Queenstake Resources (merged to Yukon-Nevada…

Queenstake Resources (merged to Yukon-Nevada Gold) (QRL.TO)

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BUY

Just announced that Newmont(NMC-T) just did a private placement of about 4.9% of the outstanding shares of this company. With warrants, they'll own about 8.5% of this company. This is a very significant transaction. It will dramatically reduce their operating costs. If you want leverage to the US$, it's a buy.

DON'T BUY

The increase in this stock is basically because of the increase in the price of gold. There is still a question as to whether they can turn around the Jarret mine to be a profit making project.

DON'T BUY

Queenstake could possibly be a very significant player. We are seeing volatility and liquidity evolving in the mid-tier market. They have an operating gold mine in Nevada so if we have a decline in the US$, an increase in the US gold price than the operating margins for them should go up dramatically. They have suffered a little bit because they have a very high operating cost and they don't have a lot of ounces ahead of the mill so they're having a tough time keeping a hungry mill satisfied. That has impacted the operations and negatively impacted the share price. If we see a dramatic increase in the gold price this should have dramatic increases in Queenstake share valuation. But, he would really like to see them address the issue of reserves that are lying ahead of the mill. An increase in reserves and resources would do magnificent wonders for the stock.

DON'T BUY

It was one of those assets that was tired but management felt that they could turn it around. They have continually struggled. The asset quality isn't great, but in a rising market it should move up. Prefers others with better quality.

DON'T BUY

Has gone sideways. Would have thought that it had higher leverage to good gold prices. They seem to have messed it up, changed managers and never seem to get it right.

DON'T BUY

A couple of years ago, when they were doing a financing, they said that they had so much gold that they would never have to do another financing. Yet they keep on doing financing. That puts them in the penalty box and he doesn't want to look at them any more.

BUY

The cost of doing business has gone up dramatically, faster than the gold price has gone up. Good management. Cut back expenses and will be profitable in 2006 at current gold prices.

DON'T BUY

Redevelopment plan seems to be showing improvement with production and costs, but there are so many more interesting plays.

BUY

(Owns over 10% of the company.) With gold price of $450 or less, to produce gold, is consuming capital at an alarming rate. In the last few years, they let development slide, so have to catch up with development to get to the scopes to get the production they need. New management. Believes in management and the mine, but need a better gold price.

SELL

One of the worst companies out there. Probably time for them to raise more money because they continue to raise money. Production is not going as well and their costs are higher, they've diluted shareholders no end.

WEAK BUY

Not a gold bug. Doesn't see $500/600 gold. If you are a gold bug you have to be negative on the US$ and probably, on the short term, that the US deficit is going to cause problems. This company is having their own particular problems and because they're high cost, they're great leverage, so if you are a gold bug, it's cheap.

STRONG BUY

Will do well when the gold price moves materially higher. Can produce 300,000 ounces for the forseeable future. Exploration is going well at several sites. An outstanding leveraged play for a higher gold price. Good management.

DON'T BUY

Its future is very uncertain because they had operational problems at Jarrett Canyon. Don't have a lot of flexibility in terms of mine development. Costs have been rising squeezing out any margins. However any significant decline in the US$ will give them some breathing room.

BUY

Made a positive change in management. Their main problem has been the stagnant gold price. It's a high cost and difficult mine. Have enough money to handle the next 2 years. Have a terrific exploration play.

HOLD

Good people. Jarret Mine is a decent project. Have to get more money into the company in order to reduce the number of outstanding shares. Speculative.

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Queenstake Resources (merged to Yukon-Nevada Gold) (QRL.TO)