Norman Levine AuEx Ventures XAU-T DON'T BUY Mar 27, 2008

Invests in very small, grass roots, early stage exploration businesses with low probability of success. Doesn't buy because of a particular project, but because of management with technical competence and business acumen. His 3 top picks have the best management that he knows of.

(A Top Pick Sept 19/06. Up 19.8%.) Made a good discovery in Long Canyon Nevada. One to keep an eye on.

Great company. Market cap of about $110 million with about $20 million banked post this current financing. Discovered a new Carlin Style (?) system in eastern Nevada and have proven up measured indicator 800,000 ounces. His calculations indicate it is worth $2.90 a share. Currently trading at fair value but the upside exploration potential downtrend is enormous. Has not been drilled in depth so could potentially become a major district.

(A Top Pick May 29/09. No change.) Still likes it and is worth picking up on bad days. A deposit in Nevada and have just got the go-ahead to start drilling. Potentially could be onto something very significant.

(A Top Pick May 29/09. Up 6.6%.) Very intelligently run company. The game plan is to generate ideas/geologic targets and bring a major company in to do the hard, expensive work. Made a discovery of a very nice deposit in Long Canyon Nevada and hold 49% with Frontier being a joint partner.