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Jean-Francois Tardif Western Prospector Group WNP-X TOP PICK Nov 16, 2006

Very attractive risk/reward. There is a lot of risk because of a current lawsuit by an individual who claims to own the project they are working on. Mongolia had also imposed some special laws regarding taxes. Feels a Mongolian story will be OK as two other major companies are now investing in Mongolia.

Jean-Francois Tardif

Owned

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$4.250

Stock price when the opinion was issued

precious metals

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HOLD

This company is uranium based. Recently the company was hit by a lawsuit. It could be a year before it is resolved. Hold if you own. I

TOP PICK

Uranium company in Mongolia. Very risky as the government tends to make new tax laws. Rio Tinto (RTP-N) just bought 2 Mongolian projects from Ivanhoe Mines (IVN-T) indicating they're confident this will change. Very cheap.

PAST TOP PICK

(A Top Pick Oct 26/06. Up 34%.) Uranium play in Mongolia. Got hammered in 2006 because of Mongolia and a lawsuit. If you are willing to take the risks, it is one of the cheapest stocks you can buy.

PAST TOP PICK

(A Top Pick Oct 26/06. Up 54.8%.) Has trimmed his holdings, but is still part of a basket of uranium stocks he has. The risk is operating in Mongolia.

BUY

Uranium assets in Mongolia and next-door to Khan Resources (KRI-T). Likes both companies. Estimates they have at least 50 million lbs. Just a question of time for the assets to be produced. There is a lawsuit involved.

WATCH

Asset is located in Mongolia. Russian government had developed the properties, but with low uranium prices, they walked away from the project. Basically, they just have to dewater the workings. Resource is about 55 million lbs. Good grade assets. Capital costs are fairly low. The problem is Mongolia. Waiting to see what happens with Ivanhoe (IVN-T).

PAST TOP PICK

(A top pick Oct 26/06. Down 33%) Based in Mongolia, situation very complicated. Political problems scarred investors. Unpredictable.

BUY

Uranium. Good price. Recommends you keep a basket of them.

DON'T BUY

Both Khan Resources (KRI-T) and Western Prospector (WNP-X) have some nice projects, but there is a lot of political risk in Mongolia. In the past, it has been known to expropriate properties, levy higher taxes, etc.

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Jean-Francois Tardif Western Prospector Group WNP-X TOP PICK Nov 16, 2006

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