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Rare Earth Index - Market Activity for July 29, 2010

Company		Volume	High	Low	Close	Chg	MI%	RS%
Alkane Resources Ltd (ALK-ASX)		389,145	$0.360	$0.340	$0.340	($0.015)	-4.2%	2.7%
Arafura Resources Ltd (ARU-ASX)		669,787	$0.730	$0.700	$0.715	$0.005	0.7%	7.7%
Avalon Rare Metals Inc (AVL-T)		193,100	$2.800	$2.700	$2.800	$0.020	0.7%	7.7%
Dacha Capital Inc (DAC-V)		165,500	$0.355	$0.340	$0.350	$0.010	2.9%	9.9%
Great Western Minerals Group (GWG-V)		1,057,700	$0.220	$0.200	$0.215	$0.015	7.5%	14.5%
Greenland Minerals & Energy Ltd (GGG-ASX)		544,808	$0.400	$0.365	$0.395	$0.035	9.7%	16.7%
Hudson Resources Inc (HUD-V)		58,600	$0.640	$0.590	$0.630	$0.050	8.6%	15.6%
Lynas Corp Ltd (LYC-ASX)		22,018,317	$0.800	$0.750	$0.770	$0.015	2.0%	8.9%
Matamec Explorations Inc (MAT-V)		135,500	$0.140	$0.135	$0.135	($0.005)	-3.6%	3.4%
Molycorp Inc (MCP-N)		10,144,300	$14.000	$12.100	$12.850	$0.000	0.0%	7.0%
Neo Material Technologies Inc (NEM-T)		176,400	$3.800	$3.700	$3.750	$0.000	0.0%	7.0%
Quest Rare Minerals Ltd (QRM-V)		131,000	$2.840	$2.630	$2.700	($0.130)	-4.6%	2.4%
Rare Earth Metals Inc (RA-V)		133,400	$0.210	$0.200	$0.205	($0.005)	-2.4%	4.6%
Rare Element Resources Ltd (RES-V)		44,900	$3.000	$2.850	$2.850	($0.110)	-3.7%	3.2%
Stans Energy Corp (RUU-V)		62,500	$0.260	$0.245	$0.260	$0.000	0.0%	7.0%
Tasman Metals Ltd (TSM-V)		164,000	$0.870	$0.800	$0.820	$0.020	2.5%	9.5%
Ucore Rare Metals Inc		188,300	$0.335	$0.305	$0.330	$0.000	0.0%	7.0%

Charts for selected Rare Earth Oxides

The REO Price Index was created by "purchasing" $1,000 worth of each of the following rare earth oxides based on the average of the price range quoted by Metal-Pages.com on April 13, 2001: cerium oxide at $3.26/kg, lanthanum oxide at $2.60/kg, praseodymium oxide at $5.38/kg, neodymium oxide at $11.50/kg, and samarium oxide at $8.62/kg. The REO PriceIndex is the sum of the value of these initial positions divided by the number of rare earth oxides represented by the index. On March 7, 2007 europium oxide was added at $240/kg, on December 12, 2008 terbium oxide was added at $170/kg, on January 12, 2007 yttrium oxide was added at $4.55/kg, and on November 15, 2007 gadolinium oxide was added at $10.45 per kg. The latter were added as pricing data became available. The other rare earth oxides are traded on an incidental and private basis, with no regular price reporting available. The REO Price Index is intended to be used as a pricing proxy for the rare earth sector. The charts below include the KBFO Rare Earth Index and the REO Price Index normalized to 1000 on January 2, 2004 from 654.6, the starting date of the Rare Earth Index. The Rare Earth Index consisting of advanced rare earth juniors recovered much quicker from the 2008 Crash than rare earth oxide prices themselves, which, as the REO Price Index chart above clearly demonstrates, in June 2010 broke above the high set in early 2008 before the crash.

Rare Earth Production and Global Resource Base

The Global REO Production chart above based on USGS estimates for 2009 paints a grim portrait of China producing 97% of all rare earth oxides, with the remainder from India, Brazil and Malaysia produced in the form of monazite based heavy mineral sands. The other chart suggests that more than half the world's resource base exists outside of China. The graphic below shows the distribution of known rare earth bearing deposits. China does not have a resource monopoly; it just happens to have all the world's operating rare earth mines.
The IPV Chart below depicts the exploration stage of the flagship project of each Rare Earth Index member and the value the market is assigning to the project on a 100% basis (fully diluted times stock price divided by net interest). The implied market capitalization of these non-Chinese rare earth resources is less than $2 billion, but the in situ value of resources reported under the JORC or 43-101 reporting standard exceeds $200 billion. These companies and their projects represent the solution to the problem of global dependency on Chinese rare earth supply.
The above pair of charts are constructed by multiplying the Chinese production figures for individual rare earth oxides during 2007 by the average price of those oxides during 2007. The total amount is less than the 120,000 tonnes Roskill estimated for 2007 production. If we define the heavy rare earth elements as yttrium and samarium through lutetium, the production content chart shows that the light rare earth oxides represent 93% of production by weight, with most of this supply coming from the Bayan Obo mine operated by Bautou Iron and Steel, while only 7% is represented by the heavy rare earths which are produced mainly from the ion adsorption clay deposits in southern China. This often gives rise to the dismissive comment that future demand growth lies with the lights and all this fuss about the heavies is much ado about nothing. The second chart, however, which distributes the production by value, reveals that the heavies represent a surprisingly high 40% of the estimated $1 billion production value in 2007.
The above charts break down the rare earth oxide production in 2008 by their applications both by weight and by value. This is very complex information assembled by Dudley Kingsnorth's IMCOA. What stands out is the high 31% of value represented by phospors which are only 7% of the weight. Phospors are used to create color in display and lighting systems and are made from heavy rare earths. The chart below plots the average price of the of the rare earth oxides that feed each application, as well as the total value of the REOs in those applications.
IMCOA also breaks down REO demand for each application by region, and the above charts are for United States demand. What is surprising is that the value of the US demand was only $94 million, with one third the value and 68% of the weight going to the oil refining industry in the form of fluid cracking catalysts which are generally the light rare earths, cerium in particular. These numbers make one wonder if the United States should have any security of supply concerns with regard to rare earth oxides as long as it can secure the lanthanum, cerium, praseodymium and neodymium needed to keep its oil refineries working. What these charts suggest is that the United States has already adapted to importing finished goods that require REOs as critical inputs. So why the fuss?
IMCOA projects that REO demand will grow to 180,000 tonnes by 2014 and the above charts show which applications are expected to drive demand. The second chart applies the 2008 prices to the 2014 weight. When Dudley Kingsnorth published this forecast he cautioned that it does not incorporate a "positive" outcome for the Copenhagen Climate Change forum that took place in December 2009. As we now know the talks accomplished little in terms of firm commitments with regard to carbon dioxide emission reduction goals. What is apparent is that this forecast is based on conservative assumptions about the extent that technologies driven by climate change concerns will be commercialized. In other words, if prices do not change, the annual market for rare earth oxides will grow to a value $2 billion if the world carries on without developing a major commitment to transforming its energy foundation.
The annual REO production chart above shows how during the past 25 years Chinese REO production has gradually displaced production from the rest of the world, with the United States the biggest loser as a result of shutting down the Mountain Pass mine in 2002. The chart below for annual molybdenum production shows a similar pattern of long term demand growth and includes a graph depicting the value of each year's production based on the average price of molybdic oxide during each year. Demand underwent a sharp increase in 2003 that was accompanied by an even sharper price rise toward which Chinese supply did not start to respond until 2007. The reason for this delayed reaction was that in 2003 China embarked on a campaign to consolidate its molybdenum mining industry which consisted of numerous small scale inefficient and often grossly polluting operations. The inability of China to boost supply just as molybdenum demand spiked turned a modest annual market worth less than $2 billion into a $10-$15 billion market between 2004-2008 before demand and prices collapsed due to the financial crisis. Since the meltdown molybdenum prices have recovered and we are now looking at a market worth $5-$10 billion. This sustained boost in market value was achieved because molybdenum is a minor but critical input to steel and during 2003-2008 the world, led by China, underwent a major infrastructure buildup. The similarity with the rare earths situation today is remarkable. China appears to be on the threshold of cleaning up its own inefficient and polluting rare earth mining and processing industry just as the world is gearing up for some major long term structural changes in the way it generates and uses energy. Furthermore, while molybdenum's contribution is largely of an alloying agent that hardens and provides corrosion resistance, the rare earth elements possess an intriguing range of magnetic and spectroscopic properties that can find their way into any number and variety of technological innovations. While it is easy to sneer at the rare earth sector's modest past, and argue that this space offers no meaningful profit opportunities involving the development of new supply outside of China, the stage is in fact set for a double whammy of soaring demand AND sharply higher REO prices during the next decade.
IMCOA also offers a breakdown of 2014 demand for the individual rare earth oxides which appears to largely scale up the relative demand structure in 2007. By applying the 4 year average REO prices Wardrop used in its Nechalacho resource estimate in early 2009, the 2014 value of the forecast 180,000 tonnes of demand would be about $2 billion.

Rare earth elements consist of the lanthanide series of the periodic table plus yttrium for a total of 16 elements. These are divided into "light" (LREE) and "heavy" (HREE) elements based on their elemental characteristics. The emerging convention is to classify the elements 57-62 (La-lanthanum, Ce-cerium, Pr-praseodymium, Nd-neodymium, Pm-prometheum and Sm-samarium) as LREE, and elements 63-70 (Eu-europium, Gd-gadolinium, Tb-terbium, Dy-dysprosium, Ho-holmium, Er-erbium, Tm-thulium, Yb-ytterbium and Lu-lutetium) as HREE. Ytrrium, which has an atomic number of 38, is classified as an HREE because it shares similar properties with this group and is typically found in conjunction with the HREE rather than the LREE. Rare earth grades are expressed in ppm, which convert into a percentage where 10,000 ppm equals 1.0%. Rare earth elements do not occur naturally in their metallic form. Instead they occur within complex minerals such as bastaenite, fergusonite, monazite, xenotime, eudyalite, and gittinsite out of which they must be "cracked" through energy and chemical intensive metallurgical processes. The end product will be in the form of a stable rare earth oxide, such as yttrium oxide expressed as Y2O3. Assay labs typically report rare earth grades for the element rather than the oxide, which for reporting purposes get converted into oxide grades which will always be higher than the element grade because the weight includes the oxygen atoms. The grade of a rare earth deposit is reported as "total rare earth oxides" or TREO, which is the sum of the percentage grades of the individual rare earth oxides present in the deposit. In the past yttrium oxide has been reported separately as in, for example, 2.0% TREO + 0.5% Y2O3, but the new emerging convention is to include the yttrium oxide grade in the TREO grade. The two charts below portray the relative distribution of the rare earth oxides within two major sources in China, the Baiyun Obo deposit in Inner Mongolia which is dominated by LREE and the primary source of these rare earths, and the Longnan ionic clay deposit in southern China which is a primary source of the HREE. We convert the relative rare earth distributions of all rare earth projects or important zones into these pie charts so that we can compare the deposits with each other.

A TREO grade by itself is meaningless because the relative grade of the individual rare earths differs in each deposit, and even within different zones. The price of individual rare earth oxides is reported as $/kg and ranges from $3/kg to as high as $1,000/kg. To assess the monetary value of a TREO grade you need the individual rare earth oxide grades and their prices. All disclosures should include a table listing the individual grades as rare earth oxides. The contained value of rare earths in a tonne of rock is calculated by converting each rare earth oxide grade into kg per tonne, multiplying the kg/t by the price per kg, and adding up the contained value to get the total contained or gross rare earth value per tonne, or "rock value" in industry jargon terms. It is extremely important to understand that the rock value of a rare earth deposit is simply a maximum value. The important number is the recoverable value, which can be substantially less than the contained value. The recoverable value will not be known until metallurgical studies have established the optimal recovery process. "Optimal" will be a balance between the percentage of each rare earth that will be recovered by a process, and the cost of that process. The economic value of a rare earth deposit will not be even roughly known until it has completed the metallurgy stage of the exploration and development cycle.

Nevertheless, investors do need to assess the economic potential of a rare earth project, and the main metric for doing this during the discovery delineation and infill drilling stages is to seek the tonnage and rock value of the prospect. Obviously the higher the tonnage and the rock value, the better will the project's chance at having a positive economic value or getting developed according to security of supply strategic considerations. Public companies will generally not convert their rare earth oxide grades into rock values because in the absence of recovery information such numbers could be very misleading to unsophisticated investors. To complicate matters more, rare earth oxide prices are very volatile, are reported only in a "journalistic" manner through organizations such as Metal-Pages.com who arrive at their prices by polling industry people, and have a highly uncertain long term supply and demand dynamics. The latter is complicated because new technologies can boost or curtail future demand for individual rare earths. The widely circulated REE supply-demand chart above created by Dudley Kingsnorth is based on projections of demand plans already in place; it does not take into consideration the impact large scale commercialization of alternative energy strategies would have on demand beyond 2014, nor what new supply coming on stream from deposits outside of China after 2014 might do to prices.

It is thus up to investors and analysts to calculate the rock values of rare earth deposits. We have adopted the strategy used by Wardrop Engineering in its resource estimate for Avalon's Thor Lake project. Wardrop, which was able to estimate a per tonne processing cost for Thor Lake, needed to establish a cut-off grade for the Thor Lake deposit, which required matching a rock value with cost. Wardrop decided to use the four year price average based on Metal-Pages.com reporting for the rare earth oxides as of February 2009, which numbers we have used as a benchmark. The value distribution charts above for Baiyun Obo and Longnan convert the grade of each rare earth oxide into a monetary value based on the 4 year price average, which reveals the value distribution of the rare earths within the deposit. Similar charts for other known deposits as well as those owned by Rare Earth Index members are available through our KBFO members only Rare Earth Project Stats report.

Key KBFO Rare Earth Related Online Resources

Online Resources	If you are interested in full access to KBFO Online we suggest the $100 Trial Membership which provides complete access to all KBFO Members Only material for one full month. Apply for Trial now.
Rare Earth Index	This page contains details of the Rare Earth Index membership composition, individual charts for each index member which show how that company is performing relative to the index, 40 day bar charts which show on a daily basis the extent the index member is out or under performing the overall index, stock charts and snapshots for each index member, and Index Member Opinion Comments.
Rare Earth Project Stats	This report has a collection of REE distribution and value pie charts we have created for various projects around the world as well as those owned by Rare Earth Index Members.
Early Stage Rare Earth Projects	This KBFO Theme Report features all projects which have rare earth elements as their primary target and which are not yet at the discovery delineation stage.
KBFO Rare Earth related Comments	A separate listing of all comments published on KBFO which have been tagged as rare earth related (same as below). Note that all comments are restricted for 3 months to KBFO Members only.

External Rare Earth Related Online Resources

Online Resources	Comment
	Jack Lifton is a retired chemist whose interest in so-called "strategic", "specialty" or "minor metals" and the supply issues surrounding the commercialization of new technologies such as the electric car has turned him into a major commentator on security of supply at conferences and for journalists as well as a writer of commentaries published by various online media. For older commentaries check out Jack Lifton's Instablog. In June 2010 he teamed up with Gareth Hatch to form and operate a new site called Technology Metals Research is a must read for anybody interested in security of supply and critical metal topics. Hatch has extensive experience with the supply chain for rare earth magnets. TMR is a free web site.
The Anchor House Inc	The Anchor House Inc, "Research on Rare Earth Elements", is a blog written by Clint Cox, a private money manager who has developed a strong sideline interest in the rare earth sector during the past four years. His tendency to drill down into the details and be pessimistic about the rare earth sector serves as a useful balance to the sensationalism that can crop up in other media.
Wikipedia on Rare Earths	Curious about the history of these metals with far too many syllables? Wikepedia is a good place to start.
USGS on Rare Earths	The under-funded and neglected US Geological Survey publishes annual and interim overviews of a wide range of metals and industrial minerals.
	Minor Metals Trade Association is a trade group comprised of minor metal producers, processors, traders and end users. The MMTA link produces a periodic table where each minor metal is linked to more detailed information about that metal as well as external resources.
	Rare Metal Blog, although sponsored by rare earth juniors and investor relations firms, and edited in part by representatives of these organizations, offers a balanced range of articles devoted to the rare earth sector.
Strategic Metal Stocks	Strategic Metal Stocks is geared toward companies focused on so-called "strategic metals", which includes pretty much everything outside precious metals and the traditional base metals. SMS aggregates links to online content covering strategic metals and has a dedicated rare earth section. SMS also conducts interviews with independent commentators and representatives of companies that are web site sponsors.
	The Rare Earth Industry and Technology Association is a lobby group whose founding member is Molycorp LLC, the Goldman Sachs, Treibacher and RCF funded entity which acquired the Mountain Pass rare earth project in California from Chevron in 2008. REITA's apparent goals are to educate the public about the supply chain vulnerability that has emerged in the United States with regard to rare earth based technologies thanks to globalization, the process of "offshoring" production into the lowest cost jurisdiction, and to create a community whose membership includes the entire supply chain from rare earth producer to end-user.

Rare Earth related Comments published by KBFO

Thu Jul 15, 2010 : Excerpt : Bottom-Fish Comment: Recommendation Strategy for Ucore Rare Metals Inc (more...) Fri Jul 9, 2010 : Excerpt : Index Member Comment: Greenland Minerals raises $6 million for Kvanefjeld rare earth project (more...) Thu Jul 8, 2010 : Excerpt : Special Interest Comment: Endeavour to acquire rest of Etruscan and secure direct stake in Lofdal ra... (more...) Tue Jul 6, 2010 : Excerpt : Spec Value Hunter Comment: Quest drilling gets underway at Strange Lake (more...) Fri Jun 25, 2010 : Trackers : Tracker 2010-05: Avalon's Nechalacho PFS should be a joy for end users to behold (more...) Wed Jun 16, 2010 : Excerpt : Spec Value Hunter Comment: Avalon publishes new resource estimate that includes zirconium, niobium a... (more...) Wed Jun 9, 2010 : Excerpt : Special Interest Comment: Etruscan plans to float Lofdal rare earth project through an IPO by the en... (more...) Thu Jun 3, 2010 : Excerpt : Index Member Comment: Matamec delivers initial 43-101 resource estimate for Kipawa rare earth projec... (more...) Wed Jun 2, 2010 : Excerpt : Spec Value Hunter Comment: Hudson drilling at Sarfartoq ahead of schedule (more...) Fri May 28, 2010 : Excerpt : Spec Value Hunter Comment: Quest gearing up for major season at Strange Lake (more...) Thu May 27, 2010 : Excerpt : Spec Value Hunter Comment: Rare Element boosts Bear Lodge oxide resource (more...) Thu May 13, 2010 : Excerpt : Spec Value Hunter Comment: Avalon expects Nechalacho prefeasibility study in late June (more...) Wed May 12, 2010 : Excerpt : Spec Value Hunter Comment: Rare Element gets back 100% of Sundance gold project (more...) Thu Apr 22, 2010 : Excerpt : Bottom-Fish Comment: Initial Clay Howells rare earth results disappoint (more...) Mon Apr 19, 2010 : Expresses : Express 2010-02: Rare Earth Crisis coming to a head - goodbye to cheap prices (more...) Tue Apr 13, 2010 : Excerpt : Bottom-Fish Comment: Rare Element closes $8.8 million financing (more...) Wed Apr 7, 2010 : Trackers : Tracker 2010-03: Resource Estimate establishes Strange Lake B Zone as World Class (more...) Tue Mar 30, 2010 : Expresses : Express 2010-01: Understanding why Rare Earths are such a Big Deal (more...) Fri Mar 19, 2010 : Excerpt : Spec Value Hunter Comment: Quest's Strange Lake resource estimate expected by end of March (more...) Thu Mar 11, 2010 : Trackers : Tracker 2010-02: Tasman Metals recommended a Good Relative Spec Value Buy (more...) Thu Mar 4, 2010 : Excerpt : Index Member Comment: Arafura raising A $35 million to complete Nolans bankable feasibility study (more...) Tue Mar 2, 2010 : Excerpt : Spec Value Hunter Comment: Watch out for a post PDAC Hudson price spike that occurs in isolation fro... (more...) Fri Feb 26, 2010 : Excerpt : Index Member Comment: Dacha Capital positions itself to become rare earth speculation vehicle (more...) Thu Feb 25, 2010 : Excerpt : Spec Value Hunter Comment: Hudson gearing up for early resumption of exploration in Greenland (more...) Wed Feb 24, 2010 : Excerpt : Spec Value Hunter Comment: Quest set to clear 4 milestones during the next four months (more...) Wed Feb 10, 2010 : Excerpt : Bottom-Fish Comment: Rare Element awaiting new Bear Lodge resource estimate and Newmont default at S... (more...) Tue Jan 26, 2010 : Excerpt : Bottom-Fish Comment: Artha stakes rare earth prospects in Argentina (more...) Thu Jan 14, 2010 : Excerpt : Index Member Comment: Stans Energy added to Rare Earth Index (more...) Thu Dec 17, 2009 : Excerpt : Index Member Comment: Rare Earth Metals Inc newest addition to KBFO Rare Earth Index (more...) Tue Dec 15, 2009 : Trackers : Tracker 2009-11: Quest's BZone at Strange Lake confirmed as world class rare earth deposit (more...) Mon Dec 7, 2009 : Trackers : Tracker 2009-10: Recommendation Strategy for Ucore Uranium Inc (more...) Wed Dec 2, 2009 : Excerpt : Spec Value Hunter Comment: Quest's Misery Lake is a major new grassroots rare earth discovery (more...) Fri Nov 13, 2009 : Excerpt : Spec Value Hunter Comment: Sarfartoq drill results confirm significant LREE carbonatite system (more...) Fri Oct 9, 2009 : Excerpt : Spec Value Hunter Comment: Quest Uranium announces up to $10 million financing for Strange Lake rare... (more...) Tue Sep 29, 2009 : Excerpt : Index member Comment: Lynas negotiates AUD $450 million underwritten financing and rights offering (more...) Thu Sep 24, 2009 : Excerpt : Index Member Comment: Australia's FIRB Blocks Chinese Acquisition of Majority Interest in Lynas (more...) Wed Sep 23, 2009 : Trackers : Tracker 2009-08: Quest confirms BZone as major new rare earth deposit at Strange Lake (more...) Fri Sep 11, 2009 : Excerpt : Index Member Comment: Great Western cleans up balance sheet through debenture conversion (more...) Thu Sep 10, 2009 : Trackers : Tracker 2009-06: Property Trip sheds light on scale of Quest's Strange Lake rare earth system (more...) Tue Sep 8, 2009 : Trackers : Tracker 2009-05: Hudson's Sarfartoq carbonatite complex emerging as major neodymium enriched rare ea... (more...) Thu Sep 3, 2009 : Excerpt : Spec Value Hunter Comment: Avalon raises $17 million in a heartbeat as Rare Earth Mania grows (more...) Wed Sep 2, 2009 : Bottom-Fish Action : Bottom-Fish Action Report for Aug 16-29, 2009 (more...) Mon Aug 24, 2009 : Excerpt : Special Interest Comment: Neo Materials Expands Processing Expertise Through Acquisition (more...) Wed Aug 19, 2009 : Bottom-Fish Action : Bottom-Fish Action Report for August 2-15, 2009 (more...) Fri Jul 31, 2009 : Excerpt : Bottom-Fish Comment: Avalon reports encouraging metallurgical results for Thor Lake (more...) Fri Jul 31, 2009 : Excerpt : Special Interest Comment: Great Western's HREE prospects attract Toyota's attention (more...) Fri Jul 31, 2009 : Excerpt : Special Interest Comment: Is Neo the One into which all will merge? (more...) Mon Jul 13, 2009 : Excerpt : Bottom-Fish Comment: Newmont finally receives permit for Rare Element's Sundance project (more...) Sat Jul 11, 2009 : Excerpt : Bottom-Fish Comment: Quest completes financing and attracts attention of Original Rare Earth Bug Jim... (more...) Tue Jul 7, 2009 : Excerpt : Special Interest Comment: The good and the bad about Ucore's Bokan Mountain project (more...) Wed Jun 17, 2009 : Excerpt : Bottom-Fish Comment: Rare Element plans drill program at Bear Lodge to recover bulk sample for metal... (more...) Mon Jun 15, 2009 : Excerpt : Bottom-Fish Comment: Iron Ore Company data confirms Quest's sample values from Strange Lake outcrop (more...) Tue May 26, 2009 : Trackers : Tracker 2009-03: What makes Avalon's Thor Lake project special? (more...) Sun May 24, 2009 : Bottom-Fish Action : Bottom-Fish Action Report for May 17-23, 2009 (more...) Tue May 19, 2009 : Excerpt : Bottom-Fish Comment: Recommendation Strategy for Rare Element Resources Ltd (more...) Wed May 13, 2009 : Bottom-Fish Action : Bottom-Fish Action Report for May 3-9, 2009 (more...) Thu May 7, 2009 : Bottom-Fish Action : Bottom-Fish Action Report for April 26 to May 2, 2009 (more...) Thu Apr 30, 2009 : Trackers : Tracker 2009-02: Quest Uranium Corp a bottom-fish buy for exposure to the rare earth sector (more...) Mon Apr 6, 2009 : Bottom-Fish Action : Bottom-Fish Action Report for March 29 to April 4, 2009 (more...) Tue Dec 23, 2008 : Excerpt : Bottom-Fish Comment: Avalon postpones Thor Lake resource estimate until mid January 2009 (more...) Wed Oct 29, 2008 : Excerpt : Spec Value Hunter Comment: Avalon rare earth resource estimate expected mid November (more...) Thu Jan 17, 2008 : Trackers : Tracker 2008-03: Avalon's rare earth enriched horizons at Thor Lake have underground mining potentia... (more...) Tue Jan 8, 2008 : Bottom-Fish Action : Bottom-Fish Action Report for Week Ending January 5, 2008 (more...) Wed Nov 7, 2007 : Trackers : Tracker 2007-14: Is the future of hybrids tied to Avalon's Thor Lake project or vice versa? (more...) Wed Oct 31, 2007 : Excerpt : Recommendation Status Update: Avalon Ventures Ltd (more...) Wed Mar 22, 2006 : Excerpt : Excerpt: Bottom-Fish Action Report - Avalon Ventures (more...) Tue Apr 26, 2005 : Excerpt : Tip of the Day: A new life for Thor Lake as the flagship project of a specialty metals junior (more...)

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