(A Top Pick March 4/15. Down 12.73%.) Nice deposit in Northern Ireland. A high grade narrow vein deposit. In all categories, they have got something in the order of 3 million ounces, close to 9 g. Right now they are going through a big program where they are infill drilling to bring the confidence in this resource up to a more mineable level. As part of that they are going to do some underground bulk sampling, which will give it a much better feel for what the dilution is going to be. They will be doing a feasibility. Still likes this.

(A Top Pick March 4/15. Up 12.86%.) Have a fantastic discovery in Turkey. This is an “A” listed company. It’s a great deposit. They are a 30% partner with a Turkish company who is running the show, and will be developing it. He sold his holdings because he could see limits going on and was having too much trouble with the “A” listing. He is waiting to see how they restructure the company. If they spin out the Hot Maden property into a separate vehicle listed in Toronto, he would be very interested.

(A Top Pick March 4/15. Up 20.2%.) Run by probably one of the top 5 exploration guys that he has ever worked with. Just did a joint venture in Argentina with Anglo Gold, which is adjacent to a deposit where Anglo Gold Mining has produced 3 million ounces. He thinks the veins run onto their ground.

Their silver deposit in Guatemala is one of the best deposits out there. Took out 2 companies in Peru, so got into the gold business. Their Rialta deposit is good, and are building the 2^nd one, which he feels is going to work out as well. (Joe Mazumdar) They then bought Lakeshore, which is an underground deposit, with a lot of capacity with respect to the plant and a lot of upside with respect to exploration. Tahoe provides the cash flow to develop that faster and organically, which is really the big boost for that district.

Silver. Much more volatile than gold, and we haven’t seen it jump yet. The reason is that we haven’t seen the wing nuts and tin hat guys jump in yet.

A small mining company in Ecuador. Have some high grade veins, but he hasn’t seen it work that well yet. Hasn’t been there for 3 years, so doesn’t follow it closely.

Really an option play on the resources in the ground for copper and gold. Are they going to get permit and are they going to get built? His suspicion is that the answer would be No. There is also a legal battle with the EPA.

Has a silver discovery in the Durango area of Mexico. It is a joint venture with Orex (REX-X) earning in. They are carried for 35% once Orex has earned in. A very interesting project. They drilled into an alteration zone and hit good mineralization which is fairly consistent and looks like it is averaging 2-250 g silver over this zone which is right now 350 m. The key to this is that it seems to be closing off to the south, and the northwest is open. Southwest is really intriguing because it goes under a hill which could get into something quite significant. He would be watching what the drill holes look like stepping off to the south-south west.

Thinks the large gold deposit in Brazil works and that it is a decent deposit. The people running it know what they are doing. There have been some issues with the local natives. If they can get their final mining permit, this is a good project and is something worth owning.

Not going to be a take out candidate. This is a disaster. The mineralization is very erratically distributed in structures. Even within those structures, the gold mineralization itself is very erratically distributed. It is difficult to put together any continuity for a mine plan. He thinks they are going to stay broke.

Made a discovery in the Yukon, the Coffee deposit. It is a high grade deposit relative to other heap/leach deposits. A very robust deposit with about a 40% IRR. At some point, he expects another company is going to come in and buy this.

Mining. We are getting closer to the end of the bust in the sector. We went through a 10+ year super bull market in commodities and a lot of excesses were built up with excess money being thrown in and it was time to start getting rid of that. Thinks we are nearing the end now, but we’ll still be dragged along for a while. The mining cycle has always been boom and bust. When we come out, it will look even better. The sector is down 50%-80%, depending on which index you look at. Because of this, things are a lot cheaper, but that doesn’t mean everything is worth buying. There are a few good projects and companies out there worth buying. He is focusing on identifying very competent people that understand what a real economic project looks like early on, and trying to get in with those groups on the discovery/pre-discovery stage. We are producing more metal than what we are finding and it is taking so much longer to find these projects and they are so much more expensive to bring them into production.

A large gold deposit in Brazil. Have redone the feasibility study, so it is a much smaller staged project. It has an $80 million market cap and will need to raise in excess of $300 million. That is the issue they are going to face. This is something that a major could buy. What they need to deal with right now is getting their final construction permit, which has been a hassle all along. Until they get it, he wouldn’t buy this.

One of the few good projects out there, that offers a relatively low CapX to build. A high grade oxide deposit, which is a heap leach process that he had real concerns with initially that far north. He went through this with their technical expert in a lot of detail, and it will leach. Infrastructure is a bit of an issue, but he thinks it can be dealt with. A good project and something you can accumulate at this price.

One of the best positioned companies in the Athabascan Basin, and a takeover target by somebody. He likes it. Long-term, uranium looks like a good space to be in. They have the resources and the deposits, and it is a smart group.