March 15, 1997


Benson Petroleum Ltd. (BEN on TSE) Calgary,AB, Tel:(403)269-5158. Price March 14/97:$1.15, 52 week price range:$1.60-0.81. This is the first mention of this co. Benson just reported 1996 cash flow of $4.8 million or $0.30/sh on 15.8 million shs. out vs. $0.17/sh last year. BEN's oil output of 900 bopd will increase by at least 500 in 1997 as the result of the acquisition of oil & gas assets in the Cherhill area of Alberta from Mobil Oil Canada. The combined output of 1,400 bopd along with 5.0 mmcf/d of natural gas should translate into cash flow of about $0.42/sh. The stock could then trade at about $2.50.

Birim Goldfields Inc. (BGI on TSE) Montreal,QC Tel (514)393-8611. Price March 14/97:$1.65, 52 week price range:$4.10-1.20 Mentioned at $0.80 on Nov 15/95. Accounting for over 50 km in length of the most productive 100 km of the Ashanti gold belt of Ghana, Birim is currently drilling in 2 areas of the belt. With partner Battle Mountain Gold, the co. is drilling 5 gold anomalies in the southern section of the Dunkwa concession. On its own, Birim is drilling and surface sampling on its Akrokeri concession to the north & contiguous with the 21 million oz Au reserves at Ashanti's Obuasi mines(past production of 20 million oz).

Coleraine Mining Resources Inc. (CRI on ME), Montreal, QC. Tel:(514) 861-1953 Price March 14/97: $0.59 52 week range: $0.75-0.13. First mentioned on Feb 14/97 at $0.42 CRI is currently completing a $4.5 million stock financing that will allow it to aggressively explore its Perron gold prospect in NW Quebec. Early indications are that the property hosts 3 more or less parallel gold zones in between rhyolite and anorthosite rock formations. Could be a lively bet. Drilling should resume in April.

Freewest Resources Canada Canada Inc. (FWR on TSE & ME), Montreal, QC, tel: (514) 878-3551, price March 14/97 : $1.02, 52 week range: $1.40-0.81. Mentioned at $1.06 on Aug 15/96. Freewest is currently participating in drilling for gold in 3 different areas, NW Quebec, NE Ontario and in Mexico. The company has just completed a modest drilling campaign on the Matawin goldbelt near Thunder Bay, Ontario and will shortly be releasing assay results. Next to drill is in Bristol township, near Timmins, Ontario in April and another venture near Chibougamau, NW Quebec. But what could provide the excitement is their Magenta property in the state of Sinaloa, Mexico.

Paragon Petroleum Corp. (PGN on TSE), Calgary, AB , Tel:(403) 266-5075. Price March 14/97: $3.70, 52-week range:$4.49-2.05. This is the first mention of PGN. Paragon reported 1996 cash flow /sh of $0.64/sh on 27.5 million shs. out vs. $0.45/sh last year. Paragon's natural gas production could easily double this year over the 24.0 mmcf/d averarage of 1996. This additional production would come out of the Windfall area of west central Alberta. This combined with PGN's forecast production of 2,000 bopd would translate into cash flow /sh of $0.85 and, hence, a share price target of $5.00 over the next 12 months.

Quicksilver Inc. (QUIK on NASDAQ) Costa Mesa, CA Tel:(714) 645-1395 Price March 14/97: $24.50 52 week range: $47.38-18.62. First mentioned at $23.50 on Feb 14/97. Company reported its January 1Q earnings of $1.7 million, or $0.25/sh, on $45.9 million sales vs $2.1 million, or $0.30/sh, on $40.5 million last year. Domestic sales and European sales were both up about 13.5%. SG&A expenses were up about 25% during this quarter. QUIK management indicates that summer bookings are firm and also a strong reaction to all fall product lines. The 2nd & 4th Q's are normally the best for this producer of casual sportswear. Earnings for the year of $1.85 vs $1.62 is still realistic;so is the $30 share price target.

Transat A.T. Inc. (TRZ on ME & TSE) Montreal QC Tel (514) 476-1011 ext 3028. Price Mar.14/97:$9.75 52 week range:$13.20-4.38 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. The recent resignation of co-founder and guiding light, François Legault, is confusing. While the company looks good, this newsletter will be satisfied to take a back seat for the present and wait for the dust to settle. Afterall, the stock is up 178% since first mentioned a year ago.