April 15, 1997

Ensign Resource Services Group (ESI on TSE) Calgary AB Tel:(403) 262-1361. Price April 14/97: $26.50 52 week range:$32.00-9.35 Mentioned at $8.50 on Feb 15/96. A factor in servicing the oil patch industry, the company just recently announced that earnings for 1996 were $1.27/sh vs $0.89 last year & that cash flow/sh came in at $1.83 vs $1.36. Industry conditions are good in Canada and improving in the US Rocky Mountain area. Forecasts are for an increase of 10% in the number of oil wells to be drilled, at least in Canada, and this makes for some leverage fo Ensign. Earnings this year could come in at $2.00/sh and if so a $40 stock is possible.

Gold Reserve Corporation (GRL on TSE, GLDR on NASDAQ).Spokane, WA. tel:(509) 623-1500. Price April 14/97: $11.30. 52 week range: $21.70-9.50. Mentioned at $11.95 on July 15/96. Stock was doing well on additional gold reserves in Venezuela, but has since pulled back to buying levels once more. Exploration at their Brisas copper-gold property in Venezuela continues to expand ore reserves which currently stand at over 6 million ounces of gold and 800 million pounds of copper. The company has a cash and equivalent position of $45 million. Venezuela is improving its social, legal and economic structures. On a discounted value basis the shares should be trading at about $25.

Malofilm Communications Inc (MFM.A on ME & TSE) Montreal, QC Tel:(514) 844-4555 Price April 14/97:$5.65 52 week range:$8-5.55. Mentioned first at $5 on Aug 28/95. This company has just made a significant breakthrough. It has produced an annual report that is an instant cure for constipation. Malofilm produces entertainment products in multimedia form and is a leading distributor of feature films in Canada. It has been growing through acquisitions lately. Book value is about $6/sh. If only they can get their act together and also become investor friendly.

Newcourt Credit Group Inc (NCT on TSE) Toronto ON Tel:(416) 981-9500. Price April 14/97:$26.65. 52 week price range: $28.20-13.88. Mentioned first at $9.62 on Nov 17/95, adjusted for a recent 2 for 1 stock split. The recent joint venture with Dell Computer is an indication of the drive this company has. Newcourt just keeps expanding and growing. May as well sit on the bus, relax & enjoy the ride. Earnings for 1998 are now estimated at $1.60 and the stock, with its current growth rate, should trade at 20 times this, or $32.