Peter Hodson Scandinavian Minerals SGL-T(Dead) HOLD Sep 20, 2007

Have a nice asset. Could put it in production with a very small capital expenditure. Management owns 20% of the Company. Very cheap.

Only has $100 million market cap. Have to raise $120 million to get their nickel mine into production in 2009. Not widely followed. At current nickel prices, they are trading at less than 1 X earnings.

A very simple nickel mine in Scandinavia. Not in production yet and are getting their permits now. They will produce in 2010. Very cheap.

Has a nickel deposit in Scandinavia, a very attractive project. It will be difficult to receive the financing they require. Don’t want exposure in base metals. Very cheap. Stock wont go anywhere.