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Andrew Cook Phoscan Chemical Corp. FOS-T BUY May 29, 2008

Phosphate deposit in northern Ontario. Will benefit from the high price of fertilizer.

Andrew Cook

Owned

Unlock Rating

$1.950

Stock price when the opinion was issued

other mines

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PAST TOP PICK

(A Top Pick May 2/08. Down 78%. Stoploss of $1.50 so he would have been down 14.3% instead.)

TOP PICK

$74 million in the bank and $74 million market cap. Very smart savvy management that is focused on earnings and growth. Good phosphate deposit but have put it on hold recognizing that now is not the time for production. Buying for the cash and management ability.

PAST TOP PICK

(A Top Pick May 29/09. Down 24%.) Sort of a hedge bet in his portfolio. Selling for less than cash. They can take advantage of distressed situations. Would accumulate.

TOP PICK

(Gone up too high for a Buy so wait for it to pull back to $.40 or below.) $70 million in cash, about $.41 a share. Smart management that is focused on acquiring assets that generate bottom-line income and growth.

PAST TOP PICK

(A Top Pick May 29/09. Down 14.6%.) Have a phosphate deposits and raised a large sum when the phosphate market was hot but everything collapsed last year. Sitting on about $70 million with a market cap less than this. Won't develop the phosphate deposit until conditions are right.

PAST TOP PICK

(Top Pick Jan 7/07, Down 4.4%) A cash company, phosphate deposit that is not economic yet. Perhaps a rare earth development coming but he would not buy it for this.

BUY

Phosphate deposit but also have some rare earths. Caught up in the assay backlog. It should work. Probably have about $0.38 a share in cash.

WAIT

Appears to be very valuable but it will take a lot of capital to bring it into production. Doesn’t see commodity prices coming back for 12-18 months and they will need it. Over 5 years they could be a 10 bagger if it works out.

TOP PICK

Selling for 60 cents on the dollar. This will probably be the year when the deals come to the cash and this one should prosper. This much cash will attract a deal.

PAST TOP PICK

(Top Pick Mar 2/15, Down 19.64%) He bought because it was full of cash and felt they would do better than they did with that cash. He was gambling they would do something smart with their cash.

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Andrew Cook Phoscan Chemical Corp. FOS-T BUY May 29, 2008

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