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Robert Cohen B.A.Sc., MBA, CFA Queenstake Resources (merged to Yukon-Nevada Gold) QRL-T DON'T BUY Apr 20, 2007

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.

Robert Cohen B.A.Sc., MBA, CFA

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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

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.

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

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

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

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.

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.

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.

DON'T BUY

Busy with a merger. Believes cost structure is problematic.

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Robert Cohen B.A.Sc., MBA, CFA Queenstake Resources (merged to Yukon-Nevada Gold) QRL-T DON'T BUY Apr 20, 2007

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