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Dennis da Silva Canaco Resources CAN-X BUY Dec 15, 2011

Gold explorer/developer in Tanzania. One of the best performers in 2010 but a poor performer this year. A lot of this has to do with the risk trade coming off, especially for explorers. Very good asset. Key catalyst is probably coming in the 1st quarter of 2012 when there is a resource update when he expects they will be in the 2-3 million ounce range. In the 2nd quarter he is looking for a prefeasibility study.

Dennis da Silva

Owned

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$1.110

Stock price when the opinion was issued

precious metals

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HOLD

There has been a great little rally in the Junior and mid-cap gold sector over the last 2 months.

WAIT

Great exploration story over the last couple of years. Recently a couple of groups have show ownership of nuisance claims. Company is dealing with them. Thinks they will get resolution by the next quarter.

BUY ON WEAKNESS

Announced 2 or 3 days ago that on lands they have in Ethiopia, they have a poly metallic high-grade deposit.

COMMENT

Have done very well buy is becoming a pretty steep valuation. Real interesting discovery in Tanzania. Has yet to go through it section by section and tie it together into a body that can be mined economically. Also have a discovery in Ethiopia that could add a lot of value but he hasn’t seen enough data to comment on it.

TOP PICK

Gold exploration/developer in Tanzania. $1 billion market cap and he is looking for its initial resource by year end of several million ounces. Significant potential.

COMMENT

Just broke its 200 day moving average. Could see support come in at the $3.40 level but could even go to $2. On smaller players, you have to expect a lot more volatility. If you see some volume come in around here, you might want to take a partial position.

STRONG BUY

Only problem is that you can’t drill it fast enough. Drill results continue to be outstanding. Problem is general market conditions. Especially at this level they are a buy. Tanzania.

SELL

Tough one. Has done really well. Raised a lot of money. In his letter he says to sell the stock.

COMMENT

This is trading at discount to cash now. Market had been expecting them to come out with a resource and when they did, the resource was a lot smaller, a lot lower grade and the management team has lost credibility.

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Dennis da Silva Canaco Resources CAN-X BUY Dec 15, 2011

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