Opinions

Bill Harris, CFA High River Gold Mines HRG-T WEAK BUY Sep 01, 2006

It should trade as an intermediate tier gold company. Would like to make sure the valuation is compelling. What scares him on this is the Russian exposure. Very good quality management.

Bill Harris, CFA

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$2.400

Stock price when the opinion was issued

precious metals

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BUY

Have suffered over the last few months. Announced that costs had increased significantly. Expects the costs to decline as production ramps up. Good entry point. Operating in Russia and Burkina Faso increases their overhead costs.

TRADE

Market is upset with last deal they did with Russian company. Last transaction was very dilutive to the company.

SELL

(Market Call Minute.) Use this as a tax loss sell and move on to more of a senior producer level.

COMMENT

Doesn't know this one really well but in golds, you have to stick with the senior producers. Would not be in exploration companies as there is not enough capital available.

DON'T BUY

Hit the wall in terms of their debt covenants. Ran into lots of problems in terms of their loans that were about to be pulled. A lottery ticket at this point.

BUY

(Market Call Minute.) This stock has been taken out behind the woodshed. Assets are overseas, but it is okay.

COMMENT

Longer-term gold is going to push out to new highs. This is a good way to get exposure to the higher price of gold. Production profile looks pretty good.

HOLD

A producing gold company with a takeover offer of $.30, which he doesn't like. They've solved their short-term financing issues so there is no reason to sell the company.

HOLD

Market has not liked this one but it is now moving up. His point and figure chart shows a potential catapult pattern, which is very important. It could possibly rally back into the $3 area.

BUY

Has been up 2 days in a row. Very encouraging. Likes the volume, but this is difficult to interpret, as it is not a very actively traded stock. Sell if it pulls back to $1.25. $1.50-$1.60 would be a short-term goal and maybe even $2.00 down the road.

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Bill Harris, CFA High River Gold Mines HRG-T WEAK BUY Sep 01, 2006

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