Bull & Bear’s

November 2011 VOL. 13 NO. 4

INSIDE...

Aurcana Solidly on Track to Becoming the Next

Mid-Tier Silver ProducerRecord Third Quarter:

224% Increase in Earnings and 26% Silver Production Increase

Sphere Resources: Exploring Famed Red Lake Gold Camp

and Gold-Rich Nevada Trends

New Mineralized Gold System Discovered at Red Lake

By Jim FinkInvesting Daily

If it’s mid-November, it must be time once again for institutional money managers with assets of at least $100 million to update the Securities & Exchange Commission (SEC) on their stock holdings via Schedule 13F.

Back in August – the last time shareholders were required to update their holdings – I discussed David Einhorn’s increased position in hard disk drive manufacturer Seagate Technology (NYSE: STX). When I wrote the article, the stock was trading for $10.00 per share and now trades at $17.52, an astounding 75.2% gain in three months!

Whereas in the May to August quarter only two of the 16 stocks mentioned were winners, this quarter (August to November) 14 out of 16 stocks were winners. Half (8) outperformed the S&P 500’s comparable return of 12.5%. Besides Seagate, other big winners included Bill Ackman’s JC Penney (NYSE: JCP) (33.2%) and David

13F Filings:

Superstar Investors Buys and Sells

Tepper’s Valero Energy (NYSE: VLO) (33.0%). The only two losers were both courtesy of David Tepper: Mosaic (NYSE: MOS) (-11.4%) and CVR Energy (NYSE: CVI) (-10.3%).

Just goes to show you that mindlessly piggybacking on anybody else’s picks without doing your own research is no sure-fire way to beat the market.

Nevertheless, these quarterly SEC filings are a gold mine of information as to what the smartest investors are buying and selling. A timely review of them can make you money. With that in mind, I thought I would vet the most recent set of SEC filings to see if there are any more hidden gems ready to make big moves.

I’m dumping David Tepper this time around because I can’t forgive him for handing us the only two losers. Replacing Tepper will be growth-fund manager Chuck Akre, who I wrote about in a two-part series last April.

I don’t list all transactions, just ones that I personally find

Continued on page 18

Merrex Gold Developing a Major West African Gold Deposit

IAMGOLD a Strategic Joint Venture Partner in

Siribaya Gold Project

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Stocks to Watch

THE BOWSER REPORT, P.O. Box 6278, Newport News, VA 23606. Monthly, 1 year, $59. www.thebowserreport.com.

Versar provides tailored and secure solutions in harsh environments

Max Bowser: “Versar Inc. (NYSE Amex: VSR) is a global project management company. VSR offers tailored and secure solutions in harsh environments. The company’s activities can be broken down into these four major business segments:

Program Management: This refers to building construction in Iraq, Afghanistan, the United Arab Emirates and the U.S. And, in some cases, it refers to telecommunications. Some 42% of revenue last year came from this segment.

Compliance & Environmental: Supports the EPA in providing technical risk assestment and peer reviews for pollution prevention. It also works with the Army Corps of Engineers and local entities in meeting environmental compliance, biological assessments and greenhouse gas emission inventories and mitigation strategies. This provides 24% of VSR’s revenues.

Professional Services: Offers various professional services to 20 Dept. of Defense installation and industrial facilities. This sector is also responsible for about one quarter of revenues.

National Security: These services primarily come from the operations of two subsidiaries – Geomet Technologies LLC and Professional Protection Services Ltd. This segment operates in several defense markets, with specialization in chemical and biological areas, including personal protective product manufacturing, testing and lab work. Responsible for 10% of sales.

As of July 1, VSR had, under lease, 148,000 sq. ft. of office, laboratory and manufacturing space in Springfield, Lynchburg, Richmond and Virginia Beach, VA; Sacramento, CA; Westminster, CO; Louisville, KY; Baltimore, Columbia, Gaithersburg and Germantown, MD; Dillsburg, PA; Charlestown, SC; San Antonio, TX; Makati City, Philippines; Milton Keynes, UK; and, Abu Dhabi, United Arab Emirates. The leases primarily range from two to six years.

ManagementCEO Anthony L. Otten, 55, has only filled this

position since February 2010. But, he served on the board for the previous two years. His resume includes various previous management positions. He has a B.S. degree from MIT and a Masters in Public Policy from Harvard’s Kennedy School of Management.

President Jeffrey A. Wagonhurst, 63, is a retired U.S, Army colonel and has been with the company since 1999.

Cynthia A. Downs, 50, has only been Executive

VP, Chief Financial Officer and Treasurer since April of this year. Previously, she was VP and CFO of Environmental Design Int’l – an engineering firm based in Chicago.

Ownership of the stock is held lightly by management officers. Among insiders, Robert L. Durfee is the biggest owner, with 616,413 shares. Dr. Durfee is a co-founder (1969) and has held various positions in the company.

Two institutions jointly own one million shares. VSR has stock options and offers a restricted-share program to its employees, as well as 401(k) plans.

As of July 1, there were 550 full-time employees, with most being engineers, scientists and other professionals. Seventy-five percent of the professionals have a bachelor’s degree, 15% own master’s degrees and 3% have a doctorate degree.

FinanceThe year ending July 1 was outstanding, fueled by

overall growth and recent acquisitions.Total contract backlog as of July 1 was $179

million. This includes funded backlog of $78 million and the balance from expected backlog.

Funded backlog represents orders for goods and services for which firm contractual commitments have been received. Expected backlog reflects management’s estimate of future revenue from existing written contracts.

Of last year’s $137.6 million in revenues, $132 million was funded with U.S. currency. The balance was derived from the PPS subsidiary in the U.K. Approximately 36% of last year’s work was conducted in international locations.

In Jan’10, the company acquired all of the outstanding shares of the British PPS, which manufactures proprietary personal protective equipment to the nuclear industry, bolstering VSR’s small personal protective equipment business. It was acquired for $5.2 million in cash, a $940,000 note payable in two years and 78,689 VSR shares.

In Mar ’10, ADVENT, Headquartered in Charleston, SC, was purchased for $1.2 million in cash, a note for $1.75 million and an earn-out $1.75 million provision. ADVENT has capabilities in military munitions response plans and unexplored ordinance clean-up.

In 2009, VSR gave financing to General Power Green Energy for the construction of a 15 megawatt cogeneration plan that burns landfill gas in turbine engines equipped with a steam generation unit. As of July 1, the principal balance of the note was $550,000 with 12% interest.

Two years ago, Versar extended a 12%, $750,000 loan to Lemko Corp. for the purchase of telecommunication equipment. Now, the note has been reduced to $375,000.

The company pays modest salaries and has a clean balance sheet, with no long-term debt and a book value of $3.26, which is well above its current stock price.

Office: 6850 Versar Center, Springfield, VA 22151, Tel: (703)750-3000, www.versar.com.”

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LOOKING FORWARD, published for clients of Friess Associates and Brandywine Funds share-holders, P.O. Box 576, Jackson, WY 83001.

eBay could emerge a big winner thanks to smartphones

Chris Aregood: “The online payment system eBay provides to facilitate payments between buyers and sellers has long played a supporting role to the company’s online marketplace. But if PayPal maintains its current growth trajectory, that might not be the case much longer. PayPal is uniquely positioned to benefit from growth in mobile payments and, as a result, the business unit is poised to become eBay’s future growth engine.

eBay Inc. (EBAY) operates online marketplaces, including its flagship ebay.com and the ticket-brokering site StubHub. The company also provides online payment services through PayPal and Bill Me Later. Revenue grew to almost $10.1 billion in the 12 months through June.

eBay’s marketplace business, which generates more than half of revenue, remains healthy thanks in part to website improvements, a focus on top-rated sellers, new buyers-protection policies and a strategic shift toward more fixed-price sales from large merchants. The company aims to attract new users with more website enhancements, new formats such as eBay fashion mall and its first new marketing campaign in three years.

PayPal’s big opportunity stems from what’s expected to be explosive growth in mobile payments, where its ability to execute transactions with current merchant infrastructure and 100 million existing users give PayPal a substantial head start on competitors. PayPal’s former focus on online transactions limited it to what amounts to about 5 percent of all retail sales. Enabling consumers to make in-store purchases using mobile devices essentially gives PayPal access to the other 95 percent previously beyond its reach.

The Friess Associates team spoke to PayPal President Patrick Dupuis about PayPal’s strategic plan to penetrate the brick-and-mortar marketplace. PayPal recently reached an agreement with Target Corp., making PayPal payments possible in 61 of the 100 largest U.S. retailers.

eBay beat the consensus estimate with 200 percent June-quarter earnings growth. The Friess associates team bought ebay at 16 times 2011 earnings estimates.

Genesco: Strong Organic growthWhile their parents fret about how the latest

economic news might impact the balances in their 401(k) plans, fashion conscious teens go to the mall. That’s what enables Genesco to show continued earnings strength even when the backdrop looks weak.

Genesco Inc. (NYSE: GCO) is a specialty retailer of footwear, hats, sports apparel and accessories targeting younger consumers through the store concepts Journeys, Journeys Kids, Shi by Journeys, Lids and Underground Station. The company

also designs and markets footwear under it owns Johnston & Murphy brand and under a licensing agreement with Dockers. Genesco operates more than 2,300 primarily mall-based stores in the U.S., Canada and Puerto Rico. Revenues jumped 21 percent in the 12 months through July to nearly $2 billion.

Genesco enjoys market leads in key categories such as branded footwear for teens and young adults thanks in large part to adept merchandising. The company’s stores sell brands popular with its target consumers, including Nike, North Face, Steve Madden, Uggs and Vans. Genesco in June acquired the Scotland-based Schuh Group to benefit from “merchandising synergies” while establishing Genesco’s first presence in the United Kingdom.

Genesco earned $0.22 per share in the July quarter, up from a $0.02 loss in the year-ago period and $0.12 ahead of the consensus estimate. Revenue rose 29 percent in the quarter, with four of its five operating units posting year-over-year growth in what is the company’s seasonally slowest period.

The Friess Associates team spoke with Chief Executive Officer Robert Dennis about Genesco’s plan to leverage its athletic apparel-making prowess to bolster growth for the company’s Lids Locker Room concept. While the most recognized teams in big-time college sports are locked into uniform contracts, lower-tier schools represent a large, fragmented and underserved market for the company to pursue.

Wall Street predicts Genesco will grow earnings 37 percent this year. The Friess Associates team bought Genesco shares at less than 14 times estimates for the year ending January 2012.”

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© Copyright 2011 Monetary Digest. Reproduction in whole or in part without written permission is strictly prohibited. The Monetary Digest publishes investment news and comments of investment advisory newsletters whose thoughts are deemed of interest to subscribers. Neither the information, nor any opinion which may be expressed constitute a solicitation for the purchase or sale of any securities or investment referred herein.

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THE KONLIN LETTER5 Water Rd., Rocky Point, NY 11778. Monthly, 1 year, $95. www.konlin.com.

AirTouch Communications: A leader in wireless telecommunications

Konrad Kuhn’s featured stock of the month is AirTouch Communications (OTC BB: ATCH; $2.75).

“The demand for wireless substitution is accelerating in the U.S., while billions of people internationally will never be reached by landlines but do have access to cellular networks. In addition, a new forecast by research firm IDC stated that more U.S. Internet users will access the web through mobile devices than PCs or other wire line methods by 2015.

ATCH is engaged in the development and marketing of patented telecommunications device capable of converging voice, data, video, security, entertainment and other advanced communication services from various service providers on one piece of hardware. ATCH has seven U.S. patents (three approved and four pending) for its unique combination of cordless telephone technology and wireless signal amplification, which enables consumers and businesses to access voice, data and other applications and services over the cellular wireless network. With over 87% of mobile data and over 70% of mobile voice initiated at home or at the office by using ATCH’s pioneering technology, there is no reason wireless phones need to be mobile phones.

ATCH’s solution for home/office use can create just as convenient a step for access as that of wireless broadband without turning on a PC or without having the home connected by landline infrastructure, by a device that lasts longer and may have even more home-oriented applications than regular mobile. ATCH’s telephone and data unit, with its innovative patented signal amplification technology, operates at up to 10x’s the signal strength of a handheld mobile phone while dramatically reducing the amount of microwave radiation to fragile human tissue caused by cellular phones.

ATCH has positioned itself for the rapid surge in demand for wireless access by consumers and businesses worldwide expected in coming months. The astute team, led by Pres./CEO Hide Kanakubo, has established a distribution scheme through the nation’s wireless carriers, and its independent agents and retailers have emerged out of the ever-accelerating shift of dynamics to wireless technology as the most viable and vital media for information. ATCH recently signed a long-term 4G-LTE wholesale agreement with LightSquared™, the nation’s first wholesale-only integrated 4G-LTE wireless broadband and satellite network. Under this agreement, ATCH will be able to operate like a wireless carrier, and its proprietary unique hardware could be offered directly to the end user, enhancing both the features of the hardware as well as the services offered on it, which makes it poised for explosive growth.

Also, the joint venture with one of the largest Chinese distributors of Epson products in China, establishing-AirTouch China, a wholly-owned subsidiary of ATCH with aggressive plans to grow

sales of its wireless devices, enables ATCH to obtain purchase orders from Chinese carriers, including China Mobile, China Telecom and China Unicom. ATCH will be able to provide its revolutionary hardware like the HomeConneXX2000 to Chinese consumers and the millions of rural Chinese with limited or no access to voice, Internet, or IPTV for entertainment and other advanced communication service, a vast market opportunity! In addition, we anticipate certification from the two biggest carriers in the world within the next 30 days, which could send the stock eclipsing its previous high.

ATCH successfully raised $12 mil., with its stock quietly trading in the 3.00 area, which could easily surge to the 9-10 area as ATCH continues to position itself as a home/office-centered wireless service provider, offering its proprietary unique hardware through its visionary distribution plan. Of the 29,350,000 shares outstanding, about 30% are held by insiders. Also, the World Health Organization estimates over 2 bil. people in the BRIC nations (Brazil, Russia, India and China) and N-11, or Next-11 countries that are expected to develop leading economies, will move into the income bracket over the next 5-yrs. And will be demanding wireless voice, Internet and entertainment services, but has scarce landline-based infrastructure…an enormous market opportunity! Ultimate target mid-teens.”

****************CONTRA THE HEARD42 Rivercrest Rd., Toronto, ON M6S 4H3. 1 year, 4 issues, $500. www.contratheheard.com.

Want Volatility? Bank of America will give you just that

Benj Gallander and Ben Stadelmann: “You want volatility? Bank of America (BAC) will give you just that. There are always so many articles being written about this company and the major deals, lawsuits, sales of pieces, and economic positives and negatives that impact it. You want noise? BAC will give that to you, too. And some of that noise actually matters.

After Benj bought in, a gent some of you may know also made a $5 billion purchase of preferred shares. The terms were very appealing: a 6 percent coupon and 700 million warrants to buy common shares at $7.14 anytime over the next ten years.

The fact that Warren Buffett was optimistic enough to invest certainly lowers the risk profile, and many investors did indeed pile in. The halo effect was short-lived, however, and the stock swiftly dropped below the purchase price. This will, in all likelihood, be a constant up-and-down scenario.

There are rumours that Warren and Benj were playing bridge and decided to buy BAC together. If you believe that, you’ll also believe that the latter has counted numerous grand slams amongst his recent bridge exploits. You calculate the odds.

Might BAC go Chapter 11? Perhaps, but if it does, look out, economy. Should this outfit go down, it would make Lehman Brothers look like a picnic. So one can reasonably assume there would be miles to go before they put Bank of America to sleep.”

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INCOME PERFORMANCE LETTERP.O. Box 248, Williamsport, PA 17703. Monthly, 1 year, $199. www.leebincomeletter.com.

The best bank to buy right now: BNSBNS combines growth, a strong balance sheet and

quality income.Kuen Chan and David Sandell sold Cincinnati

Financial and replaced it with the better capitalized The Bank of Nova Scotia (BNS), also know as Scotiabank in their Income Portfolio.

“The third largest Canadian bank by assets (almost $600 billion) and market cap ($55 billion), BNS serves about 19 million customers in roughly 50 countries worldwide. Its Canadian banking division offers products and services to roughly 8 million retail, small business, and commercial customers. Backed by its rich reserve of natural resources and conservative banking system, the Canadian economy weathered the global financial meltdown relatively unscathed. Indeed, Scotiabank’s domestic banking operations maintained revenue and earnings growth throughout the crisis.

The company’s international banking division has over 2,000 branches and serves 11 million customers, mostly in Latin America and Asia – by far the largest international presence among Canadian banks. Meanwhile, the Scotia Capital and Global Wealth Management divisions provide wholesale banking, wealth management services and a wide range of other products and services.

Amidst a deteriorating economic and financial outlook, Scotiabank has continued to deliver positive results largely because of its Canadian and emerging market exposure. Through the first three quarters of fiscal 2011 (as of July 31), earnings per share grew 22 percent over the previous year. Solid growth was seen across all divisions except for Scotia Capital, which fell 5 percent.

Scotiabank’s asset portfolio is solid. Just C$774 million was allotted as a provision for credit losses through the first three quarters of fiscal 2011, a decrease of 21 percent over last year’s pace. Net charge-offs as a percent of average total loans (on a trailing twelve-month basis) fell to 0.47 percent. Its Tier 1 capital ratio, a measure of how well a bank is capitalized, has steadily improved to 12.3, considered to be a good mark. Important given the ongoing anxiety over Europe’s debt crisis, the bank has limited exposure to the infamous PIIGS nations, with no sovereign credit risk from those countries except for roughly C$200 million on deposit with Ireland’s central bank due to reserve requirement regulations. That said, as of July 31, it had C$1.1 billion in exposure to Italian banks related to precious metals trading in its Scotia Capital division. Italian banks act as intermediaries in the company’s dealing with wholesale jewelers in the country and money is temporarily held during transactions. BNS does not believe this money is at risk due to the extremely short-term nature of the deposits.

With $3.7 billion in cash, a strong asset portfolio and attractive growth trends in many of its international markets, The Bank of Nova Scotia offers a quality across-the-border income play with growth potential

in the financial sector. The shares currently yield 3.9 percent, while the Canadian dollar offers the opportunity of an extra income boost from a strengthening currency.

Holding M&T BankAmong U.S. banks, M&T Bank (MTB) remains one

of the safest in terms of asset portfolio quality, but that hasn’t stopped the stock from trading down together with other financials. The bank’s portfolio quality remains strong despite taking over failed Wilmington Trust earlier this year – non-accrual loans rose to $1.26 billion from 1.09 billion. As a percentage of total loans, non-accruals rose by just 2 basis points to 2.15 percent. Its net charge-off ratio have averaged 0.5 percent through the first two quarters of the year, a strong figure.

On the downside, net interest margin – the spread banks earn between borrowing and lending – fell to 3.75 percent last quarter from 3.92 percent in the first quarter of this year due to abnormally high levels of cash held at the Federal Reserve and dilution from Wilmington’s portfolio. Going forward, M&T expects the Wilmington assets to further drag down this margin slightly, but to be accretive to overall earnings right away.

Given its strong fundamentals, history of consistent performance (earnings have beaten estimates for 9 consecutive quarters) and a steady dividend through the financial crisis, we will hang onto the stock for now.”

***************

MONEYPAPER, 411 Theodore Fremd Ave., Ste. 132, Rye, NY 10580. Monthly, 1 year, $153.www.directinvesting.com.

Bargain Stock: Badger MeterVita Nelson’s Bargain stock for this month is

Badger Meter (BMI).“BMI makes products for flow measurement

and control, including residential and commercial water meters. Its industrial product line consists of automotive fluid meters and systems, precision valves, electromagnetic inductive flow meters, impeller flow meters, and turbine and displacement industrial flow meters. The stock hit its 52-week high of $45.49 on December 29 and its 52-week lo of $31.36 on August 9, so its recent price of $34.53 results in an INVEST% reading of 129%. BMI earned 52¢ per share in the second quarter, compared with analysts’ expectation of 46¢. For all of 2011, they are anticipating $1.72 per share, done from $1.91 in 2010, but about $2 per share in 2012. The Energy Information Administration has predicted worldwide energy consumption will increase by more than 50% over the next 25 years, so energy efficiency is becoming increasingly important and Badger’s metering technology should fit the bill, Officers and directors own 4.7% and four funds own 29.2% of the 15 million outstanding shares. In 1996, BMI paid 10¢ per share annually, but now pays 64¢. On August 12, its board of directors approved a 14% increase, from 14¢ to 16¢ per share, its 19th straight year of higher dividends.”

Editor’s Note: Although Badger Meter is identified as a bargain stock, Vita Nelson suggests that you build holdings over a period of time. DRIP enrollment is available through Temper Enrollment Service, www.direcinvesting.com.

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INVESTOR’S DIGEST of Canada133 Richmond St W., Toronto, ON M5H 3M8. 1 year, 24 issues, $137.

‘Best Buys’ from leading analysts Bank of Nova Scotia; SNC Lavalin Group

Analysts follow as many as 20 stocks, most of which are rated “buys.” Of those buys, an analyst has one or two special favorites seen as most suitable for new buying. Investor’s Digest of Canada devotes a column to those one or two favorite “best buys.”

“Anil Tahiliani expects the market roller coaster to continue till year-end. “This choppiness or high volatility is going to stay with us for the next two months – until the market believes that the Greek issue is taken care of and that it’s not going to spread to Spain and Italy, etc.,” he says. “Basically, the market is looking at two scenarios, either a default of Greece or, if necessary, a 100 per cent bailout of Greece.”

A chartered financial analyst, Anile labors as a portfolio manager and key researcher at McLean & Partners, a Calgary firm that caters to the wealthy in Western Canada, or about 550 families who can scrape up a minimum of $1 million each for the firm to look after.

He says uncertainty has unhinged global stock markets. “Investors have lost confidence in the politicians to take appropriate action on a timely basis,” Anil says. “The longer they take and the more public the conflicting views, the more the market gets anxious and uncertain that the politicians have the will to take the hard steps, whether it’s Greece cutting spending or increasing taxes, or whether it’s the politicians taking a stand instead of waffling all the time because they’re too worried about the politics in the their home country.”

Right now, his prescription is for investors to stay focused on stocks with strong balance sheets — those with a lot of cash or no or little debt. The companies must be able to weather rough patches by having long-term contracts or a high percentage of recurring revenue. There should be a demand for their products even in a slow economic environment (food industry) or they should sell to the growing, emerging markets. The stocks, themselves, have to be purchased at attractive, low-multiple valuations, and they should feature increasing dividends and reasonable, sustainable yields.

“Given the low-rate environment, we’re seeing retail investors chasing yield without really understanding the business those companies are in,” Anil says. “For example, we’ve got a lot of stocks today, even on the TSX, yielding north of 11-12 per cent. Well, there’s a reason institutional investors are not buying those stocks because there is a lot of inherent risks in those businesses. They might be facing secular declines, or more competition, or online competition, or they’re

over leveraged, or the strategy for that company continues to change.”

His first pick is “Canada’s most international bank,” the Bank of Nova Scotia (TSX: BNS; $52.72). He points out it gets roughly 35 per cent of its net income, based on the last nine months of this year, from outside of Canada.

“A very well run bank, they’ve executed beautifully in terms of their wealth management business,” he says. “In the last year, they’ve bought Dundee Wealth Management and they brought that into their fold. They continue to have a 37 per cent stake in CI Financial so that gives them optionality down the road if they ever want to buy CI or trade that

stake to another foreign or domestic player for a stake in another company.”

He says the bank has a successful track record internationally, with most of its international expo-sure to Central and Latin America countries with strong balance sheets, countries that continue to

grow like Brazil, Mexico, Peru, Chile, Jamaica and Trinidad. In addition, the bank has bought stakes in two Chinese banks for a “toe-hold” in that booming country. And, Scotiabank’s exposure to the troubled PIIGS countries of Portugal, Ireland, Italy, Greece and Spain, is “fairly immaterial, only about $1.6 bil-lion in assets compared to their total asset base of $568 billion.”

Another plus is that the bank has increased its dividend in 37 of the last 40 years. “Bank of Nova Scotia gives you exposure to Canada with a play on the international growth markets,” he says. “And you’re getting a pretty good yield of about four per cent.”

His second pick is also a dividend growth stock with “great management and a conservative balance sheet – about a billion dollars in cash – and a track record of consistently increasing its dividend,” SNC Lavalin Group Inc. (TSX: SNC; $44.03), a global engineering company based out of Montreal, which has fallen to an attractive level in the recent market pullback.

“They also own and manage infrastructure assets,” Anil adds. For example, the own part of Highway 407 in Ontario, they own transmission assets here in Alberta, they are building part of Calgary’s ring road, which they will operate for the next 30 years.”

Another attractive feature is the company gets 50 per cent of its annual $6 billion revenue from outside Canada. He notes SNC trades at a 20 to 25 per cent discount to its U.S. engineer peer group, perhaps because it tends to trade with the price of oil on account of being involved in many energy infrastructure projects, such as the oil refineries and power generation. “But if you believe, as we do, in the secular trend of global energy infrastructure growing around the world,” he says, “then, we see SNC as one of the best plays in North America.”

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Merrex Gold Developing a Major West African Gold DepositIAMGOLD a Strategic Joint Venture Partner in Siribaya Gold Project

ThE INvESTMENT CASE FoR MERREx:• 327squaremile

gold-prolific exploration package

•Multipletargetareas

• ExpandingNI43-101resource

• Openpitgrade

•Majortonnagepotential

• $18,000,000ofsuccessful exploration to date

• Fullyfinanced through2013

•Majorproductionpartner

The West African Republic of Mali is the center of one of the world’s fastest-growing regions of gold exploration and production. Enviably, Merrex Gold Inc. (TSX.V: MXI; OTCQX: MXGIF) controls the country’s largest contiguous block of gold exploration concessions with a deposit having both an enviable grade and the potential for major tonnage.

A telling ratification of the quality of Merrex’s Siribaya Gold Project is the participation of IAMGOLD, a leading mid-tier gold mining company that is currently producing about one million ounces annually from six gold mines on three continents - including 178,000 ounces of gold annually from its two operating Sadiola and Yatela mines in Mali. Mali has also attracted major producers such as Anglogold, Randgold and Newmont.

“Numerous gold producers re-viewed our data and visited our project site in Mali. From the beginning, IAMGOLD was at the top of our ‘short list’ of potential partners for Siribaya,” says Merrex President and CEO Gregory Isenor.

IAMGOLD brings over 20 years

of exploration and mining experi-ence in Mali, as well as considerable financial investment and excep-tional gold exploration technical expertise, to the Siribaya project. As Merrex’s 50% earn-in partner, IAMGOLD has already invested over $9 million in exploration at Siribaya and is expected to reach the $10.5 million required for full vesting in the project by Q4 2011.

Siribaya Gold Project Has Significant Potential for

Expanded Gold ResourceMerrex’s Siribaya Gold Project

is located in the western part of Mali near its border with Guinea and Senegal. Mali is considered one of the strongest democracies in Africa ranking low in geopolitical risk, and at over 50 tonnes per year it is the third largest gold producer in Africa.

At 327 square miles (848 square kilometers), the Siribaya Gold Project is the largest contiguous gold exploration package in Mali. Since 2005, Merrex has advanced the project from a grassroots discovery to an advanced gold ex-ploration project with good grade

and IAMGOLD-sized tonnage potential. More than 100 kilome-ters of gold anomalous structures have been identified to date, with many yet to be explored.

Merrex’s exploration focus, the Siribaya mega-structure, is actu-ally two parallel substructures, with significant gold mineraliza-tion extending for more than 10 kilometers along strike.

Initial diamond drilling inter-sected significant intervals at ore grades, particularly at Zone 1B where a 2008 independent NI 43-101 resource estimate confirmed a gold resource of 123,000 oz. Indicated and 319,000 oz Inferred.

The NI 43-101 resource estimate was updated in 2010 to 4,015,000 tonnes grading 2.39 g/t Indicated (308,200 oz Au) and 946,000 tonnes grading 2.29 g/t Inferred (69,500 oz Au). Since the estimate was based on data gathered along 800 meters of Zone 1B and only 50 meters of Zone 1A, and both zones are open to the north and south for over ten kilometers within the parallel substructures as well as at depth, there is a clear potential for a very significant open-pit gold resource at Siribaya.

More than $18 million has been spent to date at the Siribaya Gold Project. The Faleme River crosses the property, providing ample water for both exploration and mining. A permanent, well equipped explora-tion camp adjacent to the town of Berekegni is accessed via dirt road during the dry season from Kenie-ba, a town about 50 km to the north, which is linked to the wider world by both rail and a government-owned airstrip serviced by regular and charter flights.

“We are on the prolific West Africa Gold Belt with very low discovery costs,” says Isenor. “We are targeting a gold resource of between 2 and 4 million ounces in the Siribaya mega-structure – and there is real potential for

9

additional gold discoveries at multiple locations within the land package.”

Drilling Confirms Multiple Zones of High-Grade Gold Mineralization

Merrex is in the midst of a 49,000 meter drilling program at Siribaya. More than 21,500 meters of reverse circulation drilling and 6,500 meters of diamond drilling were completed before the seasonal rains and drilling resumed in mid-October with both RC and Diamond Drilling currently underway.

10,000 meters of diamond drill-ing, including infill drilling within the Zone 1B resource area, expan-sion drilling to the north and south of Zone 1B, and targeted drilling within the 1A substructure in the northern extension of Zone 1A will lead to an updated and certainly larger resource estimate in 2012.

30,000 meters of RC drilling is confirming that both the 1A and 1B substructures are well-mineralized with strong continuity. Most recent RC drilling in the southern portion of the Zone 1A substructure intersected assays as high as 19.09 g/t Au over 8 meters and 20.9 g/t Au over 1 meter.

“We have a six kilometer drill-evidenced mineralized footprint within both substructures now, and that will be extended to seven kilometers by year-end,” says Isenor. “We have evidence of gold mineralization in the northern areas as well, and expect that the footprint will be established over the full 10.5 kilometers of strike of the twin Siribaya structures by the end of 2012. The RC footprint will assist with more precise cost-effective diamond drilling of the resource.”

The most recent Diamond Drill assay results from Zone 1B are exciting with intersections like 2.15 g/t Au over 37 meters and 3.61 g/t Au over 12 meters. About 6,500 meters of drilling have been completed to date with 23 holes (3,500 meters) remaining to be drilled.

“Based on current drill results, it appears that the 2011 diamond drill program will be adding ounces to our existing resource,” says Isenor. “The results are what we were anticipating.”

Siribaya Gold Project Mali, West AfricaThe 848 square kilometer Siri-baya Gold Project in West Mali is Merrex’s flagship property. The property is being explored in conjunction with Merrex’s 50% earn-in partner and project operator IAMGOLD Corporation – including 30,000 meters of RC drilling to further extend the explored strike length of the Siri-baya trends from three to seven kilometers, 10,000 meters of diamond drilling to increase the present NI 43-101 resource and 9,000 metres of mechanized auger to define new priority drill targets. Substantial numbers of assays from both drilling programs remain outstanding.

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Significant Gold Mineralization Found on

Second Gold TrendMerrex’s Bambadinka Trend,

which lies just west of the main Siribaya mega-structure, is a high priority exploration target for the coming year. The large zone is about 10 kilometers long by 1 kilometer wide and hosts numerous gold-in-soil anomalies.

Following a successful termite mound geochemical survey, 9,000 meters of mechanized auger drill-ing confirmed this significant new gold trend, returning significant gold intersections in both the sur-face laterite and the near-surface in situ saprolite bedrock at various locations along the trend. Assays range as high as 3.40 g/t over 4.5 meters from the laterite and 2.56 g/t over 4.5 meters from the sap-rolite rock.

“The assay results from the auger drill program confirm the 10 kilometer strike extent of the gold trend at Bambadinka,” says Isenor. “I am pleased that Merrex has a new, significant and extensive priority target to test with drilling.”

Strong Management Team Focused on Africa

That Merrex has made major strides in advancing its Mali prop-erty and attracted IAMGOLD as a partner should come as no sur-prise, considering the impressive track record of its leaders.

Merrex President and CEO Greg Isenor sold his prior company, Jilbey Gold Inc. to High River Gold Mines Ltd. in 2004, after proving up the now million ounce Bissa

Deposit in Burkina Faso. Isenor then partnered with Vancouver securities lawyer John Cumming, now Merrex Vice President, focusing on an unexplored area south of the Faleme River and discovering Siribaya.

Cumming was a founding shareholder of St. Philips Re-sources Inc. and, in a JV with the Hunter Dickenson Group, found the Kemess Gold Copper Mine which was sold in 1996 in a $200 million take-over bid. The Kemess Mine is the principal asset of Northgate Minerals Corporation and has produced over 2.7 million ounces of gold since 2000.

Jean-Marc Gagnon, Merrex’s Mali Exploration Manager, is an expert in managing drilling programs in Africa and South

Africa. Previously he was general manager and consultant to a number of international mining companies, including Emerging Africa Gold, Major Drilling International and Golden Star Resources Ltd.

Investment Considerations

In summary, Merrex is a Mali focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource – a potentially winning combination that offers investors an intriguing opportunity to get into a strong African gold play at the front end.

Earlier this year, Merrex Gold closed both a $10.1 million bro-kered private financing and $4.25 million of private placements with IAMGOLD, giving the company enough money to cover its explo-ration costs at the Siribaya Gold Project through to 2013.

Merrex Gold also recently ex-panded its stock trading into the United States, joining the OTC-QX, the highest tier in the U.S. over the counter marketplace.

“As Merrex’s Siribaya Gold Project continues to mature, so too should our corporate visibility,” says Isenor. “In our last financing, Merrex received significant investment from U.S. based institutions and we received large numbers of inquiries from potential U.S. investors. We think Siribaya is one of the most exciting gold discovery stories in Mali and the investment case for Merrex is very sound.”

Disclaimer: This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. References made to third parties are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate. Recipients should not regard it as a substitute for the exercise of their own judgment. The opinions and recommendations are those of the writers and are not necessary endorsed by The Bull & Bear Financial Report. Any opinions expressed in this material are subject to change without notice and The Bull and Bear Financial Report is not under any obligation to update or keep current the information contained herein. All information is correct at the time of publication, additional information may be available upon request. The company featured has paid The Bull & Bear Financial Report a fee to provide an investor awareness program. Management of the company has approved and signed off as “approved for public dissemination” all statements made herein. The directors and employees of The Bull & Bear Financial Report do not own any stock in the securities referred to in this report. The information contained herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding expected continual growth of the featured company and/or industry. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the publisher notes that statements contained herein that look forward in time, which includes everything other than historical information, involve risks and uncertainties that may affect the company’s actual results, developments, and business decisions to differ materially from those contemplated by any forward-looking statements. Factors that could cause actual results to differ include the size and growth of the market for the company’s products or services, the company’s ability to fund its capital requirements in the near term and long term, pricing pressures, etc. The Bull & Bear Financial Report is not a registered investment advisor or affiliated with any brokerage or financial company.

MERREX GOLD INC.TSX.V: MXI • OTCQX: MXGIFDeveloping Siribaya, a Major West African Gold Deposit

Contact: Laurie Vaughan Director, Corporate Affairs802-1550 Bedford Highway

Bedford, NS Canada B4A 1E6Phone: 902-832-5555

Fax: 902-832-2223E-Mail: info@merrexgold.com

Web Site: www.merrexgold.comShares Outstanding: 118.9 million

Active Float: ~100 million 52 Week Trading Range:

Canada: Hi: C$0.65 • Low: C$0.35U.S.: Hi: $0.635 • Low: $0.03679

11

UTILITY FORECASTER, 7600A Leesburg Pike, West Building, Ste. 300, Falls Church, VA 22043. Monthly, 1 year, $149. www.UtilityForecaster.com.

Beyond SolyndraRoger Conrad: “The Solyndra LLC bankruptcy

scandal is daily news in The Washington Post. Renewable energy, however,

is still expanding rapidly thanks to state mandates requiring utilities to buy or produce it, with federal loans playing only a lesser role.

For investors, the key is to stick to producers that lock in long-term contracts, which guarantee generous revenue and profit. Sempra Energy (NYSE: SRE), for example, received a $337 million loan guarantee last month from the US Dept of Energy to build a 150-megawatt solar plant in Arizona.

But what makes the deal a winner is a 20-year sales contract for all of the plant’s output with PG&E Corp (NYSE: PCG). Sempra’s a buy up to 55.

Ormat technologies (NYSE: ORA) received a $350 million DoE loan this fall to help fund three geothermal power plants, which will sell output under a 20-year contract with NV Energy (NYSE: NVE). That’s a big plus for this pure play. Ormat’s a buy up to 28.”

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INVESTOR ADVISORY SERVICE711 W. 13 Mile Rd., Madison Heights, MI 48071. Monthly, 1 year, $399. E-subscription, $299. www.iclub.com/IAS.

Visa: 19% potential annual returnDouglas Gerlach: “We recommended the pur-

chase of Visa (NYSE: V) one year ago. The stock price had fallen one-third due to part of the Dodd-Frank financial reform law that sought to reduce pricing on debit card transactions. The “Durbin Amendment” to Dodd-Frank left it up to the Fed-eral Reserve Board to set “reasonable” pricing for debit transactions. In June, the Fed came up with a number that was far less onerous than once feared. After the announcement, Visa’s stock price rose steadily, but we believe it remains a very worth-while investment.

We are attracted to Visa due to its strong brand name, participation in a global growth industry, and most of all, its amazing cash flow. Visa is, of course, the operator of the famous credit and debit card network of the same name. It also operates the Visa/Plus ATM Network and Interlink debit card system. Prior to its initial public offering in 2008, the company was owned by the consortium of banks that issued Visa cards. Many of these banks still hold a sizable number of Visa shares. Visa has over 50% of the global volume in credit and debit cards.

Transaction volumes flattened during the recession, but picked up afterward. For Fiscal 2009, volume rose just 1%. Fiscal 2010 witnessed 13% volume growth. Through the first nine months of Fiscal 2012, volumes grew 17%.

Visa’s high operating margin and strong cash flow are a source of tremendous appeal, but also of some risk. Its pre-tax profit margin hovered around the 58% level over the past 12 months. Total operating cash flow is 44% of revenue and free cash flow is about 40%. It is very expensive to develop these payment networks, but the marginal cost of providing additional services is very low. This high level of profitability makes us wonder how much there is left to squeeze out of costs. As we look into the future, we are forecasting 13% revenue growth, but we can’t factor in any further increase in its sky-high profit margins. The additional leverage, the difference between revenue and EPS growth, is strictly due to the opportunity to buy back shares.

The credit and debit processing businesses have been subject to major lawsuits and legislation in recent years. Both Visa and MasterCard made multi-billion dollar settlements with American Express and Discover over rules that prohibited their member banks from issuing American Express and Discover-branded cards. Visa is making payments on these settlements, secured by a special class of its own shares.

In addition to the new debit transaction pricing directed by the Dodd-Frank Act, another provision requires that debit cards have two unaffiliated networks over which they may be processed. Currently, “many” (to quote Visa) of its bank customers have only Visa or Visa Interlink logos as their debit processing networks. By adding another network, it is reasonable that some merchants may choose to process on networks other than on Visa. However, only about 20% of Visa’s total revenue comes from processing debit cards in the U.S.

Competition for merchants may weaken the pricing environment further. It is also possible that banks may push Visa for concessions in order to re-coup their lost profits. At this point, though, the primary push-back strategies from banks have been to eliminate free checking accounts and debit card perks or dabble with debit fees for customers.

Also in response to Dodd-Frank, Visa will implement a new fixed fee on merchants who accept any Visa products. Visa will also lower the per-transaction fee. We regard this as a brilliant and well thought-out strategy to keep Visa competitive on the marginal cost of a merchant’s transaction, knowing that merchants will have to pay the “network participation fee.”

Despite the regulatory headwinds, we believe that Visa can grow revenue by about 13% annually, and obtain some degree of earnings leverage through repurchasing shares. We are forecasting five-year EPS growth of 17%. At the end of five years, EPS could reach $8.44. We’ve capped the high P/E ratio at 25, which would equate to a PEG ratio of 1.5. At a P/E of 25 and potential EPS of $8.44, the stock price could reach 211. Adding in a small dividend, the potential annual return approaches 19%. We see the downside risk as 23% to 70. This is the multiple of the estimated low P/E of 15.3 (2009’s low P/E) and the last 12 months’ EPS of $4.60.

For more information on Visa Inc. contact Investor Relations, P.O. Box 8999, San Francisco, CA 94128, (415) 932-2213 or visit www.corporate.visa.com.”

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THE COMPLETE INVESTORP.O. Box 248, Williamsport, PA 17703. Monthly, 1 year, $199. www.completeinvestor.com.

FMC: Rooting out a top growerKuen Chan: “LKCM Equity fund (LKEQX)

is a five-star-rated large-cap fund available to institutional investors only. Its total returns place it in the top 6 percent of its category for the past five years and the top 5 percent for the past three.

The fund leans towards mega-caps: its top five positions include Exxon Mobile, Procter & Gamble, IBM, and PepsiCo. But strikingly, the fund’s biggest position is FMC Corporation (FMC), a chemicals company with the relatively modest market cap of only $5.1 billion.

Headquartered in Pennsylvania, FMC is a global seller of chemicals widely used in both agriculture and industry. In terms of revenues, the company holds the No. 1 or No. 2 position either globally or within North America for most of its product groups.

Its agriculture segment produces and sells branded insecticides, herbicides, and fungicides, many based on patented technologies. By protecting crops – including cotton, corn, rice, grains, fruits and vegetables – these products let farmers obtain higher yields. FMC’s patented proprietary formulas, which are differentiated from competing products and thus can be sold at higher prices compared to the non-patented products, are particularly important. Last year the agriculture group contributed roughly 40 percent of companywide sales but 50 percent of operating income thanks to favorable margins.

Within the agriculture segment, insecticides are the biggest revenue producer, at 48 percent of sales. The next biggest is herbicides, where the company has focused on niche products such as those used to combat weeds that have developed resistance to run-of-the-mill herbicides. The company has made major strides in herbicides in recent years by developing innovative chemistries and launching new products. With herbicides the biggest category within the global agricultural chemicals market, FMC’s focus on expanding herbicides’ importance in its own sales mix is a plus. This past year the segment accounted for 43 percent of the company’s agriculture revenues, compared to just 25 percent in 2005. Fungicides, which treat plant diseases, contributed the remaining 9 percent of agricultural revenues.

FMC will benefit from the long-term uptrend in food prices, which increases demand for anything that boosts agricultural production. Food prices soared last year largely because of weather-related supply shortages. Longer term, improved living standards in developing economies and longer life expectancies around the globe should keep prices rising. We especially like FMC’s large exposure to the fast-growing Latin American and Asian Pacific regions, which together accounted for 67 percent of the company’s 2010 agricultural revenues.

In its specialty chemicals segment (slightly more than a quarter of 2010 revenues), FMC is a leading supplier of biopolymers and lithium products. The

biopolymer products consists of ingredients harvested and processed from organic matter like wood pulp and seaweed. Chief customers are the food and pharmaceutical industries, noncyclical markets where demand is relatively stable. FMC’s products provide such benefits as improving food textures and giving time-release properties to drug tablets. This segment also should benefit from rising living standards in the emerging world. Last year, Asia and Latin America accounted for 31 percent of sales in specialty chemicals.

Lithium is widely distributed in the earth’s crust but typically found in low concentrations. The metal is essential in the batteries of cell phones and computers and in those that power hybrid and electric cars. It’s also an ingredient in rubber, ceramics, strong alloys, and many others products and even has medical applications, for example, in treating gout and some mental illness. FMC is one of the world’s top three lithium producers, supplying the metal in a variety of forms and compounds, from the commodity lithium carbonate to highly specialized products. The company extracts most of its lithium at low cost from naturally occurring lithium-rich brine pools in the Andes Mountains, currently the most significant and lowest-cost source available. Lithium demand should continue to be strong as technology proliferates. And if hybrid and electric cars take off, demand could skyrocket.

FMC’s third segment is industrial chemicals, accounting for 34 percent of 2010 revenues. It includes several groups of inorganic chemicals. Most important is sodium carbonate, or soda ash, used in chemical processing and in the manufacture of glass and detergents. FMC mines and produces its own natural soda ash from trona reserves in Wyoming, using proprietary technology that the company says makes it the industry’s lowest-cost producer. Because trona deposits are relatively scarce elsewhere in the world, most soda ash outside the U.S. is produced using more expensive synthetics.

During the economic downturn, when demand for soda ash dropped, FMC mothballed its Granger facility. With prices higher in recent quarters as demand, particularly from overseas, picked up, the company has restarted production there this year and aims to expand plant capacity to 1.2 million tons by 2014, bringing overall annual companywide production capacity to nearly 5 million tons.

The other main product in the industrial chemicals group is peroxygens, hydrogen peroxide and its specialty chemical derivatives known for their bleaching, oxidizing, and disinfecting properties. The pulp and paper industry is a big customer, using peroxygens to brighten the color of pulp; other users include hair care and cleaning markets.

Last year FMC’s revenues rebounded to $3.1 billion after dropping to $2.8 billion the year before. Earnings were depressed at just $173 million primarily because of abnormal charges such as a $131 million charge related to the shutdown of the company’s phosphates plant in Spain. On an adjusted basis, the company earned $354 million, amounting to $4.87 per share.

For 2011, the company now expects adjusted

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earnings of $5.60 to $5.80 per share (higher than the $5.35 to $5.75 it had predicted at the year’s start) and earnings growth of at least 10 percent in all three segments. Adjusted earnings from continuing operations grew 11 percent over last year’s figures through the year’s first half, a sign of strength in FMC’s core business lines. Taking into account both organic growth and potential acquisitions, the company projects sales will hit $5 billion by 2015, with more than half generated from developing economies (compared to 43 percent in 2010).

The balance sheet is strong, with just $623 million in total debt for a debt/equity ratio of 0.43 and $187 million in cash on hand as of the end of June. At current prices, shares trade at just 11 times forward earnings. With earnings growth projected to average 10 percent annually, the stock’s PEG ratio is just 1.1, a bargain considering FMC’s leadership position for many of its products, the relatively stable demand from its end markets, and the company’s growing presence in emerging markets. FMC has been added to the FundFinds Portfolio where it complements Growth Portfolio’s two fertilizer stocks PotashCorp of Saskatchewan (POT) and Mosaic (MOS).”

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Louis Navellier’s BLUE CHIP GROWTH, published by InvestorPlace Media, 9201 Corporate Blvd., Rockville, MD 20850. Monthly, 1 year, $299. Includes Weekly Updates.

Retail and health care are two great sectors to play right now

Louis Navellier: “There are two big trends that investors should be aware of right now: A resurgence in retail stocks and spending and the stability of the health care sector amid volatility.

On the spending front, back-to-school shopping was only the tip of the iceberg. With the holiday retail season fast approaching, these companies should enjoy tremendous top- and bottom-line growth. The upcoming holiday shopping season should provide a big jolt to the economy – and to specialty retailers, tech stocks and others.

As for health care, biotech and pharmaceutical stocks continue to develop incredible cures that save patients and improve their quality of life. While some sleepy Big Pharma stocks continue to face patent expirations, on the other side of the coin are the innovators coming up with new medications – or efficient ways to crank out generic drugs at rock-bottom prices.

These two sectors are your best bet for blue-chip stocks right now. And if you’re looking for specific picks, here are my five favorites:

Alexion Pharmaceuticals Inc. (Nasdaq: ALXN) is a key player in the biotech industry – a pocket of the market that has been remarkably resilient to market uncertainty. The stock is trading about $5 lower than its 52-week high of $70.20 and on October 20 announced stunning sales and earnings growth that trumped analysts’ expectations across the board. Compared with the same quarter last year, sales

bolted 44% from $141.6 million to $204.1 million. Analysts predicted $198.9 million in sales, so the company posted a 3% sales surprise. Over the same period, net income shot up 54% from $47.2 million, or 25 cents per share, to $72.6 million, or 37 cents per share. The analyst community forecast earnings per share of just 29 cents, so Alexion posted a whopping 28% earnings surprise!

AutoZone Inc. (NYSE: AZO) is the perfect stock for the current automobile market. Consumers are buying new cars when they need them, but they are extending the lives of those vehicles and are trying to get more mileage out of their vehicles. Companies like AutoZone supply the parts to keep well-worn cars in top condition. AutoZone announced its Q4 earnings in September, so the company will not report earnings again until early January. However, analysts already are optimistic about the company’s prospects, predicting 17.5% earnings growth (compared with the 11% industry average) and 6% sales growth.

Dollar Tree Inc. (Nasdaq: DLTR). When the markets turn sour, savvy investors bargain-hunt, and when there are fears of a double-dip recession, smart shoppers visit discount retailers like Dollar Tree. Dollar Tree is doing so well that it announced a $1.5 billion share repurchase program on October 11 in addition to an ongoing $500 million stock buyback program. This prompted analysts to raise their price targets on this tremendous stock. Dollar Tree is not slated to announce earnings until November 17, so there’s plenty of time to load up on shares of this premium stock. Analysts currently expect year-over-year sales to climb 10% and earnings to jump 14%.

Perrigo Company (Nasdaq: PRGO) is the world’s largest manufacturer of OTC pharmaceutical products for the store brand market. The company operates four divisions, namely Consumer Healthcare, Nutritionals, Rx Pharmaceuticals and Active Pharmaceutical Ingredients. Together, these divisions cover everything from smoking cession products to infant formula and prescription shampoos.

On October 27, Perrigo announced earnings per share of $1.10 that beat analyst estimates of $1.03 and represented 27% earnings growth compared to the same quarter a year ago. The company also raised full-year fiscal 2012 guidance to $4.65 to $4.80 per share, which would be an increase of 16% to 20% compared to fiscal 2011 EPS.

Ross Stores Inc. (Nasdaq: ROST) is a bargain clothier that doesn’t just keep analysts guessing; it also blows away its own estimates! In July, Ross reported that same-store sales rose 5%, beating analysts’ estimates. Then again, on October 10, the company announced that same-store sales rose 5% in September, trouncing the company’s estimate that sales would increase 1% to 2% over that period. Because of this tremendous turnout, Ross recently bumped up its Q3 estimates. Ross will announce earnings November 7; the consensus estimate is calling for 8% sales growth and 14% earnings growth.”

Editor’s Note: Editor Louis Navellier is one of Wall Street’s most renowned growth investors. Over the past 13 years from 1998 to 2010, the Blue Chip Growth has returned profits of 179%, beating the S&P 500’s 63% gain by a margin of more than 3-to-1. For more information and Special Offer, visit www.navelliergrowth.com.

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DOW THEORY FORECASTS7412 Calumet Ave., Hammond, IN 46324. 1 year, 52 issues, $279. www.dowtheory.com

Advance Auto avoids pileupRichard Moroney: “Advance Auto Parts (AAP:

$65) is benefiting from factors that might indicate tough sledding for other stocks, including modest sales of new cars and a general pessimism about the U.S. economy. In the June quarter, Advance Auto said cash flow from operations rose 25%, ending a three-quarter stretch of declines.

Since the end of May, Advance Auto’s share price has dipped 3%, versus a 13% decline for the S&P 500 Index. While the stock’s defensive attributes are a big part of its appeal, Advance Auto is also attractive based on its modest valuation and well-defined growth prospects. Advance Auto Parts is a Long-Term Buy.

Business breakdownThe average age of cars on U.S. roads exceeds

10 years, up from 8.4 years in 1995. As vehicles get older, they require more parts to keep running. Many of Advance Auto’s products are geared toward do-it-yourself (DIY) customers who replace radiators, starters, and water pumps themselves. Such ancillary products as floor mats, seat covers, and antifreeze also line the shelves of the roughly 3,600 Advance stores.

Same-store sales rose 1.9% in the 28 weeks ended July 16, on top of 6.9% growth in the same period in 2010. Advance Auto faces steep hurdles to extend its streak of 11 quarters of higher same-store sales, building on tough comparables with 9.9% growth in the September 2010 quarter and 8.9% in the December quarter.

About 90% of Advance Auto’s stores offer commercial delivery programs that shuttle merchandise to garages and dealerships. Commercial sales account for roughly 35% of revenue, up from 25% three years ago. The investment in commercial has slowed store expansion, which has affected DIY growth. But the $40 billion commercial market is fragmented,

and management seems intent on growing its 5% share. Advance Auto sees the commercial business ultimately accounting for 50% of sales.

Gross profit margin has widened in nine of the last 10 years. Advance credits structural changes, not cyclical factors, for the profitability gains. The company still sees opportunities to cut costs, especially in the supply chain. Advance is also increasing its focus on failure and maintenance parts, where it can more easily pass on higher costs to customers.

Management keeps little cash on the balance sheet, preferring to shrink the share count, down more than 10% from a year ago. In August, the company announced a fresh $300 million repurchase program, equaling more than 6% of outstanding shares.

ConclusionRising analyst estimates target 2011 earnings per

share of $4.68, up 19%. In the September quarter, Wall Street calls for 14% higher per-share profits on 4% sales growth. Rival AutoZone’s (AZO: $323) strong August quarter bodes well for Advance Auto.

At 14 times trailing earnings, shares trade 13% below their five-year average. Based on the 2011 profit consensus, the stock’s P/E is 13, a 9% discount to the median automotive retailer in the S&P 1500 Index. An annual report for Advance Auto Parts Inc. is available at 5673 Airport Rd., Roanoke, VA 24012; (540) 362-4911; www.advanceautoparts.com.”

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INVESTMENT QUALITY TRENDS, 2888 Loker Ave. East, Ste. 116, Carlsbad, CA 92010. 1 year, 24 issues, $310. Online, $265. www.iqtrends.com.

The Timely TenKelley Wright: “The Timely Ten is not just another

“best of, right now” list. It is our reasoned expectation based on our methodology and experience for what we believe will perform best over the next five years.

Do we believe that all 10 will go up simultaneously or immediately? Of course not. Our four decades of research and experience, however, leads us to believe that these stocks, purchased at current Undervalued levels, are well positioned for both growth of capital and income.

The Timely Ten consists of Undervalued stocks that generally have a S&P Dividend & Earnings Quality rating of A- or better, a “G” designation for exemplary long-term dividend growth, a P/E ratio of 15 or less, a payout ratio of 50% or less (75% for Utilities), debt of 50% or less (75% for Utilities), and technical characteristics on the daily and weekly charts that suggests the potential for imminent capital appreciation.

The current 10 selections and their yields are: Coca-Cola Co. (KO, yielding 2.7%), Johnson & Johnson (JNJ, 3.5%), AT&T Inc. (T, 5.8%), Abbott Labs (ABT, 3.5%), United Technologies (UTX, 2.4%), PepsiCo Inc. (PEP, 3.3%), Eaton Corp. (ETN, 2.9%), Exelon Corp. (EXC: 4.7%), CVS Caremark (CVS: 1.4%) and 3M Company (MMM: 2.7%).”

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15

Sphere Resources: Exploring Famed Red Lake Gold Camp and Gold-Rich Nevada Trends

New Mineralized Gold System Discovered at Red Lake

Gold veins similar to these

were discovered on surface at

Sphere Resources’

Alcourt Property in Red Lake,

Ontario

Forget those long shot explora-tion gambits that rarely justify the money and effort spent in the search for precious metals. Sphere Resources (NEX: SPH.H) has a much better idea – to explore for those precious metals in major global mining camps where large deposits of gold and silver already exist.

To that end, Sphere’s man-agement has assembled highly prospective projects in Canada’s famed Red Lake gold mining camp and on one of gold-rich Nevada’s emerging gold trends. Over the next six years, the company plans to spend $6 million to explore two projects in Red Lake: its Dome and Alcourt properties – and its Gold Jackpot property in Nevada.

“Our properties are located right in the middle of superior mining camps that are endowed with world class gold deposits,” says Malcolm Stevens, President and Executive Chairman of Sphere Resources. “Our previous experience and success as an explorer and developer of gold assets in Australia, Asia and Africa now allows us to turn in a new direction – finding major gold deposits in the leading gold camps of North America.”

Sphere’s exploration plans call for a number of innovative ap-proaches, including third-party financing with clawback rights, simultaneous high resolution IP technology and targeted drilling, to reduce the time and cost of de-veloping its exploration projects.

First on its to-do list is Red Lake where Sphere Resources hopes to identify a minimum 1 to 3 million ounce gold resource.

Goal to Become a Major Player in Canada’s Famed

Red Lake Gold DistrictQuite simply, Red Lake hosts

the world’s richest gold camp. The area in northwestern Ontario is

home to the highest grade gold mine in the world, the world’s lowest cost gold producer, historic gold production of more than 25 million ounces, remaining proven gold resources of more than 30 million ounces, the probability that yet another 30 million ounces of gold remains to be discovered, and current annual production of more than 600,000 ounces of gold.

Gold was first discovered in Red Lake in the 1920s with production beginning a decade later. Two of the original mines – the Campbell and Red Lake, both now owned by Goldcorp – are still in operation today. The Red Lake mine is among the highest-grade deposits in the world.

Red Lake geology is similar to that in Canada’s other major gold camps, Timmins and Kirkland Lake. Red Lake lies within an Archaean greenstone belt characterized by a series of metavolcanic and metasedimentary rocks where gold is found mostly in structurally controlled vein-type gold deposits.

Perhaps most significant from Sphere’s viewpoint is that new

gold deposits are still being dis-covered in Red Lake, including three major discoveries just since 2004. Existing mines continue to expand known zones of mineraliza-tion. Premier Gold Mines’ Bonanza Project, operated by Goldcorp, is believed to host a major gold depos-it. Rubicon Minerals has identified a 2 million ounce mineable gold resource that is scheduled to go into production by 2013.

“We are right in the middle of the action,” says Stevens. “Red Lake is our primary focus to prove up a substantial gold deposit.”

New Mineralized Gold System Discovered on Dome and

McManus ClaimsSphere Resources’ summer

drilling campaign uncovered a substantial mineralization system (McManus-Chukuni Sulphide Zone) that is more than 300 meters wide and 1 km long. Results from 56 samples from the McManus property contained gold quantities above an arbitrary 0.1 g/t gold. The sample with the highest grade was 12.99 g/t gold

16

over a 0.4 m interval. The system runs west from the McManus patented mining into Red Lake and is open in all directions.

Drilling on the Dome property focused on five geophysical anomalies identified by last winter ’s geophysics program. Out of 587 core samples, 84 were submitted for analysis with three samples containing gold quantities above an arbitrary 0.1 g/t gold with a maximum value of 0.232 g/t gold over a 1.0 meter sample interval.

Sphere’s 835 hectare Dome Gold Project is only 4 km from Goldcorp’s massive Red Lake Mine and 1.8 km south of Premier Gold’s Bonanza deposit. The property is aligned with Goldcorp’s southwesterly trending High Grade Gold Zone where 2010 drilling yielded assays ranging to 34.7 meters of 136.3 g/t gold and 1.7 meters of 1,826.3 g/t gold.

“These grades are staggering and it appears the high grade zone is trending in a southwestern direction which could potentially trend onto Sphere Resources property,” says Stevens.

The Dome property is half on dry land and half covered by water. Much of the property overlies a large quartz diorite intrusion that hosts numerous gold occurrences and nearby several past-producing gold mines.

A winter drilling program on both the Dome and McManus properties is now in the planning stages. This program includes drilling easterly land-based claims on the McManus property, and, when ice conditions on Red Lake permit, a comprehensive program on the westerly lake-based claims of both properties.

Historical data shows Sphere Resources’ 83-hectare Alcourt property, located about 12 km northwest of Red Lake, hosts high grade gold mineralization in quartz veins. A cross section of the deposit also indicates the presence of additional gold mineralization separate from the vein structure.

“This suggests the possibil-ity for the occurrence of multiple veins that are as yet undiscov-ered,” said Stevens.

Sphere Resources has budgeted $763,800 to explore Alcourt this

Sphere Resources has significant land positions in both Ontario's gold-rich Red Lake Mining Camp and on Nevada's equally gold-rich Carlin Trend. Above is the claim map for the company's Red Lake Dome Project. Below is the company's Poker Flats project in close proximity to major mining projects.

SUBSTANTIAL LAND PoSITIoNS IN RED LAKE AND NEvADA

17

SPHERE RESOURCES INC.NEX: SPH.H

Contact: Malcolm Stevens, President and Executive Chairman

Canadian Office: 204 Black Street Ste. 300

Whitehorse, Yukon Canada Y1A 2M9

Phone: 647-986-8940 E-Mail: info@sphereresources.com Web Site: www.sphereresources.com

Shares Outstanding: 136 million 52 Week Trading Range: Hi: C$0.12 Low: C$0.01

year. Phase 1 of the proposed exploration program would estab-lish a survey grid and complete both MAG and IP/RES surveys to iden-tify prospective targets.

“The object of this work will be to identify the geological controls of the gold mineral-ization and to help in targeting other areas for follow-up work,” says Stevens.

The exploration pro-gram also includes a MMI geochemical survey to help in the discovery of blind mineralization in the overburden covered areas associated with the magnetic corridor. A lim-ited amount of diamond drilling, about 2,000 me-ters, would confirm the gold zone at depth and along strike, as well as verify the historical as-says.

Nevada Gold Jackpot Property Located on Gold-Rich Trend

Sphere Resources’ second area of exploration focus is Nevada’s Pequop Gold Trend where New-mont recently paid $2.33 billion to acquire Fronteer Gold’s Long Canyon Project. Newmont predicted the Pequop area would become the next Carlin Trend, which produced over 70 million ounces of gold, worth around $90 billion at 2010 prices placing it among the world’s richest gold mining districts.

Sphere Resources holds an op-tion to acquire a 75% interest in the Gold Jackpot gold-silver-tel-lurium-copper project located on the Pequop Gold Trend. Under its agreement with Mexivada Mining Corp., Sphere will finance explora-tion and complete a prefeasibility study upon successful completion of the exploration program.

“Gold Jackpot enables Sphere Resources to explore and poten-tially mine a concession situated near both lucrative producing mines and industry leaders,” says

Stevens.Sphere also retains its interest

in the Poker Flats and Ziggu-rat properties, also in Nevada, through its 53.85% stock posi-

tion in the US explorer Spartan Gold. Poker Flats is located on the Carlin Trend and is 1.4 miles from Newmont’s Emigrant 1.6 million ounce gold deposit. Zig-gurat is 20 km north of Kinross- Barrick’s giant 15+ million ounce Round Mountain open pit, heap leach gold mine, and borders Fron-teer Gold’s +3 million oz Northumberland Mine gold property (recently acquired by Newmont).

Investment ConsiderationsSphere Resources is

led by a management team with 120 years of combined experience and a lengthy record of success in the inter-national mining sector. The company is well financed for its planned Canadian and Nevada exploration programs, recently winning a $4.5 million settlement for

property that was part of a 2006 joint venture on mining and gold projects in Zimbabwe.

“This settlement will allow Sphere to accomplish budgeted exploration programs at Red Lake and in Nevada, and allow us to move toward our goal of applying for Tier 2 status on the TSX.V,” says Stevens.

Sphere’s 100% funding partner of the Dome property in Red Lake is Duncan Park Holdings Corporation, which is financing the whole project for an earn-in stake that Sphere can later c lawback to maintain 76% ownership. Sphere’s joint venture partner in the Poker Flats and Ziggurat properties in Nevada is Spartan Gold Ltd., which recently announced a fund raising of $10 million.

“Our goal as explorers is to be as risk-free and as low cost as possible,” says Stevens. “Sphere Resources has a track record of being in the right place, at the right time, with the right geological advisors. That is the case again in Red Lake and Nevada.”

18

Continued from page 1

noteworthy. If you also have a voyeuristic streak in you, read on.

Seth KlarmanHewlett-Packard (NYSE:

HPQ): Buy; % Change in Holding: New; Average Price Per Share: $29.45. Comments: Has faith that new CEO Meg Whitman can turn things around. I’m glad that she decided to keep the PC division.

BP plc (NYSE: BP): Buy; % Change in Holding: 149.8%; Average Price Per Share: $40.72. Comments: Continues to buy this troubled stock still suffering a hangover from the April 2010 BP oil spill. Company’s 23% return on equity is attractive and Klarman must feel further litigation risk is overblown.

News Corp: Class B (NYSE: NWS) Buy; % Change in Hold-ing: New (already owned 21 million Class A shares); Average Price Per Share: $16.49. Com-ments: Scandal-plagued media conglomerate owns some of the best brands in the world, in-cluding Dow Jones, Wall Street Journal, New York Post, and Fox TV channels. Very cheap, selling for a PEG ratio of 0.8.

Genworth Financial Class A (NYSE: GNW): Buy; % Change in Holding: New; Average Price Per Share: $7.26. Comments: Money-

losing 2004 insurance spinoff from General Electric is even cheaper than News Corp. (0.2 PEG) based on forward estimated earnings.

David EinhornMarvell Technology (Nas-

daqGS: MRVL): Buy; % Change in Holding: New; Average Price Per Share: $14.19. Comments: Semi-conductor company has no debt, $4 per share in cash, five-year annual earnings growth of 21%, and sells for a PEG ratio of 0.6.

General Motors (NYSE: GM): Buy; % Change in Holding: 330.8%; Average Price Per Share: $25.39. Comments: Q3 earnings were a disappointment, but the company seized the throne of world’s largest automaker away from Toyota Motor.

Market Vectors Gold Miners ETF (NYSE: GDX): Buy; % Change in Holding: 104.8%; Average Price Per Share: $60.21. Comments: Gold mining stocks do well when inflation is higher than U.S. Treasury rates (now).

CBS Class B (NYSE: CBS): Buy; % Change in Holding: New; Average Price Per Share: $25.10. Comments: Television network stocks generally do well during presidential election years (2012 is coming up) because of political ad spending.

Bill AckmanCanadian Pacific Railway

(NYSE: CP): Buy; % Change in Holding: New; Average Price Per Share: $61.90. Comments: Ackman may be trying to copy Warren Buffett’s success with Burlington Northern up in the great white north. Rail freight is cheaper than sending via trucks, which is important when energy prices are high.

Beam (NYSE: BEAM) and Fortune Brands Home & Security (NYSE: FBHS) Buy; % Change in Holding: 21.2%; Average Price Per Share: $58.15 (combined price per share prior to Oct. spinoff). Comments: Fortune Brands, the maker of Jim Beam

bourbon whiskey, changed its name to its namesake whiskey brand and spun off its home security division.

Lowes Companies (NYSE: LOW): Buy; % Change in Holding: New; Average Price Per Share: $20.77. Comments: This home improvement superstore is second sister to market leader Home Depot, but the stock is cheap and housing may be bottoming.

J.C. Penney (NYSE: JCP): Buy; % Change in Holding: 10.9%; Average Price Per Share: $35.94. Comments: Apple veteran Ron Johnson took the reins of CEO on November 1st and may be the man to turn around this Texas-based retailer.

Chuck AkreBerkshire Hathaway Class

B (NYSE: BRK-B): Buy; % Change in Holding: 129.1%; Average Price Per Share: $72.28. Comments: Now is a great time to be buying Warren Buffett ’s insurance company.

Markel (NYSE: MKL): Buy; % Change in Holding: 18.3%; Av-erage Price Per Share: $384.94. Comments: Virginia-based prop-erty & casualty (P&C) insurer that mimics the business model of Buffett’s Berkshire Hathaway. CIO Tom Gayner is a good inves-tor.

Bank of America (NYSE: BAC): Buy; % Change in Holding: New; Average Price Per Share: $8.26. Comments: Does Akre realize that Buffett didn’t invest in the common stock?.

Hartford Financial Services (NYSE: HIG): Buy; % Change in Holding: New; Average Price Per Share: $20.40. Comments: 1995 spinoff from ITT is another P&C insurer. Does Akre realize that David Tepper dumped his entire stake in the company?

Editor’s Note: Jim Fink is senior online editor for Investing Daily, an online service of KCI Investing. He writes the “Stocks to Watch” daily column that provides readers with timely insight into current events and their potential impact on publicly listed companies. For more information visit www.InvestingDaily.com.

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Barrick: A gold mine and moreRuss Kaplan’s newest recommendation is Barrick

Gold (ABX). “One might wonder why invest in this company, with the price of gold so high? Barrick Gold is down so much from its high for the year. The reason be-ing, I believe, is that Barrick has gone into copper with its acquisition of the Lumwana Mine, located in Zambia.

There is an interesting parallel story in all of this. Back in 1983, when Peter Munk took over this com-pany, Barrick’s business interests were into oil and gas. In those days oil and gas were selling at high prices and gold was selling at low prices. Munk was heavily criticized for making such a move, but his-tory shows it to actually have been a brilliant move.

What Munk is doing is the type of investing I try to do at Russ Kaplan Investments, Inc. We like to buy things that are greatly undervalued; and like Mr. Munk, lately we have been buying shares of companies that are into Copper. The companies are: Rio Tinto, BHP Billiton, Southern Copper and others. After all, Copper is metal that is a common necessity used in daily life, has a finite quantity, and without very good substitutes.

Another action that management has taken throughout the years is to keep their finances in solid shape. Barrick is definitely a blue chip stock with op-erations in North and South America, Australia, and Africa. Barrick is undervalued with a price/earnings ratio about 1/3 of its normal value, and with growth potential symbolized by a return on equity of 18%. I consider that to be an unbeatable combination.

As the price of copper moves up it should have a positive effect on the company. Since August, Copper has been off by about 25%. This translates to me into panic selling being done based on a sluggish world economy. I expect the price of Copper and Barrick Gold to rise in the near future.

With the Federal Reserve keeping the printing presses going, leading to rising inflation I see Gold continuing to go up and Value Line, estimating about 8 million ounces of production a year.”

Resource Stocks

On The Cutting EdgeEach quarter Friess Associates, managers of the

Brandywine Funds, share samples of innovative ideas that cross their research team’s radar screen even though opportunities to invest in them may lie in the future or never surface. Some of these innovations might be showing up near you already while others fail to evolve into practical applications. Here are some recent ideas:

• Smarter GPS Via Smartphone. Imagine never again holding a one-sided debate with the calm, computer-generated voice of your GPS about whether she provided ample warning for the right turn you just missed. The Wikitude Drive “augmented reality” navigation app leaves no room for debate. Drive works through a smartphone mounted sideways on a car’s windshield, where the phone provides a live video feed of the road ahead. The app superimposes three-dimensional markers on the roadway, eliminating any ambiguity about where to go. Drive is designed for select Android smartphones. It is currently in use in Austria, France, Germany, Italy, Spain, Switzerland and the U.K.

• Laser Guided Sports Luxury. At a time when LEDs are making inroads as a light source for automotive lighting, BMW is poised to set a new standard in vehicle headlight technology. In what it calls the “next logical step” in the evolution of the headlamp, the company hopes in coming years to roll out laser headlight technology that it is currently testing. According to BMW, lasers produce near-parallel beams that are 1,000 times more intense than LEDs while using less than half the energy to produce. BMW said its laser lights would pose no possible threat to humans or animals. The individual laser diodes in the lights are very small compared with the square cells used in LEDs, opening up new design possibilities. BMW’s 2013 i8 concept is expected to be the first vehicle equipped with laser lights.

• Limitless Storage. Former employees from MasterCard, VeriSign and Mozy have banded together to form a new startup that promises to provide “infinite storage on your desktop.” The company, Bitcasa, created software that makes it appear that all of a user’s data is stored locally on his or her hard drive. In the background, however, frequently used files are local while others, such as years-old photos and other files that haven’t seen recent activity, are encrypted and stored in Bitcasa’s remote servers. Bitcasa intends to maximize its capacity by ensuring its cloud servers don’t store redundant copies of music tracks, movies and other files likely to be shared by multiple users. Bitcasa’s software is currently in the beta testing phase. The company reportedly intends to charge $10 a month for its unlimited storage service.

• Electro-Skin. Researchers from the University of Illinois have developed a wearable electronic device platform they believe has the potential to reshape the way humans interact with machines. The ultrathin and flexible skin-like patch combines electronic components for sensing, medical diagnostics and human-machine interfaces. The patch is applied

with water like a temporary tattoo and lasts for about 24 hours. The researchers demonstrated the patch’s ability to measure electrical activity in the heart, brain and skeletal muscles in data reported in the journal Science in August. In experiments that involved placing a patch on a wearer’s throat area, the team was able to identify simple speech from muscle activity alone as well as control a voice-activated video game with a high degree of accuracy.

Editor’s Note: Founded in 1974, Friess Associates, P.O. Box 576, Jackson, WY 83001 manage more than $6 billion in the Brandywine mutual funds, www.brandywinefunds.com, as well as separately managed portfolios.

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Gold to be strong. Every portfolio should own material stocksSean Christian: “Gold continues to look good.

Sovereign debt concerns are causing heightened risk-aversion as investors search for safe assets. Also, there is a growing quasi-monetary perception of gold as a global reserve currency. We expect demand for gold to be strong in this environment. Morgan Stanley has a bull case target of U.S. $2,464/oz. for 2012. We like our miners Newmont Mining (NEM) and Bar-rick Gold (ABX) and will continue to hold shares.”

***************

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Accumulation warranted for gold minersIan McAvity: “Gold and Silver are the only surviv-

ing uptrend lines on all the commodity charts. Silver may yet be more vulnerable than gold because of its industrial consumption component, but I believe the two historic monetary metals are staking out their role as the only place to hide as the financial system is once again going wobbly. The MF Global fiasco just adds more fuel to the growing anger and distrust of the US financial sector. Regulatory overkill will surely follow.

In my talk at the New Orleans Investment Con-ference, I stated that I believe a decent bottom has been put in, but I was concerned about the speed with which it had snapped back to $1750. Too much too fast in my view, and I expected to see another entry opportunity in the mid-$1600’s. I noted that I particularly wanted to see gold hold relatively well against a sharp fall in the S&P. We’ve now had two such days in the last 5 days.

It’s still early, but I’m getting even more bullish. The weekly RSI came down to the 50 area where the

last five bottoms were put in, and RSI has turned up. The sentiment, low open interest and CoT data also encourages me.

The major gold miners continue to frustrate. On the GDM Index that underlies the GDX ETF, it looks like a broadening top has been carved out over the last 12 months and the proximity of current levels to the top of 2008 when the gold price was topping just over $1000 speaks volumes about their lousy relative performance to the metal.

The longer term history of the GDM Index and the Miners Shares/Metal ratio. I’ve drawn slightly differ-ent lines to illustrate the approximate high and low extremes of the past 17 years. Above A is when the Index is above 1.8x the gold price. The undervalued extreme, C is what I have been waiting for, a sharp decline below C comparable to 1998, 2000 & 2008. It has been trying to hold at C which is 0.9x the gold price. (On this chart, the London PM Fix price is be-ing used, it works just as well with Comex, or even easier for many people, follow GDX divided by GLD…the two price tracking ETF’s for Miners and Metal.

I’m hearing a growing number of people focusing on the likelihood of a phase where the major gold miners should begin to outperform the metal. I agree, but would prefer to initiate the trade with that Shares/Metal ratio a tad lower, in a really messy S&P decline. If the S&P probes and breaks the early October low, I’m pretty sure the GDX components will be hit by margin clears and surging fear… that’s what I’m patiently awaiting. For those with no exposure to the Miners, some accumulation is warranted in case I’m wrong on a bigger buying opportunity looming.

Newmont’s (NEM) novel new gold indexes divi-dend policy has attracted some strength to try and break away from five lousy years around the peak it first set when gold was only $732 in Apr’06. This is the first time in years that NEM has begun to outperform Barrick Gold (ABX). NEM is also the only gold stock in the S&P 500 which may attract some fund flows if/as/when the world warms up to the miners. ABX is the largest miner but is also stalled around its old 2008 highs over the past year.

If you bet someone a year ago that gold could rise $500 and ABX would remain unchanged, the odds might have been startling…but look at the number of these stocks at or below their 2008 or even their 2006 peaks! It’s an extraordinary condemnation of the industry. They sponsored the creation of GLD, and it’s sucked away $70 billion of buying power, much of which might have flowed to their shares.

Of the 12 majors, Goldcorp (GG) is the only one that attracts me, and my interest is largely focused on its growth in the politically stable Red Lake Camp in Canada. I’m much less attracted to areas of geo-political risk in Africa, South America and many former Soviet states.”

GOLD • SILVER • URANIUM • PLATINUM/PALLADIUM • DIAMONDS • BASE METALS

TheResourceInvestor.com

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Aura Silver Resources: Best deal to cross my desk in many moonsJames Rapholz: “Here’s a little gem that my wife

and I just bought 493,000 shares of for $0.07 each and I’m looking for a very easy $0.35 back by the first of 2012 or a gain of about 500% on our investment. We (whenever possible) try to buy during the summer when precious metals are at their yearly lows and sell in the winter months when they are at their high points. They tell me that October is the best month to buy precious metals.

Aura Silver Resources, Inc. (TSX.V AUU; $0.07, shares outstanding 87.85 million, 52 week trading range Hi $0.59 – Lo $0.07).

Quick Facts: Taviche Project/ Oaxaca / Joint VentureAura Silver is exploring the Taviche Silver-Gold

Project as a Joint Venture with Pan American Silver Corp. Aura has been acting as operator since early 2010. This project is located in Mexico’s San Jose Mining District where Fortuna Silver Mines is devel-oping a mine and where Aura Silver’s West Taviche Property surrounds this mine property. Aura believes the silver-gold bearing veins at San Jose mines strike onto our concession.

Greyhound Project/Nunavut/ 100% ownedAura Silver’s high-grade gold, silver project at

Greyhound Lake in Canada’s Nunavut Territory lies within a virtually unexplored Archean greenstone belt. Work is ongoing in testing of numerous precious metal rich targets.

Aura Silver Resources, Inc. is focused on two projects situated on some of the most prospective silver ground in North America and in jurisdictions that provide safe legal and political environments for mining companies.

Aura Silver has two significant precious metals projects – the Taviche Project, in the state of Oaxaca, Mexico within the San Jose Mining district, report-edly one of the first historic silver mining areas in the country, and the Greyhound Project located in a highly prospective gold and silver property that lies within an unexplored Archrean Greenstone Belt in Nunavut, Canada.

Aura Silver has identified an extensively mineral-ized jasperoid zone on surface at its flagship Taviche silver property. Drill results include numerous high grade silver intervals ranging as high as 3,923 grams per ton or {114.5 ounces per ton!!!!} with gold content of 0.5 grams per ton. Work continues to evaluate the potential of historical vein structures as well as new zones discovered by aura.

Aura is also aggressively exploring its Greyhound Project, and is currently drill testing numerous sul-phide enriched banded iron formations in one portion of the claims and searching for the source of high grade samples collected in 2010 which assayed up to 28.8 grams per ton gold and 5,380 grams per ton

silver or {156.75 ounces per ton silver !!!!}.The second phase of the 2011 drilling program is

now underway on the Greyhound property in Nuna-vut, Canada. This 2,200 meter program will test a new area of bedrock gold and silver targets located in the northeastern part of the property, 20 kilometers distant from Aura Lake. Several target areas have been defined by broad extensive soil anomalies up to 2.0 g/t Au (gold), bedrock grab samples up to 6.49 g/t Au with surface gossans associated with sulphide-rich zones in magnetite iron formation.

Iron formation hosted gold deposits are common throughout the Canadian Shield can be economically very important. The former Lupin Mine at Contwoyto Lake, NU, for instance, produced 3.37 million ounces of gold between 1982 and 2005. In Ontario, the Pickle Crow mine has historic production plus current re-sources of 2.70 million ounces at an average grade of 6.09 grams per ton gold. Closer to Aura Silver’s project are the Meadowbank gold deposits, which comprise four separate zones, with an aggregate open-pittable resource of 3.64 million ounces of gold.

These mineral deposits lie in the same strati-graphic unit (Woodburn Group) and all but one are sulphide zones in magnetite iron formation. The iron formation deposits at Meadowbank are economically the most important and are expressed as conductors. The main zone was found as a surface showing but was outlined by HLEM (horizontal loop) geophysical surveys. Aura Silver’s consultants believe that the company has discovered mineralization of the same character as the Meadowbank deposits adjacent to MaxMin conductors (HLEM) which were carried out on the Greyhound property in May of 2011. As a result of this work plus prospecting, four target areas in the Greyhound northeast area are currently being tested by diamond drilling as follows:

At North Gossan, anomalous gold values in spec-tacular iron-rich gossan have been traced along a one kilometer zone overlying banded iron formation and a coincident MaxMin conductor. Geochemical values on soils across the conductive zones range up to 3.9 grams per ton gold and 5.1 grams per ton silver.

The JohnPaul prospect is located two kilometers south of the North Gossan zone in an area where a pair of one kilometer long MaxMin conductors coincides with magnetite iron formation. The prospect is sub-divided into 4 areas. The first target has an exposure of sulphide-bearing iron formation with a grab sample that assays 3.85 grams per ton gold. In addition, there are gold anomalies in soils up to a remarkable 2,000 ppb Au (2g/t Au) along a line running east from the mineralized subcrop for at least 300 meters. This tar-get will be tested by a fence of holes aggregating up to 400 meters of core. The second and third portions of JohnPaul is a target 200 meters south and is defined by one line of an HLEM anomaly which continues south through the lake and onto the south shore. Highly geochemically anomalous soil values have been traced southerly from this point for 800 meters. The fourth area of the John Paul prospect is the northern extension of the main zone in which a grab sample of iron formation assayed at 6.49 grams per ton of gold.

Continued on page 22

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A different approach to China: Matthews China Dividend

Walter Frank: “When most investors think of investing in China, they think of stocks with rapid earnings growth and capital appreciation potential. After all, the majority of Asian nations have experienced economic growth that has surpassed global averages. However, economic growth in China has slowed below double-digit rates and inflation is climbing, causing a pullback in China’s stock market. So while we are not interested in investing in pure China funds now, a buying opportunity undoubtedly lies in the future. With that in mind, we are adding Matthews China Dividend (MCDFX) to Moneyletter’s coverage.

Why dividends in China?When Matthews started China Dividend in

November 2009, the firm recognized that dividend policies had changed substantially. Dividends paid had increased five-fold in the previous decade, while the number of dividend paying companies were escalating greatly. This expansion of the Chinese equity markets in breadth and depth made it possible for Matthews to pursue a dividend investing strategy across a variety of industries.

It is important to note, though, that this fund does not have a high-yield mandate. Lead manager Jesper Madsen notes in an interview with Investing Daily, “It’s still a growth fund… We’re not seeking growth in earnings per se, but rather how that growth in earnings is then converted to dividends. If you have a company deliver ongoing dividend growth over the long term, then it’s probably expanding its business at a solid clip.”

According to Matthews, dividends better align management with the interest of shareholders. “We believe companies that pay stable and/or growing dividends often exhibit stable earnings that allow for the ongoing funding of the dividend; strong balance sheets providing the shareholder higher claim to cash flows; and proven track records of dividend payments and a commitment to maintain (them).” Note that dividend-paying firms tend to be less volatile than pure growth fare, an important consideration.

Constructing the portfolioChina blue chips typically pay the biggest dividends

– but may be growing at single digit rates. So Madsen and co-manager Richard Gao commit about half of the portfolio to small- and mid-cap companies that often yield less than 3% but are growing more rapidly. The half of the portfolio in large caps includes utilities, telecom providers, and financial firms, but, Madsen asserts to The Street, “These are safe business models that can pay out dividends no matter what happens.” Consequently, they are able to hold up in good times and bad.

The managers employ the same investmentContinued on page 27

Mutual FundsContinued from page 21

Investment Consideration:Aura Silver is operating in one of the strongest

precious metals markets in decades. While the price of gold has been at recode levels for the past year, silver’s even faster price rise is increasingly gaining attention. Silver prices jumped 75% on the sport mar-ket in 2010 as mining inventories declined. And, this trend is continuing in 2011. The demand for silver is expected to rise over the next five years according to a recent report by the Silver Institute. The reason the metal’s unique properties that make vital for an incredibly broad range of uses, not only in jewelry, but in electronics, photovoltaic solar cells and it is an antibacterial, agent, just to name a few.

This action can only bode well for investors, seeking less expensive safe havens than gold. Aura silver, which is focused on exploring for both silver and gold, offers the best of both worlds on a very significant discount to the actual prices of both pre-cious metals.

Judging by the quality of Aura Silver’s prospects in Mexico and Canada, the company’s prospects for discovering a significant resource base are consider-able. The Mexico properties are located in a district that hosts over 60 historical epithermal, quartz-vein silver, gold and base metals mines.

In my humble opinion Aura Silver is a very safe bet up to at the very least $0.25. However, don’t buy it on my word alone – do your homework first. And – always remember – if you lose any money on one of my suggestions – it won’t be my money that you’re losing!

Aura Silver is the very best deal (at this price) to pass over my desk in many, many moons!

The Greyhound property is located in a mineral-ized corridor in Canada where boulder samples assay up to 28.2 grams per ton gold and 5,380 grams per ton silver. When you break that 5,380 down into ounces per ton – you end up with a figure of, 1567.75 – I can tell you from a personal standpoint that there is no exaggeration about these figures. Six or seven years back, the late Melvin Carlson (a mining engineer that worked with me for several years) convinced me to go up to that mine in hopes that I would purchase the property and provide him with some long term employment. We talked to the owners, but their ask-ing price was way out of place.

However, I suggest that you go Aura’s web site at www.aurasilver.com and check out the pictures that are found there. Click onto those pictures to blow them up and you’ll find some very amazing color. [Editor’s Note:] Color in mining lingo equals strong mineralization.

“With our strong geological team and proven high-grade gold and silver projects amid a continuing strong momentum in the gold and silver markets,” says Boaz, “Aura Silver is well positioned for success and potential share price appreciation.”

For further information on Aura Silver Resources Inc. contact Robert Boaz, President and CEO at (905) 403-8010 or by email at boaz@aurasilver.com or visit the website at www.aurasilver.com.

23

Aurcana Solidly on Track to Becoming the Next Mid-Tier Silver Producer:

Record Third Quarter: 224% Increase in Earnings and 26% Silver Production Increase

Shafter Silver Mine Currently Under Construction with Mid-2012 Estimated Completion Date

Aurcana Corporation (TSX.V: AUN) is poised to significantly increase its annual silver pro-duction with the addition of the Shafter mine to its current production at its silver-copper-lead-zinc La Negra mine. At that point, Aurcana will join the ranks of mid-tier silver producers – a feat that few junior mining com-panies ever achieve.

Just since the fall of 2010, Aurcana began building a second silver mine that it expects could eventually supply 10% of all silver in the U.S., upgraded its La Negra mine to produce 50% more tons per day, and raised enough money to propel itself into the next tier of producers.

Aurcana is moving swiftly toward that goal. It posted record results for its third quarter, ending Sept. 30, 2011. In addition to a 224% increase in earnings from mining operation, the company reported a 217% increase in net income, a 68% increase in revenues and operating cash flow that totaled $6.2 million. Silver production totaled 244,243 ounces from just 80 days of mill production.

Confidence in Aurcana’s future is also amply evident from a recently announced private placement that is expected to add $30 million to the company’s coffers. The funds will be used primarily for ongoing construction of the Shafter mine and mill expansion at the La Negra mine.

“Construction is well underway at our Shafter silver mine and it is anticipated to be completed in May 2012,” says Aurcana President and CEO Lenic Rodriguez. “The company is now solidly on its way to becoming a mid-tier silver producer with significant growth in annual silver production. La Negra produced well over 1 million ounces of contained silver in the last four quarters. When

the mine is completed, Shafter will have the capacity to produce an additional 3.8 million ounces annually.”

Aurcana to Retain Value of All Silver Produced from Expanded La Negra Mine

In the past year, Aurcana expanded mill production to 1,500 tonnes per day at its La Negra Mine in Queretaro State, Mexico. Aurcana also bought back its silver stream agreement from Silver Wheaton to bring its share of silver La Negra production to match its 92% ownership. The mine site includes a three-stage crushing plant and a mill producing copper-silver and zinc concentrates. A new lead circuit was completed in April 2011 significantly improving revenues from the mine.

The company installed addi-tional mill equipment, expanding mill operations to 1,500 tpd, a 50% increase in throughput from 1000

tpd in 2010. And now the company is expanding La Negra again with expectations of reaching 2000 tpd in early 2012.

A new tailings disposal area is now defined and being permitted to facilitate long term operations at the mine. Over the past year, mining operations and a partially completed 12,000 meter exploration drilling program have delineated additional mineralized zones potentially adding to the mine’s life.

Aurcana acquired La Negra in 2006, and now has 28 distinct orebodies, three of which are currently being mined and five of which were discovered by Aurcana over the past three years. Most recently, Aurcana expanded the project’s resource potential following a drilling program that extended the boundaries of existing orebodies and intersected significant mineralization in the La Cruz and Sofia deposits. The increased mine production and

24

the current high metal prices resulted in Aurcana reaching a Q3 2011 profit of $3.8 million. Year-to-date silver production of 742,026 ounces is 26% above last year.

The La Negra mine was discov-ered and developed by Industriales Peñoles S.A. de C. V. and was in production from 1970 until 2000. Historically, the mine produced 36 million oz. of silver, 323 mil-lion lbs. of zinc, 70 million lbs. of copper and 161 million lbs. of lead. Peñoles estimated at the time the mine was put on care and mainte-nance that it contained historical reserves of 1.22 million tonnes grading at 116 g/t silver, 2.8% zinc, 0.94% copper and 0.88% lead (not NI 43-101 compliant).

“We feel that a significant number of the 28 ore bodies at La Negra have excellent potential to continue at depth,” says Vice President of Exploration Nils von Fersen.

Shafter Mine To Be Major Pure Silver Producer

Aurcana is well on its way with developing its 100%-owned Shafter Silver Mine. When completed in May, 2012, the mine is expected to produce 3.8 million ounces of silver in its first two years of operations at an initial cash cost of $7.60 an ounce.

At that point, Aurcana’s Shafter Mine will become the 14th largest primary silver mine in the world, the largest pure silver mine in the U.S., and will increase total U.S. silver production by an impressive 10%.

A very positive feasibility study completed in the fall of 2010 projected a 32% IRR with a Capex of $45 million over a five-year mine life, based on a $15.53 per ounce silver price and 4 oz. cut off grade. The mine, which is expected to pay back the company’s capital investment in just under two years may have at least a 10-year economic life if infill drilling confirms the inferred resources adding to the projects measured and indicated resources, and with higher metal prices reducing the cut off grade.

The mine, located in southwest Texas, currently has an NI 43-101 compliant silver resource of 24.6 million ounces measured and

Aurcana Corporation’s

operating La Negra Silver

Mine in Mexico includes 28

deposits along two main

mineralized trends that are

all accessible through over

50 km of underground

development.

The 92% owned La Negra

silver-lead-zinc-copper

mine is on target to

increase production to over

2 million ounces Silver

Equivalent annually.

Historical adit at Shafter

provides access to past

production areas. The

opening shots from the

movie, "There Will Be

Blood", were shot just

inside of this adit.

A 5 year off take agreement

has been signed with AEP

to upgrade the electrical

substation at Aurcana's

Shafter Mine to meet future

power requirements. The

substation was originally

installed by Goldfields.

25

AURCANA CORPORATIONTSX.V: AUN

Contact: Gary Lindsey Investor Relations, StrataStar Group

720-273-6224Aurcana Corporation

1188 West Georgia St., Suite 1750Vancouver, BC V6E 4A2

Toll Free: (866) 532-9333Phone: (604) 331-9333

Fax: (604) 633-9179E-Mail: info@Aurcana.com

Website: www.Aurcana.comShares Outstanding: 477.5 million

52 Week Trading Range: Hi: C$1.10 • Low: C$0.35

Caution Regarding Forward-Looking Statements -- This article contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.

The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company’s plans will be economically viable.

indicated (2,900,000 tons @ 8.48 opt), 22.8 million ounces inferred (2,167,000 tons @ 10.52 opt) (assumes a 4.0 opt silver cut-off). The Shafter deposit is the northeastern down dip extension of the historic Presidio mine.

Aurcana bought the mine in 2008 from Silver Standard, which holds 15 million shares in Aurcana. The company successfully secured financing to build a new mine, construction is well underway.

The Shafter mine develop-ment program is currently on schedule and proceeding without interruption. Recent construction milestones include: building the mine office, complet-ing the decline portal, delivering the crushing and screening plant, installing the leach tanks, com-pleting the reclaim tunnel, completing the ball mill founda-tions and delivering the ball mill. The new decline ramp has passed 300 feet underground and will intersect the ore at the lower end of the extensive historic under-ground workings 1,700 linear feet from the portal. Older mined-out areas will be used for waste rock storage while existing shafts will provide ventilation for the new workings.

The mine site’s infrastructure is excellent with a major power line currently being upgraded and paved highway crossing the property, an electrical substation on site, a 1,050 foot shaft serviced by an 80-ton per hour hoist, and 5,100 feet of underground development.

Aurcana has completed an airborne ZTEM survey over the Shafter Trend and commenced studies to define drill targets to

expand the project’s reserves under the direction of Dr. Peter Megaw a world renowned expert on carbonate hosted silver deposits. There appears to be substantial exploration potential both to the east and west of the Presidio and Shafter deposits.

Proven Management Team

Aurcana is led by a particu-larly experienced management team. President and CEO Lenic Rodriguez, a top Mexican business executive with a strong back-ground in international finance, was integral in the company’s acquisition and financing of the La Negra Mine. His extensive con-tacts in and knowledge of Mexico bode well for Aurcana’s future in that silver-rich country.

Andy Nichols, the company’s Vice President of Operations, has over 35 years of underground mining experience in Canada, Africa, Asia and Latin America.

Nils von Fersen, Vice President of Exploration, also has over 30 years experience in conducting and managing mineral exploration for base and precious metals in Canada, Chile, Mexico and Guatemala for both major and junior mining companies.

Ken Collison, Technical Advisor and Director of the company, educated as a mining engineer brings over 30 years of experience in the mining industry in project development and operations in North America.

Dr. Peter Megaw, Technical Advisor, will assist in planning

exploration at both La Negra and Shafter.

Investment Considerations

The participation of major financial institutions, in Aurcana’s recent financings is a strong endorsement of the company’s management and the quality of its La Negra and Shafter Silver Mines. In fact, institutional funds took $50 million of a $60 million equity financing in 2010.

“We believe there are very strong reasons for investors to take a close look at Aur-

cana,” says Rodriguez. “We offer pure silver leverage backed by a growing annual silver production, robust mining economics and a compelling market valuation.”

To see photos of the progress on the Shafter mine go to www.aurcana.com and click on ‘Shafter Mine Updates’.

Key infrastructure in place at Shafter Silver Mine in Texas

26

U.S.SilverReportsPositiveDrillResults,RecordRevenues, and Strong Silver Production

U.S. Silver Corp owns and operates the Galena Mine in the historic Silver Valley of North Idaho. The Galena Mine and Mill, along with the Coeur Mine and Mill and the Caladay Project, were acquired from Coeur d'Alene Mines Corp in 2006 for $15

million. The Galena Mine lies in the heart of the Coeur d'Alene Mining District, the most prolific silver district in United States history with over 1.2 billion ounces of silver production. Total silver production from U.S. Silver's mining complex has exceeded 217 million ounces of silver production since 1953. The Galena Mine ranks as the second largest primary silver mine in US history. The Company now controls over 14,000 acres. The Coeur d'Alene District assets of the Company now include four operating shafts, two operating flotation mills, one non-operating mill, and extensive surface and underground mining equipment and has also acquired the historic Dayrock Mine and Mill. U.S. Silver reported revenues of $30.8 million in its second quarter, more than double the amount for the same period in 2010 and an increase of 61% from the first quarter of 2011.

US SILVER CORPORATIONTSX: USA • OTCQX: USSIF

Contact: Heather Bailey-Foster, Manager I.R.

P.O. Box 440, Wallace, ID 83873Phone: 208-556-1535 Ext. 2

Fax: 208-556-1587Corporate Office:

Christopher Hopkins, CFO 401 Bay Street, Ste 2702

Toronto, ON M5H 2V4Phone: 416-907-5501

Fax: 647-722-9652info@us-silver.comwww.us-silver.com

Minefinders A Solid and Growing Producer of Gold and Silver at Flagship Dolores Mine in Mexico

Minefinders is a precious metals mining and exploration company operating the multi-million ounce Dolores gold and silver mine in northern Mexico. The

Dolores Mine is a profitable open-pit heap-leach operation with minable reserves of 2.0 million ounces of gold and 114 million ounces of silver and expansion potential through a mill addition and underground development. Minefinders also is developing a pipeline of advanced and grass-roots exploration properties and is focused on finding potential acquisitions that would be accretive to its shareholders. The company will make a production decision this year at its La Bolsa Project and has begun permitting and basic engineering. Minefinders has discovered a gold and silver system discovered at its Virginia Project and expects to drill over 12,000 metres in 2011. Minefinders' goal is to increase its annual gold production in the next five years through increased efficiency, development of existing assets and focused exploration. The company expects to produce 65,000 to 70,000 ounces of gold and 3.3 to 3.5 million ounces of silver in 2011 and increase production by 80% to 90% by 2015.

MINEFINDERS CORPORATION LTD.NYSE Amex: MFN

TSX: MFLContacts:

Mike Wills, Investor Relations E-Mail: mike@minefinders.com

Jon Hackshaw, Director of Corporate Communications

Email: jon@minefinders.com

Ste. 2288, 1177 West Hastings St. Vancouver, BC, Canada V6E 2K3

Toll Free: 866-687-6263 Phone: 604-687-6263

Fax: 604-687-6267

www.minefinders.com

Terraco Continues to Report Excellent Gold Results atItsNear1MillionOunceAlmadenProjectinIdaho

Terraco Gold Corp. has a mix of advanced and early-stage gold-silver projects in Idaho and Nevada.The 100% owned Almaden Project in Idaho hosts a NI 43-101 compliant measured plus indicated resource of 864,000 oz. gold and an inferred resource of 84,000 oz. gold

within 300 feet of surface. The advanced-stage project has excellent access with good infrastructure. Project comparisons are the Hollister Mine (Great Basin Gold) and The Ken Snyder "Midas Mine" (Newmont). The 100% owned Moonlight Project in Nevada is located about five miles north of the Coeur d'Alene Roches-ter silver-gold mine that has produced over 127 million ounces of silver and 1.5 million ounces of gold in its 24 year history and recently returned to production. Additionally, the Moonlight Property adjoins the north side of the Barrick Gold Corp./ Midway Gold Corp Spring Valley joint venture. Spring Valley, operated by Barrick, hosts a National Instrument 43-101 measured, indicated and inferred resource of 4,100,000 ounces of gold. Barrick's 2009 and 2010 drilling confirms the gold mineralization is open to the north (towards Moonlight) and at depth..

TERRACO GOLD CORP.TSX.V: TEN

OTC Pink: TCEGFContact: Todd Hilditch, President and CEO

960 - 1055 West Hastings Street

Vancouver, BC Canada, V6E 2E9

Toll free: (877) 792-6688Phone: (604) 443-3835

Fax: (604) 682-3860info@terracogold.comwww.terracogold.com

27

Continued from page 22

selection methods as does Matthews Asia Dividend Fund (MAPIX) – already in Moneyletter’s International Stock Funds list). “Our process begins by first screening companies for their ability to pay dividends, and researching their competitive advantages to assess the sustainability of cash flows, profit margins and long-term dividend payments. Company visits and meetings with management are essential to our process. These meetings give us better insight into a company’s business model as well as management’s thoughts about capital allocation – particularly as they pertain to dividends.” The fund’s portfolio includes firms based in Hong Kong, in mainland China but listed on the Hong Kong stock exchange, and Taiwanese firms.

Generally, China-oriented mutual funds have moved from investing in infrastructure growth relying on government spending to firms that are benefiting from demographic changes. Gao recently told Forbes, “We try to pick the stocks that are going to benefit from China’s growing middle class.” An obvious play is China Mobile, but the managers have also found less traditional ways to capitalize on this trend. For example, Like Real Estate Investment Trust owns parking facilities, which taps China’s growing car ownership. And Chunghwa Telecom is Taiwan’s largest telecom operator. Both are strong performers this year.

Solid performanceIn less than two years of existence, Matthews

China Dividend has performed well against its China fund category. In 2010, a 22.53% total return outpaced 88% of its peers, while a 2011 year-to-date return of –13.3% bests 95% of its peers. Looking at its sibling Matthews Asia Dividend, which has been in existence for four-plus years, this older fund has performed well in all markets, and for the year-to-date, has a –8.07% return outpacing 97% of its Asia Diversified peer group.

Matthews Asia Funds, P.O. Box 9791, Providence, RI 02940-9791, (800) 789-2742, Minimum investment: $2,500/$500 IRA, 2% redemption fee within 90 days.”

***************

PERSONAL FINANCE, 7600A Leesburg Pike, West Building, Ste. 300, Falls Church, VA 22043. 1 year, 24 issues, $99. www.PFNewsletter.com.

Technology Sector: Pocket of strength

Benjamin Shepherd: “Although the S&P 500 Technology Index has lost 9 percent thus far in 2011 – compared to the 9 percent decline posted by the S&P 500 – the group ranks as one of the top-performing sectors this year.

Companies may be loath to hire new employees in these uncertain times, but their willingness to invest in information technology (IT) remains undiminished. Such investments often increase the productivity of a company’s existing workforce and

improve operational efficiency.A recent study by IT consultancy Maven Wave

Partners estimates that technology spending surged 14 percent in the first three months of 2011 and jumped 6 percent in the second quarter. The outfit’s third-quarter forecast calls for a 5 percent uptick in IT spending.

Although IT investment has softened this year, the robust first-quarter figures reflect pent-up demand after the credit crunch and Great Recession prompted many companies to cut capital expenditures. Strong first-half earnings from the likes of Oracle (Nasdaq: ORCL) suggest that much of this spending focused on hardware.

We expect cloud computing to remain a hotspot. Cloud computing breaks the traditional model by providing software as a service. Cloud operators host software applications at a central location and provide access to enterprise users via the Internet for a subscription fee.

This approach offers several advantages that appeal to enterprise customers. First, accessing software hosted on the cloud limits customers’ need to invest in data storage and server infrastructure. This yields a highly scalable solution that doesn’t require massive capital spending to support new users or applications. Central hosting also ensures that all users within the organization can access the most up-to-date version of the software, relieving IT departments from the time-consuming process of updating the programs on each individual computer.

Fund Portfolio holding Technology Select Sector SPDR (NYSE: XLK) offers one-stop exposure to a wide range of the IT sector’s growth stories. The exchange-traded fund’s (ETF) portfolio focuses on familiar blue chips such as Apple (Nasdaq: AAPL) and Google (Nasdaq: GOOG) but also includes niche fare such as Growth Portfolio holding American Tower Corp. (NYSE: AMT).

American Tower operates and leases space on 37,000 cellular towers around the world. The firm benefits from the increasing adoption of cell phones and the rising popularity of smartphones’ data-intensive features.

Although the ETF’s top 10 holdings account for more than 60 percent of its investable assets, the portfolio’s 72 other positions ensure that the fund provides exposure to a wide range of emerging growth trends. Meanwhile, an annual turnover rate of only 5 percent and an expense ratio of 0.20 percent ensure that you keep more of your profits. Technology Select Sector SPDR rates a buy.”

***************

HENDERSHOT INVESTMENTS, 11321 Trenton Ct., Bristow, V 20136. 1 year, 4 issues, $50. www.hendershotinvestments.com.

T. Rowe Price: Strong brand, 25 years of profitable operations

Ingrid Hendershot: “Founded in 1937, Baltimore-based T. Rowe Price (TROW: $46.44) is a global investment management organization with $520.9

Continued on page 28

28

Market Outlook

PINNACLE INVESTMENT MANAGEMENT INC., Greystone Court West, 573 Hopmeadow St., Simsbury, CT 06070.

Plan for significant tax increases in 2013

John Eckel: “The extended Bush tax cuts are slated to expire at the end of 2012. In addition, the new “Obama care” tax on investment income is scheduled to go into affect at the same time. This will occur at a time of budgetary pressures and Congress will have little time after the 2012 election to reach another solution, so it’s likely we will see higher taxes. These tax increases will be substantial. The top rate on ordinary income is slated to go from 35% to 44%, the top rate on capital gains, will go from 15% to 24% and the top rate on dividends will go from 15% to 44%. It is wise to consider ways to accelerate income and capital and recognize them before 2013 if possible.”

****************

THE MAJOR TRENDS, published for clients of Sadoff Investment Management LLC, 250 West Coventry Ct., Ste. 109, Milwaukee, WI 53217. www.sadoffinvestments.com.

A business slowdown or a recession?

What’s ahead: a business slowdown or a recession? Several indicators portray conflicting forecasts.

A few recent economic reports (unemployment, retail sales) have been somewhat firm and favorable.

continued from page 27

billion in assets under management as of June 30, 2011. The organization provides a broad array of mutual funds, subadvisory services and separate account management for individual and institutional investors, retirement plans and financial intermediaries. The organization also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, consistency and fundamental research.

Strong BrandThe late Thomas Rowe Price, Jr. is considered

to be the “father of growth investing.” With lessons learned during the Great Depression, he founded T. Rowe Price Associates in 1937 with an investment discipline focused on well-manage companies whose earnings and dividends were expected to grow faster than inflation and the overall economy. In 1950, he introduced his first mutual fund, the T. Rowe Price Growth Stock Fund. He eventually sold the company in the 1970s, but the firm retained his name, recognizing the value of its strong brand.

T. Rowe Price is now one of the nation’s premier investment houses and has posted a profit every quarter since it went public in 1986. Over the course of more than seven decades, T. Rowe Price has expanded to serve individual investors, institutional investors, financial intermediaries and defined contribution plan sponsors and their employees.

Proprietary fundamental research has enabled the firm to build one of the largest and most comprehensive buy-side research organizations in the industry. The firm manages a broad range of U.S. and international stock, blended asset, bond and money market mutual funds and other investment portfolios that are designed to meet the varied and changing needs and objectives of individual and institutional investors. Six price funds – Growth Stock, Equity Income, Mid-Cap Growth, Blue Chip Growth, Value and Capital Appreciation – accounted for 25% of the company’s advisory revenues in 2010 and 21% of the assets under management as of 12/31/2010.

The diversity of both product and distribution is a durable source of strength and stability for the firm. In 2010, the company continued to broaden their global investment and service capabilities by completing the acquisition of a 26% stake in UTI, India’s fourth largest asset management company for $144 million.

Pristine Balance SheetT. Rowe Price maintains a pristine balance sheet

with no long-term debt and ample liquidity, including more than $1 billion of cash as of 6/30/11. Free cash flow increased 50% during the first half of the year to $578 million with the company’s projected capital expenditures for the full year estimated to be about $106 million. During the first half of 2011, the company used part of its cash stash to repurchase four million shares for $241 million at an average cost of $60.25 per share. In February 2011, the company increased the dividend 15% to an annual rate of $1.24 per share. The dividend currently yields an attractive 2.7%. This marked the

25th consecutive year since the company’s initial public offering that it has increased its dividend payout.

Profitable OperationsT. Rowe Price’s operations are profitable with

high profit margins translating into high returns on shareholders’ equity which averaged more than 20% over the last five years. This is notable not only in light of the company’s conservative financial position, but also because it covers the 2008-2009 downturn in the financial markets. Despite volatile markets, the company’s strong net new client inflows across equity and fixed-income portfolio helped to boost the firm’s assets under management at the end of the second quarter to a record high of $521 billion. Second quarter net revenues and earnings also reached record new highs with revenue up 24% and net income up 29%. While the second half of 2011 may be more challenging given current market conditions, keep in mind this quote from their 2010 annual report, “A long-term approach demands patience and perseverance, and its value reveals itself over time.” Long-term investors should consider investing in T. Rowe Price, a HI-quality company with a strong brand, pristine balance sheet and 25 years of profitable operations. Buy.”

29

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VOL 13-04

Accordingly an immediate business contraction is unlikely. Auto sales have been decent.

The month to month percentage change in real GDP has been erratic since mid 2010.

The whiplash swings have become the norm. So too has been much of the economic data. Real gross domestic product dropped in January and February. Then it jumped just over 1% in March contracted in both May and June and then surged over 1% in July.

Meanwhile the year over year change of real GDP growth in the United States has now softened below 2%. The latest 3rd quarter growth reading was 2.5%. This growth rate is fairly anemic considering that short-term rates are near zero. Since the 1940’s the annual real growth rate has never fallen below 2% without a developing recession. The closest exception was in 1995 when real growth bottomed at 2%.

Good news. The growth rate for annual industrial production is still above the -1% key support zone. A drop below this critical level would confirm an oncoming recession and major stock market decline.

Similarly the leading economic indicator still re-mains comfortably above the -1% danger zone which has successfully forecasted all bear markets and recessions (except 1966).

Yet the Economic Cycle Research Institute, one of the originators of the leading economic indicators (which predict business cycles) now forecasts a reces-sion. Over the last 15 years the Institute has correctly forecasted all recessions with no false alarms. An impressive track record!

The conclusion of the Institute: “If the United States isn’t already in a recession now, it is about to enter one. The most reliable forward looking indica-tors are now collectively behaving as they did on the cusp of full blown recessions, not soft landings.”

In the summer of 2010 (when the ECRI similarly declined) they concluded that the pattern pointed not to a recession but only to weakness. Presently the Institute head, Lakshman Achuthan, concludes that a host of leading and coincident indices are all pointing strong toward a recession.

Another leading indicator (this one is worldwide composite called the Organization Economic Coop-eration Development) reflects the global economy is close to faltering.

On the positive side, large U.S. corporations depict improving financial strength. Their ratio of long-term debt to total outstanding obligations has jumped to 56.9%. That’s up for 11 straight quarterly readings. Simply put corporations have taken advantage of this low interest rate environment. They have replaced their short term IOU’s with intermediate/longer term obligations.

Business reports from emerging countries are downbeat. Singapore is contracting. Retail sales are faltering in Brazil. Electronic exports in the Philip-pines have been revised downward. South Africa has reported lower manufacturing orders. China announced slower trade activity. Yes China and India are still growing, but the pace is moderating.

Our strategy is to further reduce client portfolio risk should a bear market/recession pattern further evidence itself.”

JUNIOR RESOURCE COMPANIES

Argonaut Gold Inc.Creating the Next Quality Mid-Tier

Gold Producer in the Americaswww.argonautgoldinc.com

Atna Resources Ltd.Rapidly Growing Gold Producer;

Starting Construction at Reward Minewww.atna.com

Aura Silver Resources Inc.Strong Potential for Significant Deposits in Mexico & Canada

www.aurasilver.comAurcana Corporation

Solidly on Track to Becoming the Next Primary Silver Producer

www.Aurcana.comAurizon Mines Ltd.

Gold Producer Utilizing Cash Resources to Grow Production

www.aurizon.comBacTech Environmental

CorporationProprietary Reclamation Technology

and Asset-Rich Exploration and Mining Properties

www.bactechgreen.com Barkerville Gold Mines, Ltd.

Canada’s Newest Gold Producer, Expects $30 Million Profit by Fall

www.barkervillegold.comBatero Gold Corp.

Aggressively Exploring Massive Gold/Copper Porphyry in Colombia

www.baterogold.comGreat Panther Silver LimitedFast-Growing Silver Producer

Based in Mexicowww.greatpanther.comInter-Citic Minerals Inc.

Exploring One of China’s Largest Undeveloped Gold Resources

www.inter-citic.comLucas Energy Inc.

Public Oil & Gas Company; Focused on Texas Oil Fields

www.LucasEnergy.comLatin American Minerals Inc.

Exploring Potential New Gold District in Paraguay

www.LatinAmericanMinerals.comMerrex Gold Inc.

Developing Siribaya, a Major West African Gold Depositwww.MerrexGold.com

Minefinders Corporation Ltd.A Solid and Growing Producerof Gold and Silver in Mexico

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