Robert Cohen B.A.Sc., MBA, CFA Viceroy Exploration Ltd. VYE-T TOP PICK Jan 11, 2006

Advancing toward final feasibility in their Argentina project. Have a 2 million ounce resource on three different distinct zones. Good cash flow at $41 million a year at these prices. Cheap stock.

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

Owned

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$5.750

Stock price when the opinion was issued

precious metals

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Have a couple of pretty good-looking properties and have been seeing some pretty good results so far. No production. Cash in the Bank. We'll have to do more drilling. A stock to be held in a basket with other similar holdings. Higher risk.

PAST TOP PICK

(A Top Pick Jan 11/06. Up 48%.) Should still go a lot higher.

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Robert Cohen B.A.Sc., MBA, CFA Viceroy Exploration Ltd. VYE-T TOP PICK Jan 11, 2006

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Viceroy Exploration Ltd.(VYE-T)

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