ALLAN BARRY REPORT ONPRECIOUS AND BASE METALS EXPLORATION17th EDITION

April 6, 2008

Welcome to the 17th edition of our report on Precious and Base Metals Exploration. In our past reports, a common theme we discussed at length was the reasons for our bullish outlook on precious and base metals. Another topic has been the pace of mergers and acquisitions with major mining companies taking over other major mining companies and why we felt that would include smaller mining and junior exploration companies. In this edition we discuss the reasons we feel junior exploration companies are undervalued and primed to play catch up to the performance of many metals and large mining companies stocks that have been performing exceptionally well.

Before going on we would like to invite readers that haven’t had the chance to visit our website at www.allanbarryreports.com to have a look. On the website you can find all our past reports and review our past commentaries and featured company reports.

With a long period of under investment in exploration and new mine development during much of the 1980’s and 1990’s, combined with strong demand from emerging economies, created somewhat of a perfect storm for precious and base metals to increase in price (as they have) and this trend is in solid shape. Even though metals prices have gone up – in some cases quite significantly – usually this would cause a spike in production to take advantage of the higher prices. However, this is not happening and the reason goes back to the prolonged period of under investment and how adversely that has affected the supply chain. In addition, as prices have gone up demand has continued to be very robust.

As metals prices increased, major mining companies did not have many new discoveries or development stage projects to help replace the reserves they were mining out. Declining reserves are not something any major mining company wants, so their only alternative was to take over other mining companies. One major problem with this method of growing reserves is that there are only a limited number of major mining companies to take over. Therefore the logical consequence is they have to move down the food chain and start taking over smaller mining companies.

This happened over the last couple of years and as time goes on there will be a shrinking pool of smaller mining and exploration companies for the majors to take over. As the pool of companies shrinks the next act in this play is that they will have to pay higher prices. This trend should be very bullish for exploration companies with high quality discoveries.

Stock prices of smaller mining companies and exploration companies have improved but are still quite subdued compared to the price action of metals and the shares of large mining companies. No matter how cash is allocated to these various segments of the mining business new mines are critically important. In a lot of ways, the exploration companies do not get proper consideration for the critically important role they play in the mining business.

It is important to add that just because a company is called an exploration company does not mean that all exploration companies are created equal. We focus on exploration companies that are serious about exploration and have made discoveries or have the potential of making discoveries.

Many major mining companies started as exploration companies that made important discoveries and developed those into mines that helped them grow into the companies they are today. Another group of successful exploration companies in the past made discoveries and were taken over by larger companies which rewarded the shareholders very handsomely. The bottom line is that our focus is on trying to find high quality exploration companies with the potential to either turn into mining companies or be taken over and reward shareholders handsomely.

In the last few years, as metal prices have been performing exceptionally well and mergers and acquisitions have also been strong, the sentiment toward exploration companies has improved. But it is important to know that in no way, shape or form, can it be argued that sentiment is overly bullish. In reality it is reasonable to say that it has been positive, but certainly not bullish when looking at valuations of high quality exploration companies in general. We argue that high quality exploration companies have a lot of catching up to do and they are primed to play catch up in the near term.

Our Favourite Treasure Hunters

In this edition we have two new additions to the group of featured companies we follow: one involved with uranium exploration in Saskatchewan and the other is a copper exploration company in Nevada. We will also be revisiting some of our past selections. For our featured companies not included in this section, we will have updates in the “Our Report Card” section.

In the opening section of this report and all of our past reports we discuss big picture themes that affect the entire industry. In this section we feature new companies as well as past selections that we would like to revisit. The issues we deal with in the opening section play a critically important role in the mining business in general and most importantly have a significant impact on the companies we follow.

New additions: Fission Energy Corp.

Fission Energy came to our attention in a bit of an odd way – they announced that they anticipate a property dispute with Hathor Exploration which is one of our other featured companies. Sometimes in the mining exploration business disputes can arise from time to time on boundaries of claim blocks and it seems that this is what is happening. Ultimately there is a system on how these disputes are resolved and we await the results. We are shareholders of the company.

When the dispute was announced it caused us to look more closely at the ground Fission has outside of the disputed area and it looks very prospective for uranium exploration. The immediate area around Fission’s ground has recently caught a lot of investor attention because of the outstanding drill results that Hathor reported and there are some large uranium mining companies developing a uranium mine in the area as well.

Hathor has a very exciting discovery on their ground that has nothing to do with the ground that Fission is disputing and we will discuss Hathor later in the report. We have no opinion on how the dispute on the claim boundaries will play out. The main reason we have added Fission is because of the potential for uranium discoveries on their ground.

The projects that Areva and Denison are working on as well as the discovery by Hathor were found on the outer edge of a large geophysical anomaly. A large portion of that anomaly is on Fission’s ground.

They are drilling on their project in this area and we look forward to results from that drilling. In addition they have another project to the south of UEX’s ground that they are also currently drilling. They have some very good ground in key areas in Saskatchewan and it looks like they have good potential of making discoveries – if they do they will catch a lot of investor attention.

Fission Energy’s stock symbol is FIS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.fission-energy.com. Their website contains past news releases and additional information to do your own due diligence.

Nevada Copper Corp.

Nevada Copper came to our attention at the recent 2008 Prospectors and Developers Conference in Toronto. What caught our attention is their copper project in Nevada with a large resource and the realistic potential of becoming a future mine. We are not shareholders of the company.

As we've discussed in many of our past reports we are very bullish on the price of copper near and long-term. Another important factor when looking at projects is location. Being in a mining-friendly jurisdiction such as Nevada is critically important in our selection process.

Most often when we look at an exploration company we try to find those that can become takeover targets of major mining companies. Another thing we look for is companies that have the potential to go on the longer term route and develop their discoveries into mines. With all the mergers and acquisitions that happened in the last few years there has been a hollowing out of the mid-sized mining companies. This hollowing has created an opportunity for smaller companies to take advantage of projects that aren't quite big enough for the behemoth major mining companies but have mining company making projects for aggressive companies.

Nevada Copper currently has one such project: their Pumpkin Hallow project in Nevada that has four zones of interest that all have significant resources. Two are on the eastern side of their ground and have the potential of becoming underground mines. On the western side of their project they have two near surface projects with the potential to become open pit operations. There is also ground in between the western zones that, if drilling is successful, could open the potential of having one large open pit.

In addition to these known resources there are plenty of exploration targets in close proximity to their known zones. These various targets give them the potential for growth based on upwards moves in the price of copper, exploration success and passing milestones on the development front.

Transitioning from exploration to mining is not easy so it is very important to make sure that there are minimal hurdles in front of a company. A large scale project in a mining friendly region definitely makes things a lot easier for a company with this kind of goal for growth. Nevada Copper has the kind of project that could result in either a takeover target by a major mining company or a potential mining company making asset.

Nevada Copper’s stock symbol is NCU and the shares trade on the Toronto Stock Exchange. Their website is www.nevadacopper.com. Their website contains past news releases and additional information to do your own due diligence.

Review of some of our past picks Hathor Exploration

Hathor recently made a very impressive new discovery of high grade uranium on their 90% owned Midwest Northeast project in the Athabasca Basin in Saskatchewan. High grade uranium over significant intersections in this prolific region for uranium mining has a way of catching the market’s attention and the recent results have attracted a lot of investor attention. We are shareholders of the company.

This Midwest Northeast project is one of a group of properties they have interests in and collectively make up a very significant portfolio in this important uranium mining region. It is located adjacent to the Midwest project that is being developed by Areva Resources, Denison Mines and Ourd Canada that looks to be a future uranium mine. Being close to a prospective mine in a good location puts them in a good address but more importantly the recent discovery by Hathor shows they have an impressive project as well.

What caught the market’s attention was the announcement that one of their drill holes hit 11.9 metres of 5.29% uranium. These kinds of hits of uranium are found in the Athabasca Basin and are usually found deep but these intersections are within 300 metres of surface and that is relatively close to surface for this region. Hitting high grade uranium this close to surface in this uranium mining region is very impressive and the market’s reaction was fitting.

When companies go into an area it often requires a new perspective and an open mind on the part of the technical team and it seems that this was an important part of the success on this project. Their new perspective will continue to be important for target selection on this project and their various other projects.

We look forward to drilling on their other projects as they can afford to be a very aggressive exploration company with approximately $20 million in their treasury. They have more holes to drill and to report at their Midwest Northeast project and it looks like they have a very good chance of delivering additional high quality drill results. Making a new discovery like they recently announced and the additional work they are doing on this key project and their other projects has them well positioned for impressive growth.

Hathor’s stock symbol is HAT and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.hathor.ca. Their website contains past news releases and additional information to do your own due diligence.

Inspiration Mining Corp.

Inspiration Mining is a new addition to our report that we added in our most recent edition. One of the reasons we added them is because we have a very bullish outlook on the price of nickel, although upwards movement on metals prices is never a primary reason we start following a company. The primary reason we feature a new company is due to what they have found with their drilling efforts. We are shareholders of the company.

Another common denominator of what we look for is that a company has projects in areas where there has been historical mining. There is an old saying in the mining business that the best place to look for a new mine is where an old mine is and Timmins, Ontario fits the bill. An additional benefit of this area is that the local communities understand mining and often a lot of their local economic health is closely tied to the mining activity in their region.

In a general sense, when a company is focused on a region that has a long history of mining, it is because the geology is good. This in no way means that every company in one of these regions is going to find a new mine but when a company finds what they’re looking for in their drilling it moves them much closer to that goal.

Not only is Inspiration Mining in a good region but two of their discoveries are where there has been past mining. When metals prices reached dismally low levels in the 1990’s these past producing mines were often abandoned or in many cases very little exploration work took place. This created an opportunity; these past producing projects are an excellent place to look for more metals and those that were ahead of the crowd were able to get excellent projects that would greatly benefit from higher metals prices.

The Langmuir 1 and 2 mines are in this category of projects that were overlooked and under explored for many years and Inspiration Mining took advantage of this opportunity. Their drilling encountered very high grade nickel at these past producing mines and it looks like they have a very good chance of becoming mines again in the future.

In addition to the drilling finding high grade nickel at the Langmuir 1 and 2 mines, they have also found a new near surface discovery. Near surface discoveries are usually lower grade but because they are more easily accessed can be very profitable mining operations.

Inspiration has a strong combination of two high grade projects that are underground targets and a near surface target as well. This group of projects has them in a strong position for growth. They have a lot of cash in the treasury so they’re well funded for aggressive exploration and we will have a lot of news to follow from their drilling efforts.

Inspiration’s stock symbol is ISM and the shares trade on the Toronto Stock Exchange. Their website is www.inspirationmining.com. Their website contains past news releases and additional information to do your own due diligence.

Redstar Gold Corp.

Redstar Gold Corp. recently announced very good drill results from their Red Lake, Ontario gold project. Drilling into high grade gold in Red Lake is something we are always looking for and the latest results aren’t the first hits of high grade gold on this project. Recently they have also had good developments on a few of their projects in Nevada. We are shareholders of the company and a consultant to the company.

Red Lake is one of the most important regions in the world for high grade gold but often the discoveries in this camp are deep. So making discoveries in this area is not easy because it usually requires deep drilling and that takes time and money. The Newman Todd project that Redstar is exploring is impressive because they have not drilled a lot of holes yet but they have hit high grade gold. What makes these intersections even more impressive is they are hitting the high grade, often found at the depth in this region, fairly close to surface.

In addition to hitting high grade the drilling has also established that there is a large geological structure of favourable rock that is over 1.5 kms. The first two holes recently announced are from seven drill holes completed and the other five are pending. Those two holes hit high grade gold and are nearly 800 metres apart. This gives them a lot of ground between those two holes to drill and there is a lot of potential to drill beyond as well. The most exciting dimension to explore in this mining camp is depth so they have a lot of drilling to further test the depth potential but so far this project is clearly emerging as another important discovery in the Red Lake region.

In Nevada the company has several projects with one in the southern part of the state currently going through extensive drilling. In the immediate area around this project there are two past producing mines one is the Bull Frog mine to the south of the claims. Redstar and their joint venture partner International TowerHill added the past producing Mayflower Mine to the North Bull Frog project. The Mayflower mine was a historical producing mine that sat idle for several decades and is an important addition to the group of claims on this project. Aggressive drilling is underway on this ground and drilling results should start coming out shortly as they started drilling early this year.

Also in Nevada, earlier this year Redstar announced a joint venture with Goldfields which is one of the largest gold mining companies in the world. Goldfields has not participated in many North American projects and the fact they chose to joint venture two of Redstar’s projects on the Carlin trend is a strong indication of the potential of these projects. When they optioned these projects they committed to aggressive exploration with a budget of $1.4 million in the first year. For a major mining company to get involved with these early stage exploration projects and committing to aggressive exploration is a very important milestone for the property acquisition efforts Redstar has been focused on in the last few years in Nevada.

With more holes pending from the Red Lake project it looks like there will be a lot more drilling on this project in the near future. The southern Nevada projects also have pending results in an area with good potential for exploration success. And on the Carlin trend they are nearing drilling with Goldfields funding the exploration. It almost goes without saying that this group of projects is exceptional and the growth potential of the company is very solid.

Redstar’s stock symbol is RGC and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.redstargold.com. On their website you can find past news releases and additional information to do your own due diligence.

Our Report Card

This section is designed so that readers can easily find all of our past selections and when they were featured in the past reports as well as their shares prices on those dates. This is provided only for comparison purposes so that readers can easily review our past selections. A company is considered featured when they appear in the “Our Favourite Treasure Hunter” section earlier in the report. Once we start featuring a company if they don’t appear earlier in each edition we also use this section to update on their progress.

We select companies to be featured in our reports based on the fundamentals that we feel are most important. Those are drill results, people, valuation, and a catalyst to unlock shareholder value. We are disciplined about sticking to these fundamentals and one thing that we believe is very important is that we have never had to remove a company from coverage once they have been featured. That doesn’t mean that every company has met our goals of where we think their potential will take them but it does mean that their fundamentals are still strong based on our criteria.

Our readership has been growing at a very healthy pace since we first started this report and that means that many readers have not been readers for all editions of the report. That is a main reason we started our website so that readers that haven’t been with us since our first edition can have a place to find all our past reports. In addition, some readers prefer to print the reports and then read them later and there is a “download reports” button to make this easier when you are looking at reports in the “past reports” or “current report” section of the website. As we mentioned earlier in the report our website is www.allanbarryreports.com and we invite readers to visit it when they have a chance.

Before going on, we would like to remind our readers of something we have all heard before: past performance is not always an accurate indicator of future returns. We feel it is very important for readers to do their own due diligence including talking to those whose opinion you rely on to make investment decisions. We cannot stress enough how important we think it is for investors to do their homework before making any investment decisions. If these reports are helpful in identifying companies that merit readers doing their own further investigating, then we feel this report is a success.

Metals Commentary

In our first edition of 2008 we made our speculations on how high we would see the key metals reach this year. The first quarter of 2008 has been a strong performance period and the prices we speculated have been achieved on a few of the metals we closely follow.

In the case of gold we felt it would reach $1000.00 USD this year and it already reached and exceeded that price. Since then there has been some profit taking but the trend for gold is strong and 2008 looks to be a very good year for the price of gold. Our opinion of why the trend is strong is based primarily on supply and demand but is also affected by fluctuations of the US Dollar. Our arguments on our bullish outlook for gold can be found in our past reports and you can find those on our website. One of the main reasons we follow gold so closely is because it is an exceptional barometer for the direction of metals. All metals don’t move in unison but they do follow a similar trend and gold is a very good indicator of that trend. The price action on gold is bullish and the trend for gold is strong as are several other metals and it looks to stay that way throughout 2008.

We also follow silver very closely and the main reason is because it definitely follows the path of gold. It is also a leveraged way to play moves in precious metals because it will often outperform gold on a percentage basis. This outperformance is true whether prices are declining or appreciating. In our first edition of 2008 we speculated it would go over $20.00 USD per pound this year and it recently exceeded that price. Just as there was profit taking after gold's big move, silver also had profit taking but it definitely looks like 2008 is going to prove to be a very good year for the price of silver.

Copper is another metal we follow closely and for the last couple of years we felt it could trade over $4.00 USD per pound. It recently hit $3.99 per pound on the spot market and traded over $4.00 on the futures market so we will consider our earlier speculation as having been achieved. The main reason we follow copper is because it is a very good predictor of global economic growth; when economies are growing they use a lot copper. Based on its recent demand, it is telling us that even though the American economy is slowing the growth from emerging economies is more than picking up the slack. On a global basis copper demand is telling us that the global economy is very healthy.

Uranium is another metal that we follow closely because it also has similar supply and demand characteristics as gold, silver and copper. Our bullish argument is that the reasons that uranium traded over $130.00 USD in 2007 are still the same even though the price has come off those highs. The reasons are future demand, and with many years of under investment in exploration and mine development, the supply chain is weak. There has been a gap between supply and demand for several years; that gap is currently being fed by decommissioning of nuclear weapons but this is a finite source. When this source comes to an end the gap will cause prices to go much higher. In our opinion the market won’t wait until this source is gone and will have to prepare for the future and this will be good for the price of uranium. Our speculation was that uranium would move back into a positive trend and that it would get over $100.00 this year; it’s not there yet but there’s still time.

In our last edition we added two new companies to our report that are focused on nickel mining and exploration because we are bullish on the price of this metal. Nickel is no different than gold, silver, copper and uranium in that they all suffered from many years of under investment which caused the supply chain to weaken. They have all benefitted from growing demand from emerging economies and the combination of weak supply and strong demand is very bullish for price. We are going to add nickel to the group of metals we follow closely and we are very bullish that we can see nickel reach $17.00 to $20.00 USD before the end of 2008.

It is very important to add that we follow the above metals very closely and watch supply and demand so that we can get a sense for the trend in prices. But that is not the most important reasons we follow these metals. The most important reasons are that the trend in prices has an impact on the economics of what companies find. Also, generally speaking, metals price directions usually have an impact on sentiment toward companies exploring for or mining these metals.

As these metals have been performing exceptionally well for several years so have the large companies that mine these metals. It is with great surprise that while the prices of metals and large mining companies have done very well, the companies that focus on exploration for new mines have been subdued. Sentiment toward exploration companies has improved in the last few years but they have not yet entered into a real bullish phase yet.

What is especially surprising is that high quality exploration companies are not getting a lot of credit for what they are finding. Especially when considering how badly the industry needs new mines to help feed demand. No matter how investment capital is allocated to metals and large mining companies it doesn’t change the fact that the industry is in drastic need of new mines. Exploration companies are the ones that have historically had the most success finding new mines.

In reality, major mining companies are not very good at finding new mines because exploration takes a different management style that is more willing to take risks. Exploration companies tend to be more aggressively managed and more willing and able to take risks and that is extremely important in making new discoveries.

The market doesn’t quite understand that the mining business is in critical condition when it comes to the supply chain and new discoveries of large, middle and small sized mines are in drastic need. The combination of subdued valuations for exploration companies and the drastic need for new mines from small to large can really only result in much higher prices for high quality exploration companies with significant discoveries.

In the last few years a lot of cash has been flowing into metals and large mining companies and the next move is for more investment capital to flow into quality exploration stocks. We are bullish on metals and extremely bullish on high quality exploration companies.

Past Performance of our Favourite Treasure Hunters

This section of the report is provided to present a snapshot of all the companies we have featured in past reports. We include the dates and prices only for comparison purposes; we are not making buying and selling recommendations. Our reports are designed as a resource to help investors uncover companies with good potential. As always, the companies are listed in alphabetical order and the prices are in Canadian dollars.

Abacus Mining and Exploration

First featured in Sept 19/2005 edition, price on that date $0.25

Second feature in Dec 07/2005 edition, price on that date $0.36

Third feature in Jan 16/2006 edition, price on that date $0.75

Fourth feature in Feb 7/2006 edition, price on that date $0.96

Fifth feature in Mar 21/2006 edition, price on that date $0.73

Sixth feature in July 12/2006 edition, price on that date $0.59

Seventh feature in Oct 3/2006 edition, price on that date $0.50

Eighth feature in Apr 2/2007 edition, price on that date $0.70

Current price $0.47

Abacus recently had very good news on a strategic front in regard to finalizing a joint venture on a key piece of ground between the Ajax East and Ajax West pits. These two pits were in production in the past when copper and gold prices were much lower than they are currently. Drilling in the past few years below the old mine workings has come up with a very substantial resource estimate. The project also has significant logistical advantages being located near Kamloops, B.C. that is a mining friendly region with mining providing substantial income to the local economy. The ground between these two pits will be very important because it can enable combining the two pits into one large pit. Now the new focus will be to further advance the project and assess the economics of bringing this project into production and take advantage of the high prices for copper and gold. Finding high tonnage copper-gold projects that can be open pit mined in a mining friendly region is not easy but the Ajax pits fit the bill.

We are shareholders of the company and a consultant to the company.

Abacus’s stock symbol is AME and the shares trade on the Toronto Stock Venture Market. Their website is www.amemining.com. Their website contains past news releases and additional information to do your own due diligence.

Atna Resources

First featured in Jan 16/2006 edition, price on that date $2.17

Second feature in Feb 7/2006 edition, price on that date $2.04

Third feature in Mar 21/2006 edition, price on that date $1.95

Fourth feature in July 12/2006 edition, price on that date $1.40

Fifth feature in Oct 3/2006 edition, price on that date $1.00

Current price $1.14

Atna had good news since our last edition with an update on the progress on their Pinson project as well as the completion of the takeover of Canyon Resources. The new Atna including the assets and people involved with Canyon adds near term production of gold as early as 2009 and more projects advancing toward production. One of their key projects is the Pinson project in Nevada and recently they announced a very good update on how things are progressing. Barrick has around one year to complete their expenditure of $30 million to earn back a 70% interest, leaving Atna with the remaining 30%. The recent announcement disclosed that they have spent around $6 million and the work they are doing is basically bringing the project closer to production. Atna recently made a big step closer to becoming a new gold mining company and has other projects including Pinson that are quickly moving toward being future mines. We are very excited about the prospect of Atna becoming a new gold mining company. The industry is in drastic need of more companies this size and it offers a great opportunity for a company to rapidly grow into a large scale gold miner.

We are shareholders of the company.

Atna’s stock symbol is ATN and the shares trade on the Toronto Stock Exchange. Their website is www.atna.com. Their website contains past news releases and additional information to do your own due diligence.

Bear Creek Mining

First featured in Sept 19/2005 edition, price on that date $2.96

Second feature in Nov 1/2005 edition, price on that date $3.20

Third feature in Feb 7/2006 edition, price on that date $4.17

Fourth feature in Mar 21/2006 edition, price on that date $5.96

Fifth feature in July 12/2006 edition, price on that date $7.17

Sixth feature in Oct 3/2006 edition, price on that date $9.30

Seventh feature in Apr 2/2007 edition, price on that date $6.85

Current price $7.75

Bear Creek recently had very good news on the strategic acquisition of their key asset, the Corani project, in Peru. They were able to acquire the remaining 30% of the project that they didn’t own and now they have 100% of this exceptional undeveloped silver and base metals project. Corani is a high quality project that is going through economic evaluation of its potential. Everything is going well and it looks like this project has a high probability of being a future mine. In addition to Corani, which is at advanced stages, they have another project called Santa Ana which has a lot of exploration upside and is also located in Peru. The combination of having an advanced stage project with a very substantial resource and another project with a lot of exploration potential has the company well positioned to take advantage of the bullish metals market. This company gives investors a leveraged exposure to upward moves in the price of silver and exploration and development success.

We are shareholders of the company.

Bear Creek’s stock symbol is BCM and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.bearcreekmining.com. On their website you can find past news releases and additional information to do your own due diligence.

Candente Resource Corp.

First featured in May 9/2006 edition, price on that date $1.10

Second feature in July 12/2006 edition, price on that date $1.06

Third feature in Oct 3/2006 edition, price on that date $0.81

Fourth feature in Jan 23/2007 edition, price on that date $1.30

Fifth feature in Apr 2/2007 edition, price on that date $1.41

Sixth feature in Sept. 09/2007 edition, price on that date $1.59

Current price $1.44

Candente continues to aggressively advance their Canariaco project. We are a big fan of this project because it has the potential of attracting a buyout offer from a major mining company or it could turn Candente into a mining company. It is difficult to get a clear picture on any offer to take over the company but it is very apparent from the people being added to the Candente team (who have a great deal of experience in mine development) that the company is moving ahead on the development front. The Canariaco project has options in that they could start with mining a key portion of the zone and then ramp things up in the future or go larger scale from the start. These options are part of the economic evaluation they are doing; they are also working on an update to their resource calculation that includes a great deal more holes than the past estimates. The past resource calculation estimated over 8 billion pounds of copper and was based on 82 drill holes; by comparison they now have 203 holes that will go into their updated calculation. The additional drill holes were focused on infill drilling that will help add technical confidence to the estimates. As well they tested along strike, vertical extensions and also tested some high grade portions of the zone. The bottom line is that they have a lot of copper in the ground. Projects with the scope of Canariaco are not easy to find and the company is working hard to advance this project. We look forward to the work going on to update the resource estimates and the work of the highly qualified team to advance this project toward a future mine that can take advantage of the strong copper prices.

We are shareholders of the company.

Candente’s stock symbol is DNT and the shares trade on the Toronto Stock Exchange. Their website is www.candente.com. Their website contains past news releases and additional information to do your own due diligence.

Exall Resources

First featured in Dec 07/2005 edition, price on that date $1.34

Second feature in Mar 21/2006 edition, price on that date $1.68

Third feature in July 12/2006 edition, price on that date $2.05

Fourth feature in Oct 3/2006 edition, price on that date $2.32

Final trading price prior to merging into Gold Eagle Mines $4.05

Exall merged with their joint venture partner; the new company is called Gold Eagle Mines and they are one of our featured companies in this report. We will keep Exall in the report card section for comparison purposes and will keep track of the discovery that they helped find in Red Lake, Ontario through Gold Eagle Mines. From now on we will also use the final trading price on their last day of trading in place of a current price.

Exmin Resources

First featured in May 9/2006 edition, price on that date $0.22

Second feature in July 12/2006 edition, price on that date $0.195

Third feature in Oct 3/2006 edition, price on that date $0.30

Current price $0.24

Exmin has a 30% interest in a producing mine in Mexico with Hochschild Mining PLC., as their partner. In addition they have a joint venture with Industrias Penoles on another project. Both of these much larger companies are funding the exploration on the respective joint ventures. Exmin also has two other joint ventures with other exploration companies that are funding the exploration costs. Along with these various joint venture projects, the company has several other 100% projects that they may cover exploration costs or bring in joint venture partners. Collectively the company has a lot of ground in Mexico in good locations with a lot of potential. We look forward to announcements on their joint venture projects and on funding to get busier on exploring their 100% owned projects.

We are shareholders of the company.

Exmin’s stock symbol is EXM and the shares trade on the Toronto Stock Exchange Venture market. Their website is www.exmin.com. Their website contains past news releases and additional information to do your own due diligence.

First Nickel Inc.

First featured in Jan.21/2008 edition, price on that date $0.455

Current price $0.46

First Nickel is a recent addition to our group of companies and we added them partially because it looks to us like nickel is primed to go much higher. As previously discussed, we never follow a company just because they have a focus on a metal that we are bullish on; the most important factor is their projects. In First Nickel’s case they have three areas for potential growth with the main one being they recently became a nickel mining company. In addition to this they have another project that is advancing toward going into production and they have plenty of exploration potential as well. This is a strong portfolio that can help them in the short and long term. The pillars of growth that large mining companies historically had is a stable of projects that include current producing mines as well as new ones in the development stages and a pipeline of exploration for long term growth. At least those used to be the pillars of growth of mining companies of the past, now it seems more in vogue for large mining companies to grow through acquisition and not have much in the exploration pipeline. First Nickel seems to be focused on growing the company and keeping their nose to the grindstone and keep forging ahead. Mining companies need this kind of focus to grow their business and so far it looks like First Nickel is on a solid growth path. They offer good exposure, to moves in the price of nickel as well as strong potential for growing their bottom line long term and exploration success.

We are not shareholders of the company.

First Nickel’s stock symbol is FNI and the shares trade on the Toronto Stock Exchange. Their website is www.firstnickel.com. Their website contains past news releases and additional information to do your own due diligence.

Gold Eagle Mines

First featured in Jan 23/2007 edition, price on that date $7.30

Second feature in Sept 09/2007 edition, price on that date $6.72

Current price $9.00

Gold Eagle has a great shot of becoming a future gold mine in Red Lake, Ontario with their discoveries in this prolific area for high grade gold mining. One of the reasons we follow exploration companies is because they give investors a leveraged way to play moves in the price of the metal they are exploring for, and they also offer the potential for breakout moves based on exploration success. In the case of Gold Eagle they have been a perfect example of how this works when it happens according to the playbook. In August 2007, gold broke out and started a very powerful move from around $670.00 USD and recently reached over $1000.00 for around a 50% gain. During this period Gold Eagle reached its 52 week low in August at around $4.10 and recently traded over $9.00 for a gain of around 125%. Adding fuel to the fire of Gold Eagle’s performance has been good drilling results and the strong move in the price of gold. Good drilling results have resulted in Gold Eagle significantly outperforming the price of gold. The main discovery is their Bruce Channel zone; they have another target at the Finn zone that could be an extension of the Bruce Channel zone or a separate discovery. Either a separate zone or part of the main zone can add to the scope of this project and definitely play a role in the economics of developing a mine on this high grade gold project. Lately they have also started drilling a new target that they are calling the Goldray target, located in close proximity to an important mine. The combination of impressive discoveries and the potential to find more on their ground has them in a great position with the potential of becoming a high grade gold mining company in this prolific gold mining region.

We are shareholders of the company.

Gold Eagle’s stock symbol is GEA and the shares trade on the Toronto Stock Exchange. Their website is www.goldeaglemines.com. Their website contains past news releases and additional information to do your own due diligence.

Hathor Exploration

First featured in Sept. 09/2007 edition, price on that date $0.66

Current price $2.17

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Hathor’s stock symbol is HAT and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.hathor.ca. Their website contains past news releases and additional information to do your own due diligence.

Inspiration Mining Corp.

First featured in Jan.21/2008 edition, price on that date $1.86

Current price $2.25

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Inspiration’s stock symbol is ISM and the shares trade on the Toronto Stock Exchange. Their website is www.inspirationmining.com. Their website contains past news releases and additional information to do your own due diligence.

International PBX Ventures

First featured in Jan 16/2006 edition, price on that date $0.59

Second feature in Feb 7/2006 edition, price on that date $0.61

Third feature in Mar 21/2006 edition, price on that date $0.60

Fourth feature in July 12/2006 edition, price on that date $0.53

Fifth feature in Oct 3/2006 edition, price on that date $0.43

Current price $0.27

International PBX has three projects in Chile that we are impressed with that gives them exposure to gold and base metals exploration in a mining friendly country. The Copaquire project is in a very good area, well known because of an extremely large mine in the area. The past drilling has hit very large intersections of base metals near surface and this is a large tonnage target that could be open pit mined. As is always the case, very large tonnage targets are usually lower grade which is the case at Copaquire but these kinds of targets can be mines when they are found near surface because they can be open pit mined. Another base metal project they have is the Tabaco project. The past drilling at Tabaco has been focused on testing the near surface mineralization but recent geophysical work has them reinterpreting the depth potential. Past drilling that did drill deeper seemed to encounter the higher grades and now they have a very large geophysical target to test. With the grade potential it could add some excitement to the Tabaco project. On the gold front, they have the Tierra de Oro project that is a very compelling gold exploration target. Recent geophysical work at Tierra de Oro has helped them define several drill targets. These three projects have them well positioned with high quality exploration for base and precious metals discoveries. We look forward to drilling results from these various projects as they could see significant growth with success with the drill.

We are shareholders of the company.

International PBX’s stock symbol is PBX and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.internationalpbx.com. Their website contains past news releases and additional information to do your own due diligence.

Kodiak Exploration

First featured in May 9/2006 edition, price on that date $0.97

Second feature in July 12/2006 edition, price on that date $0.40

Third feature in Oct 3/2006 edition, price on that date $0.62

Fourth feature in Jan 23/2007 edition, price on that date $0.85

Fifth feature in Apr 2/2007 edition, price on that date $0.92

Current price $2.66

Kodiak has done very well lately with their discovery of high grade gold on their project in the Beardmore/Geraldton region of Ontario. This discovery enabled them to put together a funding of $50 million that allows them to aggressively drill this project. They have plenty of targets to drill based on surface exposures of favourable rock that cover a very large area of their ground. On the Golden Mile discovery they hit high grade gold in the near surface drill holes and are also starting to hit it at depth as well. The various structures will need a lot of drilling, especially the Golden Mile. In addition they have a uranium project in Quebec that has potential for discovery and a base metals project in the Northwest Territories that has a lot of potential as well. In fact the Caribou base metals project was the original reason we started featuring this company in our report and we are still a big fan of this project. Lately the gold project has caught a lot of attention of investors and enabled the company to raise a lot of money for exploration. It looks like they have plenty of room to add to the scope of the gold discovery and they could come up with a pleasant surprise on the base metals and uranium projects. These various projects and the funding puts them in a unique position of being a well diversified exploration company with a serious high grade gold discovery and the potential for base metals and uranium discoveries as well as adding to the scope of the gold project.

We are shareholders of the company.

Kodiak’s stock symbol is KXL and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.kodiakexp.com. Their website contains past news releases and additional information to do your own due diligence.

Mountain Boy Minerals

First featured in Sept 19/2005 edition, price on that date $0.71

Second feature in Mar21/2006 edition, price on that date $0.59

Third feature in July 12/2006 edition, price on that date $0.61

Fourth feature in Oct 3/2006 edition, price on that date $0.60

Current price $0.25

Mountain Boy is approaching the time of the year when they are very busy with their exploration work on their various projects near Stewart, B.C. The two projects that caught our attention are their Silver Coin and BA projects. These are very good exploration projects that are focused on precious and base metals. Drilling starts in the spring in this area and continues until the early fall and results generally come out from the late summer until winter. Management of this company has been focused in this area which is a very good place for precious and base metals exploration and they have been actively drilling for several years. Being in a good area is important in the exploration business but equally important is drilling and they like to put holes in the ground. With the exploration season closely approaching and the company’s focus on keeping busy with the drill rig that is when breakouts can happen.

We are shareholders of the company.

Mountain Boy’s stock symbol is MTB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.mountainboyminerals.ca. Their website contains past news releases and additional information to do your own due diligence.

Niblack Mining

First featured in Dec 07/2005 edition, price on that date $0.345

Second feature in Mar 21/2006 edition, price on that date $0.80

Third feature in July 12/2006 edition, price on that date $0.62

Fourth feature in Oct 3/2006 edition, price on that date $0.56

Fifth feature in Apr 2/2007 edition, price on that dates $0.76

Sixth feature in Sept. 09/2007 edition, price on that date $0.48

Current price $0.40

Niblack Mining is busy tunneling into Lookout Mountain and the goal of that effort is to have easier access to the depth potential of this project. As the tunneling progresses they will also branch out with crosscuts that they can drill underground while the tunneling progresses. A big focus of this work is to complete the tunnel because when they get to the end of the tunnel is where they find a key zone of mineralization to focus drilling. Without getting too technical, a main focus is near the end of the tunnel is a potential hinge zone that could host a significant amount of tonnage and high grade mineralization. In the past the drilling was from the top of the mountain and very long drill holes were needed to follow the mineralization and that drilling has helped them come up with the game plan of how to explore this project. By going into the mountain with the tunnel from the bottom of the mountain, it allows much easier access to the depth potential and also enables year round drilling to advance this project. We look forward to the efforts on the drilling that can happen while they are tunneling in and also when they finish the tunnel so they can get easier access to the zone at the end of the tunnel.

We are shareholders of the company and a consultant to the company.

Niblack’s stock symbol is NIB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.niblackmining.com. Their website contains past news releases and additional information to do your own due diligence.

Paladin Energy (Formerly Paladin Resources)

First featured in Sept. 09/2007 edition, price on that date $5.02

Current price $4.68

Paladin was added to our report because they have strong long term prospects that could result in them becoming a major uranium mining company. They have an aggressive management team that was able to take advantage of a bull market for uranium and fund development of the Langer Heinrich mine in Namibia and benefit from the high uranium prices. They have another project that is also in southern Africa advancing toward production in early 2009 and several other projects in various stages of development. They are growing their uranium mining operations with a significant group of current projects and prepared to look at acquisitions. Paladin is a focused uranium mining company with great prospects for growth. They are well positioned to take advantage of historically strong prices for uranium now and for years into the future.

We are not shareholders of the company.

Paladin’s stock symbol is PDN and the shares trade on both the Toronto and Australian Stock Exchanges. Their website is www.paladinenergy.com.au. Their website contains past news releases and additional information to do your own due diligence.

Peru Copper Inc.

First featured in Nov 01/2005 edition, price on that date $2.00

Second feature in Dec 07/2005 edition, price on that date $3.45

Third feature in Mar 21/2006 edition, price on that date $3.37

Fourth feature in July 12/2006 edition, price on that date $5.65

Fifth feature in Oct 3/2006 edition, price on that date $4.20

Sixth feature in Jan 23/2007 edition, price on that date $4.67

Takeover price $6.60

Now that Peru Copper has been taken over, we will keep them in the report only for comparison purposes. In place of the current price we will use the takeover price.

Premier Gold Mines

First featured in Oct 3/2006 edition, price on that date $0.85

Second feature in Jan 23/2007 edition, price on that date $1.80

Third feature in Sept 09/2007 edition, price on that date $2.30

Current price $2.10

Premier Gold is another one of our favourite gold exploration companies with a focus on Red Lake, Ontario with a well positioned project between Goldcorp and Gold Eagle Mines. They have hit high grade gold in many holes on their Rahill-Bonanza project and this is developing into a project with the potential of becoming a future mine in this prolific high grade gold mining camp. This is part of a group of projects that are part of a joint venture with Goldcorp that have a lot of potential. With the discovery by Kodiak in the Beardmore/Geraldton area of Ontario this has become an emerging gold exploration area with a lot of potential. Premier has also gone into this area by getting involved with joint ventures on ground where there had been historical mines. Red Lake, Ontario is a well known proven region for high grade gold mining and is an area we focus on finding high quality projects. This is also a main focus of the company; they are very well funded and are working toward completing a resource estimate on the Rahill-Bonanza project this year. We look forward to the resource estimate and results from drilling on their various projects. They are well positioned for breakouts on exploration success and upward moves in the price of gold.

We are shareholders of the company.

Premier’s stock symbol is PG and the shares trade on the Toronto Stock Exchange. Their website is www.premiergoldmines.com. Their website contains past news releases and additional information to do your own due diligence.

Redstar Gold Corp.

First featured in Nov 01/2005 edition, price on that date $0.12

Second feature in Dec 07/2005 edition, price on that date $0.10

Third feature in Feb 7/2006 edition, price on that date $0.25

Fourth feature in Mar 21/2006 edition, price on that date $0.35

Fifth feature in July 12/2006 edition, price on that date $0.19

Sixth feature in Oct 3/2006 edition, price on that date $0.13

Current price $0.39

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company and a consultant to the company.

Redstar’s stock symbol is RGC and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.redstargold.com. On their website you can find past news releases and additional information to do your own due diligence.

Silvermex Resources

First featured in Oct. 3/2006 edition, price on that date $0.80

Second feature in Nov.24/2007 edition, price on that date $1.25

Current price $0.99

Silvermex has a strong portfolio of exploration projects at various stages of development focused on precious and base metals in Mexico. On their Penasco Quemado project they have a resource estimate of around 10 million ounces of silver with the potential to grow. Recently they optioned from Silver Standard Resources the San Marcial project that has a resource estimate of around 15 million ounces of silver with the potential to grow. In fact, Silver Standard has kept a back-in right that they can exercise if the resource grows to over 100 million ounces of silver so obviously they think there is realistic potential to grow this resource. In addition to these two key projects they have several other projects with a great deal of potential. They have only been publicly trading since mid 2006 and since then they have moved the company forward quite impressively. They have accomplished a lot in their short history and this has them well positioned for growth in the future. We look forward to news on their exploration efforts as this can help unlock shareholder value.

We are shareholders of the company.

Silvermex’s stock symbol is SMR and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.silvermexresources.com. On their website you can find past news releases and additional information to do your own due diligence.

Skygold Ventures

First featured in Sept 19/2005 edition, price on that date $0.65

Second feature in Nov 01/2005 edition, price on that date $0.55

Third feature in Mar 21/2006 edition, price on that date $1.50

Fourth feature in July 12/2006 edition, price on that date $1.49

Fifth feature in Oct 3/2006 edition, price on that date $1.57

Current price $1.14

Skygold recently had good news from their Spanish Mountain project in British Columbia, Canada. Past drilling has been focused on the main discovery zone and they recently announced a resource estimate from the main zone that ranges from one to three million ounces of gold depending on the cutoff grade. Some of the drilling is also focused on stepping out from this main zone and they are getting very encouraging results as they step out. One of the recent holes drilled was over 2000 metres from the main zone and is in an area where there has been historical placer mining. This big step out is very exciting because there is a large geophysical and geochemical anomaly that starts at the main zone and continues over to the placer area. The anomalies have been very helpful in finding and having drilling success at the main zone and now it looks like they are going to be a big help in adding to the resource. As they aggressively drill they will have more holes to add to resource estimates and with step out drilling can add to the resource significantly and that will be a big part of the future drilling efforts. This project is a multi-million ounce gold target near surface with the realistic potential of being an open pit mine. These kinds of deposits are what major mining companies understand well because most have grown to the size they are from these kinds of projects. It would be surprising if several majors aren’t following this project as it has the realistic potential to grow into a takeover target.

We are shareholders of the company.

Skygold’s stock symbol is SKV and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.skygold.ca. Their website contains past news releases and additional information to do your own due diligence.

SNS Silver Corp. (Formerly Strategic Nevada Resources)

First featured in Feb 7/2006 edition, price on that date $0.85

Second feature in Mar 21/2006 edition, price on that date $0.89

Third feature in July 12/2006 edition, price on that date $0.50

Fourth feature in Oct 3/2006 edition, price on that date $0.30

Current price $0.65

SNS Silver has been busy on a few different fronts that are important for the development of their past producing Crescent Mine, located in an area of Idaho called the Silver Valley. The Crescent Mine sat dormant for many years when silver prices were much lower and SNS Silver was able to acquire it in a government auction at a very reasonable price. While in production it had produced very high grade silver as the mines in this area are well known for producing. Recently, a new President and CEO joined the company and he comes with a long history of working for major mining companies. His past experience included working at one of the mines in close proximity to the Crescent Mine so he knows this area well and his joining the team is a good sign for the prospects of the Crescent Mine being a producing mine again in the future. To assess the realistic potential of the Crescent Mine getting back into production will require a lot of drilling. One of the zones is close to surface and can be drilled from the surface but a lot of the potential is at depth. Therefore, in order to have easier access to test the depth potential they have been rehabilitating the Hooper Tunnel; this will enable them to drill from this tunnel and have easier access to the zones at depth. They are very busy and focused on developing their Crescent Mine and they should have a lot to report on throughout this year.

We are shareholders of the company.

SNS Silver’s stock symbol is SNS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.snssilver.com. On their website you can find past news releases and additional information to do your own due diligence.

Titan Uranium Inc.

First featured in Nov.24/2007 edition, price on that date $1.00

Current price $0.68

Titan Uranium has several exploration projects in the Athabasca Basin of Saskatchewan, which is the world leading region for uranium production. Recently the company announced that the 2008 exploration program is underway with a focus on drilling several of their projects. In this region the mines tend to be very high grade but deep so finding them is not easy. Often what an exploration company is hoping for in this region is to get hints of a discovery with their shallow drilling that tells them they should drill deeper. One of their projects showing potential is located near where UEX has made a very impressive discovery on their Shea Creek project. If Titan is able to find uranium in their drilling on this project they could catch a lot of investor attention. In fact, finding serious intersections of uranium in drilling practically anywhere in this region will catch investor attention. They will be doing a lot of drilling this year and we like their chances for exploration success.

We are shareholders of the company.

Titan’s stock symbol is TUE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.titanuranium.com. On their website you can find past news releases and additional information to do your own due diligence.

Tri Origin Exploration Ltd.

First featured in Apr. 2/2007 edition, price on that date $1.15

Current price $0.60

Tri Origin has two key projects we are most interested in: one is their Red Lake gold exploration project and the other is a 51% interest they have in a subsidiary public company that trades on the Australian Stock Exchange. This subsidiary has a similar name, Tri Origin Minerals; however, it has its own management team and is based in Australia. The key asset of Tri Origin Minerals is the Woodlawn project which is currently undergoing a bankable feasibility study to assess the economics of bringing this project into production. There are two important parts to this project, namely an underground operation and the processing of a large surface tailings resource. In their recent announcement they indicated that the feasibility study is on schedule and they are expecting to have it completed shortly. There was additional important information in their recent news release that can be found on their website. On their Red Lake, Ontario project they announced that a geophysical program was underway that will help them identify targets for follow up drilling. They expect the geophysical results soon and drilling will follow after they identify targets. We always follow companies drilling for gold in Red Lake and this project is in a good area, adjacent to Goldcorp’s Red Lake Mine. The combination of having gold exploration potential in Red Lake, Ontario and a large interest in a base metal project going through a bankable feasibility study have them well positioned for growth.

We are not shareholders of the company.

Tri Origin’s stock symbol is TOE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.triorigin.com. On their website you can find past news releases and additional information to do your own due diligence.

UEX Corporation

First featured in Dec 5/2006 edition, price on that date $5.45

Second feature in Jan 23/2007 edition, price on that date $5.10

Current price $3.98

UEX has one of the most prospective undeveloped projects in the Athabasca Basin of Saskatchewan at their Shea Creek project that has a great chance of being a future mine. At Shea Creek they have consistently delivered high grade uranium in their drilling and the 2008 exploration season is underway. Allocation of the budget for this year includes approximately half for drilling and half for development. On the development front they are working toward sinking one or two shafts that will enhance the development of this project toward a mine. They are working through the permitting of these shafts which will help them prove the economic potential of this project becoming a mine. They have several other projects that they announced large scale drilling programs on as well. This company has one high grade uranium discovery that has the realistic potential of becoming a future mine and several other projects with a lot of exploration potential. Collectively these projects have the company well positioned to grow into a much larger company in the future. UEX gives investors good exposure to growth from moves in the price of uranium and exploration and development success.

We are shareholders of the company.

UEX’s stock symbol is UEX and the shares trade on the Toronto Stock Exchange. Their website is www.uex-corporation.com. Their website contains past news releases and additional information to do your own due diligence.

Virginia Mines Inc.

First featured in Dec 5/2006 edition, price on that date $4.35

Second feature in Apr 2/2007 edition, price on that date $5.65

Current price $6.67

Virginia Mines has an exceptional team and group of projects with a focus on exploration in Quebec. The Virginia team has been one of the big success groups in the exploration industry. They discovered the Eleanore mine that was bought by Goldcorp and is currently in development toward a future mine. This success allowed shareholders a very handsome return and also left them with shares in Virginia Mines. One of the assets that have been a major focus is the Coulon project that Breakwater Resources spent $7.5 million on to earn a 50% interest. They have recently announced that the budget for exploration this year is around $30 million with around $20 million going to the Coulon project. This is a lot of exploration work and Virginia only has to cover 30% of the budget because of their various joint ventures. Coulon is a very exciting base metals project and they have several other projects looking for precious and base metals. We look forward to news from all their projects as they will be very busy this year with the drill rig.

We are shareholders of the company.

Virginia’s stock symbol is VGQ and the shares trade on the Toronto Stock Exchange. Their website is www.virginia.qc.ca. Their website contains past news releases and additional information to do your own due diligence.

VMS Ventures Inc.

First featured in Nov.24/2007 edition, price on that date $1.01

Current price $0.60

VMS Ventures recently announced very good drill results from their ongoing program and came across additional high grade copper and zinc. One of the highlight holes recently announced hit 21 metres of 2.57% copper and 3.13% zinc and another hole hit 51.98 metres of 2.25% copper and 3.17% zinc. These are not isolated holes; they have come up with several of these kinds of results on their Reed Lake project in Manitoba, Canada. They are aggressively drilling to further define and expand on this discovery with geophysics and geochemistry very helpful in having success with the drill rig. With a large treasury they can go after this project in a big way and the results to date definitely warrant this kind of work. They have a lot of ground in this area and they will also be exploring other parts of their ground that show potential. With a busy drilling program focused in an area like this where they have found healthy intersections of very promising grades, is very impressive.

We are shareholders of the company.

VMS Venture’s stock symbol is VMS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.vmsventures.com. On their website you can find past news releases and additional information to do your own due diligence.

Wolfden Resources

First featured in Jan 16/2006 edition, price on that date $3.77

Second feature in Mar 21/2006 edition, price on that date $3.70

Third feature in July 12/2006 edition, price on that date $2.53

Fourth feature in Oct 3/2006 edition, price on that date $1.40

Takeover price $3.81

Now that Wolfden has been taken over, we will keep them in the report only for comparison purposes. In place of the current price we will use the takeover price.

Xemplar Energy Corp.

First featured in Jan 23/2007 edition, price on that date $0.79

Second feature in Sept 09/2007 edition, price on that date $1.26

Current price $1.96

Xemplar recently announced they completed a financing of $19.6 million that now has them well funded for aggressive drilling for the foreseeable future. On the Warmbad project they have multiple large targets to drill and to do this effectively requires aggressive drilling. Shortly before this funding news, they announced their first batch of drill results from the early drilling at Warmbad and came back with promising results. One of the first targets they are drilling at Warmbad is a very large surface outcropping of favourable rock that covers an area with a length estimated at 3500 metres and a width of 300 metres. In a large mineralized structure it is fairly normal to have grades ranging from anomalous to promising and that is what they have found from the minimal drilling announced so far. It takes a lot of drilling to understand large structures like this and they have several with these large surface outcropping areas. Now that they have plenty of funding in the treasury they can aggressively drill these large areas on the property and hopefully find some pockets of mineralization that show the potential to be future uranium mines at the Warmbad project.

We are shareholders of the company.

Xemplar’s stock symbol is XE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.xemplar.ca. On their website you can find past news releases and additional information to do your own due diligence.

What makes the Allan Barry Report Unique

For the last 14 years, the editor of this report has had a career as a consultant to publicly trading junior exploration companies. This experience has provided a unique opportunity to learn, from an insider’s perspective, the challenges that junior exploration companies face. Additionally it has opened doors to meeting a very accomplished group of people. Spending this time as a consultant to junior exploration companies has provided a unique perspective that is an asset few analysts or newsletter writers possess.

In Closing

We would like to take this opportunity to thank you for taking the time to read this report. We hope this information proves to be informative and helpful. We ask the reader not to post this report on any website for at least three days after you receive it and that if it is posted to post the entire report without any editing. We invite our readers to pass on our

contact information to anybody they feel may be interested in receiving this report or future reports and we would be glad to add them to our email list for future publications. For those interested our contact information can be found at www.allanbarryreports.com where you can also find our past reports and a way to subscribe for future reports.

Regards,

Allan Barry Laboucan,

Editor and Writer

Allan Barry Reports

Disclaimer: The information included in this Allan Barry Report on Precious and Base Metals Exploration, is for information purposes only. No statement or expression of opinion, or any other matters herein, directly or indirectly, is an offer, solicitation or recommendation to buy or sell any securities mentioned. The information contained in this e-mail is drawn from sources believed to be reliable, but the accuracy and completeness of the information is not guaranteed, nor in providing it does the editor Allan Barry Laboucan or his companies, or affiliated companies, assume any liability. We do not receive or request compensation in any form in order to feature companies mentioned herein. The editor may have equity positions in companies referenced in this newsletter, or offers consulting services to these companies and will notify the reader of these positions or services provided to the company in the section of the report on each individual company. The editor his personal company or affiliated companies, disclaims all responsibility and accepts no liability (including negligence) for the consequences for any person acting, or refraining from acting, on the information provided in this publication.