Daily Stock Opinions and Ratings

Opinions

Lawrence Roulston Exeter Resource Corp. XRC-T BUY Apr 30, 2008

Kabichi in Chile looks to be an enormous gold/copper system. Still early-stage. Grade looks very attractive. Needs a lot more drilling, but at this stage it is very attractive. Also have projects in Argentina, which also look very attractive. Price is down from its peak but has the potential to bounce back.

Lawrence Roulston

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COMMENT

Chilean and Argentinean assets. People like the “large assets in the ground” in Chile with the potential to be acquired but it is probably a high CapX project. Sees a lot more upside in the high-grade drilling in the Argentinean play. Should appreciate with the gold price. Use a basket approach for small caps to mitigate risks.

DON'T BUY

2 main deposits, Chile and Argentina. 20 million ounce gold equivalent in the Chilean copper/gold system. Now comes the hard part, the metallurgical studies. Argentinean deposit is small but very high-grade. Would wait for more definite results.

BUY

Great company. Caspiche is a 19 million ounce low-grade deposit in Chile and Cerro Moro, a very high-grade resource in Argentina, which he likes more. They will be getting good cash flow in the future.

BUY

Sprott owns about 10% of the company. Have about 30 million ounce (?) gold deposit in Chile, a lower grade deposit, but they also have copper. Going to spin out their higher grade Argentinean deposit. Really likes the story.

DON'T BUY

Junior gold company based in Chile. The challenge is that the resource is high up in the mountains. There are better junior golds out there. (Has a Short position.) (See Top Picks.)

WAIT

Done an excellent job of finding this deposit. Relatively low grade deposit. Grade is not such that there is a fast payback. Doesn’t think a major will buy them. It is not at the stage that he would own the stock.

DON'T BUY

Used to be a really big fan and then they spun off part of the business and they stopped growing. They are in a bit of a difficult situation where they need a lot of capital to get this project up and ruining.

COMMENT

Likes the management but he sees this as a large, low grade deposit but it is really an optionality call on gold. His company looks for large and capital efficiency.

DON'T BUY

Known people for 20 years. Low grade deposit and not capital efficient. Doesn’t believe it can be built this cycle.

COMMENT

A very large, low grade deposit in Chile. It requires high capital expense.

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Lawrence Roulston Exeter Resource Corp. XRC-T BUY Apr 30, 2008

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