Alice Tsang Cline Mining Corp. CMK-T WEAK BUY Nov 23, 2012

In the meteorological and terminal coal business in the US. Nat Gas is more affordable. Wait for a major to come in and scoop up the property and take it into production. Double from here if they get taken out. Need at least a year for coal prices to recover.

Have basically disappointed investors in bringing their production on line for the last 2 years. Finally they were able to make progress but with current metallurgical prices, it is not economic so management shut down the mine. Pretty much dead money.

(Market Call Minute.) This is a “maybe” because it has been hit hard with some management issues so it might be a good takeout candidate. Because it is coal, it is not a Buy.

Coal. Have never signed any deals to sell their coal and get it into production. Have a ton of debt on the balance sheet. Production costs are much higher than the price of coal.

Has been Short this for more than 2 years. Without a major financial restructuring you would not want to be involved here.

Stock bounced quite hard at the bottom. If you own, take some profits at this point. Still have some struggles on offset agreements with customers. Currently have a mine running but will need to refinance at some point. If they can not get customer contracts, she doesn’t feel the stock will go anywhere.