Opinions

Scott Morrison Hillsborough Resources Limited HLB-T WEAK BUY Jan 14, 2005

Still in a developmental stage and their fund likes proven assets. Exposed to metallurgical coal and acquiring assets. Okay for a riskier investment.

Scott Morrison

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$1.860

Stock price when the opinion was issued

non-base metal mining

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TRADE

On their watch list. Have been signing some good deals. Seem to be pulling it together.

BUY

Coal prices have increased substantially and if they stay where they are, coal stocks should do very well.

HOLD

Just signed a Letter of Intent to acquire substantial coal interests in Northeast British Columbia consisting of coking, PCI and thermal coal. The stock took a pop on the news.

DON'T BUY

In the US, almost 50% of energy comes from coal, so coal is a big industry. Doesn't see the use of coal going down. This one is a very small operation operating out of B.C. Doesn't see a lot of potential expansion in B.C. nor much upside. Made a US acquisition. Prefers others.

BUY

Has had a pretty good run. Would put it in with a basket of coal stocks. A cheap coal company. Doesn't own at present and will let it consolidate and then have another look at it.

DON'T BUY

Not a contrarian play, so doesn't excite him. Company did a wonderful turn around. Not interested, but often companies do keep on moving. Could be a momentum play.

WATCH

Had formed a base in 2004 and spiked in January, followed by a decline which was broken in May. Struggling at this point and may test the decline line. Will be a lot of need for coal going forward.

DON'T BUY

Involved in coal mining. He has many coal companies, but this one has not made the top list. Prefers others.

HOLD

This is a winner from the coal group. One of the few junior stocks that is seeing any upside.

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Scott Morrison Hillsborough Resources Limited HLB-T WEAK BUY Jan 14, 2005

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