January 17, 1997

American Power Conversion (APCC on NASDAQ) West Kingston,RI, Tel (401) 789-5735. Price January 16/97 $29.50, 52 week range $31.50-8. Mentioned at $12 on Oct 15/95, has reached its near term target price. Trading at close to 30 times earnings, the stock is fully valued and would become attractive only if returned to the $20 level.

Birim Goldfields Inc. (BGI on TSE) Montreal,QC Tel (514)393-8611. Price January 16/97:$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 poducing further discovery. Well financed and with a strong institutional following, the co. is carrying out serious exploration activities which with any encouraging find could allow the stock to return at least to its previous high.

Bonus Resource Services Corp. (BOU on TSE,VSE) Calgary,AB Tel: (403) 263-6777. Price Jan. 16/97 $4.10 52 week price range $4.55-0.40. First mentioned at $0.76 on May 15/96. Assisted by strong investment banking sponsorship by Newcrest Capital and Peters & Co, Bonus has made acquisitions that bring them now to a fleet of 76 service rigs and swabbing units employed in drilling for oil and gas in Western Canada. Although the stock price has increased dramatically in a short period of time, it can still be held as a longer term growth company.

Cambior Inc. (CBJ on TSE, ME and Amex) Montreal QC Tel: (514) 878-3166. Price Jan 16/97: $19.20 52 week range: $22.25-16.63. Mentioned at $13.75 on Oct 15/95. Significant gold producer with additional emerging major mining ventures in South America. Recently, CBJ announced that it and its 50% partner has reserves representing 12 billion pounds of copper at its El Pachon project which straddles the borders of Argentina & Chile. The company was also granted additional concessions in Guyana adjacent to its producing Omai gold mine. The shares appear to be undervalued on a fundamental basis. This would be a candidate for splitting up into parts that could add to shareholder value, begining with a spinoff of its holding in Cambiex ( CBX on TSE & ME).

Ensign Resource Services Group (ESI on TSE) Calgary AB Tel:(403) 262-1361. Price Jan 16/97: $28.10 52 week range:$28.45-4. Mentioned at $8.50 on Feb 15/96. A factor in servicing the oil patch industry, the company has been growing recently mainly as a result of acquisitions and a high level of activity in oil & gas exploration. Although this stock has also done very well over a short period of time, the shares can be held for further gain to the $35 level over the next year and $40 over the next 3 years, based on forecasted earnings of $1.60 in 1997 & $1.90 in 1998.

Freewest Resources Canada Canada Inc. (FWR on TSE & ME), Montreal, QC, tel: (514) 878-3551, price Jan 16/97: $1.15, 52 week range: $1.65-0.69. Mentioned at $1.06 on Aug 15/96. Diversified mineral exploration holdings in Canada, Botswana and Mexico. Company waiting for assay results in recent drilling for base & precious metals in Botswana, gold property in Northwestern Quebec currently being drilled in order to increase reserves and drilling for gold at Mattachewan in Northeastern Ontario has begun. Further down the road, surface exploration to begin in Sinaloa State of Mexico following a successful airborne geophysical survey. Some of these projects are company making just on their own. Stock has built up a strong base building between $1.10 and $1.30, which could very well end up acting as a launch pad.

Goldcorp Inc (G.A and G.B on TSE &ME: GG.A & GG.B on NYSE) Toronto ON Tel:(416) 865-0326. Price Jan 16/97 : $11.00 52 week price range:$14.35-8.88. Mentioned at $8.75 on Jan 15/96 (adjusted for 2 for 1 split). Current Canadian gold producer at Red Lake, Ontario encountering substiantial additional high grade reserves at depth, averaging 1 ounce/ton. Company on line to produce at an annual rate of 150,000 oz of Au/year. There are now 68.3 million shs. out, 73.4 million on a fully diluted basis. Because of the high grade, institutional investors may wish to select Goldcorp as a stock vehicle to take advantages of fluctuations in the price of gold.

Murgor Resources Inc. (MUG on ME), Montreal,QC, tel (514) 878-4216, price Jan 16/97: $0.70, 52 week range: $1.48-0.55). First mentioned on Aug 15/96 at $0.79. Murgor is currently drilling gold bet at Benoit project in NW Quebec to earn a 50% interest in Freewest Resources Canada's holding. The idea is to calculate an increased reserve figure indicated by successful drilling last winter. The Teck Corp joint venture deal on the Urban gold property, also in NW Quebec, should be finalized shortly, at which time exploration and development will continue on this resource. The company is anxious to move on to exploring its well considered holdings at Mishibishu and at Mink Lake, both in NW Ontario. These 2 large holdings are in proximity to currently producing gold mines and mills. Murgor stock has undergone an extensive base building process between the prices of $0.60-0.85, which also could turn out to be a potential launching pad for a price breakout.

NQL Drilling Tools Inc. (NQL.A on TSE) Nisku, AB Tel:(403) 955-8828 Price Jan 16/97:$6.65 52 week range:$6.85-2.50. Mentioned at $3.20 on May 15/96. Neat co. involved in servicing the horizontal & directional oil & gas drilling industry with downhole tools. It is finally being discovered by the investment community and has recently raised $9 million through the sale of 1.5 million treasury shares at $6/sh. While the stock has performed very well in a relatively short period of time and its price has reached this newsletter's target, the growth in asset base and the healthy condition of the o&g exploration industry now prompts one to hold unto NQL as a long term growth stock.

Newcourt Credit Group Inc (NCT on TSE) Toronto ON Tel:(416) 981-9500. Price Jan 16/97:$48. 52 week price range: $50-22.50. Mentioned first at $19.25 on Nov 17/95. Leveraged growth in asset financing. Stock has exceeded all near term targets, but can be continued to be held as a long term growth situation based on an increasing asset base build up and favorable interest rate spreads. Recent growth out of their New York operation and the bringing in of well established investing partners bodes well for this growth. This entrepreneurial concern has become an institutional favorite, and let's face it : this is an isstitutionally driven stock market.

Planvest Capital Corp (PLV on TSE) Vancouver BC Tel (604) 685-6288. Price: Jan 16/97:$2.05 52 week range:$2.40-1.05. Mentioned first at $1.07 on Jan 15/96 appears well poised for additional long term growth based on their investment banking skills for junior issues, stock brokerage activitiies and their mutual fund merchandising division. Although the stock has doubled over the last year, it still appears good value.

Transat A.T. Inc. (TRZ on ME & TSE) Montreal QC Tel (514) 476-1011 ext 3028. Price Jan.16/97:$10.50 52 week range:$11.35-1.75 Mentioned at $3.50 on Feb 15/96, all stock prices adjusted for the 3 for 1 stock split on Dec 31/96. With this split, TRZ has 29 million shs. out. Company is well financed as the result of the $87.7 million stock financing in November. A pending acquisition of an important interest in a European tour operator will add to to the company's impressive base of travel and tourism assets. A $15 stock price target can now be viewed based on 1997 earnings of well over $1/sh.