Very big gold resource and reserve in Egypt. About 13 million ounces and the finding costs are very low. Going into production and stock price is reflecting this. Good management. May be slightly ahead of itself but at $1000 gold it may be OK value.

Natural gas. Bullish on gas. Production has been falling by about 30% from existing wells and there is not much drilling because of the low price. Price could double or triple in 1 or 2 years and some stocks are starting to reflect this. Likes low cost gas such as in the Montney. Likes and owns Orleans Energy (OEX-T), Monterey Exploration (MXL-T), Fairborne Energy (FEL-T), Vero Energy (VRO-T) and Insignia Energy (ISN-T).

Big copper project in Peru. About 3 years away from production. Coming out with a feasibility study within the next month. Could be a takeover target.

Big copper project in Peru. About 3 years away from production. Just came out of a proxy battle, which management won but got the message to try and realize full value and sell the Lundin’s Group 18%. Need $600 million and are very dependent on the price of copper.

Small-cap tech stocks. There are a lot of good things to buy and it is very bottom-up driven. He owns Mosaid (MSD-T), CGI (?) and Wi-Lan (WIN-T).

In the old days it was a hearing aid company that did very well. Now they have semiconductor products for video and data com markets. Have been hard hit as a mini semiconductor company and earnings are way down. Good balance sheet and the business is stabilizing.

2-way wireless radios. Wireless Wave is there large retail division and they also sell to Costco. Doing extremely well because of the iPhone, smart phone, Blackberries. Trades at a single digit PE multiple. 2.5% yield. Could be a takeover.

Colombian and Brazilian oil producer at about 2000 barrels a day. Should triple that in about 6 months. Very low valuation relative to NAV. Less than 3X next year's cash flow. Have 10% interest in a big heavy oil discovery with the other 90% owned by Chinese.

General and electrical contractor in western Canada. Have about $5 a share in cash and are earning about $1 a share. Lowell multiple of 8 or 9 times. Can make highly accretive acquisitions with their cash. Primarily institutional work, which means many government and municipal works. Infrastructure spending will benefit them.

Have been signing more and more patent licensees. Very good management. Cheap stock.

Highly prospective and very large vanadium resource in Brazil. Likes the company but they are going to have to raise a fair amount of money through equity and debt. Tough market for mining exploration and development. Vanadium prices are very strong and thinks it will stay that way. Very modestly valued. Could be a takeover prospect.

Like most small cap gold stocks it has under performed pretty significantly. In the US, which is good. Had a production shortfall, which they are improving in the 3rd quarter. Low grade and one mine company but he likes it. Very experienced management. Traits that very little multiples.

Natural gas. Was trading at 4 or 5 times current cash flow and then they had the very prospective Nordegg resource play and recently had excellent results from the first horizontal well. Stock went up about 20%. This well alone has the prospects of being worth the current stock price. Trading at about 5.5X current cash flow.

A steady grower through the drill bit. Has done extremely well during high and low gas prices.

In the gas shale play in Quebec with Talisman (TLM-T) and Forest Oil (FST-N). Huge potential upside but not much downside protection.