June 20, 1997


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

AIT Corporation (AIV on TSE) Nepean, ON, Tel (613) 226-7800. Price June 18/97: $2.80, 52 week range $7.00-2.35. This has been a disaster. Hi-tech company, now producing new products involving security software, first 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 June 18/97 $24.75, 52 week range $31.50-8.50. Mentioned at $12 on Oct 15/95. Last mentioned on Jan 15/97 at $29.50 as being fully priced, now back in buying range.

Ashanti Goldfields (ASL on NYSE, AHD.U on TSE) Accra, Ghana Tel: 233-21-776-501. Price June 18/97:$13.25 52 week price range: $20.62-11.50. Mentioned at $22.25 on April 15/96. Dismal stock performer. Major gold producer greatly undervalued in long term.

Benson Petroleum Ltd. (BEN on TSE) Calgary,AB, Tel:(403)269-5158. Price June 18/97:$1.38, 52 week price range:$1.60-0.81. First mentioned at $1.15 on March 14/97. Looking good.


Birim Goldfields Inc. (BGI on TSE) Montreal,QC Tel (514)393-8611. Price June 18/97:$0.66, 52 week price range:$3.50-0.50 First mentioned at $0.80 on Nov 15/95. Stock went to $4.10 but has backed off in spite of growth in asset base. Junior exploring for gold in Ghana. Stock much undervalued.

Bonus Resource Services Corp. (BOU on TSE,VSE) Calgary,AB Tel: (403) 263-6777. Price June 18/97: $5.45 52 week price range $5.55-0.75. 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 June 18/97: $14.12 52 week range: $19.00-11.75. Mentioned at $15 on Jan 15/96. Taking a long time to rebound.

Calvalley Petroleum Inc. (CVI.A on ME) Calgary AB Tel:(403) 297-0490. Price June 18/98: $1.75 52 week range: $2.99-1.15. First mentioned at $2.90 on Feb 14/97 at $2.90. Poor 9mos results, but operations in Yemen have begun.


Cambior Inc. (CBJ on TSE, ME and Amex) Montreal QC Tel: (514) 878-3166. Price June 18/97: $17.10 52 week range: $22.00-16.20. Mentioned at $13.75 on Oct 15/95. Significant gold producer with emerging major mining ventures in South America and Mexico.

Chai-Na-Ta Corp (CC on TSE, CCCF on NASDAQ) Langley BC Tel:(604) 533-8883. Price June 18/97: $8.40 52 week range : $13.60-8.20 First mentioned at $11.60 (adjusted for 1 for 4 consolidation) on Aug 28/95. Co. farms ginseng root, and is moving into downstream marketing. Long term growth.

Cinram Ltd. (CRW on TSE & ME, CNRMF on NASDAQ) Scarborough ON. Tel:(416)298-8190. Price June 18/97: $36.50 52 week range:$40.50-27.00. Mentioned at $19 on Oct 15/95. Near term fully priced, but good long term growth. Expanding in both America and Europe.

Coleraine Inc. (CRI on ME), Rouyn-Noranda, QC. Tel:(819) 797-1400 Price June 18/97: $0.34, 52 week range: $0.75-0.13 First mentioned at $0.42 on Feb 14/97. CRI has a lively gold exploration bet in Northwestern Quebec, currently drilling.

Ensign Resource Services Group (ESI on TSE) Calgary AB Tel:(403) 262-1361. Price June 18/97: $28.75 52 week range:$32.00-9.35. 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 June 18/97:$0.37, 52 week range:$0.75-0.10. First mentioned at $0.64 on July 12/96. So far a disaster.


Freeport McMoran Copper & Gold (FCX.A on NYSE) New Orleans LA Tel::(504) 582-4000. Price June 18/97: $26.75 52 week range:$33.50-25.50. Mentioned at $25 on Oct 15/95. Major Indonesian copper & gold. Didn't loose too much money on Bre-X.

Freewest Resources Canada Canada Inc. (FWR on TSE & ME), Montreal, QC, tel: (514) 878-3551, price June 18/98: $0.46, 52 week range: $1.34-0.46. First mentioned at $1.06 on Aug 15/96. Dissapointing stock performer. Grass roots mineral exploration. Will be drilling for gold in Timmins and Thunder Bay areas in Ontario in July.


Geographics Inc. (GGI on TSE & GGIT on USOTC-BB) Blaine WA. Tel:(360) 332-6711. Price June 18/97:$2.00 52 week range: $9.00-2.00. Mentioned at $6.75 on Nov 17/95. Disastrous stock performance from a past darling. Suffering from markdowns in inventory. Going to be a long haul.

Getty Copper Corp (GTY on TSE &VSE) Coquitlam BC Tel (604) 931-3231. Price June 18/97: $0.66. 52 week range :$1.80-0.60. Mentioned at $1.73 on May 15/96. Drilling copper bet in Highand valley of BC. So far disappointing stock.

Gold Reserve Corporation (GRL on TSE, GLDR on NASDAQ).Spokane, WA. tel:(509) 623-1500. Price June 18/97: $10.55. 52 week range: $21.70-9.65. First 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. Has indicated reserves of 7.5 million oz of gold. Well financed and undervalued


Golden Knight Resources Inc. (GKR on TSE, ME & VSE) Vancouver, BC Tel:(604) 689-3846. Price June 18/97:$3.30. 52 week range:$10.10-3.04. Mentioned at $8.20 on May 15/96. Mainly into West Africa through acquisition & exploration of gold properties after closure and write-off of Quebec producer. With a cash hoard of $23 million to support exploration and 17 % of the Tarkwa, Ghana gold mine (indicated reserves of 15 million oz Au), stock is greatly undervalued.

Golden Star Resources (GSC on TSE & ME, GSR on Amex)

Denver CO Tel:(303) 830-9000. Price June 18/97 :$13.00 52 week range:$28.25-9.25. 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 : $10.50 52 week price range:$14.35-9.65. First mentioned at $8.75 on Jan 15/96 (adjusted for 2 for 1 split). Current Canadian gold producer encountering substantial additional high grade reserves at depth.

Hannaford Bros., Co. (HRD on NYSE), Scarborough, ME. Tel: (207) 883-2911. Price June 18/97: $35.75, 52 week range:$36-29.60. First mentioned on May 14/97 at $34.50 Well managed company whose investments in physical assets may now start providing substantial returns.

Hyal Pharmaceutical Corp. (HPC on TSE) Mississauga ON Tel:(905)625-8181 Price June 18/97:$4.25 52 week price range:$15.25-3.50 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 June 18/97: $2.20 52 week range:$6.70-1.32. First mentioned on Jan 15/96 at $11.50 as being over priced, but looked at more positively at $4.80 on July 12/96. Concentrating more on intranet than internet and is now creating strategic alliances with others. A survivor.

Kensington Resources Ltd. (KRT on VSE) Vancouver, BC, tel:1-800-333-8098. Price June 18/97: 0.44. 52 week range:$3.05-0.36. Mentioned at $2.02 on July 12/96. Stock is a dismal performer. Has dropped the potential acquisition of diamond interests in China to concentrate once more on diamond and nickel exploration in Saskatchewan.


Malofilm Communications Inc (MFM.A & MFM.B on ME & TSE) Montreal, QC Tel:(514) 844-4555 Price June 18/97:$4.30 52 week range:$8.00-3.00. Mentioned first at $5 on Aug 28/95. So far a disaster as a result of poor management. Hopefully better days ahead. Subsidiary, Filmline International, working on four feature films.

Metrowerks Inc. (MWK on TSE&ME) Austin TX Tel:(512) 393-8611. Price June 18/97:$8.55 52 week range: $16.75-5.60. Mentioned at $16 on Jan 15/96 as being overpriced. Stock appears now to have bottomed out. This newsletter will now discontinue following the company.

Murgor Resources Inc. (MUG on ME), Montreal,QC, tel (514) 878-4216, price June 18/97: $0.46, 52 week range: $0.96-0.40). Stock like many other junior mining exploration firms has been a poor performer. Teck Corporation has just commenced drilling on their Barry gold project in NW Quebec. On the basis of this property alone MUG stock is worth $1/sh.


Nevsun Resources Ltd. (NSU on TSE and VSE)Vancouver, BC, tel:(604)623-4700. Price June 18/97: $4.65 52 week range:$12.40-4.00. Mentioned at $10.10 on July 12/96. Stock has suffered along with many other gold exploration companies. Emerging gold properties in Ghana and Mali, West Africa and a healthy treasury makes the stock attractive at these levels.


Newcourt Credit Group Inc (NCT on TSE) Toronto ON Tel:(416) 981-9500. Price June 18/98:$33.60. 52 week price range: $34.60-15.80. Mentioned first at $9.85 on Nov 17/96, adjusted for a 2 for split. Leveraged growth in asset financing. Stock has hit near term target, continued long term growth.

Nobility Homes Inc (NOBH on NASDAQ) Ocala FL Tel 1-800-476-6624. Price June 18/97: $12.75 52 week range: $16-10.50. Mentioned at $6.50 (adjusted for two 3 for 2 splits) on Oct 15/95. Growth stock in modular housing.

NQL Drilling Tools Inc. (NQL.A on TSE) Nisku, AB Tel:(403) 955-8828 Price June 18/97:$6.60 52 week range:$6.95-2.80. Mentioned at $3.20 on May 15/96. Neat co. involved in servicing the horizontal & directional oil & gas drilling industry with downhole tools. Growth company.

Normabec Resources Ltd. (NMB on ME) Montreal Qc Tel (514) 861-6679 Price: June 18/97:$0.87 52 week range:$1.70-0.50. First mentioned at $1.50 on May 15/96. Company looking for joint venture partners to assist them in their promising copper-gold exploration properties in Argentina.

C M Oliver Inc (OLV on TSE) Vancouver BC Tel (604) 685-6288. Price: June 18:$1.52 52 week range:$2.40-1.25. Mentioned first at $1.07 on Jan 15/96 appears well poised for additional long term growth in providing stock brokerage and related financial services.

Pantorama Industries Inc. (PTA on ME & TSE) Pointe Claire,QC tel:(514) 421-1850. Price June 18/97:$1.05, 52 week range:$1.35-0.85. First mentioned at $1.05 on May 14/97. Pantorama markets a full range of casual wear through 220 stores across Canada. Book value of $2.40/sh makes this stock look cheap.

Paragon Petroleum Corp. (PGN on TSE), Calgary, AB , Tel:(403) 266-5075. Price June 18/97: $4.31, 52-week range:$4.50-2.15. First mentioned at $3.70 on March 14/97. Looking like a good growth stock price.


Quicksilver Inc. (QUIK on NASDAQ) Costa Mesa, CA Tel:(714) 645-1395 Price June 18/97: $32.25 52 week range: $34.50-18.62. First mentioned at $23.50 on Feb 14/97. Sportswear, mainly for boys. Excellent 2nd Q earnings. Price may be headed for its previous $40 level.


Rainbow Technologies, Inc (RNBO on NASDAQ) Irvine, CA. tel:(714) 450-7350. Price Dec.15/96: $21 52 week range: $22.12-13.75. First mentioned at $17 on July 12/96. Growth stock, undervalued.

Royal Group Technologies Ltd. (RYG on TSE, ME & NYSE)Weston ON Tel (416) 749-5131. Price June 18/97:$36.80 52 week range:$38.75-19.00. First mentioned on Oct 15/95 when at $18. Company continues to expand internally and through acquisition and is broadening the building product mix beyond plastics. Long term growth stock.

Spectrum Signal Processing Inc. (SSY on TSE,SSPIF on NASDAQ) Burnaby, BC, tel: (604) 421-5422. Price June 18/97:$7.70, 52 week range:$13.75-6.40. First mentioned at $7.50 on May 14/97. Company provides digital signal processing capabilities. Has decided to grow through acquisition into various geographical areas.


Sulliden Exploration Inc. ( SUE on ME), Montreal, QC, tel (514) 861-1953. Price June 18/97: $3.10, 52 week range:$4.00-0.55. This is our First mentioned at $3.25 on May 14/97. Sulliden has made what appears to be an imporatant copper-gold discovery in Peru.


Transat A.T. Inc. (TRZ on ME & TSE) Montreal QC Tel (514) 476-1011 ext 3028. Price June 18/97:$9.05 52 week range:$13.40-7.00 Mentioned at $3.50 on Feb 15/96 ( adjusted for 3 for 1 split). Recent pullback from highs offers buying opportunity for continued growth in the tourist travel business.

Tusk Energy Inc. (TKE on Alberta SE) Calgary, AB Tel: (403) 264-8875. Price June 18/97 :$1.40 52 week range: $1.60- 0.90 . First mentioned at $1.42 on Feb 14/97. Stock is expected to commence trading on the TSE on June 19/97. Growing its asset base in the Alberta oil patch.


Zoom Telephonics Inc (ZOOM on NASDAQ) Boston MA Tel: (617) 423-1072. Price June 18/97:$12.75 52 week range:$ 18.37-6.12. Mentioned at $17 on Nov 17/95. Tough time competing with US Robotics. Long term.