Bull & Bear’s
February 2009 VOL. 11 NO. 04
INSIDE...
San Gold 2008 – What A Year!
San Gold 2009 Looks Even Better
Ur-Energy – The Right People,
The Right Projects, The Right
Proceeds, Right Now
AURIZON MINES LTD.
Gold Producer Aurizon Mines Is
Utilizing Cash Resources to
Grow Production Profile; Strong Cash
Flow, Exploration Potential
MINEFINDERS CORPORATION LTD.
Minefinders Producing Gold and
Silver at Flagship Dolores Mine
MINERA ANDES INC.
Minera Andes Doubles Production
at San José Project
VELOCITY MINERALS LTD.
Velocity Minerals Advancing
Significant Molybdenum
Properties In British Columbia
Rebuilding A Portfolio
Will Take Time, Effort
By Andrew Leckey
Successful Investing
Get over it. Move ahead.
That’s the tough-love prescription
for investors debilitated by the
economic and financial downturn.
Yesterday’s gone, so deal realistically
with the world before you.
As you begin to rebuild your
savings and investments, take a
deep breath and revisit the value
of every holding that you own. Too
many Americans are still stuck in
avoidance mode.
“Folks won’t even look at their
investment statements because
they’re so worried and upset about
the market, and that is a mistake,”
said Marilyn Capelli Dimitroff,
a certified financial planner and
president of Capelli Financial
Services Inc. in Bloomfield Hills,
Mich. “Stop thinking about history
and where your investments were
a year ago, because what you have
now is what you have.”
Although you can assume invest-
ment values will revive at some
point, your projections for the future
should consider current figures. In
particular, go over 401(k) and other
retirement accounts to see how your
retirement prospects look.
Determine how much you need
to save and invest regularly to get
your overall assets back on track.
Deferred spending is still the major
component in wealth-building.
“Decide if your pool of assets
is still enough, and if not, take
action either by doing more saving
and investing, or by cutting your
spending,” Capelli Dimitroff said.
“With U.S. equity markets down
more than 30 percent, you have to
ask yourself if you could sustain
another loss like that, because, if
not, it is time to start ratcheting
down equity exposure by selling
some stocks.”
For the fixed-income component
of your portfolio, she recommends
Treasury inflation-protected
securities, known as TIPS, whose
returns are indexed to compensate
bondholders for inflation. And brave
investors should at least consider
some discount-priced stocks.
“There’s less risk in the stock
market now than when the Dow
Jones industrial average was at
14,000 and everybody loved it,” said
Capelli Dimitroff, who recommends
a portfolio diversified among U.S.
and foreign stocks, large- and
small-cap stocks, and growth and
Continued on page 21
 I meet personally with the leading investment
advisers and hear their recommendations for profiting
in today's markets. Where do you get your advice?

Steve Forbes
The Money Shows have
President, CEO and
Editor-in-Chief, Forbes been my financial
Will President Obama See the education for ten years.
Light on Money and Taxes? I make decisions with
What Happens Now? confidence from what
Gary Shilling I’ve learned.
President
A. Gary Shilling & Co., Inc. Vernelle Puerta,
When Will We Get Out of Carmichael, California
This Mess?

Robert McTeer
Former President
Federal Reserve Bank of Dallas
The Financial Meltdown and
Its Aftermath

Dennis Gartman
Editor and Publisher
The Gartman Letter
Between Barack and a Hard Place:
What's the New Investment World
Going to Look Like?

Bernie Schaeffer
Chairman and CEO
Schaeffer’s Investment Research
Bull or No Bull?

William Isaac
Managing Director
Secura Group, LLC
World Economic Crisis and
Rebound Panel

and 100+ more!

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Stocks Below $5 With Bundles of Cash
By George Putnam, III
The Turnaround Letter
If you are looking for maximum
rebound potential, you have to
go lower down on the quality
spectrum. It is typically the lower
quality and lower priced stocks
that will have the largest gains
when the market rebounds.
Of course, you don’t want to dip
down too far in terms of quality
because in these tough economic
times many weak companies will
not survive. As a compromise, we
looked for stocks that have been
beaten down below $5 in price
but where the companies still had
substantial amounts of cash on
their balance sheets, and came up
with the stocks below:
Alcatel Lucent (ALU: $2.11)
was formed in 2006 by the merger
of the two leading makers of
telecommunications equipment.
As you might expect when you
merge a U.S. company with a
French company during a period
of industry turmoil, things didn’t
go as well as planned. But now
the company has a whole new top
management team, and you can
purchase the combined company
for less than one half of what
Alcatel paid for Lucent two years
ago.
Cypress Semiconductor (CY:
$4.95) has long been an innovator
in the semiconductor industry.
Management is now focusing
on becoming a major player in
programmable chips used in a
variety of products ranging from
MP3 players to running shoes.
T.J. Rodgers, Cypress’ CEO since
inception in 1992, has been a buyer
of the stock in recent months, and
he has had a pretty good record
of knowing when to buy his own
stock.
Flextronics (FLEX: $2.72), the
world’s second largest outsourcer
of electronics manufacturing
services, faces some short-term
adjustments as the worldwide
economy continues to weaken.
But the company has the global
scale to be a big winner when
manufacturing begins to rebound.
Global Industries (GLBL:

$3.51) provides construction and
support services to the offshore
oil and gas industry. The stock
has been crushed as the price of
oil has come down. The company
is building a deepwater capability
to augment its strong presence
in shallow-water operations.
This should boost the company’s
prospects when oil prices recover.
Lawson Software (LWSN:
$4.71) provides enterprise resource
planning software aimed at mid-
sized organizations. This segment of
the market is being hit particularly
hard during the global slowdown,
but the company has the cash to
be a survivor. Also, it could be an
attractive acquisition target when
mergers begin to pick up again.
Motorola’s (MOT: $4.93) long
and notable corporate history has
been tarnished in recent years,
following a string of shortfalls
in the cell phone sector and a
revolving door in the CEO suite.
However, the company has several
very strong businesses that have
been overshadowed by the cell
phone problems. The valuation of
the various pieces appears very
cheap.
Office Depot (ODP: $2.64)
has been hurt as the company’s
small- and medium-sized business
customers have been forced to cut
spending on office products. The
company is responding by closing
stores and distribution centers.
The closings will lead to write-offs,
but the company should be able to
weather the current poor economic
climate.
Orbotech (ORBK: $4.20) makes
high-speed optical inspection
systems that are used to identify
defects in the manufacturing
of printer circuit boards and
other electronic components.
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With heavy exposure to Asia,
the company has suffered as
manufacturers in that region cut
back. Orbotech is implementing a
number of cost cutting strategies
to help it through the global
downturn. Whatever you think
of the company’s prospects, it is
intriguing because its cash per
share, after subtracting all debt,
exceeds the stock price.
Sun Microsystems (JAVA:
$4.86) has been in the doldrums
ever since the Internet bubble
burst at the beginning of this
decade. Just as it was finding a
new market niche in providing
computers to the financial services
industry, that sector cratered. But
it is not wise to count Sun out yet. It
continues to have a strong research
department, and its balance sheet
should support the company for
quite a while to come.
Tellabs (TLAB: $4.21) has
suffered as the biggest customers
for its equipment, Verizon, AT&T
and Sprint, postpone capital
expenditures during the downturn.
However, the company still has
strong products, as shown by its
winning a major new contract
from British Telecom. And its
strong balance sheet gives Tellabs
plenty of staying power.
Editor’s Note: George Putnam,
III is the editor of The Turnaround
Letter, 225 Friend St., Ste. 801,
Boston, MA 02114, 1 year, 12
issues, $195. Published since
1986, The Turnaround Letter
searches out companies that
have had some problems and
are temporarily out-of-favor, but
are in the process of turning
around. For more information on
The Turnaround Letter, call 1-617-
573-9550 or visit the web site at
www.TheTurnaroundLetter.com.
 
Stocks to Watch
PEARSON INVESTMENT LETTER
P.O. Box 3739, Apollo Beach, Fl 33572.
Monthly, 1 year, $150.
www.pearsoncapitalinc.com.
Recommended
growth stocks
Pearson Capital’s recently recommended growth
stocks include Berkshire Hathaway, Inc. (Insurance),
Lion Gate Entertainment Corp. (Motion Pictures),
and Supervalu, Inc. (Retail Grocery).
Berkshire Hathaway, Inc. (NYSE: BRK.B;
$2989), is a holding company owning subsidiaries
engaged in a number of diverse business activities.
The most important of these are insurance
businesses conducted on both a primary basis
and a reinsurance basis. Berkshire also owns and
operates a large number of other businesses engaged
in a variety of activities, as identified herein.
Berkshire’s operating businesses are managed
on an unusually decentralized basis. During the
year ended 12/31/07, the Company acquired Boat
America Corp. which owns Seaworthy Insurance
Co. and controls the Boat Owners Assoc. of the
U.S. In November 08, White Mountains Insurance
Group Ltd. completed its exchange with Berkshire
of runoff businesses. BRK exchanged about 95%
of its interest in White Mountains for 100% of
a White Mountains subsidiary, who holdings
consist of Commercial Casualty Insurance Co. and
International American Group Inc. Institutional
Holdings: 196.
Lions Gate Entertainment Corp. (NYSE:
LGF; $5.61) is a filmed entertainment studio with a
presence in motion pictures, television programming,
home entertainment, family entertainment, video-
on-demand and digitally delivered content. The
Company releases approximately 18 to 20 motion
pictures theatrically per year, which include films
it develops and produces in-house, as well as films
that it acquires from third parties. It also has
produced approximately 76 hours of television
programming, primarily prime time television
series for the cable and broadcast networks. As
of 03/31/08, Lions Gate distributes its library of
approximately 8,000 motion picture titles and
approximately 4,000 television episodes and
programs directly to retailers, video rental stores,
and pay and free television channels in the U.S.,
Canada, the U.K. and Ireland. Its segments include
Motion Pictures and Television Productions.
Institutional Holdings: 38.
Suvervalu, Inc (NYSE: SVU; $17.54) is a U.S.
grocery channel that conducts its retail operations
under three retail food store formats: combination
stores (defined as food and drug), food stores and
limited assortment food stores. The Retail food
operations include results of food stores owned and
results of sales to limited assortment food stores
licensed by the Company. Supply chain services
operations include results of wholesale distribution
to affiliated food stores, mass merchants and other
customers and logistics support services. SVU
operates its stores under various banners, such as
Acme Markets, Albertsons, Bristol Farms, Bigg’s,
Cub Foods, Farm Fresh, Hornbacher’s, Jewel-Osco,
Lucky, Save-A-Lot, Shaw’s Supermarkets, Shop ‘n
Save, Shoppers Food & Pharmacy and Star Markets.
Institutional Holdings: 406.”
***************
Louis Navellier’s BLUE CHIP GROWTH
9201 Corporate Blvd., Rockville, MD 20850.
Monthly,1 year, $299. www.navelliergrowth.com.
Top 5 stocks with best
short-term prospects
Louis Navellier: “These Top 5 stocks have the best
short-term prospects of all the great companies on
our Buy List.
1. Amgen (AMGN) is scheduled to report earnings
on January 26. This biotech stock has held firm
since we bought it last issue, and I expect it to get a
healthy bounce after its quarterly report. Healthcare
companies like this will continue to play a large
part in our Buy List, since the industry is recession-
proof.
2. General Mills (GIS) continues to capitalize on
strong brand recognition for its quality food products.
The company recently said December sales were up,
helped by stronger results at its Betty Crocker and
Pillsbury baking units. This underscores the trend of
consumers eating at home more often during tough
economic times.
3. McDonald’s (MCD) could be gobbling up
market share in the next several months. Wendy’s/
Arby’s Group Inc. announced recently it is cutting
the number of restaurants selling breakfast items
and hopes to relaunch its morning menu across the
United States in 2011. This means that in the short-
term, McDonald’s will have a lot less competition for
early diners.
As the dollar continues to lose steam, multination-
al companies like MCD will see big improvements
in their balance sheets thanks to overseas opera-
tions.
4. Southwestern Energy (SWN) is looking up
as crude prices have firmed up a bit over the past
several months. A weaker dollar boosts the long-
term prospects of SWN and the rest of our energy
companies, since commodity prices will move upward
as the greenback falls.
5. Walmart (WMT) continues to be an important
part of our Buy List despite disappointing news
in the retail sector. While it’s true that December
sales missed forecasts, don’t forget that the
company’s overall numbers still rose while the
rest of the sector is down. I am confident Walmart
will continue to be an oasis for shoppers in hard
times, and will stay strong through the first half
of 2009.”
 
Standard & Poor’s THE OUTLOOK
55 Water St., New York NY 10041.
1 year, 48 issues, $298.
www.outlook.standardandpoors.com.
One to watch: Johnson & Johnson
Lisa Sanders: “Fourth-quarter operating earnings
of $0.94 a share vs. $0.88 a year ago was $0.01 above
one estimate. Revenue fell 4.9%, drug sales fell
11%, and medical device sales declined 1.9%, while
consumer sales rose 1.2%. After some $0.03 to $0.05
dilution from the Mentor acquisition, Johnson &
Johnson (JNJ: 56) expects 2009 earnings of $4.45
to $4.55 compared with $4.55 in 2008. While we note
Johnson & Johnson’s lead positions in key health
care markets, and robust R&D pipeline, we see
2009 results impacted by foreign exchange, weak
economies, and greater competition. We lowered our
target price on JNJ by $10 to $65, which is a peer-level
14.4 times our 2009 estimate of $4.50.”
***************
THE CONTRARY INVESTOR
309 South Willard St., Burlington VT.
Monthly, 1 year, $125.
Carbon poised to make inroads
as a critical component of new cars
Alex Seagle: “Twice in the Contrary Investor’s
sweet, short life has he entered into the curious love/
hate relationship that is found in owning an Italian
sports car, specifically two 1974 Alfa Romeo’s. So
it was with some interest that we noted the recent
introduction of the Alfa 8C Competizone – a limited
run of 500 costing around $265,000 per copy. One of
the distinguishing features of the car is the extensive
use of carbon fiber, as opposed to steel, throughout
the vehicle.
Carbon fiber has an interesting history of use in
cars. Back in the mid-1970s, right after the famous
oil embargo, Ford Motor, through its aerospace
division, built an all-carbon composite LTD, showing
tremendous weight savings, albeit at a very high cost,
considering that the only fiber vehicle at the time
was an expensive aerospace grade. For most of this
period, pioneers in Formula One auto racing led the
way in moving from aluminum to carbon fiber. Now
with carmakers struggling to produce vehicles with
better mileage, carbon appears poised to make serious
inroads as critical component of new cars.
Two companies positioned to benefit are Zoltec
Companies, Inc. (Nasdaq: ZOLT), and Toray Group
(Nasdaq Pink Sheets: TRYIF). Both manufacture the
carbon fiber used in automotive, aircraft, and wind
turbine production. At Toray, for example, annual
production in the carbon fiber market is expected
to reach 48,000 tons in 2010, double the amount for
2005. This huge growth will be attributable to the
rapid expansion of aircraft applications including
wind turbine blades and CNG (compressed natural
gas) tanks in the face of high crude oil prices, as well
as an increase in automotive applications.
Zoltec’s largest application is wind energy as
they continue to supply the carbon fibers used in
building the largest wind turbines. But automotive
components are gaining share, and production costs
are beginning to come down. The company’s stock
has been absolutely crushed, falling from the $35 per
share range when gas was $4 for a gallon, to around
$6 per share recently.
The difficult lies in the fact that supply for carbon
fibers is rapidly expanding, and pricing pressure
and gross margin compression are risks in 2009 and
beyond. Zoltek’s most lucrative market remains the
alternative energy sector, particularly next-generation
wind turbines which have replaced fiberglass for
carbon fiber. The company has contracts with two of
the world’s leading wind turbine makers. Investors
might want to take notice of carbon’s prospects.”
****************
Interinvest REVIEW & OUTLOOK
P.O. Box 51462, Boston, MA 02205.
Monthly, 1 year, $125. www.interinvest.com.
Becoming favorable towards
equities but only in specific groups
Dr. Hans Black: “Given the very rapid declines that
we have now seen worldwide, our overall strategy is
to become more favorable toward equities, but only in
specific groups. We currently favor healthcare, quite
a number of which we consider to be quite cheap,
technology companies, as well as communication
companies and several special situations in the food,
natural resources and energy sector. Notable stocks
in our opinion and worth accumulating are Biogen,
Schering-Plough, Conagra Foods, Incyte, Novell and
Sycamore Networks. Microsoft and El Paso also look
attractive to us. We would avoid equities in emerging
markets as there is likely to be further risk in that
sector.”
P.O. Box 917179, Longwood, FL 32791
(407) 682-6170
Publisher: The Bull & Bear Financial Report
Editor: David J. Robinson
The Monetary Digest, 1 year, 12 ­issues, $88.
© ­Copyright 2009 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.
 
Leeb’s INCOME PERFORMANCE LETTER
P.O. Box 97, Williamsport, PA 17703.
Monthly, 1 year, $72. www.leebincomeletter.com.
Climbing the great wall of worry
Gregory Dorsey: “There’s been a pronounced
change in the spending habits of consumers in the
U.S., Europe and Japan since the financial crisis
kicked into high gear last September, with people
increasingly reluctant to open their wallets and use
their trusty old credit cards. Some media reports
have portrayed the effects of the global slowdown as
having dire consequences for the Chinese economy
as well.
But the truth is that while the Chinese economy
has slowed from a torrid growth pace, it continues to
expand at a rate we in the West can only envy. That’s
just one reason why investors should look to China for
investment opportunities. What’s more, two of the stocks
in our Growth and Income Portfolio with the highest
exposure to China are also paying solid dividends.
China recently announced that its economy grew
at a faster pace in 2007 than previously estimated:
13 percent rather than 11.9 percent. The revision
boosted China’s economy to the world’s third largest
in dollar terms, displacing Germany, after the U.S.
and Japan.
Now China’s output has slowed to a 6-7 percent
annual rate from 10-11 percent a year ago. But
growth much below that rate is politically untenable
with millions flocking from the countryside to the
cities every year. So the country’s leaders have
taken steps to spur growth, recently announcing
plans to spend $586 billion on economic stimulus
during the next two years. That figure represents
about 17 percent of the nation’s annual output.
An equivalent outlay here in the U.S. would top
$2.5 trillion.
In addition to opening the government’s pocketbook,
China has doubled rural incomes and slashed
taxes. And while the Sino economy is still largely
export oriented, Beijing is taking steps to encourage
domestic consumption, which will favor consumer-
oriented companies operating there.
Yum! Brands: Tasty Growth
A company ideally situated to benefit is Growth &
Income Portfolio denizen Yum! Brands (YUM). The
U.S. based global operator of KCF, Pizza Hut and
Taco Bell has more restaurants (nearly 36,000) than
any other company. Yum! Generates 28 percent of its
income from China, with sales there set to grow at a
20 percent annual pace in the coming years.
Despite being the largest restaurant chain in
China, Yum! Brands’ penetration of that market
has a long way to go to reach the saturation
point. Currently the company operates about
3,000 restaurants in China, which sounds like
a staggering number until you consider the size
of the Chinese population. For instance, China’s
rapidly growing middle class now numbers more
than 300 million.
Yum’s international operations outside of China
are also enjoying strong growth and now represent 26
percent of the company’s revenues. Despite headwinds
from the global recession, Yum’s management expects
the company’s profits to expand by at least 10 percent
in 2009 thanks to its international exposure, with
faster growth in future years.
Yum! has an impressive record of steady, reliable
earnings gains, considerably fueled by its strong
growth potential as perhaps the best China play. No
wonder Yum’s stock always trades at a premium to
the market.
But the broad market sell-off has pushed Yum’s price
down to a reasonable 14 times probably 2009 earnings.
So you can now pick up shares at an attractive price
and collect a 2.6 percent dividend too.”
****************
Steven Halpern’s THESTOCKADVISORS.COM
Each day, editor Steven Halpern features timely
and insightful commentary, market outlooks and
specific stock and fund recommendations from
the nation’s top newsletter advisors on his unique
website TheStockAdvisors.com. Here are a few recent
postings. (See Editor’s Note for a FREE Special
Report).
Small cap growth:
Opportunity of a lifetime?
“2009 may be the opportunity of a lifetime to
buy small-cap growth stocks; values are among the
lowest levels in 30 years and a small improvement in
fundamentals could spark a significant rise in prices,”
says money manager and CFA Jim Oberweis, Jr.
In The Oberweis Report, www.oberweis.net,
he looks at “three ideas to buck the bad news.”
Here’s his trio of small caps that he see “thriving
despite difficult economic times.”
“In tough economic times, most companies are hit
by weaker consumer demand. But a few companies
benefit from the bad economy. 
“A limited group of others operates in niches that
are resistant to the bad economy. And a small number
of companies that should be adversely affected by
the nasty economic headwinds are simply executing
flawlessly and overcoming the challenge. 
“From our portfolio, here are examples of each: 
 
“HMS Holdings Corp. (Nasdaq: HMSY), a
provider of insurance benefits coordination for
government sponsored healthcare programs, actually
benefits from rising unemployment.
“Their biggest client, Medicaid, is a government in-
surance program for low income people with no other
insurance. HMS makes money by finding errors in
the processing of medical payments.
“As the ranks of Medicaid grow along with
unemployment, the market for HMS expands as
well. We expect HMS to grow earnings 35% over the
next year. Shares trade for 33x our forward estimate
of $0.93.  to get too excited about, but encouraging. There were
“In our second case, certain companies have carved
out niches that are only minimally influenced by a
tight economy.
“Neutral Tandem (Nasdaq: TNDM) operates a
telecommunications network that connects traffic
flowing across the networks of more than one telecom
carrier.
“For example, if AT&T Wireless wants to route a
call to a destination that ends on a Comcast cable
network, they have to pay their competitor – the
local telephone company – a juicy fee to route the call
through their tandem switch.
“Neutral Tandem offers a way to bypass the Baby
Bells when exchanging calls and data with each
others’ networks. The firms claims their fees are
much less than those charged by the Baby Bells,
and the money doesn’t end up in the pockets of their
competitors.
“We are estimating earnings of $0.90 in the next
twelve months, representing 55% growth in EPS.
Shares trade for 18x our forward estimate.
“The last case, a company executing very well
despite economic headwinds, is well illustrated by
Vermont-based Green Mountain Coffee (Nasdaq:
GMCR).
“The company built its name as a retailer of
coffee, but their growth today is being fueled by the
company’s single-cup brewing system, sold under the
brand name Keurig.  “But the on-balance-volume is very strong in the
“Taking a cue from the razor blade model, Keurig
sells their brewing systems at modest margins but
makes a killing on their patented single-cup coffee
packets, called K-Cups.
“Sales grew 46% for the fiscal year ended
September 2008, and we believe sales will grow at
45-50% in 2009. The shares trade for 28x our forward
estimate.
“Despite challenging economic headwinds,
companies like HMS Systems, Neutral Tandem, and
Green Mountain Coffee appear to be.”
Featuring the Largest Investor Newsletter Digest Online...
TheBullandBear.com
Coal insiders eye Peabody
“Peabody Energy (NYSE: BTU), the largest
private market coal firm in the world, had a great
2008,” says Jack Adamo who has recently added
the stock to the buy list of Insiders Plus, www.
jackadamo.com.
“Peabody has extensive holdings in the U.S. and
Australia, the latter serving the China/Asia Pacific
markets. It sells steam coal for heating and utility
use, and coking coal for steel making.
“Peabody has had some decent insider buying in the
last few months – about 30,000 shares – not enough
also 27,000 options exercised, most of it at very low
prices, for which the holder took no profits. 
“That’s also a good sign, particularly since those
exercises come with a tax bill, and shares weren’t
sold to pay it.
“It implies faith the stock will rise. In addition,
this type of activity is not closely monitored by most
Insider watchers; so it’s less likely to be a public
relations ploy, as much Insider buying is nowadays.
“Peabody had a great 2008 and a great fourth
quarter, with revenue rising 61% and diluted EPS
up 48% over Q4 2007. But the company, like the
whole industry, expects the pricing environment to
be tough this year, with demand down substantially,
particularly in coking coal.
“The stock is selling for under $29 after reaching
a 52-week high of $88. We sold it last September for
a 68% profit after holding it slightly less than two
years.
“Earnings estimates for full year 2009 run at $3/
share, with a 20% increase in 2010. I doubt either
estimate is reliable. But this is the best company
in its industry and it’s selling for less than 10-
times earnings, albeit shaky earnings, given the
environment. 
“I have no illusions that if the market craters again
later in the year, as it almost certainly will, these
shares couldn’t fall 30%.
stock, indicating it is under accumulation by big
investors. If the market has a good couple of months,
the shares should put on enough padding to weather
the downturn.”
Editor’s Note: Monetary Digest readers can
receive, FREE of charge, TheStockAdvisors.com
Top Stock Picks for 2009. The Special Report
in its entirety, features 75+ top advisors providing
you with their Top Stock Picks for 2009, can
be downloaded from Steven Halpern’s website,
www.TheStockAdvisors.com.
 
COMMON CENTS
P.O. Box 126354, Benbrook, TX 76126.
1 year, 8 issues, $72.
The Electric Car,
It’s Here Already!
Roland Carter: “Concerning the electric car for
which the world patiently awaits, it appears it’s
already being built in China by a company named
BYD Corp. (The ADR shares trade here OTC as
BYDDY). If the markets weren’t so scary I’d be a
buyer, but I’ll watch for the time being. BYD has
grown within 14 years into now the world’s second
largest maker of lithium-ion batteries used in cell
phones and laptop computers. Branching into auto
making seemed logical for this tech-innovative firm.
They’re selling in China a plug-in hybrid with a small
gas-assist engine capable of going about 50 miles on
a full charge for $22,000. GM’s planned Volt won’t
be here until next year – 40 miles on a charge and
a $40,000 price tag. The Volt is not gonna save GM!
By late 2009 BYD plans to have ready a total electric
car capable of going 180 miles on a charge! Price
hasn’t been disclosed. This is exciting, but perhaps
will be lost with gasoline near $1.50/gal. Andrew
Grove, Intel’s founder who still advises the company,
has been pushing Intel to consider the advanced
auto-battery business. I can’t believe any forward-
thinking business person would not see the great
potential for such. By the way, Berkshire Hathaway’s
MidAmerican Energy subsidiary last fall bought a
10% interest in BYD for $230 million!”
***************
GLOBAL STOCK INVESTOR, One Massachusetts
Ave., NW, Washington, DC 20001. Monthly,
1 year, $249. www.GlobalStockInvestor.com.
Tip toe back into these
two potential big gainers
“The strong performance of the equity markets
since late November means that the time had come to
dip your financial toe back into more risky assets, says
Nicholas Vardy. He recently recommended buying two
of the stocks on his Global Stock Investor Watch List
– Millicom International and Nextel Holdings.
Millicom International Cellular (MICC), the
“Indiana Jones of the Cell Phone World” was taken
off of our “Watch List” and added back to the Global
Stock Investor portfolio on Jan. 7. This company has
been a long time favorite of mine, but we were stopped
out of the stock during the market turmoil of last
year. It now looks like Millicom is re-establishing a
solid uptrend, so now is a good time to tip-toe back
into the stock. MICC is a BUY.
NII Holdings (NIHD) is a wireless communications
in Latin America and operates the Nextel service in
all major markets of the region. It, too was taken off
our “Watch List,” as it appears to have bottomed and
now is in an uptrend. Assuming that global markets
settle, I believe that NIHD (along with Millicom) has
the potential to gain upwards of 50% between now
and the spring. NIHD is a BUY.
In my experience from the market crashes of
1994, 1998, and 2000, these types of stocks tend to
perform exceptionally well in the year following a
market crash like the one we had in October 2008.
Assuming that global financial markets settle, I
believe that each of these stocks has the potential to
gain upwards of 50% between now and the spring.
Nevertheless, I recommend that you take a relatively
small position in each of these stocks, say, half of your
normal position size.”
***************
THE HULBERT FINANCIAL DIGEST
5051-B Backlick Rd., Annandale, VA 22003.
Monthly, 1 year, $135.
Most popular stocks
among 10-year market beaters
Since 1980, Mark Hulbert’s monthly newsletter,
The Hulbert Financial Digest, has helped steer
investors toward the best-performing stock market
letters…and helped warn them away from the
losers…so that they can maximize the profits earned
from the investment advice they buy.
“Over 12 months through December 31, 2008 the top
performing newsletters were: 1) Crawford Perspectives
+50.7%, Elliott Wave Financial Forecast +18.5%, 3)
Peter Eliades’ Stockmarket Cycles +18.2%.”
The most popular stocks among 10 year market
beaters are Aflac (AFL), AT&T (T), Chevron (CVX),
General Electric (GE), Hewlett Packard (HPQ),
Johnson & Johnson (JNJ), McDonald’s (MCD),
Microsoft (MSFT), Pepsico (PEP), Pfizer (PFE),
and Wal-Mart (WMT).”
Editor’s Note: Hulbert Interactive is the online research tool
that gives you 24-hour access to HFD’s performance ratings – along
with the ability to run customized queries – on the nearly 200 stock
and mutual fund newsletters with more than 500 recommended
portfolios. Monetary Digest readers can receive a special discount.
Go to https://store.marketwatch.com/Hispecial.
***************
TOP PROS’ TOP PICKS, published weekly by
InterShow, 1258 N. Palm Ave., Sarasota, FL
34236. www.WorldMoneyShow.com.
Stock Picks and Insights from
America’s most respected advisors
Howard R. Gold, Editor of Top Pros’ Top Picks,
offers a glimpse into the best advice from leading
advisors around the globe. Most of the following
advisors will host workshops and panels at the
Las Vegas Money Show, May 11-14th, 2009 at the
Mandalay Bay Resort. Show Focus: Buy & Hold and
Trading. For FREE registration information see the
editor’s note below.
Playing the Do-It-Yourself Health Trend
Ian Wyatt, Editor and Publisher, Growth Report,
Co-Founder, Business Financial Publishing, LLC,
611 Pennsylvania Avenue SE, Ste. 417, Washington,
DC 20003, www.growthreport.com, says a supplier of
pregnancy tests and other diagnostic products will
 
profit from a move towards home diagnostics.
Inverness Medical Innovations (NYSE: IMA)
engages in the development of consumer medical
diagnostic products. Specifically, the company is a
supplier of consumer pregnancy and fertility tests and
other rapid point-of-care diagnostics. It also offers a
range of vitamins and nutritional supplements.
Inverness Medical is profiting from the growing
home diagnostic trend. The company has taken its
products global and is looking to add more monitoring
systems to its pipeline. Management has a proven
track record in technology and innovation and also
has a significant equity stake in the company.
Potential drivers of growth include growing
political support for health-care reform; the fact
that the health-care system is trending away from
an activity-driven reimbursement system to a
quality-driven reimbursement system; the growing
importance of wellness testing in reducing overall
health-care costs, and Inverness’s defensive growth-
stock characteristics.
In the third quarter ended September 30, 2008,
Inverness Medical recorded revenues of $438.8 million,
up from $237.6 million in the third quarter of 2007. The
company attributed the increase primarily to revenue
provided by the health management segment, along
with $63.5 million of incremental revenue contributed
by recently acquired businesses. The net GAAP loss
was $3.7 million, or 12 cents per diluted common
share, from a net loss of $3.74 per share for the third
quarter of 2007. The company reported a cash and
cash equivalent balance of $154 million.
The company is difficult to value, mainly because
most of its growth has come through acquisition.
As a result, projecting future sales and earnings
can be tricky. Additionally, sales on a GAAP basis
are negative. An easy way around using traditional
earnings metrics is to look at the company’s cash flows
and non-GAAP income.
Here we see that the company actually earned
$1.27 in 2007 and is expected to earn $1.97 this
year. Throughout the past three years, Inverness has
managed to grow cash flows to $88 million in 2007,
from $34 million in 2006 and $26 million in 2005.
We will use non-GAAP earnings per share (EPS)
estimates to value the stock. This method removes
one-time items and acquisition-related costs. We
project that the company will earn $1.98 this year
and grow earnings 29% to $2.56 in 2009.
Shares currently trade at ten times our 2009 EPS
estimate, which is shocking. Fair value for such a
company is at least 16 times forward earnings, but
we understand the uncertainties in the market place,
as well as the uncertainties commonly associated
with acquisitions.
Accordingly, we are depressing our fair value
multiple down to 12.5x, which results in a one-year
target price of $32.
The Up Side of a Down Market
David Fried, President, Fried Asset Management,
Inc., President, David R. Fried, Inc., DBA, The
Buyback Letter, 15415 Sunset Blvd., Ste. 200D,
Pacific Palisades, CA 90272, says some limits have
been loosened on retirement investing, giving investors
an opportunity to buy low.
For the time being, many investors have been
scared away from the stock market.
However, the amount that can be contributed has
gone up. This provides an opportunity to “buy low”.
Due to cost-of-living adjustments, the Internal
Revenue Service has raised the maximum contribution
level to $16,500 to a 401(k) plan. Those who are 50 or
older by the end of the year can add another $5,500.
And the maximum amount that can be contributed
into a defined contribution plan is $49,000, up from
$46,000 in 2008. With the markets well off their highs
of a few years ago, saving aggressively for retirement
would be a good strategy now.
Contributions to a Roth IRA are made with after-
tax money, meaning you don’t see any savings now,
but the account grows tax free and the withdrawals
–once you’re 59 ½ or older – are tax free as well.
Income requirements have also gone down,
making it easier to qualify for a Roth IRA. Single
filers are eligible to contribute up to $5,000 a year
as long as they earn less than $105,000 this year (up
from $102,000 in 2008), while married couples can
contribute if their income is $166,000 or less.
Today’s tax rates are on the low side historically,
[and] it is safe to assume that tax rates will be higher
when you withdraw money from your IRA. Therefore,
anything that you can pay taxes on now and have tax
free later would seem prudent.
Before you dismiss Roth accounts because you
are ineligible (you are in too high a tax bracket),
starting in 2010, anyone can convert an IRA (or
other traditional retirement account) to a Roth IRA.
The catch is that you would need to pay taxes on the
amount you are converting. However, if your income
is down, you may be in a lower tax bracket than you
have been or will be in. Also, the rules permit this tax
to be paid off in two years instead of one.
Finally, the amount of money that can be given away
tax free to the recipient has increased. This year, single
people can gift up to $13,000 tax free to any individual,
while married couples can gift up to $26,000.
Finally, the Worker, Retiree, and Employer Recovery
Act of 2008 was signed into law in late December. This
law suspended the minimum required distribution
rules for IRA accounts and qualified retirement plans
for the 2009 tax year. That means most seniors who
are 70 ½ or older are not required to withdraw money
from their retirement accounts this year.
So, not only will seniors avoid having to pay taxes
on the withdrawal, but they can also keep their
retirement account intact so it’s better poised to
recover when the market does.
Editor’s Note: Attend the Las Vegas Money
Show, May 11-14th, 2009 at the Mandalay Bay
Resort. Show Focus: Buy & Hold and Trading. The Las
Vegas Money Show features 100+ leading investment
and economic experts speaking at workshops, panels,
and intensive presentations. Monetary Digest readers
can register for FREE by calling 1-800-970-4355 and
mentioning Priority Code 013701 or visit the web site
at www.LasVegasMoneyShow.com.
 10
Resource Stocks
INVESTOR’S DIGEST of Canada
133 Richmond St., W., Toronto, ON M5H 3M8
1 year, 24 issues, $137.
Precious metals stocks
will be 2009 bright spot
David Chapman: “Last March gold hit its high just
over US$1,000. At the same time the TSX Venture
Exchange was at a level of 2,564, off its highs of 3,372
seen in April 2007 but still respectable.
In July 2008, gold was testing its highs following
a pullback, hitting a high of US$986 on July 15. The
Venture exchange was at 2,310 and on the verge of
a collapse. Gold hit a low of US$680 on Oct. 24, 2008
while at the same time the Venture exchange was in
the midst of a cathartic collapse, having fallen to 830.
Gold was off 33 per cent but the Venture exchange
was down 68 per cent from its March 2008 highs. At
its low on Dec. 5, the Venture exchange was at 684.
Quite a collapse.
While the financial markets imploded because
of the collapse of the subprime-mortgage market
and collateralized-debt obligations, resulting in
bankruptcies and a credit-crunch, the commodity
markets collapsed because of falling economic activity
and reduced demand.
All of this in turn put huge pressure on the
financial institutions and the funds that were
invested in the market. Many, particularly funds,
were forced to liquidate. The mining and energy
sectors were suddenly confronted with mine closures,
deferred projects, layoffs and even bankruptcies, due
to an inability to access credit or seeing their credit
facilities suddenly withdrawn (Oilexco Inc. (TSX:
OIL; $0.10) was a case in point).
The junior exploration market that dominates
the Venture exchange was hit very hard and forced
liquidations in a thin market saw many of them fall
70 per cent, 80 per cent and more from their highs.
The majority of this collapse took place from July to
December 2008.
One of the biggest shocks for investors was
watching the TSX gold index collapse 56 per cent
from July to October as well. In total the TSX gold
index fell 60 per cent from the March 2008 highs.
Considering gold only fell by 33 per cent, it was a
shock to many. We note, however, that silver fell from
over US$20 to near US$9 for a 56 per cent drop.
Since then, gold has recoupled 15 per cent, while silver
is up 19 per cent. The TSX gold index is, however, up 68
per cent and the Venture exchange is up 27 per cent.
The stickiness of the Venture exchange stocks has
been a major source of frustration for many of the
speculative traders and investors that dominate that
sector. But our gain we note for gold is in U.S. dollars.
In many other currencies, gold was up even more.
For 2008, gold was up five per cent in U.S.
dollars, while the S&P 500 was losing 38 per cent. In
Canadian dollars, gold was up 31 per cent; the TSX
Composite lost 35 per cent. In the U.K. gold rose 45
per cent in British pounds, while the London FTSE
was losing 31 per cent. Everywhere for the most part
in 2008, gold was the top performer.
In the United States, long-term U.S. Treasury
bonds outperformed gold, but in Canada, gold
outperformed Canadian government bonds, treasury
bills and bank deposits. In a devastating year, cash,
bank deposits and government treasury bills were it
seems not the only place to hide.
In terms of comparisons, gold stocks for the most
part had never fallen to such lows against the price
of gold. Not even in the days when gold was trading
between US$250-300 back in the late 1990s was the
gold/TSX gold index ratio so low.
Gold stocks as a result were as a result a “screaming
buy” at the time having fallen to such low valuations
in relation to the price of bullion. And it didn’t matter
whether they were seniors such as Kinross Mining
(TSX: K; $23.73), Goldcorp (TSX: G; $34.06) or
Barrick Gold (TSX: ABX; $44.93) or juniors, which
dominate the Venture exchange.
While we have already seen a decent move in a
number of the senior and intermediate gold stocks,
many of the juniors and exploration stocks lag
considerably behind. We believe that gold remains
a safe haven for investors and the results from
2008, a year where we had one of the worst market
collapses ever, proved that holding gold as a part of
your portfolio was a wise investment.
As we go into 2009 gold, silver and the precious
metals stocks are a potential bright spot for this
coming year.
With the U.S. monetary authorities ramping up
the money supply, interest rates at virtually zero plus
the financial bailouts, the central bank purchasing
all manner of toxic instruments in an attempt to
reliquefy the financial system (quantitative easing
as they call it), it is only a matter of before gold and
silver take off.
There is a powerful argument for a “run on gold”
that should get underway this year. The time lag
between the mass reliquefiction of the financial system
and when gold starts to run can be measured in weeks
and months. But be assured. It will happen.
While naturally we like to hold some bullion
in our accounts and our consistent way we have
recommended for investors is to hold the BMG
Bullion Fund, a mutual fund trust that invests solely
in gold, silver and platinum. (Note: I am director of
BMG Management Group Inc., the manager of the
BMG Bullion Fund).
Junior Golds
And investors should have some quality gold stocks
such as the three we mentioned above. But more
speculative investors may wish now to have a look at
the junior gold miners. Later in the cycle speculative
investors will also want to own the junior exploration
stocks. We note that there is evidence of accumulation
and insider buying in these stocks.
Three junior gold miners we would like to mention
are Semafo Inc. (TSX: SMF; $1.56) a junior in West
Africa specifically Guinea, Niger and Burkina Faso.
SMF recently reported production of 195,000 ounces
 11
in 2008 an 84 per cent increase over 2007. SMF may
be making a multimonth double bottom near 75 cents
reached in December 2007 and again in October 2008.
A breakout over $1.60 would confirm this pattern and
targets would be at a minimum $2.50.
Lake Shore Gold Corp. (TSX: LSG; $1.32) is a
miner in Canada in the Timmins area of Ontario but
also with properties in Quebec near Noranda.
LSG recently reported excellent results for its
Thunder Creek property in the Timmins area. LSG
is now breaking out over its 40 week moving average
a positive development. There may be a little more
work to do to form a bottom but the outlook for LSG
is quite positive.
Our third pick is San Gold Corp. (TSX.V: SGR;
$1.31, www.sangoldcorp.com) a junior miner with
major properties in the Rice Lake greenstone belt of
Manitoba. San Gold has a National Instrument 43-
101 compliant resource of 1.6 million ounces of gold.
SGR has a mill at Rice Lake that has produced in
the past 1.4 million ounces of gold. SGR has moved
into production from two mines at its Rice Lake Mill.
SGR has moved up nicely from its October lows and
is currently testing resistance at the 40 week moving
average. Look for a bit more work but the outlook for
SGR and its technical position tell us we will move
higher. www.sangoldcorp.com.
It has been a very rough year for the mining stocks
as their collapse has far outpaced the fall in the price
of gold itself. But many of them are now presenting
bargain prices. With our outlook reaffirmed in 2009,
we believe many of these stocks are now bargains for
the speculative investor.”
Editor’s Note: David Chapman is an investment
adviser and a technical analyst with Union Securities.
Mr. Chapman is a regular contributor to Investor’s
Digest of Canada.
***************
THE GRANVILLE MARKET LETTER, P.O. Drawer
413006, Kansas City, MO 64141. 1 year, 46 issues,
$250. www.GranvilleLetter.com.
Gold stocks to buy now
Joseph Granville: “Got out of gold at 1002.62 on
March 17, 2008. Went back in at 730.30 on October
24th. I assigned an objective of 900.00. If it can better
that level then I think we have a shot at the old March
17th high. If it can’t make it, then I would have to
dump the golds.
Crystallex International Corp. (NYSE-Alt:
KRY; 0.26) stock crashed to 0.17 in November 2008.
Next two objectives are 1.40 and 2.40. Anything
higher projects to 3.60. No call options are available.
No stop loss is used here. Buy.
Couer D’Alene (NYSE: CDE; 0.75) followed the
railroad tracks pattern all the way down to 0.42 in
November 2008. Almost doubled since then. Next two
objectives are 3.20 and 4.20. No call options available.
No stop loss used here. Buy.
Freeport McMoRan Copper & Gold (NYSE:
FCX; $27.92) stock has made a decisive change for
the better. Now we have the positive pattern of rising
bottoms. Stock saw its low at 17.00 in December of
2008. Its bull market objective is to rise to its 50-day
trendline at 55.00. Most recent high is at 29.93. The
chart is extremely bullish. Buy the May 32.50 calls.
Place stop loss at 25.00. Buy.
Gold Corp. (NYSE: GG; $31.51) fell to its low at
14.75 in late October 2008. Recovery has not only
been sharp, but the probability of any break to a new
low is mathematically nil. A rally above 32.50 breaks
above its 50-day line and gives the stock a shot at its
62.00 high. Now roll the April 30.00 calls into the July
35.00 calls. Raise stop loss to 27.00. Buy.
Goldfields Ltd. (NYSE: GFI; $11.63) fell to
its low at 5.00 in October of 2008. Initial rebound
off the low took the stock to the 10.00 level. I said
here in the January 15 issue that anything higher
pushed above a double top and anything above 20.25
records a breakout above its 50-day line will trigger
a further rally. Buy the April 12.50 calls. Place stop
loss at 8.00.
Gold Reserve Inc. (NYSE-Alt: GRZ; $1.05)
The collapse here dropped the stock to 0.25 in late
November of 2008. Anything above 2.15 triggers
reverse sliding pole to 3.90. No call options are
available. No stop losses used here. Buy.
Harmony Gold (NYSE: HMY; $12.30) collapsed to
its October 2008 low at 5.30. Has more than doubled
since then. I had targets of 12.90 and 14.30. Anything
higher sees this as a $20 stock. Buy the July 15.00
calls. Place stop loss at 9.75.”
***************
INTERINVEST REVIEW & OUTLOOK
P.O. Box 51462, Boston, MA 02205.
Monthly, 1 year, $125. www.interinvest.com.
Steadily adding positions to
junior and mid-size gold producers
Dr. Hans Black: “Both gold and silver bullion have
been trading with a firm bias during the past month.
Global investors seem to be justifiably concerned with
the degree of money creation characterized by actions
in leading central banks. It should be noted that the
sheer size of the numbers of stimulus programs and/
or guarantee programs is staggering. In the United
Kingdom, for example, the total potential size of the
bank guarantee program is close to £1 Trillion, or
more than six times the per capita size of a similar
U.S. program. While we have not abandoned our
view that gold might dip in price once again, it is
increasingly less likely. We have, therefore, been
steadily adding to our positions in junior and mid-size
gold producing companies, which have so incredibly
been out of favor. It should be noted that past the
current short-term updrafts, we may still get some
further downside probing later on in 2009. Time will
tell and a close watch must be kept on the success or
lack thereof of global stimulus packages.
Our current positions in Newmont and IAMGOLD
remain attractive and should be accumulated on any
weakness. In addition, we have been building up out
interest in Gabriel Resources as well as Orvana, and
would now also add Intrepid Mines, an Australian
company, to that list.”
 12

San Gold 2008 – What A Year!

San Gold 2009 Looks Even Better
High Grade Hinge Zone Discovery Followed by New Deep Mine High Grade Breccia Zone
By focusing its exploration and mine development Manitoba, produced 1.4 million ounces of gold until
efforts on Canada’s prolific Rice Lake Greenstone Belt, it closed in 1968. By the late 1990s, Harmony Mining
San Gold Corporation (OTC: SGRCF; TSX.V: SGR) and others invested $140 million to upgrade and
has successfully transformed itself into a growing reopen the Rice Lake Mine, only to close it again in
gold producer, a pure gold play with a projected profit 2001 as gold prices fell.
margin that will be far higher than average. Meanwhile, San Gold acquired land along the
San Gold, one of Canada’s newest gold producers is Rice Lake Greenstone Belt and discovered the San
producing from its main Rice Lake gold mine and is Gold #1 Mine. In 2004, San Gold purchased the Rice
now driving a ramp from surface into the high grade Lake Gold Mine from Harmony for a virtual pittance
Hinge Zone Mine (discovered in 2008). Additionally, – $7.5 million, a cost discounted by the subsequent
the deep Rice Lake Mine (currently 5,600 feet deep) sale of prior tax losses for $12 million. In essence,
keeps generating happy news. In late 2008, an the company was paid $5 million to take the mine
extremely high grade breccia zone was discovered off Harmony’s hands.
very close to current workings at the bottom of the Subsequently, San Gold invested $80 million along
mine. the Rice Lake Belt to re-open and redevelop the Rice
A resource update is expected in March and Lake mine, re-activate the Rice Lake mill, build the
will incorporate the new gold discoveries. Since nearby San Gold #1 mine, successfully develop a
2004, San Gold tripled its gold resource base to 1.6 million new ounces of gold resources to the end of
million ounces, brought its flagship Rice Lake Gold 2006, and then proceed to discover the high-grade
Mine to commercial production and, by aggressively Hinge zone and new gold zones in deep in the Rice
exploring, continues to discover new high-grade gold Lake mine.
deposits within a mile of its
fully permitted mill.
“We are a rapidly emerging
and, as yet, unrecognized gold
producer – our official gold
resource count has nearly
tripled and, with our recent
high-grade underground
discoveries and spectacular
near surface Hinge zone,
we soon will be adding even
more gold ounces to our asset
base,” says San Gold CEO
Dale Ginn.
Rice Lake Gold
Project Appears to
Host Multiple High-
Grade Gold Mines San Gold’s
The multiple-mine Rice Rice Lake
Lake project lies along a Gold Project...
prolific regional geologic trend
where more than 41 million An important new gold
ounces of gold have been mining complex... the
discovered to date – including Rice Lake mine and
Goldcorp’s Red Lake Mine mill facilities, several
(10+ million ounces of gold). new high grade surface
Gold was first discovered at and underground zones
ready for development,
Rice Lake in 1911, leading
and 35,000+ acres on
to the opening of the Rice Manitoba’s prolific Rice
Lake Mine in 1932. The Lake Gold Belt.
mine, which is located 230
km northeast of Winnipeg in

Rice Lake Gold Mine
Believed Similar to
Goldcorp’s Red Lake Mine
As San Gold continues to discover
new high-grade gold zones deep
within the Rice Lake Mine, the
mine’s similarity to Goldcorp’s
famed Red Lake Mine is increasingly
confirmed.
The Rice Lake Gold Mine extends
a mile below surface. Many of the
recently discovered veins grade
between one and two ounces of
gold per ton. The mine’s new
geology model suggests strong
potential for continued high-grade
mineralization at depths below
5,000 feet. Recent exploration at
the 5,600 foot level encountered
extremely high grade gold values
over significant widths in a massive
breccia zone: for example, 82.7 feet
of 0.50 oz/ton gold including 6.9
feet of 1.77 oz/ton and 20.3 feet of
0.76 oz/ton. The gold appears to
be related to higher than normal
concentrations of sulfide minerals,
further confirming the comparison
with the prolific Goldcorp mine to
the east.
The mine currently has well over
15 years of mineable gold reserves
and, according to a conservative
mine plan, will produce 60,000
ounces of gold annually starting
in 2009 at an all-in cost of $360
an ounce. It is anticipated that
a new mine plan, incorporating
recent high grade discoveries,
will project an annual production
rate of 250,000 ounces by 2012,
at a cost of approximately $290
an ounce.
The Rice Lake 1,250 tpd capacity
uses gravity concentration to
produce half of the gold and flotation
and leach circuits to produce the
remainder. Dore gold bricks are
produced on-site. New crusher
equipment, paid for and onsite,
will expand the mill’s capacity to
1,900 tpd in 2009. Unlike many
other mining companies, San Gold’s
access to unlimited, low-cost power
will keep mining costs under control,
even if global fuel and power costs
increase.
Looking forward, San Gold
expects its mill processing to
increase from the current 650
tpd to about 1,900 tpd in 2012 to
eventually produce 250,000 ounces
per year.
13
Rice Lake Gold Mine
The total depth of the Rice
Lake Mine is 5,700 feet.
The mine produces gold
ore through a two-shaft
system – the A-shaft pen-
etrates to 4200 feet below
surface, with a 5000-foot
railway crosscut connect-
ing to the D-shaft which
currently penetrates an
additional 1200 feet of
depth. A spiral ramp goes
down from the 32nd Level
of D-shaft. The Rice Lake
Mine contains measured resources of 320,100 tons at a grade of 0.28 opt gold and
indicated resources of 644,000 tons at a grade
of 0.29 opt for a total measured plus indicated
resource of 964,100 tons grading 0.29 opt
gold. Inferred resources total 1,879,500 tons
grading 0.29 ounces of gold per ton. The zone
is open at depth below the lower mine level.
The Rice Lake Mine is a shrinkage stope type
of mine using stopers and jack-legs. The ore
is drawn out by scoop trams and transported
to surface using the A-shaft hoisting skip and
for the deeper portions through the D-shaft
hoisting skips and transport by rail to the A-shaft.
The mill complex produces gold using gravity concentration systems to produce 50%
of the gold, while flotation and carbon in-leach circuit to produce the other half. The
mill can pour dore gold bricks on-site and
which then are transported to refineries to
refine it to LSE grades of gold bars.
The Rice Lake Project employs some 280
people. The Company has developed an
extensive training program in order to
provide operations staff from the local
communities. Approximately 60% of
the local labor force is from the Métis
and First Nations communities on the
Southeastern side of Lake Winnipeg.
 14

Huge Exploration scenarios – multiple producing

Potential Could Lead to mines creating a solid cash flow
to fund continued exploration
Multiple Million-Ounce and property acquisition, a
Gold Mines portfolio of high grade deposits
San Gold owns or controls under development, and virtually
nearly 35,000 acres of prime untapped exploration ground in
exploration ground in southeast a highly prolific gold belt in one
Manitoba’s Rice Lake district. The of the world’s most politically
company’s properties lie in the stable, safe and mining friendly
Uchi-Sub-province on Canada’s jurisdictions.
Lower Superior Shield – an area SAN GOLD CORPORATION The company describes itself as
that hosts four major greenstone OTC: SGRCF • TSX.V: SGR a pure gold play with no hedging
belts with a history of substantial Contact: Dale Ginn, CEO against the price of gold. The
gold production (Rice Lake, Red company raised more than $100
Box 1000, Bissett, Manitoba Canada R0E 0J0
Lake, Musselwhite and Pickle million over the past two years,
Lake gold camps). All of the major Toll Free: 800-321-8564 and closed a $40 million financing
gold occurrences in the Rice Lake Fax: 403-243-9517 in November 2007 and a $20
area occur as quartz veins or E-Mail: info@sangoldcorp.com million financing in October 2008.
quartz vein systems. San Gold’s Web Site: www.sangoldcorp.com San Gold is now fully financed and
land position extends over 20 km is debt free except for a $9 million
Shares Outstanding: 225.3 million debenture that is convertible at
along the Rice Lake mine horizon
where a large zone of alteration 52 Week Trading Range: $1.40 per share. The company is
and several early 20th Century U.S.: Hi: $2.20 • Low: $0.421 armed with some $250 million in
mining shafts lie along the belt. Canada: Hi: C$2.25 • Low: C$0.57 modern assets, a market cap of
Surface exploration drilling in approximately$300 million, more
2008 discovered multiple new gold-bearing zones – the than $30 million cash in hand, a 15-year (and growing)
Hinge zone, just one mile northeast of the Rice Lake Mine mine life, and absolutely zero political risk.
and within view of the San Gold #1 haulage road and San Gold is led by an exceptional management
power line. This new Hinge Zone contains quartz and team. Executive Chairman Hugh Wynne, who has
carbonate gold mineralized veins parallel to each other, over 40 years experience in the mining sector and
dipping to the north. The zone is largely unexplored over 25 years as an explorer on the Rice Lake and
because it was located on a property boundary before Red Lake Gold Belts, was largely responsible for
San Gold assembled its large land package. assembling San Gold’s exploration properties. CEO
“It looks like this may develop into another mine Dale Ginn is a geologist and previously worked at
very rapidly We are getting some very exciting Hudson Bay Mining and Smelting, Goldcorp, Granges
results there – some of the best looking drill core to and Westmin. Most recently he was general manager
come out of the Rice Lake belt so far – the drill core of Harmony Gold (Canada), the previous owner of the
is peppered with visible gold. Drilling to the end of Rice Lake Gold Mine.
2008 yielded spectacular results – extremely high, San Gold, which expects to become profitable
multi-ounce gold grades over thicker mining widths this year, has budgeted $20 million for 2009
than ever before encountered in the Rice Lake area.” exploration and development along the Rice Lake
says Director Richard Boulay. Belt. The company has four drills active on surface
The Hinge Zone ramp decline will reach the Hinge and another three drills active underground.
zone in January 2009 and multi-level access will be The company’s strategy is clear – by aggressively
rapidly developed to mine the high grade ore in the exploring its potentially rich property, growing its
first half of 2009. This decline will allow the Hinge gold reserves and bringing newly discovered deposits
ore to be trucked up to surface. The distance from the into production, the company will be recognized
ramp portal to the Rice Lake mill is approximately as grossly undervalued – resulting in a positive
a quarter mile. market price adjustment. Noted gold stock analyst
Jay Taylor equates the company’s Rice Lake project
Investment Considerations to Goldcorp’s famed Red Lake discovery and rates
San Gold offers investors the best of all gold mining San Gold as a “Top Pick”.

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 judgement. 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 companies featured have paid The Bull & Bear Financial Report
a fee for their investor awareness programs. The directors and employees of The Bull & Bear ­ Financial Report do not own any stock in the
securities referred to in this report. The Bull & Bear Financial Report is not affiliated with any brokerage or financial company.
 15
Dr. Mark Skousen’s FORECASTS & STRATEGIES,
One Massachusetts Ave., NW, Washington, DC
20001. Monthly, 1 year, $249.
www.MarkSkousen.com.
3 natural resource recommendations
Dr. Mark Skousen: “I believe it is prudent right
now to keep 10% of your portfolio in natural resources.
I have three recommendations.
First, StreetTracks Gold Index (NYSE: GLD)
is above $88. Gold is one of the few investments that
held its own during the financial crisis of 2008.
Second, I recommend Freeport McMoRan (FCX:
$22.81), the world’s largest copper-gold company
(based in Indonesia). Revenues last year were off
8% to $52 billion, and earnings fell 30% to $3 billion,
causing the stock to lose 60% of its value in 2008. But
with the Fed’s easy money policies, I expect to see a
recovery in the global economy later this year, which
will be positive for copper and gold prices.
Finally, I recommend Direxion Trends Strategy
Fund (DXCTX: $32.39), a no-load mutual fund that
goes either long or shot in six commodity sectors
(grains, precious metals, industrial metals, livestock,
etc). Due to complex geopolitical issues, the fund will
only go long or be neutral in energy stocks, since it
does not do any shorting of the energy sector.
The Direxion Commodity fund uses a simple,
seven-month moving average price. So far, its
technique has worked well, and made money last
year. The minimum investment is only $1,000, if you
buy DXCTX through any major discount brokerage
firm, such as Charles Schwab or E-Trade.”
***************
DELIBERATIONS on World Markets, P.O. Box
182, Adelaide St. Station, Toronto, ON M5C
2J1. 1 year, 18 issues, $225. Introductory Trial:
4 issues, US$49.
Gold run is both currency related
and focused on the money printing
Ian McAvity: “In my Zurich, Switzerland speech on
Feb. 9th, I was more bullish on gold and silver than
I’ve been in several years, and I emphasized silver,
piggy-backing on expected gold price strength. The
Gold/Silver ratio has shown a range of 50:1 to 80:1
in recent years, and coming off the low side, it had
turned up and looked likely to try for 50:1 once again.
(The ratio is gold divided by silver…at $1200 gold that
would imply $24 silver, i.e. one ounce of gold could be
acquired for just 50 ounces of silver, for an example.)
My enthusiasm for gold and silver is not as high
for the Gold Miners shares, in part because they lifted
their crash lows so far and so fast. Looking at the
Shares to Metal ratios, the Sep/Nov crash sucked all
the oxygen out of them, down to levels not seen since
the 2000 bottom. At those levels I’m very bullish on
the sector. But they rebounded so quickly, retracting
half or more of their crash, the upside potential runs
into the risk of pulling back to test those lows in the
event of a major hit to equity markets in general.
If the S&P breaks 10% to 20% below its November
low, (a possibility I fear), I suspect gold shares may
get hit too. I would be more enthused about the share
if the GDM/Gold ratio was back under 0.8 or 0.7.
How can I be so bullish on the metal, while voicing
concern about the gold miners shares? I believe this
gold run is both currency related as well as focused
on the money printing. I can envision and fear an
international shock, possibly a Russian default or
something like that which could smash equity markets,
upset forex trading and push gold up even while the
miners shares getting dragged down by an S&P crash.
I wouldn’t specifically forecast such a sequence, but it
is a realistic risk that worries me a lot.
Scanning the major shares, they’ve come back into
gear with each other since the crash and rebound. I
would stick to the stocks that made higher highs in
early 2008 vs. their 2006 tops, and avoid political
risk of South Africa. GG, AEM and KGC or the GDX
ETF based on the GDM Index, but wait for the broad
market sell-off induced pullbacks of at least half their
recent rebounds.
I believe Silver is starting to acquire some “poor
man’s gold” play, that’s likely to expand/if/as/when
gold breaks its Mar’’ 08 peak at $1034 (basis Comex
Near Active).”
***************
THE ADEN FORECAST
P.O. Box 790260, St. Louis, MO 63179.
Monthly, 1 year, $250. Includes weekly updates.
www.adenforecast.com.
Gold could be embarking on
the start of a great bull market rise
Mary Anne & Pamela Aden: “Gold is approaching
its record high area. The ongoing current A rise that
started last November is the strongest in this bull
market and the strongest since 1999. Since this is
an abnormally strong ‘A’ rise in an abnormal world
recession, if gold reaches a new record high above
$1004, gold is most likely embarking on the start of
a great bull market rise. The eight year cyclical low
will then have been last November’s low. Gold could
then jump to the $1200 level as its next target. Keep
an eye on $910 as gold’s ‘A’ rise is very strong above
it. Gold’s indicator is now topping in a high area, and
while it could stay topping a while longer, it’s saying
that gold’s strong rise could end soon. Silver is also
bouncing up following gold. It quickly rose to its 65
week moving average but if it closes back above it at
$14.60, it would be a very bullish sign. Silver is very
strong above $12.90. Gold and silver shares are rising
and while the XAU index hasn’t been as strong as
gold, it’s still strong above 124, and it has room to rise
further. Resource and energy continue to be pressured
by the weaker global economy. As long as the economy
is weak, these will be too. Interesting and a possible
bright sign is the firmness in copper while oil continues
to hold above its December low. If both copper and oil
stay above $1.26 and $33.80, respectively, they will
continue to bottom. They would begin to look like a
rebound rise is at hand once they close above $1.52
and $44, respectively. Keep your positions.”
 16
EMERGING GROWTH STOCKS, 102 – 2020
Comox St., Vancouver, BC V6G 1R9. 1 year, 8-10
issues, $159. www.EmergingGrowthStocks.ca.
Another way to play the
Uranium discovery of the decade
Louis Paquette: “I have been covering Hathor
Exploration (TSX: HAT; $2.64) for some time now
because; a.) Uranium is looking better having moved
far enough down in price and b.) Hathor has made
the most important uranium discovery of the decade,
with numerous sizeable intersections of well over 1%
uranium so far at their “Midwest NE” discovery in
the Athabasca Basin.
But there is another way to play this and that is
through their smaller partner, Terra Ventures Inc.
(TSX.V: TAS; $0.50) which holds the 10% carried
interest in the play through to pre-feasibility. I know
many readers prefer the explosive leverage of a stock
priced under a dollar vs. a stock priced in multi-
dollars. It also holds some other assets which may not
be priced into the stock. This may also be a pivotal
time to get exposure to this play given the aggressive
drilling program currently underway.
Assets
1. 10% carried interest in Hathor Exploration’s
Midwest NE Roughrider discovery, Athabasca
Basin. As of the closing prices on February 10th of
$2.51 per share, Hathor currently sports a market
cap of $214 Million. At $0.50 per share, TAS has
a market cap of $26 Million, somewhat more than
10% of Hathor’s m/c. This can partly be explained
by the fact that Terra’s interest is “carried’ and that
they don’t need to fork out millions in exploration
expenses, and partly by Terra’s strong cash positions
of roughly $10 Million or $0.20 per share.
A new four drill, 22,000 meter drill program got
underway in January. The operator, Hathor, is
working its way toward the most prospective, yet
previously untested “unconformity” zone. Often in the
Athabasca, this is where the greatest concentration
of Uranium can be found.
Success here could boost the size of the discovery
considerably from a currently estimated 30 million
pounds to 100 and send the stocks of both companies
through the roof.
2. 100% Interest in Lac Kachiwiss & North
Yellow Cat properties, Quebec. These properties
have a historical resource of 11.46 Million pounds
of Uranium (not 43-101 compliant). The company
has just completed a drill program as part of the
process of bringing this historical resource into 43-
101 compliant status. I don’t believe the stock price
reflects the value of this asset.
3. 10% stake in Titan Uranium’s Castle
project, Athabasca Basin. The property is located
SUBSCRIBE TO THE BULL & BEAR FINANCIAL REPORT
1-800-336-BULL
25 kilometers south of the past producing Cluff Lake
Mine, owned by Areva Resources.
Fundamental Resource Corp. (www.researchfrc.
com) has released a report on the company dated
January 21st, valuating the various assets of the
company and have come up with a combined
valuation of $1.15 per share. This does not include
any additional resources added as a result of this
years extensive drilling program.
Contact Ryan at 604-683-0911, or toll free at 866-
683-0911 or visit www.terrauranium.com.
Market Outlook
THE PRIMARY TREND
700 North Water St., Milwaukee, WI 53202.
Monthly, 1 year, $80.
A Bad Beginning
Barry Arnold: “After the brutal 2008 experienced
by equity investors, January’s bullish first step was
refreshing – and short-lived. The stock market was
up by 258 points (as measured by the Dow Jones
Industrial Average) on the very first trading day
and has been down ever since (although the S&P
500 Index and Nasdaq Composite both peaked two
trading days later on January 6th).
In fact, by the time the month was over, the DJIA
had recorded its worst January in its 113-year history
(please see table at right). The –8.84% drubbing in
the Dow in January is the fifth month in a row that
the stock market is down. The bear market is not only
vicious but relentless.
Does a poor start to the year portend further
weakness or a reflex rally? Many market watchers
cling to the January Barometer (devised by Yale
Hirsch in 1972), which states that “as the market goes
in January, so goes the year.” According to Hirsch’s
Stock Traders Almanac 2009, since 1950, the January
Barometer (using the S&P 500) has a 74% accuracy
rate.
Our table, using the DJIA statistics, shows how
the stock market performed one month, three months
and one year after the nine worst Januarys in history.
If you were expecting a gangbuster bull rally of +30-
40% after a bruising start, unfortunately you won’t
find the message in these tea leaves. In fact, it’s much
more sobering. In the one-month and three-month
short-term statistics, it is hit or miss. Based on the
one-year figures, in only three of the nine cases did
investors actually recoup their January losses and
make gains.
Fortunately, the Super Bowl Indicator says 2009
will be an “up” year (since the Pittsburgh Steelers won
and they are an original NFC team). Also, inaugural
years where Democrats take or maintain the throne
have an average gain of +7.31%. And lastly, the
“Decennial Pattern” is bullish, with years ending
in “9” averaging +10.15% over the last 11 decades.
Cheer up!”
 17

Gold Producer Aurizon Mines Is Utilizing Cash Resources to AURIZON MINES LTD.
Grow Production Profile; Strong Cash Flow, Exploration Potential NYSE Alternext: AZK • TSX: ARZ
Aurizon is a gold producer with a growth strategy focused on
Contact: David Hall,
developing its existing projects in the Abitibi region of north-
western Quebec, one of the world's most favourable mining President and CEO
jurisdictions and prolific gold and base metal regions, and Suite 3120, 666 Burrard Street
by increasing its asset base through accretive transactions. Vancouver, BC Canada V6C 2X8
Exploration is currently being conducted at Casa Berardi, Toll Free: 888-411-GOLD (4653)
as well as at Aurizon's other gold project, Joanna, and its'
Phone: 604-687-6600
gold/uranium project, Kipawa. Aurizon's combined property
holdings cover in excess of 300 square miles of prospective geology in the Abitibi Fax: 604-687-3932
area of Quebec. Aurizon Mines commenced commercial gold production in second info@aurizon.com
quarter 2007and is expected to produce approximately 150,000 - 155,000 gold www.aurizon.com
ounces in 2009.

Minefinders Producing Gold and Silver at Flagship Dolores Mine MINEFINDERS

Minefinders' flagship Dolores Mine in Chihuahua, Mexico CORPORATION LTD.
commenced production of gold and silver in 2008 and is NYSE Alternext: MFN • TSX: MFL
expected to produce more than 1.7 million ounces of gold and Contact: Mike Wills,
64.4 million ounces of silver from heap-leach operations over Investor Relations
a 15.5 year mine life. There is potential to increase production Ste. 2288, 1177 West Hastings St.
from operations by increasing high-grade recoveries with Vancouver, BC, Canada V6E 2K3
the addition of a mill and by expanding the mine into areas Toll Free: 866-687-6263
of additional mineralization.Minefinders also has a pipeline of advanced and Phone: 604-687-6263
grass-roots exploration properties and the development expertise to bring new
Fax: 604-687-6267
mines into production.The Company is exemplified by strong fiscal management,
minimal shareholder dilution, and responsible disclosure. In its mining operations, mike@minefinders.com
it is dedicated to safety, social responsibility, and environmental stewardship. www.minefinders.com

Minera Andes Doubles Production at San José Project MINERA ANDES INC.
US OTC: MNEAF • TSX: MAI
Minera Andes has successfully made the
transition from exploration to an exploration Contact:
company that also receives income from a Art Johnson, Investor Relations
discovery made by its geologists. Minera 111 E. Magnesium Rd., Ste. “A”,
Andes' co-owned San Jose silver/gold mine Spokane, WA 99208
in southern Argentina is operating at its expected level, producing about 59,000 Phone: 509-921-7322
ounces of gold and three million ounces of silver on an annualized basis. Minera
Andes receives 49 percent of the value of San Jose's production. Work is well Fax: 509-921-7325
underway to double the output of San Jose, tentatively, at the end of 2008. This Canada: (877) 689-7018
means metal production would increase to about 120,000 ounces of gold and info@minandes.com
six million ounces of silver per year. www.minandes.com

Velocity Minerals Advancing Significant Molybdenum VELOCITY MINERALS

Properties In British Columbia LTD.
Velocity Minerals Ltd. is focused on the TSX: VLC
acquisition and development of advanced or Contact:
high-grade molybdenum mineral properties. Kenneth R. Holmes, Chairman
Velocity presently owns the mineral rights to 630 - 666 Burrard Street
two molybdenum projects in northern British
Columbia and is actively pursuing other properties in North America and
Vancouver, BC V6C 2X8 Canada
internationally. The company has a skilled management team with decades of Toll Free: 866-920-0567
experience in both the mining industry and public financial markets and intends Phone: 604-689-7411
to focus the majority of its efforts on the further exploration and development Fax: 604-689-7212
of the company's Mt. Haskin and Cassiar Moly projects. Previous work on Mt info@velocityminerals.com
Haskin has established a significant historic mineral estimate and identified
potential extensions of that mineralization. www.velocityminerals.com

Ur-Energy – The Right People, The Right
Projects, The Right Proceeds, Right Now
Ur-Energy Inc. (NYSE
Alt US: URG; TSX: URE), a
uranium mining company with
a world class management
and development team, has
successfully guided its Lost
Creek project in Wyoming to the
brink of production.
“2008 was a significant year
for Ur-Energy. Our NYSE
Alternext, formerly AMEX,
listing enables easier access
for U.S.-based investors. We
completed an aggressive drilling
program at Lost Creek, saw
our initial technical review of
our application for a source
material license completed, and
we have the capital to take us
through to production in 2010,”
says President and CEO Bill
Boberg. Ur-Energy’s North American Uranium Projects
Lost Creek Project
Moving Ahead
The Lost Creek deposit – 4 miles north of Rio
Tinto’s Sweetwater Mill in Wyoming’s Great Divide
Basin – is about three miles long with mineralization
occurring in five main sandstone horizons extending
to 700 feet deep. The Lost Creek area consists of 969
unpatented mining claims and one Wyoming State
lease for a total of 20,540 acres.
Wyoming is the leading producer of uranium
in the U.S., hosting four major uranium mining
districts that together have produced over 200 million
pounds of uranium from sandstone hosted deposits.
Wyoming utilizes in-situ recovery methods (ISR) for
extracting uranium from underground ore bodies,
leaving overlying rock strata and land surfaces intact.
Groundwater, charged with oxygen and bicarbonate
soda, is injected into the deposit through a series
of wells and the uranium bearing solution is then
pumped to the surface and piped to the plant for
extraction of the uranium from the solution. The
resulting solution, now barren of uranium, is then
refortified with oxygen and re-injected into the ore
body. The uranium slurry is processed and dried into
U3O8 or “yellowcake” and packaged for transport.
This process continues until uranium levels in the
production fluid drop to a point where recovery is no
longer economical.
The Lost Creek deposit contains NI 43-01
compliant indicated resources of 9.8 million pounds
of U3O8 at 0.058% and additional inferred resources
of 1.1 million pounds of U3O8 at 0.076%.
In 2008, seven rigs at Lost Creek to drilled 459
holes for a total of 303,040 feet, including delineation
18
drill holes, monitoring wells
and exploration drill holes. This
aggressive drilling program
was to better define the orebody
within Mine Unit #1 for wellfield
planning.
The program included in-
stallation of 46 monitor wells
and two pump test wells for
the first proposed mine unit.
The wells will be maintained
long-term and eventually used
for production monitoring. Ten
additional regional baseline
monitoring wells were installed
at the request of the Wyoming
Department of Environmental
Quality. Two water wells were
also completed.
U r- E n e r g y a l s o d r i l l e d
99 exploration boreholes to
depths ranging up to 1200 feet,
identifying potential extensions
of the main mineral trend to the
south and a new roll front system around 850 feet
deep – including a drill intercept of 9.5 feet with a
Prompt Fission Neutron value of 0.137% pU3O8.
The Nuclear Regulatory Commission completed its
initial Technical Review of the Lost Creek Application
for a Source Material License in November. Ur-
Energy is reviewing and assembling responsive
information as requested.
Production at Lost Soldier Planned Next
Ur-Energy’s Lost Soldier project, located about 14
miles northeast of Lost Creek, is slated to become the
Company’s second production project. Lost Soldier
already has 4,000 historic drill holes defining 14
mineralized sandstone units. The property has NI
43-101 compliant, measured resources of 5 million
pounds of U3O8 at 0.064%, as well as 7.2 million
pounds of U3O8 at 0.065% indicated, and 1.8 million
pounds of U3O8 at 0.055% inferred.
Production of about 1 million pounds of annually
is anticipated from Lost Soldier about two years
after Lost Creek’s startup. Currently, the Ur-Energy
team is performing detailed geologic and engineering
evaluations of the Lost Soldier project in preparation
for the permitting and licensing applications.
US and Canadian
Exploration Programs
Early stage exploration drilling of 12 holes for a
total of 11,370 feet was completed at the EN project
in August and early September. Roll fronts and
mineralization were identified in several horizons
 19

of sandstones. In addition, over the summer, more its ongoing discussions with First Nations groups and
than 746 miles of airborne geophysical surveys Aboriginal-owned business corporations to secure an
were completed in Wyoming. The Company put exploration agreement for the Screech Lake Project
its other U.S. properties, including LC North and in the Thelon Basin, Northwest Territories, which
North Hadsell projects, on hold to further advance would allow the Company to proceed with a re-filing
the development of the Lost Creek Project. In of a drilling proposal.
September, the Company dropped exploration lands
in South Dakota (approximately 72,000 acres) while
Investment
maintaining in excess of 67,000 acres in Wyoming Considerations
and Arizona. An in-house team of geologists continues Despite recent declines in uranium prices, demand
to evaluate the Company’s massive well log and for uranium continues to exceed production. The U.S.
exploration database for generating new exploration alone only produces 8% of the uranium it consumes.
targets. Considering that less than 10 companies supply about
The Bootheel Project, LLC, in which Target 80% of the estimated world’s uranium production,
Exploration & Mining Corp. (“Target”) is earning into and that only eight countries produce almost 60%
a 75% interest over a four-year period, now covers of that uranium, Ur-Energy will play into a rather
a defined area of approximately 10,500 acres. In rarefied company as it joins the ranks of uranium
October, Target confirmed its completion of 93 drill producers. The mining operation, Boberg says, will
holes for a 50,163 foot drilling program. The purpose be relatively low cost and therefore not be affected
of the program was to bring the historic resources by lower uranium prices.
into NI 43-101 compliance. Ur-Energy also sits at a fortuitous confluence
In Canada, Ur-Energy is focused on finding of events – growing demand for uranium in a
“unconformity” uranium deposits, a relatively rare power-starved world, a healthy bank account, and
and extremely high-grade ore deposit. These deposits, an anticipated solid and growing cash flow from
first recognized and discovered in Australia, were production. These conditions present intriguing
later found in Saskatchewan under the Athabasca opportunities for Ur-Energy to acquire new uranium
Basin and in the Thelon Basin in the eastern Arctic. properties from underfunded companies struggling
Ur-Energy holds three exploration properties in the to succeed in a down market.
Thelon Basin and one in Baker Lake Basin. “We won’t go on a buying spree, but if a really
The company’s wholly-owned uranium exploration worthwhile opportunity comes up, we’ll definitely
properties encompass more than 129,000 acres in take a hard look,” says Boberg.
Canada. Land holdings in the Northwest Territories Meanwhile, production planning remains on track.
include the Screech Lake, Gravel Hill and Eyeberry Permitting is nearing completion. The final plant
Properties in the Thelon Basin, as well as the Bugs design is clearing the way for equipment ordering.
Property in Kivallig region, Baker Lake Basin of Boberg says supply contracts should be finalized in
Nunavut. the coming months, the
Several targets were first well field should be
examined and prioritized operating by Q4 2010, and
during the 2008 summer income will begin filling
program at the Bugs Project the company’s coffers. Ur-
located in the Baker Lake Energy is also moving
Basin, Nunavut. Radon forward with “exciting”
sampling techniques, pros- exploration programs on
pecting and rock sampling its multiple properties.
were all utilized. This work, “We have the money to
completed in early August, take us into production,”
led to interpreted areas of says Ur-Energy President
hydrothermal alteration, Ur-energy inc. Bill Boberg. “We have ca-
elevated radioactivity and NYSE Alt US: URG • TSX: URE pable and dedicated people
high radon flux. From late Contact: Bill Boberg, President and CEO with nearly 300 total years
August to mid-September Investor Relations: Dani Wright of direct uranium experi-
2008, a total of 2,905 feet ence in all phases from
10758 W. Centennial Rd., Ste. 200 exploration and develop-
of exploration drilling con-
sisting of six drill holes Littleton, CO 80127 ment to mining. These
was completed. The pro- Toll Free: 866-981-4588 people make up one of the
gram was terminated early Phone: 720-981-4588 • Fax: 720-981-5643 best uranium exploration
due to drilling equipment E-Mail: info@ur-energyusa.com and operational staffs that
problems. Results of the Web Site: www.ur-energy.com exist in the world today.
program are being evalu- Shares Outstanding: 93.2 million And in the very near fu-
ated by the Company’s (as of Sept. 30, 2008) ture, we will be producing
Canadian Exploration of- 52 Week Trading Range: real product from Lost
fice, and drill core assays URG (U.S.): Hi: $1.96 • Low: $0.28 Creek, at the rate of about
are pending. 1 million pounds of ura-
URE (Canada): Hi: C$2.72 • Low: C$0.34
The Company continues nium a year.”

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Monthly, 1 year, $179. www.insiidetrack.com.
Overview for longer-term investors
Eric Hadik: “Stock indices completed their
projected 35-50% decline in late-2008 but are
expected to see another decline – to new, multi-year
lows – take hold in the second half of 2009.
Interest Rates (opposite of Bond direction) are
likely to consolidate in the coming months but could
– on the whole – see more downside into mid-2009
and potentially into mid-2010.
Gold & Silver – Long-term uptrends in Gold &
Silver could resume in the second quarter of 2009.
Consolidation likely into mid-2009.
Dollar – Long-term trend down and expected to
enter a new wave lower, later in 2009. This could
carry the Dollar lower into MAJOR, long-term cycles
in 2013-2014. In the interim, expect consolidation
with the potential of a new rally exceeding the Nov.
2008 peak.
Crude Oil – Long-term trend up in midst of
major correction (.786 retracement). Energy markets
fulfilled projected drop from July 2008 cycle high
to Jan. 2009 cycle low and could see a bottom take
hold.
Commodities – Long-term trend neutral and
closely linked (inversely) to Dollar.”
****************
THE DINES LETTER
P.O. Box 22, Belvedere, CA 94920.
1 year, 14 issues, $295. www.DinesLetter.com.
TDL’s Seasonalities: March
James Dines: “Februarys are somewhat bullish
for the DJI, averaging a 0.10% rise in the last 59
years, but somewhat bearish for the S&P 500 with an
0.11% decline for the same period. It usually follows
whatever the Major trend has been, currently down
per the DJI of our 2009 Annual Forecast Issue, but
holding above the November 08 low.
The case for bears has been confirmed by a down
January, per its “barometer.” As noted in our 2009
Forecast Issue, the 05 Dec 08 low has already been
broken, a negative omen for the year. With the
Steeler’s victory, the Super Bowl Indicator remains
as the only bullish Seasonality, something that’s not
taken too seriously.
Mastercard March stocks are usually either neutral or modestly
higher, which frequently evolves into a market TOP
either in April or May. In our Research Department’s
count of the 59 years since 1950, the Dow-Jones
Industrial Average (DJI) in the month of March rose
37 times and decline 22 times. There have been fewer
declines in recent years. These stats are comparable
with the S&P 500 which, since 1950, ranks March as
the fifth best-performing month. March, however, gets
even better for the S&P 500: taking the last fifteen
odd-numbered years, there were 11 risers and only
4 downers, up almost 3 out of 4, favorable for 2009.
The count for even-numbered years was 9 up and 7
Continued on next page
 21
Rebuilding A Portfolio Will Take Time, Effort
Continued from page 1
value styles in order to reduce risk. “The price-
earnings ratios of stocks are more in line, expectations
are low and valuations are low.”
More than ever, you need a budget you can follow
and a regular plan to put your money to work.
“Handling this market is akin to trying to lose
weight, because to lose a pound you must burn
more calories than you take in,” said Paul Larson,
editor of the Morningstar StockInvestor newsletter
in Chicago. “Similarly, you must save more money
than you spend.”
A bigger blunder than avoiding investments
is panicking and dumping everything you own.
Although money-market funds and bank certificates
of deposit provide a safe underpinning for your
portfolio, their low returns mean you’ll eventually
need the longer-term inflation hedge that stocks
historically have provided.
“Resist the urge to sell everything that dropped in
value, for this market isn’t going to persist forever,”
Larson said. “Yet if you do have too much in equities,
this would be a good time to lighten up, because you
Continued from previous page
down. April Tops were reached in 1966, 1971, 1981,
and 1987. May Tops were reached in 1965, 1969, 1972,
1982, 1992, 2001, 2006, and 2008.
Nasdaq has a below-average rank in March,
fourth from the bottom since 1971, with 24 ups and
14 downs.
TDL research additionally concluded that March
is a pivotal month, often moving in the opposite
direction from that of February, or just leveling off
in preparation for a decline starting around April or
May. March 1997, 2002, 2004, and 2005 exemplified
this when the DJI plunged after an up February.
March 2005 was particularly significant as it included
the Dow’s peak at 10,984.50 on 7 March 05, after
which it plunged and then flattened for the next 7
months. February and March 2006 were both up but
started leveling off on 20 March 06 before bottoming
on April 4, 2006 and June 15, 2006. March 2000,
2003 and 2007, and 2008, also followed our “rule,”
having risen after a down February. Our 14 March
08 “Buy” capitalized on this Seasonality, seizing the
last rally’s rise of up 1,282 points through 19 May 08
before the Dow’s waterfall decline. The rule did not
work in 2001, with both February and March lower,
confirming that no Technical Indicator is perfect.
The Dines Gold Stock Average (DIGSA) rose 21
times out of the last 41 months of March, and declined
19 times (neutral once), for a marginally bullish ratio
of 53%. The Dines Silver Stock Average (DISSA) rose
24 times out of the last 41 months of March, declined
16 items and was neutral once, for a bullish ratio
of 60%. March Seasonalities for the precious metals
shares are an even bet for gold, but somewhat bullish
for silver.”
will need balance and diversification.”
If you’re mentally and emotionally up for stock
investing, Larson sees potential in health-care stocks,
especially if the market downturn is prolonged and
favors reliable industries. Johnson & Johnson
(JNJ) and Novartis AG (NVS) are solid companies
with good balance sheets, cash flow, industry
positioning and discounted stocks, he said.
Consumer staple stocks should also hold up
relatively well versus the rest of the market, Larson
predicts, with Coca-Cola Co. (KO), PepsiCo Inc.
(PEP) and Diageo PLC (DEO) his favorites.
“If any investor has a low tolerance for risk, the
financial space – primarily bank stocks – is still an
area with enormous risk but also the most potential
going forward,” Larson said. “If I was placing money
on a stock I thought would triple in the next year
it would be a bank stock, but if I was choosing one
that could potentially fall to zero, it would also be a
bank stock.”
Jack Bowers, editor of the independent Fidelity
Monitor newsletter (www.fidelitymonitor.com) in
Rocklin, Calif., advises conservative investors to
move into high-yield corporate bond funds now so
“you get paid while you wait” for the market to revive.
Revival of stocks may take a while, but he does see
improvement.
“We’ve seen a sense of relief when companies
announce earnings only down by one-third from last
year, since that’s not so bad in this environment,”
Bowers said. “It also suggests that market valuations
are getting in line with reality.”
So much has to be decided in Washington and on
Wall Street, progress will be gradual, experts said.
Bowers expects a three- to five-year recovery period
for stocks without significant progress for another
year. The “fear factor” has caused all bank stocks
to get clobbered, and he would avoid the stocks of
autos and big banks, though he sees deals in smaller
banks.
He concurs with Larson’s confidence in a comeback
by consumers.
“The place to play right now is probably consumer
stocks because they’ll benefit from the stimulus
package and were the first ones to languish a long
time ago when housing prices started going down,”
Bowers said. “Consumer stocks aren’t dropping as
much on the down days, and they’re rising more on
the up days.”
So move ahead. Don’t look back.
Editor’s Note: Andrew Leckey’s column,
“Successful Investing,” appears regularly in The Bull
& Bear Financial Report, both in print and online.
GOLD • SILVER • URANIUM • PLATINUM/
PALLADIUM • DIAMONDS • BASE METALS
TheResourceInvestor.com

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