December 15, 1996

The following is a review of what has happened, price- wise, to the selected stocks mentioned in this newsletter since August 28, 1995

AIT Corporation (AIV on TSE) Nepean, ON, Tel (613) 226-7800. Price December 15/96: $3.70, 52 week range $17.62-3.50. This has been a disaster. Hi-tech company, now searching for new product, was mentioned on Nov 17/95 at $13.50. It's going to be a long haul.

American Power Conversion (APCC on NASDAQ) West Kingston,RI, Tel (401) 789-5735. Price December 15/96 $24.75, 52 week range $27.50-7.90. Mentioned at $12 on Oct 15/95, has reached its near term target price.

Ashanti Goldfields (ASL on NYSE, AHD.U on TSE) Accra, Ghana Tel: 233-21-776-501. Price December 15/96:$13.25 52 week price range: $25.75-13.25. Mentioned at $22.25 on April 15. Digesting recent acquisitions. Major gold producer appears undervalued. So far disappointing stock performer.

Birim Goldfields Inc. (BGI on TSE) Montreal,QC Tel (514)393-8611. Price December 15/96:$1.80, 52 week price range:$4.10-0.73 Mentioned at $0.80 on Nov 15/95. Junior exploring for gold in Ghana. Stock appears to have good growth potential.

Bonus Resource Services Corp. (BOU on TSE,VSE) Calgary,AB Tel: (403) 263-6777. Price Dec 15/96 $2.60 52 week price range $3.00-0.25. First mentioned at $0.76 on May 15/96. Growth company in the oil & gas servicing industry.

California Microwave Corp.( CMIC on NASDAQ) Redwood City, CA Tel: (408) 720-6229. Price Dec 15/96: $17.50 52 week range: $20.75-12.00. Mentioned at $15 on Jan 15/96. Taking a long time to rebound.

Cambior Inc. (CBJ on TSE, ME and Amex) Montreal QC Tel: (514) 878-3166. Price Dec 15/96: $20.65 52 week range: $22.25-14.12. Mentioned at $13.75 on Oct 15/95. Significant gold producer with an emerging major mining venture in Peru.

Chai-Na-Ta Corp (CC on TSE, CCCF on NASDAQ) Langley BC Tel:(604) 533-8883. Price Dec 15/96: $10.50 52 week range : $15.20-9.65 First mentioned at $11.60 (adjusted for 1 for 4 consolidation) on Aug 28/95. Co. would make more money just farming ginseng root, but move into downstream marketing, while expensive, is wise. Concept is good, but looks like long term.

Cinram Ltd. (CRW on TSE & ME, CNRMF on NASDAQ) Scarborough ON. Tel:(416)298-8190. Price Dec 15/96: $33 52 week range:$34.55-22.00. Mentioned at $19 on Oct 15/95. Near term fully priced, but good long term growth.

Ensign Resource Services Group (ESI on TSE) Calgary AB Tel:(403) 262-1361. Price Dec 15/96: $22.15 52 week range:$25-6. Mentioned at $8.50 on Feb 15/96. A factor in servicing the oil patch industry.

First Western Minerals Inc. (FW on VSE) Vancouver,BC. tel:(604)687-1717. Price Dec.15/96:$0.37, 52 week range:$1.15-0.31. Mentioned at $0.64 on July 12/96. So far a disappointing performer.


Franc-Or Resources Corp. (FOR on TSE) Montreal QC Tel: (514)861-5323. Price Dec.15/96:$2.80 52 week range:$4.40-0.39. Mentioned at $0.55 Aug 28/95. Discontinued coverage on October 15/96.

Freeport McMoran Copper & Gold (FCX.A on NYSE) New Orleans LA Tel::(504) 582-4000. Price Dec 15/96: $28.00 52 week range:$35-26.50. Mentioned at $25 on Oct 15/95. Major Indonesian copper & gold.

Freewest Resources Canada Canada Inc. (FWR on TSE & ME), Montreal, QC, tel: (514) 878-3551, price Dec 15/96: $1.18, 52 week range: $1.65-0.47. Mentioned at $1.06 on Aug 15/96. Diversified mineral exploration holdings, presently drilling large structure in Botswana.


Geographics Inc. (GGI on TSE & GGIT on USOTC-BB) Blaine WA. Tel:(360) 332-6711. Price Dec.15/96:$6.00 52 week range: $9.40-3.40. Mentioned at $6.75 on Nov 17/95. Expanding stationery line, sleeper .

Getty Copper Corp (GTY on TSE &VSE) Coquitlam BC Tel (604) 931-3231. Price Dec 15/96: $0.82. 52 week range :$2.80-0.66. Mentioned at $1.73 on May 15/96. Drilling copper bet in Highand valley of BC. Lower copper prices not helping, so far disappointing stock.

Gold Reserve Corporation (GRL on TSE, GLDR on NASDAQ).Spokane, WA. tel:(509) 623-1500. Price Dec 15/96: $13.25. 52 week range: $21.70-6.75. 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.


Golden Knight Resources Inc. (GKR on TSE, ME & VSE) Vancouver, BC Tel:(604) 689-3846. Price Dec 15/96:$7.15. 52 week range:$10.10-7.15. Mentioned at $8.20 on May 15/96. current Canadian gold producer expanding into West Africa through acquisition & exploration. With a cash hoard of $23 million to support exploration, stock looks undervalued.

Golden Star Resources (GSC on TSE & ME, GSR on Amex) Denver CO Tel:(303) 830-9000. Price Dec. 15/96 :$18.15 52 week range:$28.25-7. Mentioned at $7 on Aug 28/95. producing & exploring gold in South America & Africa.

Goldcorp Inc (G.A and G.B on TSE &ME: GG.A & GG.B on NYSE) Toronto ON Tel:(416) 865-0326. Price Dec 15/96 : $11.40 52 week price range:$14.35-8.00. Mentioned at $8.75 on Jan 15/96 (adjusted for 2 for 1 split). Current Canadian gold producer encountering substiantial additional reserves at depth.

Hyal Pharmaceutical Corp. (HPC on TSE) Mississauga ON Tel:(905)625-8181 Price Dec 15/96:$4.45 52 week price range:$18.00-4.10 Mentioned at $7.75 on Aug 28/95. Some new product coming from their medical research, but so far disappointing performer.

iStar Internet Inc. (WWW on TSE) Ottawa On Tel:(613) 780-2200 Price Dec 15/96: $4.50 52 week range:$14.75-3.40. Mentioned on Jan 15/96 at $11.50 as being fully priced, but recommended at $4.80 on July 12/96.

Kensington Resources Ltd. (KRT on VSE) Vancouver, BC, tel:1-800-333-8098. Price Dec. 15/96: halted. 52 week range:$4.90-0.63. Mentioned at $2.02 on July 12/96. Stock halted from trading on December 6/96 pending a review of a potential acquisition of diamond interests in China, which may constitute a reverse take-over.


Malofilm Communications Inc (MFM.A & MFM.B on ME & TSE) Montreal, QC Tel:(514) 844-4555 Price Dec. 15/96:$7.50 52 week range:$9-5.55. Mentioned first at $5 on Aug 28/95. Continues to grow its entertainment base through acquisition and strategic alliances.

Mark IV Industries, Inc. (IV on NYSE) Amherst, NY, tel: (716)689-4972. Price Dec 15/96: $21.00, 52 week price range:$24.12-16.75. Mentioned at $22.75 on July 12/96. Discontinued coverage on Nov 15 due to complexities of downsizing program.

Metrowerks Inc. (MWK on TSE&ME) Austin TX Tel:(512) 393-8611. Price Dec. 15/96:$13.30 52 week range: $19.25-10.50. Mentioned at $16 on Jan 15/96 as being overpriced. Ditto now as well.

Murgor Resources Inc. (MUG on ME), Montreal,QC, tel (514) 878-4216, price Aug 15/96: $0.79, 52 week range: $1.48-0.52). Murgor will be drilling gold bet in NW Quebec in winter 1996-97.


Nevsun Resources Ltd. (NSU on TSE and VSE)Vancouver, BC, tel:(604)623-4700. Price December 15/96: $8.60 52 week range:$17.35-6.75. Mentioned at $10.10 on July 12/96. Emerging gold properties in Ghana and Mali, West Africa. Stock appears to have price enhancement potential.


Newcourt Credit Group Inc (NCT on TSE) Toronto ON Tel:(416) 981-9500. Price Dec 15/96:$44. 52 week price range: $50-19.50. Mentioned first at $19.25 on Nov 17/96. Leveraged growth in asset financing. Stock has hit near term target, continued long term growth. New recommendation of Goldman Sachs.

Nobility Homes Inc (NOBH on NASDAQ) Ocala FL Tel 1-800-476-6624. Price Dec 15/96: $11.75 52 week range: $16-7.30. Mentioned at $6.50 (adjusted for two 3 for 2 splits) on Oct 15/95. Continues to report good earnings from modular housing.

NQL Drilling Tools Inc. (NQL.A on TSE) Nisku, AB Tel:(403) 955-8828 Price Dec. 15/96:$4.70 52 week range:$5-2.50. Mentioned at $3.20 on May 15/96. Neat co. involved in servicing the horizontal & directional oil & gas drilling industry with downhole tools.

Normabec Resources Ltd. (NMB on ME) Montreal Qc Tel (514) 861-6679 Price: Dec 15/96:$1.30 52 week range:$2.01-0.40. Mentioned at $1.50 on May 15/96. Continues to acquire important mineral exploration tracts in South America.

Planvest Capital Corp (PLV on TSE) Vancouver BC Tel (604) 685-6288. Price: Dec.15:$1.95 52 week range:$2.40-1.00. Mentioned first at $1.07 on Jan 15/96 appears well poised for additional long term growth.

Rainbow Technologies, Inc (RNBO on NASDAQ) Irvine, CA. tel:(714) 450-7350. Price Dec.15/96: $21 52 week range: $24.25-14.62. First mentioned at $17 on July 12/96. Growth stock.

Royal Plastics Group (RYG on TSE, ME & NYSE)Weston ON Tel (416) 749-5131. Price Dec.15/96:$23.60 52 week range:$26.40-19. First mentioned on Oct 15/95 when at $18. A favorite of Paul Stephens of San Francisco-based Robertson Stephens.

Transat A.T. Inc. (TRZ on ME & TSE) Montreal QC Tel (514) 476-1011 ext 3028. Price Dec.15/96:$26 52 week range:$33.50-5.00 Mentioned at $10.50 on Feb 15/96. Recent pullback from highs offers buying opportunity for continued growth.

Zoom Telephonics Inc (ZOOM on NASDAQ) Boston MA Tel: (617) 423-1072. Price Dec. 15/96:$12.75 52 week range:$ 27-7.50. Mentioned at $17 on Nov 17/95. Tough time competing with US Robotics. Long term.