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Doug Casey Goldrock Mines Corp. GRM-X BUY Oct 18, 2006

Largely a play on Argentina. Have a couple of properties that are spectacular. Has gone up 5 to 1 since he got it and could do this again.

Doug Casey

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HOLD

Lindero property in Argentina is a very interesting play. Not the highest grade property at less than 1 gram per ton, but it is quite a large deposit. Would prefer a higher grade, but feels it will be economic. Wait for the drilling to give more information.

BUY

Has a million ounce deposit in Argentina. They are drilling within the scope of what has already been drilled. Not difficult to see 2 million ounces or even 3. Could do even more going into geological areas that haven't been drilled yet.

BUY

Has an interesting gold project in Argentina. If you are looking for development stage projects this is a good one to get into. He is OK with political problems in Argentina.

COMMENT

Have spun out all of their properties with the exception of the Lindero property, which he expects will sell this year. Attracted to Lindero but it is fairly remote and front-end capital costs will be fairly high. Thinks management pays themselves too much.

HOLD

Gold in Argentina. Lindaro deposit is about 1.5 million ounces grading in the order of .6-.7 g per ton. .7 g per ton is calculated at .5 g cut-off, which is the economic cut off. He tries not to get involved where average grade is not double cut-off grade.

BUY

There needs to be more consolidation in the space. This one has had quite a bit of recovery. This has the potential to be taken out at some point. Added to position in the last week.

HOLD

Primarily gold in Argentina. Lindero project has had a feasibility study and is basically ready to go into production. Great management. Looking for new projects.

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Doug Casey Goldrock Mines Corp. GRM-X BUY Oct 18, 2006

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