February 15, 1997

Birim Goldfields Inc. (BGI on TSE) Montreal,QC Tel (514)393-8611. Price February 14/97:$1.60, 52 week price range:$4.10-1.20 Mentioned at $0.80 on Nov 15/95. Junior exploring for gold in Ghana. Exploring for gold along a 50 km section of the Ashanti gold belt which currently hosts 3 producing mines, the most important being Ashanti Goldfields' mines at Obuasi (producing close to 1 million ounces/year), Birim is well situated for finding further discovery. BGI will commence diamond drilling on its fully-owned Akrokeri concession during the week of Feb 17/97 and is also conducting ground geophysics in the area. Reverse-circulation drilling is planned to begin on the Opon River zone in the Dunkwa concession late February with joint venture partner Battle Mountain Gold.

Calvalley Petroleum Inc. (CVI.A on ME) Calgary AB Tel:(403) 297-0490. Price Feb 14/97: $2.90 52 week range: $2.99-0.96. This is the first mention of the company. CVI has reserves of 2.9 MSTB of oil & 10 billion scf of natural gas spread over 110 thousand net acres mainly in Alberta & Saskatchan. It is targeting for an exit rate of production of 3,000 BOPD at year-end June 30/97 vs 1,000 at Sept 30/96. The co. recently completed 5 oil wells of light crude in Saskatchewan. In late December it raised $7.1 million through a rights offering at $2/sh and now has 39.2 million shs. outstanding. Last week it entered into a private placement financing with two pension funds for $6 million of 5 year debentures convertible into class ''A'' shares at $3. What has captured investor's interest is Calvalleys' negotiations with the Yemen government to finalize production sharing agreements on 2 large oil concessions that total 3.4 million acres. The 1.2 million acre Malik block was formerly held by British Petroleum & is located near producing areas operated by Canadian Occidental Petroleum and Total SA.


Chai-Na-Ta Corp (CC on TSE, CCCF on NASDAQ) Langley BC Tel:(604) 533-8883. Price Feb. 14/97: $13.00 52 week range : $15.20-8.50. First mentioned at $11.60 on Aug 28/95 (adjusted for 1 for 4 consolidation). For fiscal year ended Nov 30/96, co. reported revenues increased by 33% to $34 million from $25.9 million, net income by 21% to $6.2 million from $5.1 million. This translates into eps of $1.62 vs $1.40. Results were aided by a record ginseng harvest in the 4th Q. The co. is sticking to its plan of vertical integration in establishing value added products and is extending its marketing into China & Mexico. 1997 earnings could reach $7 million, or $1.80/sh. If so, a stock price target of $18 is feasible.

Cinram Ltd. (CRW on TSE & ME, CNRMF on NASDAQ) Scarborough ON. Tel:(416)298-8190. Price Feb 14/97: $38.50 52 week range:$40.50-22.00. Mentioned at $19 on Oct 15/95. Cinram continues to expand into video duplication with the acquisition of Videoprint Ltd. of London, England (sales of $45 million and capacity of 35 million video cassettes a year). This follows the establishment of a joint venture with Santa Monica-based Pacific Ocean Post to create Cinram-POP-DVD Center. These developments help make Cinram one of the world's leading independent manufacturers of pre-recorded multimedia products. Near term fully priced, the stock can be held for good long term growth.

Coleraine Inc. (CRI on ME), Rouyn-Noranda, QC. Tel:(819) 797-1400 Price Feb 14/97: $0.42 52 week range: $0.42-0.13 This is the first mention of the company. CRI has a lively gold bet on the Perron property, optioned from Falconbridge Ltd., in Northwestern Quebec, 12 km west of Normetal. Drilling is currently taking place and rumor has it that visible gold has been spotted. The property consists of 11 claims or 440 acres that follows the Archean greenstone formation over a distance of 2 km. This structure is cut by the Normetal fault which provides a setting conducive to mineral deposits, in particular gold. One recent drill hole yielded 8.83 g/t Au over 2.2 metres. After a recent $400,000 private equity placement, there appears to be about 33 million shs. out. This may help explain the recent heavy trading of over a million shares a day.

Freeport McMoran Copper & Gold (FCX.A on NYSE) New Orleans LA Tel::(504) 582-4476. Price Feb 14/9: $30.50 52 week range:$35-26.50. Mentioned at $25 on Oct 15/95. Major Indonesian copper & gold producer may very well end up a partner with Bre-X Minerals Ltd. on the 65 million plus ounce gold deposit at Busang, Indonesia. If so, FCX stock should prove to be undervalued at current levels. Because of current production, Freeport stock has good downside protection.

Freewest Resources Canada Canada Inc. (FWR on TSE & ME), Montreal, QC, tel: (514) 878-3551, price Feb 14/97 : 16/97: $1.00, 52 week range: $1.65-0.90. Mentioned at $1.06 on Aug 15/96. Diversified mineral exploration holdings in Canada, Botswana and Mexico. Company has encountered encouraging results in recent geological drilling for base & precious metals in Botswana. A gold property in Northwestern Quebec is currently being drilled in order to increase reserves and drilling for gold at Mattachewan in Northeastern Ontario is presently taking place also. The company and its joint venture partner, Nordic Gold Corporation, are scheduled to begin diamond drilling on their Magenta property in Sinaloa State of Mexico during the week of Feb 17/97. This is in an area where high grades of nickel, cobalt and gold were encountered at surface. Representing such an active exploration program, FWR stock appears to be trading at undervalued levels in relation to expectations.

Kensington Resources Ltd. (KRT on VSE) Vancouver, BC, tel:1-800-333-8098. Price Feb. 14/97:$1.30. 52 week range:$4.90-1.10. Mentioned at $2.02 on July 12/96. Stock resumed trading on February 3/97 after having been halted since Dec 6/96 pending clarification of the purchase of 50% of the producing Changma open pit diamond mine in China as well as 50% interests in a total of 3,100 sq km exploration area in the vicinity of the mine. The remaining 50 % is held by various Chineese government joint venture partners. The deals are subject to Kensington shareholder approval and the filing of an acceptable valuation report, as well as regulatory acceptance. All permits have been received by the company and the independent technical evaluation is being conducted by Fluor Daniel Wright. Payment at closing, expected no later than June 2/97, consists of 25 million common shares and the issuance of $6 million of debentures. In the meantime, Kensington is advancing $2.45 million to the joint ventures, repaid from production. To assist these developments, the company has raised $4.8 million through the private placement of 3.8 million units at $1.25/unit, each unit composed of one share and a 12 month warrant to subscribe to an additional share at $1.30. This means that the number of shares will increase from the existing amount of 22.9 million to 51.7 million. Value to Kensington shares can be ascertained only once the valuation report will be made public.

Newcourt Credit Group Inc (NCT on TSE) Toronto ON Tel:(416) 981-9500. Price Feb 14/97:$53.75. 52 week price range: $55-24.00. Mentioned first at $19.25 on Nov 17/95. Newcourt announced that profits for 1996 increased by 72% to $50.7 million, or $1.92/sh, vs $29.4 million, or $1.52/sh. Revenues were $171.6 million compared to $92.2 in 1995. The company's portfolio of owned and managed loans grew by 53% to $6.6 billion from $4.3 billion a year ago. Shareholders will be asked to approve a 2 for 1 stock split at the March 25 annual meeting. The company is applying for a NYSE listing. Newcourt sees further growth in financing infrastructure projects, including highways and pipelines, aerospace, commuter aircraft, information technology and healthcare. With minimum expectations of $2.50/sh in 1997 earnings, the shares can be held for a price target of $62 to $65 over the mid term.

Planvest Capital Corp (PLV on TSE) Vancouver BC Tel (604) 685-6288. Price: Feb.14/97:$1.95 52 week range:$2.40-1.00. Mentioned first at $1.07 on Jan 15/96. The company's unit, C.M.Oliver & Company Limited, is cranking things up by appointing Robin Cornwell, Vice Chairman, Capital Markets. He comes from Gordon Capital Corporation where as a senior partner and director he served as Director of Research and Corporate Finance. PLV stock has still good upside potential.

Quicksilver Inc. (QUIK on NASDAQ) Costa Mesa, CA Tel:(714) 645-1395 Price Feb 14/97: $23.50 52 week range: $47.38-18.62. This is the first mention of this company. QUIK designs & distributes casual sportswear, beachwear and snowboardwear. Retail prices for Quicksilver's products range from $12 for a T-shirt and $30 for shorts to $250 for a snowboard jacket. QUIK earned $1.62/sh for year ended Oct 1/96 vs $1.45 a year ago and should be reporting 1Q/97 soon. The two best quarters normally are the 2nd and last, but if this, the first, is half decent, the stock could react well at currently depressed levels. Minimum expectations would be a price target of $30 over the next year.

Royal Plastics Group (RYG on TSE, ME & NYSE)Weston ON Tel (416) 749-5131. Price Feb.14/97: $30.00 52 week range:$30.25-19. First mentioned on Oct 15/95 when at $18. RYG announced 1Q earnings grew by 41% at $0.19/sh vs $0.15. Revenues for the quarter grew 34% to $174 million from $130 million. Margins improved as the co. moved more into the US and abroad. RYG is expanding its manufactured product line from its base involving plastics for construction to include other materials as wel as technologically advanced products. For that reason, the company will be changing its name to Royal Group Technologies Limited. Management is strong and the stock, although not cheap, can be held as a long term growth investment.

Tusk Energy Inc. (TKE on Alberta SE) Calgary, AB Tel: (403) 264-8875. Price Feb 14/97 :$1.42 52 week range: $1.60- 0.75 This is the first mention of the company. Tusk is increasing its production of light crude oil, mainly in the Meekwap area of Alberta. With current production of 800 bopd likely to increase as the result of horizontal drilling, TKE could end up producing a cash flow of over $0.50/sh in 1997, based on 7.7 million shs. out. If that is the case, the stock could double in price over the next 12 months.