September 15, 1996

American Power Conversion (APCC on NASDAQ), West Kingston, RI, tel:(401) 789-5735, Price Sept 13/96:$13.50, 52 week range:$16.25-8. First mentioned at $12 on Oct 15/95. As investors begin to realize that APCC still commands the lion's share of the market for power interuption protection, in spite of Hewlett Packard's entrance, the stock is, finally, starting to act well and should once more test the $17 level over the next few months and a target price of $20 to $25 over a year, based on potential earnings of $1/sh over the next 12 months.

Birim Goldfields Inc. (BIRM on CDN-OTC), Montreal, QC. Tel:(514) 393-8611. Price Sept 13/96:$2.40, 52 week range: $4.10-0.60. First mentioned at $0.80 on Nov.15/95. Birim and its joint-venture partner, Battle Mountain Canada Ltd, are drilling a series of gold anomalous zones in Ghana, Western Africa, along the Ashanti gold belt. Currently, a 29 hole program is taking place on the Akwaboa prospect. Results from this and other prospects over the next 4 months should keep the company in the spotlight.

Bonus Resource Services Corp. (BOU on TSE and VSE), Calgary, AB, tel:(403) 263-6777, price Sept 13/96:$1.70, 52-week range:$1.75-0.25. First mentioned at $0.76 on May 15/96. The stock is acting very well in a sector currently attracting investor interest, the oil & gas servicing industry. While an initial target price was set for $1.80, based on potential earnings of 18 cents/sh & cash flow of $0.40/sh over the next 12 months, a new target may now be established at $2.00 -2.25.

Chai-Na-Ta Corp (CC on TSE, CCCF on NASDAQ), Langley, BC, tel:(604) 533-8883, price Sept 13/96:$3.30, 52 week range: $3.80-2.24. First mentioned at $2.90 on Aug 28/95. The company has recently strengthened its board of directors. CC is a significant ginseng producer, currently increasing its planting acreage by 50% and taking the pain of creating a value added marketing program. Once investors consider this to be a long term concept stock its share price should react accordingly.

Ensign Resource Service Group Inc. (ESI on TSE), Calgary, AB, tel:(403) 262-1361. Price Sept 13/96: $14.25, 52 week range: $14.75-4.50. First mentioned at $8.50 on Feb 15/96. The company recently acquired 7 well servicing rigs to bring its total to 81. This is in addition to the 58 drilling rigs it operates in Canada and the 38 drilling rigs in the US. Cash flow projections continue to be $1.50/sh for 1996 and $1.75 for 1997. While initially a price target was set for $13, this could be raised to $16 over the next few months, based on the 20 cents cash dividend as well as the improving industy trend.

Franc-Or Resources Corp. (FOR on TSE), Montreal, QC, tel: (514) 861-5323. Price Sept 13/96: $1.20, 52 week range:$1.70-0.25. First mentioned at $0.55 on Aug 28/95. The company recently issued promising gold results from a trenching program on the Nicole zone at the Haute Mana project in French Guiana. Follow up drilling is expected in October. Investors are mainly pinning their hopes on results that may come from the diamond testing at Guyanor's property at Dachine in French Guiana, a property that shows some similarities to Franc-Or's.

Freewest Resources Canada Inc. (FOR on TSE and ME), Montreal,QC, tel: (514) 878-3551. Price Sept 13/96: $1.27. 52-week range: $1.65-0.47, First mentioned at $1.06 on Aug 15/96. The company recently announced a promising copper-nickel-cobalt discovery halfway between Chibougamau and Sept Iles in Quebec. Combined with Freewest's involvement in Botswana and in the state of Sinaloa in Mexico, this brings to 3 the prominent activities of Freewest, each of which are company-making projects. This out of a total of more than 20 mineral property holdings. Based on current and down the road exploration programs, the company's share price appears to be overlooked and undervalued. A stock price of $3.50 to $5 over the next 12 months could be kept in mind.

Golden Knight Resources Inc. (GKR on TSE and ME, GKRVF on NASDAQ), Vancouver, BC, tel: (604) 689-3846. Price Sept 13/96:$7.90, 52-week range:$10-6.50, first mentioned at $8.20 on May 15/96. GKR has recently completed the acquisition of an additional 12.5% interest in Gold Fields Ghana Ltd. bringing its interest to 17.5%. Gold Fields Ghana holds the Tarkwa concession, which to date has outlined some 13 million ounces of gold. Cost was US$47 million, or US$28.92/ounce Au. To finance the cost of the acquisition as well as to assist in its share of the estimated cost of the open pit operation (total cost US$125 million), GKR raised $74.25 million through a private placement with institutional investors. The co. will have 17.5 million shs. outstanding, eventually 30.1 million on a fully diluted basis. Plans for the mining operation are to produce 230,000 oz Au/yr from 4 million tons, eventually increasing to 8 million tons/yr. Meanwhile, Golden Knight is encountering success in its gold exploration project in the Manso Nkwanta region of Ghana with joint venture partner Leo Shield Exploration Ghana Ltd. As a result of these developments combined with its 40% joint venture interest in the producing Casa Berardi gold mine in Quebec, GKR is well on the way to becoming a mid-size gold producer. This will permit the stock entrance into substantially more investment portfolios as a representative gold stock holding.

Gold Reserve Corporation (GLR on TSE, GLDR on NASDAQ), Spokane, WA, tel: (509) 623-0326. Price Sept 13/96: $20.60, 52-week rang:$21.70-6.75. First mentioned at $11.95 on July 12/96. The company announced on Sept 4/96 that the Venezuelan government gave them the go ahead to mine the hard rock portion of their Brisas gold, copper & molybdenum concession.. The co. estimates this to contain 5.5 million oz of gold & 726 million lbs of copper. A week later GLR announced significant discovery of more gold to the south of Brisas, at the Southwest Zone and at El Remo. This opens up a whole new ball game for GLR and a stock price of $25-30 over the next 12 months can be anticipated.

Malofilm Communications Inc. (MFM.B on ME and TSE), Montreal,QC, tel: (514) 844-4555, price Sept 13/96:$7, 52-week price range:$9- 4.35, first mentioned at $5 on Aug 28/95. Company continues to make acquisitions and to develop new products. It acquired Montreal-based Filmline International Inc., Canada's 4th largest feature film and television production company with 1995 production revenue of $58 million. This should add $20-30million to MFM's revenue base in 1997. Then Malofilm announced the acquisition of Toronto-based ReadySoft Incorporated, involved in the development & publishing of entertainment software. This should add $6million to annual revenues. The company announced creation of VideoDepot , an on-line video and entertainment store. The trick will now be for management to work these new units into profitable operations.

Murgor Resources Inc.(MUG on ME), Montreal, QC, tel:(514) 878-4216, price Sept 13/96:$0.70, 52-week range:$1.48-0.48. First mentioned at $0.79 on Aug 15/96. The company in a recent presentation at an industry conference presented the results of the winter drilling program which took place at the Barry gold project in the Abitibi geenstone belt of Northwestern Quebec. A possible resource of 625,000 oz of gold has attracted the interest of some major gold producers. MUG expects to resume drilling at the Benoit gold project, also in NW Quebec, in October as well as advance exploration at its two large property holdings in Nothwestern Ontario, Mishibishu & Mink Lake. With 4 well defined projects, Murgor appears poised for growth. The price of its shares does not appear to reflect this. A share price target of $3.50 can be kept in mind.

NQL Drilling Tools Inc. (NQL.A on TSE), Nisku, AB, tel: (403) 955-6460, price Sept 13/96:$3.70, 52-week range: $3.75-2.50, first mentioned on May 15/96 at $3.20. Company involved in the servicing the horizintal and directional oil & gas drilling industry, well favored by investors at this time. Recent brokerage analysis projected earnings of $0.45/sh for 1997 and cash flow/sh of 80 cents provide credibility to a share price target of $5 over the next few months.