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Jean-Francois Tardif Khan Resources Inc. KRI-T HOLD Oct 17, 2008

(Market Call Minute.) Uranium in Mongolia so it is a Hold at best.

Jean-Francois Tardif

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Stock price when the opinion was issued

non-base metal mining

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BUY

(Market Call Minute.) A long-term Buy but there is political volatility here.

DON'T BUY

Thinks the asset is great but it is totally in the wrong country. He has given up on Mongolia.

PAST TOP PICK

(A Top Pick Apr 11/07. Down 75.4%.) As uranium started to come off, hedge funds dropped out. Sold at a loss of 30%. Wait until there is some directional movement in uranium prices, which could be 2009/2010.

BUY

Uranium. Good price. Recommends you keep a basket of them.

HOLD

(Market Call Minute.) A small uranium play in Mongolia that is going to have production but the small cap aspect makes it tough in this market.

DON'T BUY

Both Khan Resources (KRI-T) and Western Prospector (WNP-X) have some nice projects, but there is a lot of political risk in Mongolia. In the past, it has been known to expropriate properties, levy higher taxes, etc.

COMMENT

There are only 5 or 6 uranium stocks that he likes. He owns Khan Resources (KRI-T), Tournigan Gold (TVC-X), Uranerz Energy (URZ-T). Because it is in Mongolia there are political risks.

COMMENT

Uranium stock in Mongolia. The stock has done very poorly. Political problems but they have a real uranium asset, such as 40 million pounds. Waiting for the government to allow it to produce.

COMMENT

Very bullish on the Mongolian assets of this company. It's a proven resource. The issue is the government and if they are anywhere reasonable in the terms of splitting the pot, this is extremely undervalued.

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Jean-Francois Tardif Khan Resources Inc. KRI-T HOLD Oct 17, 2008

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