AltiusMinerals Corp (ALS.TO)

Less risky than a lot of things he does. What makes it less risky is that the management of the company has evolved to a incorporate a lot of merchant banking type of deal. As an example they have purchased 10% of the outstanding NSR smelting deal of Voisey's Bay deposit. Their purchase price of that was probably in the order of $10 million. One could argue that that is worth three to five times what they paid for it right now. They acquired by staking a project in Labrador that they turned into a joint venture with Frontier Minerals. He believes that Altius’ cost in that was a few hundred thousand dollars, maybe $500,000. One could argue that on a market comparable basis that project today could be somewhere in the neighbourhood of $100-$200000000. He considers this has stock he will hold for a long term. His believes is that if you find a management team like this, you have an investment in a company like that, something it is probably the biggest mistake you are going to make.

One of my largest positions. Company I intend to hold for a long time. Very young but very dynamic management team. Biggest risk in this stock is boredom. This stock WILL eventually make you money.

Likes the management. Have not yet made a significant discovery, but have put almost $100 million on the balance sheet in assets that the now control.

Likes management and their strict adherence to a very intelligent business model. They use their own intellectual capital to generate exploration/geological ideas and then they get other companies to fund the development of those ideas, so the biggest risk, exploration, is carried by others and they retain an equity interest in the projects.

(A Top Pick Oct 1/04. Up 5%.) One of his largest positions. Still likes. Very astute management team.

Management team focuses on joint ventures reducing their risks. Have a vast holding in Central Labrador of uranium projects.