Daily Stock Opinions and Ratings

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Paul VanEedenQueenstake Resources (merged to Yukon-Nevada Gold)QRL.TODON'T BUYApr 29, 2005

One of the few gold mining companies with true leverage to the US$. Their only operation is the Jarret Canyon mine in Nevada. The bad news is that they seem to be spinning in mud, i.e. the cash flow they are generating through their operations is going right back into resource development, exploration and sustaining capital costs. Operating costs are rising when they should be falling and cash flow is falling when it should be rising.

Paul VanEeden

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DON'T BUY

Busy with a merger. Believes cost structure is problematic.

DON'T BUY

Merging with YGC Resources (YGC-T), which has an interesting exploration project in the Yukon. They're old mine in Nevada has been very troubled and expect it will be shut once the merger is completed.

SELL

You could see quite a bit of value coming out of this, but it may take some time. Had a lot of operating difficulties with their Jarret Canyon mine and haven't been able to generate enough cash to fund exploration. Cutting back considerably on production and will be cash flow neutral at best.

HOLD

Merging with YGC Resources (YGC-T). This has been a very disappointing stock. They couldn't operate their mine successfully. Great land package. Wouldn't buy at this time until you see what happens.

DON'T BUY

Has a lot of problems. Working on the Jarret canyon deposit, which is a complex of deposits in Nevada. Trying to reduce cash costs, but it has gone up to $640 and ounce.

DON'T BUY

Has been an enormous disappointment. A high cost mine and they cannot operate profitably in the current gold price. Dead money unless gold shoots up.

DON'T BUY

There are so many other stocks available. Have had a series of problems. Has not performed well.

BUY

Owns 20% of company. They have had decent results. Believes that gold will go higher. He has no intention of selling the stock and believes that it go to $1.00.

DON'T BUY

Operates a gold mine in Nevada and if there is a decline in the US$, this company will give you leverage. Their negative is that they have a very hungry mill with limited gold to feed it with.

WAIT

A difficult mine. With costs going up as much as they have, gold price has not kept pace. Will need $850 gold for it to start moving.

DON'T BUY

Only has a 4/5 year mine life. You can make a case that at this gold price it could pay you back your original investment and give a marginal return on it. That's not enough to get the gold industry excited.

DON'T BUY

The only thing that will get this company going is a higher gold price or they get some good quarters under their belt. It will likely languish until they return to a higher profitability.

BUY

The stock to own if his much higher gold price prediction is correct. Producing a lot of ounces and are a fairly high cost operation in Nevada. They'll make a lot of money in higher gold prices.

BUY

Bought a fairly large mine which has a hungry mill. Keeping feed in front of it has been a problem. Newmount made an agreement to truck ore to the mill. This gives them a lot more flexibility. Prefers exploration companies instead.

BUY

Newmont Mining (NMC-T) has come in which is very positive in that it will help with their milling costs. Feels they will move into a positive cash flow basis. Also, they now have money to explore.

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Paul VanEedenQueenstake Resources (merged to Yukon-Nevada Gold)QRL.TODON'T BUYApr 29, 2005

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