Queenstake Resources (merged to Yukon-Nevada…

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

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TRADE

Has disappointed 3/4 quarters in a row. Hopefully the company will do what they say they can do. Think of this stock as a warrant on higher gold prices.

DON'T BUY

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.

DON'T BUY

Has decent management. Too many shares outstanding. Would like to see them restructure.

DON'T BUY

Have a lot of cost pressures which are increasing. This is worrying. Tends to avoid mines that have high costs as it is hard to tell where gold is going.

WEAK BUY

Has spent considerable time looking over this one and it shows up incredibly inexpensive. There are 2 types of resource companies. Long life companies which are low cost (which he likes) and a 3/4 year reserve life. This one is the latter with a 3 year reserve life. Great technical team managing it.

DON'T BUY

This is a good example of how risky some of the juniors are.

WATCH

Currently the bane of his existance. Have apparently run out of money. CEO had heart attack and resigned. Replacement guy might just as competent (!?) if not more so. Are attemptting refinancing. If gold goes up $100 in the next year (he expects it to) this company could be seen in a totally different light.

DON'T BUY

Small company controls large deposit. Need to keep exploring to keep producing. Likes the management team (knows them), however would not buy the stock.

DON'T BUY

New management team in quite an old mine. Only about 4 years of mine left and then they will have to go find more gold. Thinks they will. Prefers companies with low cost operation and long reserve life.

DON'T BUY

Has a high profile because a well known money manager has spoken often about it. Anytime it got over $0.50, he felt it was fairly priced. A lot of shares outstanding. Not among the top tiered undervalued stocks.

SELL

In 2003 started at $0.20, ran all the way up to $1 and since then, it's been trending down. The new low suggests that the downtrend is not quite finished.

DON'T BUY

Not particularily interested in the junior golds.

HOLD

Bought a mine several months ago and planned on getting costs down and production up, but hasn't worked out yet. At this price, don't sell. On any rebound to the $0.65/0.70 level, get out.

BUY

This companies problem is the repacement of their gold reserves and resources. They spent a lot of capital in 2004 in development of resources, so their financial performance was poor. Good news is they are probably the only company operating in the US that gives direct leverage to the devaluation of the dollar.

BUY

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