Michael Smedley Forsys Metals FSY-T WAIT Mar 23, 2007

Will be moving more towards looking for uranium. Would hope for a pullback.

Michael Smedley

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$10.200

Stock price when the opinion was issued

other mines

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DON'T BUY

Uranium play in Namibia. They will have high costs, but as the price of uranium goes up, it could grow. It will take years and years. Because of its recent run, he wouldn't buy at this time.

COMMENT

Uranium. Properties in Namibia with some great results. Looks like it will go forward as a project. Doesn’t know enough to recommend.

BUY ON WEAKNESS

Just increased their uranium reserves to about 34 million pounds. In Namibia. Could be a takeover target. A little bit ahead of itself on valuation.

HOLD

(Market Call Minute.) A disappointing stock. Their costs are too high.

BUY

Has a project in Namibia, which is a little higher cost than he would like. Should come on stream over time. There is some insider buying. This country has been pro-uranium for over 10 years.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.)

DON'T BUY

Been a good pick up in uranium prices over the last couple of weeks. Speculative situation because it may be being bought.

DON'T BUY

Being acquired at $7 but because of the lower stock price, market indicates the deal is not going to close. Doesn't see this as a good way of making a quick buck. You are trying to beat the pros at a game that they are very, very good at.

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Michael Smedley Forsys Metals FSY-T WAIT Mar 23, 2007

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