Elgin Mining Inc. (ELG.TO)

(A Top Pick Aug 27/08. Down 71.43%.) Coal companies had a huge run-up last year and then fell apart. Announced some strategic reviews going forward. Other coal companies have done very well but this has been left behind but gives you some potential if people start noticing. Hold.

(Market Call Minute.) Coal price is down and probably going lower.

Trading below cash of $.50. Waiting for some permits. Also trying to open up some contracts and renegotiate with some of the utility companies. Ultimately it will turn around and get better prices. There may be a lot of trading activity over the year-end but doesn't expect it to change dramatically from here.

Has $.38 per share in cash. His calculations show they can cash flow $110 million in 2010. You’re getting the whole company for their 2-year out cash flow. A lot of takeover activity in the coal space. Utilities are desperate for coal right now. They have to cautiously renegotiate contracts.