Robert Cohen B.A.Sc., MBA, CFA Viceroy Exploration Ltd. VYE-T PAST TOP PICK Jul 31, 2006

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.

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.