On Gold Stocks:

COMMITTEE BAY RESOURCES (CVE:CBR): JV with local Australian company..19 million tones grading around 2-3g/ton..production 2008 cash flowing about $10 million/year..market capitalization of only $27 million..market has not much appreciation for Nunevat assets..very expensive to get in there and drill but we think long-term this company has significant potential..conservatively pricing only Australian asset and not Nunevat at all can give price of $1.50..we do own it in our funds

REUNION GOLD (CVE:RGD): $130 fully-diluted market cap..three types of geology mixed in one project..several targets identified..geology looks like Cambior's Guyana mine..expect 2-4 million ounces fairly low grade around 2g/ton..stock can easily triple given geology..still classify as one of my top picks

PALMAREJO GOLD CORP (CVE:PJO): recommended before..large silver deposit in Mexico..same belt as ALAMOS GOLD (TSE:AGI) and GOLDCORP (NYSE:GG TSE:G) in Sierra Madres..you have a mine which goes into production a year, year and a half from now, will be producing about 10 million ounces silver/year, top ten silver mines in the world as far as production goes..byproduct credit of 100,000 ounces/gold..$11-12 without finding any more ore but very lightly explored..there are veins all over, impressed with regional geology and team..one of the largest holdings in our funds

ELDORADO GOLD (AMEX:EGO TSE:ELD): one of the holdings in our funds for number of years..average cost $0.50 so we have done well..they just put a mine in production in China, also in middle of last year put Turkey mine in production..little bit of growth, well-run..is the stock cheap cheap relative to gold price? Probably slightly discounted..not going to get deep value but will get good performance with gold price..$2 billion company..substantial company with good mining profile

WESTERN GOLD FIELDS (TSE:WGI): I do not own..do I like it? If you do think gold price is going up, this will do well because it has very high leverage to gold price because project is low grade..market capitalization on fully diluted basis is $310 million..fairly lofty market cap to pay for deposit..I just do not find mine quality that I want to put in my fund..if you have risk tolerance, can buy..

AURIZON MINES (AMEX:AZK TSE:ARZ): I know management very well..this is one of our holdings..stock has performed very well over last year..put Quebec mine back into production..market still has not realized full value..target $5.08 based on this morning's spot price in gold..combination of alpha and beta..lift of where target price today plus movement with gold price..certainly hold on to stock..

GOLD EAGLE MINES (TSE:GEA): do not have target, we do own it in our funds..they just merged..in Red Lake district of Ontario..geologically looks fantastic..think that we will see more terrific exploration results..pretty certain it will become a mine

ANDINA MINERALS (CVE:ADM): I do not own it..interesting gold deposit in Chile..low grade but they have economies of scale..target $3.25/share, trading fairly close to that..target conservative using 5% discount..

EXETER RESOURCES (CVE:XRC): certainly opportunity here..their project in Argentina..Argentina does not have same mining history..government can get very nervous..lot of NGO, environmental group pressures..they can become timid at making decisions..if we take these concerns aside, I have a $4.30 target..you have to overlay some discount until Argentines get together with their mining code

LAKE SHORE GOLD (TSE:LSG): target if $2.07..feel it is slightly undervalued..exploration company..very decent project..curiously beaten up over last year, I would certainly consider holding onto it at the very least

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