800	$2.650	$2.030	$2.090	($0.440)	BF TP Buy $0.50-$0.75
Avalon Rare Metals Inc (AVL-T)		3,453,700	$3.430	$2.820	$2.820	($0.420)	Spec Cycle Hold 100%
Uranerz Energy Corp (URZ-T)		1,329,200	$2.260	$1.710	$1.900	($0.370)	BF MP Buy $0.50-$0.75
Anfield Nickel Corp (ANF-V)		635,200	$3.750	$3.100	$3.200	($0.350)	BF Spec Cycle Hold 100%
Underworld Resources Inc (UW-V)		2,326,900	$1.800	$1.370	$1.400	($0.250)	BF Spec Cycle Hold 75%
Vulcan Minerals Inc (VUL-V)		462,900	$0.780	$0.510	$0.530	($0.220)	BF MP Buy $0.30-$0.49
Helio Resource Corp (HRC-V)		569,400	$0.750	$0.540	$0.550	($0.110)	BF MP Buy $0.20-$0.29
Wesdome Gold Mines Ltd (WDO-T)		1,107,400	$2.100	$1.920	$1.920	($0.100)	BF TP Buy $0.76-$1.00

Top 10 Bottom-Fish Price Percentage Losers

Company		Volume	High	Low	Close	Chg	Status
Quest Uranium Corp (QUC-V)		5,476,100	$2.790	$1.750	$1.790	-33%	Spec Cycle Hold 100%
Vulcan Minerals Inc (VUL-V)		462,900	$0.780	$0.510	$0.530	-29%	BF MP Buy $0.30-$0.49
Galena Capital Corp (FYI-V)		1,877,800	$0.090	$0.050	$0.055	-27%	BF XP Buy below $0.10
Inter-Rock Minerals Inc (IRO-V)		1,900	$0.060	$0.060	$0.060	-25%	BF XP Buy below $0.10
Intl Enexco Inc (IEC-V)		581,800	$0.500	$0.380	$0.380	-21%	BF TP Buy $0.30-$0.49
Rare Element Resources Ltd (RES-V)		2,614,900	$4.050	$2.870	$3.220	-20%	Spec Cycle Hold 100%
Silver Bear Resources Inc (SBR-T)		996,100	$0.510	$0.360	$0.360	-20%	BF TP Buy $0.20-$0.29
Uravan Minerals Inc (UVN-V)		324,600	$0.230	$0.170	$0.190	-17%	BF MP Buy $0.10-$0.19
Linear Gold Corp (LRR-T)		2,045,800	$2.650	$2.030	$2.090	-17%	BF TP Buy $0.50-$0.75
Helio Resource Corp (HRC-V)		569,400	$0.750	$0.540	$0.550	-17%	BF MP Buy $0.20-$0.29

New Bottom-Fish Lows

Company		Volume	High	Low	Close	Chg	Status
Galena Capital Corp (FYI-V)		1,877,800	$0.090	$0.050	$0.055	($0.020)	BF XP Buy below $0.10

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