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 Wed Jan 12, 2011
Kaiser Research Report for January 2-8, 2011
    Publisher: Kaiser Research Online
    Author: Copyright 2011 John A Kaiser

 

Kaiser Research Summary for Week of January 2-8, 2011

They did not die in Vain

After what was a glorious finish during the last week of December for what was an excellent 2010 year overall, the PIIGS induced misery of the second quarter excluded, the new 2011 year started off miserably, delivering five down days in row for the TSXV juniors. Only on Tuesday January 11 did gainers recover the upper hand and on Wednesday it felt like we were back in a bull market. Although I felt quite bullish during December the inauspicious start to the new year gave me an uneasy feeling that in 2011 the doom and gloomers who tripled up their rantings at year end would finally have their year of triumph.

China's two year exercise in old-fashioned Keynesian fiscal stimulus in the form of $600 billion in infrastructure spending had run its course with the result that China's economy was booming while America's continued to stagger along unconvincingly as the Federal Reserve eased large quantities of money into the big bank house of mirrors which funneled what it could back into the pockets of the survivors among the elite that engineered the conditions behind the 2008 Crash. But China's boom has boosted inflation to a level where rising food and housing costs are angering the minions upon whose backs the nouveaux riche are erecting their lifestyles, and the Chinese brass is even now pulling the brakes on its own lending bubble. This poses a potential problem for raw materials demand, which may tip metal prices into a reversal during 2011 that would not be helpful for the fortunes of the Canadian resource juniors we follow.

For the past decade I have closely followed the western media's coverage of Chinese "atrocities" in the form of labor strife, environmental pollution, and human rights abuses with the sensation one gets watching a foreign film. Wow, this is so weird, inconceivable in the world I inhabit, namely the one surrounding the cages of the zoo into which I peer. Disruptions, however, do come along.

As a bottom-fisher I am addicted to used book stores and late last year I picked up a copy of "A People's History of the United States" by Howard Zinn, somebody I never heard of until he died on January 27, 2010 (yup, I'm old enough to read obituaries but still young enough to limit that reading to the famous people section of the newspapers). When you live in the United States, you cannot help developing the impression that the history of the United States is one of unrelenting heroism and exceptionalism, the story of the "greatest nation ever". So I was understandably confused when I read Zinn's endless anecdotes about the travails of the American people during the latter part of the 19th century well into the Depression era of the 20th century. The struggles by the American people against discrimination, shoddy workplace conditions, beatings and killings by corporate and political thugs, indentured servitude, suppression of dissent through incarceration backed by dubiously interpreted laws, low wages relative to subsistence costs, and utter disregard for exposure of workers including children to poisonous substances certainly seemed heroic.

I have not chugged through the New Deal section of this history so I do not know how things worked out according to Zinn (from other history readings I am given to understand it turns into a road to serfdom), though in looking around me the world today in the United States certainly looks nothing like what Zinn was describing. But Zinn's descriptions look startlingly similar to what the western media is saying about China. And the implicit message from the "liberal" western media is that unless China changes these "unjust" conditions it will be the death of the American economy which simply cannot compete with China thanks to a high corporate tax that supports a regulatory infrastructure, a personal taxation system which seeks to prevent the growth of a destabilizing gap between the rich and poor, and minimum wages which prevent full employment from being achieved through the somewhat rich being able to hire red-blooded American citizens to clean their toilets rather than illegal immigrants.

If that sounded rather twisted to you, congratulations, because you share my confusion as a Canadian immigrant to America. As a Canadian resident I learned that what made America an indisputable success story was a system which fostered not just a willingness to protest, but a willingness by all sides to suspend narrowly conceived self-interest and roll up their sleeves to negotiate a pragmatic solution, not necessarily a perfect solution, but one which took the immediate edge off the current conflict. The beauty of American pragmatism was that nobody was ever ideologically happy, but overall things improved.

When the Bush administration seized control of the agenda from the Democrats in 2000 I figured this was part of the cyclical back and forth that characterizes history. When the Obama administration took charge in late 2008 I viewed it as an opportunity for rebalancing the dangerous manipulation of underdog sentiments through fundamentalist ideology undertaken by establishment interests with the engineering help of Nietzshean "uebermenschen" like Karl Rove. What I never expected was the emergence of the Tea Party whose message seems to be that in order to survive the American people must end up just the way they were before the Depression era New Deal changed those conditions Howard Zinn described in his history book and which the media describes about China today.

The Tea Party victory in November seemed to have made the narrative promoted by Fox News, Sarah Palin, Glenn Beck, and numerous copycats the guiding light for John Boehner's Republican controlled house. From a market perspective it did not seem to matter much during December, especially after Obama extended the Bush tax cuts (thank you, I now have more capital available to invest in resource projects generally not based in the United States - Lithic's Crypto zinc-indium deposit in Utah and NGE's golden haystacks in Nevada are exceptions) and blew a raspberry at the boomer generation by granting a social security tax reduction. But when the new year arrived, it seemed the market found itself gripped by a ringing hangover. 2011 is significant because it is the year that the oldest member of the boomer generation (1946-1964) will reach the official retirement age of 65. Many of those boomers who had government jobs are already retired and collecting big incomes from unfunded state and municipal pension plans which Wall Street had buried in securitized mortgage paper and whose remaining assets are earning less than 4% on long bonds with hideous capital loss risk. The Tea Party demand that America become like China, the America of Howard Zinn's history book where military forces keep the order, regulations are non-existent or unenforced, dissent is stifled as being against national interests, ethnic animosities are played against each other, and heroic individualism is encouraged as the only legitimate mode for anybody not already in a compromised relationship, looked in fact like a very long slippery slope for the boomer generation to a world of Soylent Green.

It was thus not a surprise that the resource sector market paused as it headed into 2011. China was going to put the brakes on its economy to stifle the inflation that would more likely than not make its citizens behave like Howard Zinn's American workers at the turn of the start of the American Century. This would not help actualize fantasies that a growing Chinese middle class would spawn an after-market for goods produced in America courtesy of the capital made available through the reduction of government and resulting lower taxes for individuals who of course would invest their surplus capital not in the lowest cost jurisdiction with the highest profit potential (developing economies), but rather in jurisdictions which force an accounting of all costs in the name of what Kaiser calls "footprint consciousness" (the "regulated" west). The death spiral of impoverishment through rising unemployment as state and municipal governments which cannot print money shut down services and lay off workers would submerge more than the 25% of mortgages already underwater, ushering in another downward leg in real estate prices and a new round of foreclosures, further widening the banking system's black hole that the Federal Reserve has been trying to plug with quantitative easing. As China paused the new Tea Party austerity would deny America the chance to pick up the slack, boost growth and employment in a sign that the world was indeed rebalancing without America becoming just like China and guaranteeing a descent into the war to end all wars.

But then something small but terrible happened in two different parts of the world. On January 4, 2011 Salman Taseer, a governor of the Punjab province in Pakistan who had spoken out against an old General Zia blasphemy law which would apply the death sentence to the vast majority of Americans who publicly declared their beliefs while in Pakistan, was assassinated by a trusted bodyguard who acted with lucid deliberation. OK, so another politician in violent Pakistan got killed, so what? But that is not the story for the real story is that the country erupted in jubilation, including what were supposed to be a vanguard of young "liberal" lawyers who showered the accused with rose petals as he made his court appearance.

On January 8, 2011 a 22 year old loner who had left a bizarre paper trail of ramblings which suggest severe mental problems of the sort that an uncomfortably large number of Americans exhibit through that ultimate conduit of narcissism called Facebook, walked into a Tucson shopping center parking lot where people were gathered to listen to Representative Gabrielle Giffords. He pulled out a semi-automatic Glock pistol and killed six people, shot Giffords through the head though she remains alive in critical condition, and injured 13 others before being subdued by onlookers. The dead ranged from seventy-something retirees to a nine year old girl, all of them innocent and all of them exercising a freedom of assembly that was anathema in the old America described by Howard Zinn, but taken for granted by everybody today. In contrast, the killer appears to have been a deranged individual living in a fantasy world who homed in on a politician whose local opponent had been a gun-toting militia type and upon whom the entertainer Sarah Palin had plastered a cross-hair target for Tea Party enthusiasts to vent their spleen.

The initial reaction to the murder spree was horror, followed by accusations that the Tea Party movement had whipped its rhetoric to such an absolutist extreme that it was encouraging nutbars like Jared Loughner to act out their fantasies in the real world, a revival of the Timothy McVeigh style craziness of the nineties. Tea Party supportive talk show hosts such as Glenn Beck and Rush Limbaugh instantly sensed the danger to their lucrative careers as divisive political entertainers whose "fun and games" illusion was splintering as the American people gazed upon the horror. They responded immediately with defensive accusations that the Tea Party was being smeared with responsibility for what was the handiwork of a lunatic. David Brooks, the NYT columnist and occasional NPR talking head who struggles not to come across as a Republican apologist, made sure the whole world understood that the smirking Loughner was only "allegedly" the killer. Sarah Palin, as if remotely operated by a Karl Rove desperate to salvage the Republican party from oblivion, buried herself in a cowpie of unfathomable depth by complaining that she was being accused of murdering Christian babies to make matzos for the Jewish Passover (how she managed to come across the technical term for a nasty piece of European history (blood libel) and not avoid it like the plague is beyond comprehension).

The new House leader John Boehner, who had planned a "symbolic vote" repealing Obama's healthcare plan, had the intellectual wherewithal to wisely suspend this gesture. Boehner saw what the vast majority of Americans saw, what Sheriff Clarence Dupnik so eloquently spelled out when he stated: "I think it's time as a country we need to do a little soul searching because I think that the vitriolic rhetoric that we hear day in and day out from the people in the radio business, and some people in the TV business...". The quote loses grammatical coherence, but almost everybody understood what he meant, namely that it was time to stop this mud-slinging from opposite ends of the political spectrum and get back to what made America, a pragmatism that grapples with the real problems and works out solutions that do not please everybody but move things forward productively.

In my view the markets emerged from their funk this week because the Tucson murder spree marks a turning point in the grief cycle that has gripped America since the 2008 Crash. Unlike in Pakistan no American cheered for the Tucson murders. President Obama in his memorial speech tapped into the widespread sentiment that it is time for a timeout to reassess what are the real issues and work on real solutions that can keep America relevant in a world where China and India are on long term trajectories of economic expansion while the United States is a relatively mature economy whose relevance will be ensured by leadership through example not economic or military thuggery. The rise of the Tea Party movement represented the anger portion of the grief cycle, with the "death" being the realization that America cannot compete on the same economic terms as an Asia with an overwhelming population advantage whose membership has a per capita standard of living far below the American average but an ambition for improvement to match that of the greediest American. Except for the native people who were systematically displaced and almost wiped out, America is populated by people who were once immigrants, people who migrated from hopeless traps to a place where they could flourish. The situation in China and India is different from America because the people there are not leaving for a better place called America. Instead, American capital (and for that matter much of the world's capital) is moving to China and India where it is fueling a domestic transformation which can be at the expense of the western economies, but need not be if things are not reduced to the simple demand of cost and functional uniformity.

Tragic as the Tucson shootings are, and as reprehensible Loughner's smirk might be, this incident is momentous in that it reveals the difference between America and Pakistan, and that there is far more hope for a comeback in America than the avoidance of Pakistan's descent into an abyss that will swallow the entire Middle East. The "fun and games" entertainers are wrong in asserting that because a lunatic killed those people in Tucson they died for no reason at all, just unlucky people in the wrong place at the wrong time. They are martyrs who are shifting America from an angry path of self-destruction to a path of soul-searching and adaptation to the new reality of 3 billion people expanding their footprint regardless of what 300 million Americans might think about that. Accepting and dealing with this new reality, and refusing to give up what was gained through the struggles of the people in Howard Zinn's book, is the only way forward. Even Zinn grudgingly concedes that making life better for the masses ultimately benefits the elite. Jared Loughner has killed the Tea Party and restored the Republican Party. Now as the Democrats and Republicans march together down the middle there is a chance that the real problems such as American dependency on an unreliable energy base will be addressed with long term strategies rather than the take what you can before the roof caves in mentality that has characterized the recent discourse.

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 New Bottom-Fish Low

Bottom-Fish Recommendations made from January 2, 2011 to January 8, 2011
Company Date
Price Recommendation Action Net
Cash
Net
Stock
Gain New Status
Hudson Resources Inc 1/4/2011 $1.78 Good Relative Spec Value Buy
$0 562 0% Good Relative Spec Buy @ $1.78
Long Harbour Capital Corp 1/4/2011 $0.22 New BF MP Buy $0.20-$0.29 Buy 3,448 @ $0.29 $0 3,448 0% BF MP Buy $0.20-$0.29
Playfair Mining Ltd 1/4/2011 $0.24 New BF MP Buy $0.20-$0.29 Buy 3,448 @ $0.29 $0 3,448 0% BF MP Buy $0.20-$0.29
Estrella Gold Corp 1/5/2011 $0.90 New BF TP Buy $0.76-$1.00 Buy 1,000 @ $1.00 $0 1,000 0% BF TP Buy $0.76-$1.00
Phoscan Chemical Corp 1/7/2011 $0.68 New BF TP Buy $0.50-$0.75 Buy 1,333 @ $0.75 $0 1,333 0% BF TP Buy $0.50-$0.75
Skeena Resources Ltd 1/7/2011 $0.11 New BF MP Buy $0.10-$0.19 Buy 5,263 @ $0.19 $0 5,263 0% BF MP Buy $0.10-$0.19

New Comments
Company
Volume High Low Close Chg Status
Estrella Gold Corp (EST-V) 225,200 $1.050 $0.850 $1.030 $0.130 New BF TP Buy $0.76-$1.00
Hudson Resources Inc (HUD-V)
2,513,400 $1.860 $1.530 $1.560 ($0.080) Good Relative Spec Value Buy
Long Harbour Capital Corp (LHC-V) 434,500 $0.320 $0.220 $0.290 $0.090 New BF MP Buy $0.20-$0.29
Phoscan Chemical Corp (FOS-T) 9,403,500 $0.680 $0.495 $0.680 $0.190 New BF MP Buy $0.50-$0.75
Playfair Mining Ltd (PLY-V) 3,846,500 $0.290 $0.230 $0.245 $0.015 New BF MP Buy $0.20-$0.29
Skeena Resources Ltd (SKE-V) 1,145,500 $0.110 $0.100 $0.105 ($0.005) New BF MP Buy $0.10-$0.19

Bottom-Fish Action Report for January 2-8, 2011
Hudson Resources Inc (HUD-V: $1.78)
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Spec Value Hunter Comment - January 4, 2011: Hudson reports initial rare earth resource for Sarfartoq

Hudson Resources Inc published an initial 43-101 resource estimate on January 4, 2011 for the ST1 rare earth zone on its 100% owned Sarfartoq project in western Greenland. Based on 19 core holes representing 4,737 metres ST1 has 14,058,000 tonnes at 1.514% TREO inferred using a 0.8% TREO cutoff grade. At a 0.5% cutoff the resource increases modestly to 15,216,000 tonnes at 1.445% TREO, and at a 1.5% cutoff drops to 7,155,000 tonnes at 1.746% TREO. The 0.8% base case cutoff was based on an open-pit mining scenario that assumed an 80% recovery and operating costs of $150 per tonne. At the three year average FOB prices at the end of 2010 the rock value on a 100% recovery basis works out to $263 per tonne or $210 per tonne on a recovered basis. That does not offer a significant margin for the potential economics of the ST1 zone, which Hudson hopes to establish during 2011 by completing bench scale metallurgical studies on a 100 kg composite sample from the 2010 summer drill core before the end of Q2, which will form the basis for a preliminary economic assessment (PEA) expected in Q4. The project, however, looks considerably better when we plug in the FOB spot prices prevailing at the end of 2010, which boost the rock value to $1,046 per tonne, or $837 per tonne on an 80% recovered basis. The recoverable in situ value of $3 billion at three year average FOB prices contrasts sharply with the $11.8 billion value at FOB spot prices. Interestingly, at domestic spot prices the rock value is $229 per tonne, only 15% lower than the 3 year FOB average which pretty much reflects the 15% export duty applicable to the light rare earth oxides that dominate the ST1 zone's composition (only 2.3% of the rare earth content by weight consists of the heavy rare earths).

The big question for juniors such as Hudson is where between the trailing FOB average and the FOB spot price the long term price will establish itself, for which there is no way to give an educated answer thanks to the wild dynamic of rare earth demand and the complex supply dynamics. All we have to guide us in the short run are the current domestic and FOB spot prices quoted by Metal-Pages and Asian Metals, the two main price aggregators covering rare earth oxides, metals and concentrates. Perceptions about future prices are thus dominated by short term price movements which themselves are anecdotal rather than defined by transparent market mechanisms. At the moment prices remain unchanged from December levels where they paused after the H2 2010 export quotas were exhausted. New quotas making 14,446 tonnes available for H1 2011 were handed out during the last week of December, which is down 35% from the 22,282 tonne quota for H1 2010 but up 81% from the H2 2010 quota of 7,976 tonnes. It is not clear when exactly these export quotas become effective, and there is some debate over whether spot FOB prices will slump as quota holders rush to sell rare earths with a large differential between domestic and FOB spot prices such as lanthanum, cerium and yttrium, or hold up as end users rush to snap up and stockpile the newly available quota material. There is even the possibility that FOB spot prices may move higher without an intervening price drop, which will light a new fire under the rare earth juniors, in particular ones like Hudson whose Sarfartoq project has an implied value of only $123 million based on 100%, a $1.78 stock price and 69.2 million shares fully diluted.

The invisible elephant in the room is the difference between Dudley Kingsnorth's 2010 consumption estimate of 125,000 tonnes and China's official production target of 90,000 tonnes applied to 2011. Kingsnorth estimates China's 2010 domestic consumption at 75,000 tonnes, which theoretically leaves only 15,000 tonnes available for export markets if China can curtail 2011 production to its 90,000 tonne target. We can safely assume Chinese demand will not drop in 2011. The 35,000 tonne shortfall represents production from either illegal mining operations such as those Keith Bradsher wrote about in the New York Times on December 29, 2010 (In China Illegal Rare Earth Mines face Crackdown), namely the South China ion adsorption clay deposits that are the primary source of heavy rare earth production, or seriously polluting mines such as small scale operations on the peripheries of major mines in northern China (Keith Bradsher is the most plugged in mainstream journalist when it comes to coverage of China and the rare earth sector; here is a search link to Bradsher articles). Shutting down illegal and polluting mines and processing facilities is China's key to centralizing control of its rare earth industry and instituting a "unified pricing system", in effect a cartel that controls prices through supply management. While the idea of a cartel normally raises anti-trust hackles, the prevailing alternative has been extreme price volatility created by an unregulated production system many of whose operators are not responsive to demand side fluctuations. While this sort of undisciplined production can create the cheap prices craved by cost-dumping parasites who are now howling complaints to the WTO about China's fettering of the rare earth market, the volatility does hurt long term security of supply because it discourages the development of commercial rare earth mines designed to comply with international environmental standards. End-users are currently scrambling to develop substitutes or more efficient utilization of rare earths in an effort to avoid shortages of critical metals, but all interests are best served by stable prices for materials whose supply can be scaled up in response to demand. Unfortunately 2011 will be a rocky transition year for rare earth users as China consolidates and the rest of the world develops new supply.

Metal-Pages reported on January 4 that domestic prices for rare earth carbonates from northern China (light rare earth dominated concentrates) were creeping higher in anticipation of a renewed crackdown in February after the Spring Festival holiday week which starts on February 3, the Chinese New Year. If a stepped up Chinese crackdown eliminates the 35,000 tonne gap between the 125,000 tonnes of consumption and the 90,000 tonne production target, it would reduce the H2 2011 export quota to only 554 tonnes, way below the 7,976 tonne quota for H2 2011. This assumes China's domestic demand will not jump sharply during 2011 as end users capitulate to the Chinese goal of seeing foreign manufacturers transfer their rare earth dependent component production to China and thus transfer new technology within reach of China's army of industrial thieves. Because Mt Weld production is still a year down the road, and Mountain Pass production 2 years, end users could compete heavily with each other during H1 2011 to buy whatever is available so that they can at least maintain their production runs if not expand them. The Chinese curtailment of illegal and polluting production would also indirectly crimp the smuggling that has been sending rare earth oxides abroad, often disguised within alloys of other materials from which the rare earths can be readily extracted. The disappearance of the invisible elephant in the form of 19,742 tonnes during 2010, which is the difference between Kingsnorth's estimate of 75,000 tonnes of Chinese consumption plus 30,258 tonnes of export quotas, and total 2010 global consumption of 125,000 tonnes, would send FOB rare earth prices higher yet and drag domestic prices along with them. In so far that the ion adsorption clay deposits have been a major source of illegal production, and do get shut down, this will force domestic and FOB heavy rare earth prices higher this year, including yttrium which comes mainly from these clay deposits. A big shoe to drop during 2011 will be the realization that even Chinese domestic rare earth prices are rising, which will happen because not all of the illegal and polluting production is destined for foreign markets. Political pressure to make at least some rare earth supply available for export markets will squeeze domestic prices higher. When global markets see this happening it will be the end of the bearish views that the export supply squeeze is just a Chinese manipulation that the WTO guns will soon enough annihilate or a Chinese setup for another major "gotcha" aimed at non-Chinese rare earth project developers which will be unleashed when abundant new supply miraculously emanates from China in a couple years.

Higher heavy rare earth prices will not benefit Hudson because Sarfartoq has a very low percentage of heavy rare earths. But Sarfartoq does have a good percentage of neodymium and praseodymium, the two key light rare earths required for the super magnets used in hybrid/electric cars and wind turbines. Although Sarfartoq pales against North American carbonatites such as Mountain Pass and Bear Lodge in terms of grade, and seems to be in a smaller size class than Commerce's new Eldor discovery in northern Quebec, its location in Greenland close to tidewater makes it of interest to European end users. Sarfartoq also lacks the metallurgical complexity of Frontier's supergene enriched Zandkopsdrift deposit in South Africa, also sporting a $500 million plus implied project value. Nevertheless, metallurgy is everything in the rare earth game, and so the next major stage for Hudson is to establish the most effective metallurgical process for the ST1 ore whose rare earth minerals consist mainly of synchisite, bastnaesite and minor monazite. Can Hudson achieve an 80% recovery for ST1 compared to the 34% GMEL can achieve for the steenstrupine rare earth mineral in its Kvanefjeld deposit in southern Greenland? Hudson should know the answer by May 2011 when it plans to return to Sarfartoq for a new round of infill and stepout drilling. The company has $3 million working capital left, and stands to raise another $3-$4 million if the stock trades above a weighted average of $2 for 20 days which will result in the accelerated expiry of 3,125,000 warrants exercisable at $1.25 until April 6, 2012. Hudson has been a Fair Spec Value Hold since November 13, 2009 when it was trading at $0.63 and the geometry of the ST1 zone was stilll poorly understood. Today Hudson has a 43-101 resource estimate with a reasonable size and grade plus potential to grow, confirmation that the mineralogy does not consist of obscure and difficult minerals, an understanding of the geometry of the deposit and justification for conducting a PEA for an open pit mining scenario, and an implied project value of only $125 million compared to peer projects such as GMEL's Kvanefjeld deposit which is sporting a $582 million project value despite difficult metallurgy, ongoing litigation with the vendors over the rare earth rights, and a deposit with such a significant uranium credit that it will be tough to convince regulators that uranium rather than rare earths is the by-product in a country which has a zero tolerance policy toward primary uranium extraction. As a result of Hudson achieving the key milestone of a meaningful initial 43-101 resource estimate for Sarfartoq and in consideration of the project's relative cheapness compared to peer projects, I am upgrading Hudson at $1.78 from a Fair Spec Value Hold to a Good Relative Spec Value Buy with a short term $3 price target reflecting an implied project value of $200 million.

Playfair Mining Ltd (PLY-V: $0.24)
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Bottom-Fish Comment - January 4, 2011: Recommendation Strategy for Playfair Mining Ltd

Playfair Mining Ltd is recommended as a medium priority bottom-fish buy in the $0.20-$0.29 range based on its status as a seasoned and liquid junior which is about to embark on a high stakes drilling program on the Seal Lake project in Labrador where it hopes to establish the presence of a major medium to high grade diagenetic redbed copper-silver deposit analogous to the famous Kupferschiefer in Poland (2.6 billion tonnes of 2% Cu and 30 g/t silver). I would have preferred to recommend the stock in the $0.10-$0.19 range where it has been wallowing since raising $2.5 million flow-through at $0.10 in November which will come free trading in March (thankfully no warrants were attached, which means broker Gord Medland might not hit the bid with everything he's got the instant he can), but the strength in copper and silver prices combined with a 4,000 m 15-20 hole $1.4 million winter drill program scheduled to start in late January drew other speculators into the market at yearend. The Seal Lake project covers a 33 km by 5 km package of sediments which, thanks to folding, represent what geologist Neil Briggs calls a "synclinal basin" and promoter Don Moore more graphically describes as a "canoe". The property has tantalized previous operators since 1956 when Kennco first looked at the Kupferschiefer model and then again in the seventies when Brinex thought it saw an analogue to Michigan's White Pine copper district. Previous drilling has focused on what is preceived to be the favorable host rock, the grey-green shale of the Adeline Island Formation which in Moore's imagination is equivalent to the hull of the canoe. In particular the focus has been on the northern and southern outcropping "gunwales" of the "canoe" which have yielded teaser intersections grading 1-2% copper and 30-90 g/t silver, none of which have hung together to form a mineable deposit. Low copper-silver prices, the discontinuous nature of mineralization, and the remote location discouraged further work, though some juniors did poke around in the area during the uranium boom of the past decade. Seal Lake came to Playfair's attention in late 2009 while it was staking the Letitia Lake claims farther west within the Red Wine Complex for their rare earth potential, which have since been optioned 51% to Rare Earth Metals Inc. On the premise that the stratabound copper-silver mineralization was formed through diagenetic fluid migration processes at a time when the Adeline Island Formation was still flat-lying and not yet folded by the Grenville front, and thus has the potential to be laterally extensive throughout this horizon, in effect the "hull" of the canoe including the "keel", Playfair hopes to succeed where the previous operators failed by drilling a series of 1 km spaced holes along the strike of the western and eastern ends of the canoe, probing the hull to its maximum depth of 300-400 m in the middle of the basin. The hope is that Playfair can establish a higher grade version of the Ghanzi deposit Hana Mining Ltd (HMG-V: $4.76) is delineating in Botswana. Without question this is a risky form of prospecting with a drill bit, but once Playfair does tag a copper-silver "puddle" within the target horizon, it can start drilling stepout holes with much smaller spacing. Based on a 100% interest and 107.7 million shares fully diluted for Playfair, Seal Lake has an implied project value of $25 million compared to $438 million for Hana's more advanced Ghanzi project. In accumulating Playfair in the $0.20-$0.29 range ahead of any drill intersections indicating a new hotspot within Seal Lake, bottom-fishers are hoping for a discovery play to erupt during Q1 of 2011. But in case Seal Lake is indeed just a "volcanogenic redbed copper deposit" which in the words of Rod Kirkham "have not been important in Canada and are unlikely to be of major importance in the future" (Geology of Canadian Mineral Types, 1995, R. V. Kirkham, P. 241), Playfair does have several tungsten projects to fall back on. In fact, the Grey River vein deposit in Newfoundland and the Risby and Clea skarn deposits in Yukon for which 43-101 resource estimates exist drove Playfair's speculation cycle in 2006-2007. With tungsten trading at record high prices and the Chinese placing it on their strategic stockpiling list, Playfair could find itself revisiting these projects. For now, however, bottom-fishers should base their bets on a copper-silver discovery play emerging from the upcoming drill program at Seal Lake, while keeping in mind that the Stares brothers may flip some rare earth aces onto the table this summer when they drill Letitia Lake in the midst of rare earth merger mania.


Long Harbour Capital Corp (LHC-V: $0.22)
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Bottom-Fish Comment - January 4, 2011: Recommendation Strategy for Long Harbour Capital Corp

Long Harbour Capital Corp is recommended as a medium priority bottom-fish buy in the $0.20-$0.29 range based on its status as a well structured shell controlled by a team of businessmen who have indicated their intent to turn Long Harbour into a resource project exploration and development vehicle. The key principals are Howard Louie, Geoff Lee and Charles Austin who together own 4.2 million shares or 55% of the 9,204,132 shares issued. Their most recent public venture is Functional Technologies Corp (FEB-V: $0.55), a startup with proprietary technologies related to yeast and algae based products it hopes to sell to the food industry. Management does have experience with the resource sector; Howard Louie was a key player with David Patterson in the South Voisey's Bay project in 1995-1998 during which a prior incarnation of Donner Metals Ltd consolidated most of the key land on the Harp Lake Complex in Labrador where it tried to find a clone to Robert Friedland's Ovoid nickel-copper-cobalt discovery at Voisey's Bay. Long Harbour itself was listed on the TSXV as a capital pool on April 3, 2006 with an IPO of 2,000,000 shares at $0.20. In August 2008 Long Harbour completed a qualifying transaction by optioning 100% of the HD property from two Reza Mohammed companies which had explored it as part of their IOCG focused Trident project in central British Columbia. This option appears to have been a mistake because as of mid 2010 Long Harbour had spent little on it and will likely default on its $200,000 spending deadline by February 5, 2011. Long Harbour did attempt a reverse takeover of a Greater Vancouver based surveillance company during 2010 before backing out after conducting due diligence. Now management appears to have developed contacts in Mongolia where it hopes to secure a mineral project during 2011. Liquidity is quite poor for this bottom-fish, so at this stage it is suitable only for bottom-fishers willing to accumulate small positions and gamble that acquisition terms and the nature of the acquisition support substantially higher prices; others should watch this stock to see if a new project justifies and allows acquisition of meaningful positions at bottom-fish prices.

Estrella Gold Corp (EST-V: $0.90)
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Bottom-Fish Comment - January 5, 2011: Recommendation Strategy for Estrella Gold Corp

Estrella Gold Corp is recommended as a top priority bottom-fish buy in the $0.76-$1.00 range based on the leadership of Keith Laskowski with a good technical support team, a prospect-generator farmout approach to Peru that has resulted in a large portfolio of gold-silver prospects in Peru, a strategic alliance with Cliffs to explore for IOCG deposits in Peru, possession of a proprietary database covering Peru, a new exploration initiative in the Dominican Republic, a strong network of financial backers, and a fairly compact share structure which leaves plenty of upside room even for a major discovery made by a farmout partner. Estrella has only 16.0 million issued and 24.9 million fully diluted, most of which paper was created after the predecessor, Canadian Shield Resources Inc, conducted a 20:1 rollback on March 12, 2009. Cdn Shield went public as a capital pool in January 1998 that ended up under the control of Bernie and Michael Kraft who recruited Lynda Bloom to run the company and Len de Melt to prmote it. In July 2004 Cdn Shield acquired 90% of Gallant Peru from Mohamed Al Fayed who had bankrolled various exploration plays around the world until he pulled the plug in 2000. Laskowski was intimately involved with Gallant and developed a proprietary database which identified new alteration systems in Peru interpreted to have multi-million ounce gold potential, some of which were converted into the properties Cdn Shield acquired and explored prior to the 2008 market crash. Bloom stepped aside in early 2007 with the arrival of Phil Anderson as the new VP of exploration who secured a 100% option on the Colpayoc project in the Yanacocha district of northern Peru. Cdn Shield was a fairly dismal promotion prior to the crash, never getting above $0.50, and was trading for a penny when the Krafts rolled back the stock 20:1 in early 2009. Debts were settled at $0.17 and in June 2009 Cdn Shield attracted Laskowski to the board to help the company sort out the Gallant assets, and in late August 2009 Laskowski was made president. In short order Cdn Shield had raised $3 million through private placements at $0.80 that brought Rick Rule on board as a declared insider. With the assistance of the PennyStockChaser the stock went on a run which peaked at $2.45 in January 2010 followed by a steep decline and a high volume washout in March as the PP paper came free trading and the SEC initiated action against the PennyStockChaser principals alleging pump and dump activities. The stock traded in a consolidation channel between $0.50-$0.75 as the somewhat bewildered Laskowski took charge of the company, changed the name to Estrella Gold Corp in August 2010, got technical reports written for the Colpayoc and Trol projects so that they could be more effectively farmed out, put the geological database he had created back into active service, optioned up to 80% of the Pampa Poroma IOCG prospect to Cliffs Natural Resources Inc, forged a strategic alliance with Cliffs to look for IOCG prospects in Peru, and initiated a new round of financings in Q4 of 2010 which boosted the treasury back to $2 million. According to Laskowski the flagship play is Colpayoc which he regards as a gold porphyry prospect with multi-million ounce gold potential and which he is seeking to farm out to a major. And while he is enthusiastic about finding partners for the other southern Peru projects in Estrella's portfolio, he is particularly excited about his new initiative in the Dominican Republic which geologically is a mirror image of Haiti where he has spent the past few years toiling on behalf of Newmont and Eurasian Minerals Inc with such success that Newmont has pretty much taken over. The DR, famous for the Pueblo-Viejo gold deposit being developed by Barrick and Goldcorp, is not the exploration backwater that Haiti was, but Laskowski and his team are bringing fresh ideas to bear and to that effect have submitted applications for claims covering 24,025 hectares. Estrella is not a cheap bottom-fish when it comes to exploration play focused juniors, but I cannot resist making Estrella a top priority buy in the $0.76-$1.00 range after having watched Keith Laskowski toil in the shadow of others during the past five years and now seeing him in charge of a vehicle which has all the machinery in place needed to put his geological vision to the test.

Phoscan Chemical Corp (FOS-T: $0.68)
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Bottom-Fish Comment - January 7, 2011: Recommendation Strategy for Phoscan Chemical Corp

Phoscan Chemical Corp is recommended as a top priority bottom-fish buy in the $0.50-$0.75 range based on the company's intention to rethink its Martison phosphate project in Ontario from a vertically integrated development plan costing more than $1 billion to one where Phoscan is a supplier of phosphate concentrate to existing fertilizer production facilities and a producer of niobium and possibly rare earth oxides as a valuable by-product recovered from the tailings. The company is well financed with $68 million working capital management has kept intact and out of reach from cash stalkers, it has Eric Sprott as a major shareholder at 18% and who has remained bullish on the agriculture sector throughout the post-crash lull, and it has a strong management team headed by Stephen Case who has been working on this story since 1997. Furthermore, fertilizer plays are becoming hot again as the world contemplates the deadly combo of climate change driven disruption of crop harvests and the growing appetite of developing nations. Phoscan has been churning below $0.50 while the market was unsure if the cash would simply vanish into the black hole of an acquisition thrust upon the junior by impatient shareholders, but in recent weeks the stock has picked up volume and is developing a new trading range where bottom-fishers better hurry before it breaks out in a repeat of 2008 without the subsequent crash. The Martison carbonatite complex was recognized during the sixties and explored during the eighties by a division of Sherritt Gordon which accidentally let the claims lapse in 1993 whereupon Don McKinnon of Hemlo fame snapped them up. In 1997 he sold 50% to Stephen Case's MCK Mining Corp and in 1998 he sold the other 50% to Baltic Resources Inc, a shell in which he was a major shareholder. Eric Sprott emerged as a declared shareholder in September 2001 and has since built up Sprott Asset Management's position to 30,491,265 shares representing 18% today. In late 2003 Case stepped aside to let an associate from the RCF Finance days take the helm and the company shifted its focus to gold-copper projects in South America with the support of brokers such as John Tognetti, Bob Disbrow and David Lyall. MCK delivered neither a stock promotion nor good results and in early 2006 when the stock was trading below a nickel Stephen Case took back the helm, changed MCK's name to Phoscan on July 31, 2006, and initiated a prefeasibility study with Sprott's blessing. During 2007 Phoscan completed a series of significant financings that culminated in a bought deal of $55.1 million at $1.90 in late May 2008 after merging with Baltic to consolidate 100% ownership of Martison on March 10, 2008 and delivering a prefeasibility study. The PFS envisioned a fully integregated fertilizer business that would open pit mine the 20%-25% P2O5 phosphate rock, beneficiate it to a 37.5% phosphate concentrate, send it by slurry pipeline 86 km from Martison to Hearst where sulphuric acid sourced from smelters whould be used to create phosphoric acid from which the fertilizer products monoammonium phosphate (MAP) and super phosphoric acid (SPA) would be produced and railed to farmers in western Canada and the Midwest United States. The project came with a price tag of $1 billion which seemed doable during the first half of 2008 when potash and phosphate fertilizer prices were soaring along with food crop prices, but then the financial meltdown happened, a global recession took hold, and fertilizer prices retrenched. Phoscan, which was sitting on $68 million, dropped below $0.50 where it traded at or near its cash breakup value. The bankable feasibility study was put on hold and Stephen Case went to work investigating alternative projects while continuing to think about other ways to make Martison profitable at the subdued post-crash phosphate fertilizer prices. One possible cost reduction strategy emerged in 2009 when IAMGOLD investigated the possibility of extracting niobium from the phosphate tailings. A deal with IAMGOLD did not emerge, but the idea of creating a niobium by-product has become the focus of metallurgical studies initiated in late 2010 which now include the potential recovery of rare earth oxides from the tailings and/or the laterite cap. The host rock at Martison is apatite which is often associated with rare earth bearing minerals such as at Arafura's Nolans project in Australia and Great Western's Hoidas Lake in northern Saskatchewan. No systematic effort has been made to assay the rare earth content, though niobium grades about 3500 g/t in the M+I+I resource of 117,961,000 tonnes of 22.8% P2O5. Furthermore, a niobium enriched lateritic oxide cap is present at Martison which is probably also enriched with rare earths, though recovery may not be feasible. Stephen Case is also rethinking the old plan of a vertically integrated operation; existing mines such as Kapuskasing will be depleted in 5-10 years and may be looking for new feedstock which will likely have to come from overseas unless Martison gets developed.

Skeena Resources Ltd (SKE-V: $0.11)
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Bottom-Fish Comment - January 7, 2011: Recommendation Strategy for Skeena Resources Ltd

Skeena Resources Ltd is recommended as a medium priority bottom-fish buy in the $0.10-$0.19 range based on its plan to make or break the Tropico project in Mexico as a bulk tonnage platinum-palladium prospect with copper-gold by-product credits.This is the third bottom-fish recommendation of Skeena after two earlier unfortunate cycles, the first in 1996 when Skeena was a second string African exploration vehicle in the stable of Rupert Allan and Ron Netolitzky, and the second in early 2008 when I made Skeena a top priority buy in the $0.20-$0.29 range based on the junior's efforts to turn the Malpica copper deposit near Mazatlan into a mine. The Malpica project had been optioned from Gruppo Mexico on fairly expensive terms which became non-fundable after the 2008 crash tanked copper prices, and when Gruppo Mexico refused to renegotiate the terms Skeena dropped the option in March 2010. Because that outcome was already written on the wall at the end of 2008 I closed out the stock at $0.03 figuring this perma-dog would finally be reorganized. Management did indeed secure approval for a rollback but decided in 2010 not to proceed and now would need to seek fresh shareholder approval. After management capitulated on the Malpica option Netolitzky and Allan decided to focus on Tropico which is located 25 km north of Mazatlan. Focus is not so easy for this walleyed pair who could not resist making an unproductive detour to the Yukon, but Rupert now swears it's Tropico or bust. Skeena optioned Tropico in early 2008 from Almaden and Santoy who had worked on the project in 1999-2003 during the Russian manipulation of palladium to $1,000 per ounce. Duane Poliquin's Almaden had acquired Tropico in 1999 as a consolation prize for a dissolved strategic alliance with BHP which had half-heartedly explored the layered mafic complex as a low grade copper prospect. Almaden optioned Tropico 60% to Netolitzky's Santoy in 2000, which farmed out 70% to Sumitomo which was seeking security of supply for its palladium needs. Almaden and Santoy had discovered that significant platinum and palladium values along with minor gold were associated with disseminated copper sulphide mineralization stratigraphically controlled by the gabbro-pyroxenite contact within this 600 m thick northeast striking belt of layered mafic rocks which has been traced over 19 km, all of it now covered by Skeena's claims. Because of tilting the belt has a surface width exposure of 1-3 km. It is also riddled with younger intrusive rocks and locally faulted, which has created a structural complexity Skeena's geologists have yet to figure out though Rupert does say that geochemical anomalies correlate well with bedrock grade and that an extensive core drilling program would do the trick. I covered the Tropico story during the 1999-2003 exploration cycle but lost interest when the palladium price collapsed, drill results failed to match expectations created by high grade trench results, and Sumitomo backed out of the deal. But in early 2008 platinum group and copper prices were strong again, and because Tropico was close to Malpica, Netolitzky and Allan used Skeena to option 60% of the claims still held by Almaden and Santoy, staked relevant open ground, and optioned 100% of a central block Peter Megaw had snagged. During my Malpica property visit in early 2008 we made a side trip to Tropico and at the time I was quite intrigued by the plan to revisit Tropico because there are very few plays in North America with large footprints for PGE mineralization. While the 2008 crash was unhelpful to Skeena and its Malpica option, and forced work on Tropico to be put on hold, it did create conditions which enabled Skeena to acquire 100% title from the two vendor groups in 2010 by issuing 8 million shares and 4 million warrants and granting a 2% NSR. During June 2010 Skeena conducted a private placement of 21,350,000 units at $0.05 with a full warrant exercisable at $0.10 with a core group of backers who have spent the second half of 2010 feeding out Osisko paper from the Brett takeover and accumulating Skeena stock below a dime. The financing proceeds have been spent to clean up debts, fund the Yukon detour, and initiate a trenching program at Tropico in December 2010 which is about one third done. Management believes that the next step needed to make or break Tropico is a 10,000 m diamond drill program which will lead to an initial 43-101 inferred resource estimate. Over $5 million has been spent on Tropico since 1999 and the result is a series of zones 25-150 wide at surface and at least 300 metres deep which represent 4,000 metres of cumulative strike. Assuming a specific gravity of 3 this represents a tonnage footprint in the order of 200-300 million tonnes. The system is sulphide deficient, except for chalcopyrite; Skeena envisions an open pit mining scenario with a 3:1 waste to ore strip ratio and a milling-flotation circuit. Metallurgy remains an important unresolved milestone; previous work yielded recoveries of 35%-90% for what management regards as unrepresentative samples because it involved weathered rock which in some cases may have been supergene enriched (this is what was blamed for the disappointment during the 1999-2003 cycle). The proposed drill program will furnish fresh rock for metallurgical studies. The main purpose of the proposed drill program is to stitch together a reasonably continuous resource averaging 0.3% copper and 0.5-0.75 g/t combined platinum, palladium and gold. The palladium grade tends to be 30%-60% higher than the platinum grade, and 50%-100% higher than the gold grade. Platinum, palladium and gold values are closely correlated with copper until copper drops below 0.2% which Rupert Allan figures will likely have to be the cutoff grade. If we take hole #1 from the Maricela zone as a benchmark (110.5 m of 0.34% Cu, 0.24 g/t Pd, 0.14 g/t Pt and 0.09 g/t Au), the component rock values are $32.61, $5.83, $7.81 and $3.96 respectively for a total of $50.21 per tonne on a 100% recovery basis. In terms of infrastructure the location is excellent; Mazatlan is a deepwater port, rail is nearby, and highways and powerlines cross the property. Skeena needs to raise $2 million for its program which it would like to start in February. The 2010 financing has puffed up Skeena's capitalization to 113,233,449 issued and 162,062,171 fully diluted, which looks dreadful, though for the mathematically inclined represents an implied project value of only $16 million at a $0.10 stock price for a project that has world class scale potential. However, another dilutionary financing at these levels would probably keep the stock from developing a speculation cycle. Drilling would begin in February if management can persuade placees to exercise their $0.10 warrants now rather than wait until they expire in 2012. While it is possible the warrant holders might sell some Osisko stock to exercise Skeena warrants, bottom-fishers should be prepared to digest an overhang of stock in the $0.10-$0.19 accumulation range coming from the exercise of $0.10 warrants. Skeena is risky in that Tropico's economic potential requires current prices for the target metals to become a long term reality, though, unless the global economy suffers another financial meltdown in 2011, I do not believe significantly lower metal prices will be an issue during 2011. The primary risk during 2011 is thus the technical risk associated with delivering a coherent resource at the target grades, and in this regard Tropico is an advanced project in excellent technical hands.

New Bottom-Fish Highs
Company
Volume High Low Close Chg Status
Champion Minerals Inc (CHM-T) 1,983,200 $2.400 $2.090 $2.180 ($0.180) BF MP Buy $0.30-$0.49
High Desert Gold Corp (HDG-V) 571,500 $0.495 $0.440 $0.450 ($0.040) New BF LP Buy $0.10-$0.19
Inca Pacific Resources Inc (IPR-V) 235,000 $0.275 $0.215 $0.265 $0.045 New BF LP Buy $0.10-$0.19
Orosur Mining Inc (OMI-V) 863,400 $1.430 $1.290 $1.390 $0.040 New BF MP Buy $0.50-$0.75
Realm Energy Intl Corp (RLM-V) 2,802,300 $1.250 $1.060 $1.180 $0.090 BF MP Buy $0.30-$0.49
Strategic Metals Ltd (SMD-V) 950,800 $2.250 $2.030 $2.220 ($0.010) BF MP Buy $0.10-$0.19
Ucore Rare Metals Inc 6,339,100 $0.790 $0.680 $0.700 $0.030 New BF LP Buy $0.30-$0.49
Waymar Resources Ltd (WYM-V) 780,600 $0.830 $0.740 $0.800 $0.150 New BF LP Buy $0.10-$0.19

Top 10 Bottom-Fish Volume Traders
Company
Volume High Low Close Chg Status
Avalon Rare Metals Inc (AVL-T)
11,123,000 $8.140 $6.010 $6.580 $0.370 Good Absolute Spec Value Buy
Phoscan Chemical Corp (FOS-T) 9,403,500 $0.680 $0.495 $0.680 $0.190 New BF MP Buy $0.50-$0.75
Ucore Rare Metals Inc 6,339,100 $0.790 $0.680 $0.700 $0.030 New BF LP Buy $0.30-$0.49
B2Gold Corp (BTO-T) 5,986,500 $2.660 $2.320 $2.390 ($0.300) BF TP Buy $0.30-$0.49
Geologix Explorations Inc (GIX-T)
4,089,100 $0.740 $0.590 $0.610 ($0.120) Good Absolute Spec Value Buy
Playfair Mining Ltd (PLY-V) 3,846,500 $0.290 $0.230 $0.245 $0.015 New BF MP Buy $0.20-$0.29
Medallion Resources Ltd (MDL-V) 3,771,400 $0.640 $0.520 $0.520 ($0.020) New BF LP Buy $0.10-$0.19
Benton Resources Corp (BTC-V) 3,407,500 $1.250 $1.040 $1.070 ($0.150) BF MP Buy $0.10-$0.19
Commerce Resources Corp (CCE-V) 3,389,900 $0.950 $0.770 $0.880 $0.090 New BF Spec Cycle Hold 100%
Lexam VG Gold Inc (LEX-T) 3,205,400 $1.520 $1.150 $1.230 ($1.020) BF MP Buy $0.10-$0.19

Top 10 Bottom-Fish Value Traders
Company
Value High Low Close Chg Status
Avalon Rare Metals Inc (AVL-T)
$79,844,881 $8.140 $6.010 $6.580 $0.370 Good Absolute Spec Value Buy
Rare Element Resources Ltd (RES-V)
$30,800,789 $17.850 $13.400 $14.380 ($1.570) Good Relative Spec Value Buy
Nevsun Resources Ltd (NSU-T) $18,769,641 $7.490 $6.610 $6.700 ($0.730) BF Spec Cycle Hold 100%
Quest Rare Minerals Ltd (QRM-V)
$17,222,793 $6.230 $5.000 $5.650 $0.120 Good Relative Spec Value Buy
B2Gold Corp (BTO-T) $15,031,433 $2.660 $2.320 $2.390 ($0.300) BF TP Buy $0.30-$0.49
Sabina Gold & Silver Corp (SBB-T) $10,417,348 $5.490 $4.760 $4.770 ($0.840) BF TP Buy $0.30-$0.49
Amazon Mining Holding Plc (AMZ-V)
$9,065,496 $8.000 $6.810 $6.830 $0.510 Good Absolute Spec Value Buy
Orko Silver Corp (OK-V) $7,156,887 $2.880 $2.430 $2.470 ($0.330) BF TP Buy $0.30-$0.49
Orvana Minerals Corp (ORV-T) $6,780,247 $3.870 $3.300 $3.370 ($0.530) BF TP Buy $0.50-$0.75
Ur-Energy Inc (URE-T) $6,772,339 $3.050 $2.550 $2.580 ($0.400) BF MP Buy $0.50-$0.75

Top 10 Bottom-Fish Price Gainers
Company
Volume High Low Close Chg Status
Amazon Mining Holding Plc (AMZ-V)
1,231,400 $8.000 $6.810 $6.830 $0.510 Good Absolute Spec Value Buy
Avalon Rare Metals Inc (AVL-T)
11,123,000 $8.140 $6.010 $6.580 $0.370 Good Absolute Spec Value Buy
Phoscan Chemical Corp (FOS-T) 9,403,500 $0.680 $0.495 $0.680 $0.190 New BF MP Buy $0.50-$0.75
Waymar Resources Ltd (WYM-V) 780,600 $0.830 $0.740 $0.800 $0.150 New BF LP Buy $0.10-$0.19
Polar Star Mining Corp (PSR-T) 278,400 $2.370 $1.920 $2.050 $0.150 BF MP Buy $0.20-$0.29
Dundarave Resources Inc (DDX-V) 119,900 $0.950 $0.750 $0.860 $0.140 New BF LP Buy $0.50-$0.75
Estrella Gold Corp (EST-V) 225,200 $1.050 $0.850 $1.030 $0.130 New BF TP Buy $0.76-$1.00
Quest Rare Minerals Ltd (QRM-V)
3,011,600 $6.230 $5.000 $5.650 $0.120 Good Relative Spec Value Buy
Pacific Wildcat Resources Corp (PAW-V) 2,572,400 $1.220 $0.860 $1.020 $0.120 BF MP Buy $0.10-$0.19
NMC Resource Corp (NRC-V) 68,100 $1.100 $1.000 $1.100 $0.090 New BF MP Buy $1.01-$1.25

Top 10 Bottom-Fish Price Percentage Gainers
Company
Volume High Low Close Chg Status
Long Harbour Capital Corp (LHC-V) 434,500 $0.320 $0.220 $0.290 45% New BF MP Buy $0.20-$0.29
Phoscan Chemical Corp (FOS-T) 9,403,500 $0.680 $0.495 $0.680 39% New BF MP Buy $0.50-$0.75
Galena Capital Corp (FYI-V) 701,700 $0.055 $0.040 $0.050 25% BF XP Buy below $0.10
Quartz Mountain Resources Ltd (QZM.H-V) 21,000 $0.350 $0.350 $0.350 25% New BF LP Buy $0.20-$0.29
Waymar Resources Ltd (WYM-V) 780,600 $0.830 $0.740 $0.800 23% New BF LP Buy $0.10-$0.19
Inca Pacific Resources Inc (IPR-V) 235,000 $0.275 $0.215 $0.265 20% New BF LP Buy $0.10-$0.19
Dundarave Resources Inc (DDX-V) 119,900 $0.950 $0.750 $0.860 19% New BF LP Buy $0.50-$0.75
Columbia Yukon Expl Inc (CYU-V) 339,600 $0.210 $0.185 $0.200 18% New BF MP Buy $0.20-$0.29
Hard Creek Nickel Corp (HNC-T) 710,600 $0.570 $0.395 $0.520 17% New BF LP Buy $0.20-$0.29
Laurentian Goldfields Ltd (LGF-V) 281,900 $0.275 $0.230 $0.260 16% New BF MP Buy $0.10-$0.19

Top 10 Bottom-Fish Price Losers
Company
Volume High Low Close Chg Status
Rare Element Resources Ltd (RES-V)
1,956,600 $17.850 $13.400 $14.380 ($1.570) Good Relative Spec Value Buy
Lexam VG Gold Inc (LEX-T) 3,205,400 $1.520 $1.150 $1.230 ($1.020) BF MP Buy $0.10-$0.19
Sabina Gold & Silver Corp (SBB-T) 2,043,500 $5.490 $4.760 $4.770 ($0.840) BF TP Buy $0.30-$0.49
Nevsun Resources Ltd (NSU-T) 2,649,100 $7.490 $6.610 $6.700 ($0.730) BF Spec Cycle Hold 100%
Orvana Minerals Corp (ORV-T) 1,912,400 $3.870 $3.300 $3.370 ($0.530) BF TP Buy $0.50-$0.75
Almaden Minerals Ltd (AMM-T) 479,700 $5.170 $4.260 $4.310 ($0.420) New BF Spec Cycle Hold 100%
Ur-Energy Inc (URE-T) 2,400,100 $3.050 $2.550 $2.580 ($0.400) BF MP Buy $0.50-$0.75
Mawson Resources Ltd (MAW-T) 645,900 $2.210 $1.800 $1.860 ($0.380) BF MP Buy $0.10-$0.19
Mountain Province Diamonds Inc (MPV-T)
384,200 $6.500 $5.930 $6.120 ($0.380) Good Absolute Spec Value Buy
Orko Silver Corp (OK-V) 2,742,600 $2.880 $2.430 $2.470 ($0.330) BF TP Buy $0.30-$0.49

Top 10 Bottom-Fish Price Percentage Losers
Company
Volume High Low Close Chg Status
Lexam VG Gold Inc (LEX-T) 3,205,400 $1.520 $1.150 $1.230 -45% BF MP Buy $0.10-$0.19
Silver Bear Resources Inc (SBR-T) 507,600 $0.710 $0.480 $0.540 -26% BF TP Buy $0.20-$0.29
Tawsho Mining Inc (TAW-V) 88,000 $0.235 $0.200 $0.200 -18% New BF LP Buy $0.10-$0.19
Mawson Resources Ltd (MAW-T) 645,900 $2.210 $1.800 $1.860 -17% BF MP Buy $0.10-$0.19
Geologix Explorations Inc (GIX-T)
4,089,100 $0.740 $0.590 $0.610 -16% Good Absolute Spec Value Buy
Fox Resources Ltd. (FAX-V) 11,000 $0.385 $0.315 $0.330 -15% New BF LP Buy $0.20-$0.29
Cedar Mountain Exploration Inc (CED-V) 298,300 $0.290 $0.250 $0.250 -15% New BF MP Buy $0.10-$0.19
Adex Mining Inc (ADE-V) 1,248,800 $0.190 $0.170 $0.170 -15% New BF LP Buy $0.10-$0.19
Sabina Gold & Silver Corp (SBB-T) 2,043,500 $5.490 $4.760 $4.770 -15% BF TP Buy $0.30-$0.49
Gold Port Resources Ltd (GPO-V) 739,300 $0.240 $0.200 $0.200 -15% New BF XP Buy below $0.10

New Bottom-Fish Lows
Company
Volume High Low Close Chg Status
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