manson creek resources ltd. (tsx.v: mck) initiating coverage; … · 2012-04-23 · 52 week range...

Investment Analysis for Intelligent Investors

Siddharth Rajeev BTech MBAAnalyst

Vincent Weber BScResearch Associate - Mining

Kevin Liu BBA BScResearch Associate

September 11 2008

2008 Fundamental Research Corp wwwresearchfrccom Siddharth Rajeev BTech MBA

PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT

Manson Creek Resources Ltd (TSXV MCK)ndashInitiating Coverage PreciousBase Metals andUranium Explorer

SectorIndustry Junior Exploration wwwmansonca

Market Data (as of September 10 2008)Current Price C$005Fair Value C$015Rating BUYRisk 5 (Highly Spec)52 Week Range C$005 - C$0165Shares OS 4297 mmMarket Cap C$215 millionCurrent Yield NAPE (forward) NAPB 080YoY Return -583YoY TSXV -392

see back of report for rating and risk definitions

0

100000

200000

300000

400000

500000

600000

12-Sep-07 10-Jan-08 09-May-08 06-Sep-08

$000

$006

$012

$018

Investment Highlights

Manson Creek Resources Ltd (ldquoMCKrdquo ldquoManson Creekrdquo) iscommitted to the early stage acquisition and grass roots exploration ofmineral properties

The company has a diverse portfolio with exploration programsimplemented on precious metals base metals and uranium targets

MCK is currently focused on five projects Meridian Au-Ag (BC)GillmanSilver Dollar Ag-Pb-Zn (BC) Black Lake Uranium (Sask)Molygarchy Moly (Yukon) and CR Moly (BC)

Manson Creek recently completed an initial seven hole diamond drillprogram (1141 m) on the Meridian property where all of the drillholes intersected shear zones and the associated quartz veins alongstrike and to depth of the historical workings The company is awaitingassay results

The company recently completed an initial exploration program on thenewly acquired Molygarchy molybdenum property Work includedreconnaissance geological mapping and prospecting and detailedgeochemical and geophysical programs Results from this work arepending however a 1500 m magnetic low coincident with observedsurface mineralization was defined

Risks

Manson Creek is exposed to all risks associated with a juniorexploration company

The value of the company is dependent on the success of drillingexpansion and determination of favorable resource estimates

K e y F in a n c ia l D a t a ( F Y E - S e p t e m b e r 3 0 )( C $ ) 2 0 0 6 2 0 0 7 2 0 0 8

9 m oC a s h 6 4 4 1 1 2 6 5 3 0 2 1 4 4 0 3 5 7W o r k in g C a p i t a l 6 0 9 4 6 4 6 5 5 1 4 6 3 1 8 3 1 5M in e r a l A s s e t s a n d E q u ip m e n t 6 7 3 0 3 9 1 8 7 9 6 6 6 2 3 3 3 6 6 0T o ta l A s s e t s 1 3 6 8 4 6 2 2 6 2 1 5 2 8 2 8 6 8 2 2 1N e t L o s s ( 4 3 6 0 3 5 ) ( 1 4 9 6 2 0 ) ( 9 7 8 5 9 )L o s s p e r S h a r e ( 0 0 2 ) ( 0 0 0 ) ( 0 0 0 )

Manson Creek Resources Ltd is a Calgary based junior preciousbase metals and uranium exploration company focusing itsexploration in British Columbia the Yukon and Saskatchewan The companyrsquos strategy is focused on creating shareholder value through the early acquisition and development of quality properties that have undiscovered resource potential

Manson Creek Resources Ltd (TSXV MCK)ndashInitiating Coverage Page 2



CompanyOverview

CorporateHistory

MeridianProject

Manson Creek Resources Ltd is a junior preciousbase metals and uranium explorationcompany focusing on the acquisition exploration and subsequent development of mineralproperties The company has assembled a comprehensive portfolio of precious and basemetal projects in British Columbia and the Yukon as well as a uranium project inSaskatchewan These diverse yet early-stage projects offer risk reduction throughdiversification in light of favorable commodity prices

Exploration this year is focusing on four projects located in British Columbia and the Yukonincluding the Meridian gold-silver project (BC) and the Molygarchy molybdenum project(Yukon)

Manson Creek was established in the late 1980s and has maintained the same objective overthe decades a focus on grass roots exploration andor the acquisition of early-stageproperties The company has always directed and conducted their exploration on all projects

Manson Creek is led by a technical team of four professional geologists with a combinedtotal of over 78 years of exploration experience In addition to the technical knowledgeDirector Douglas Porter CA CBV provides a business focus to the company

Property Overview The 675-hectare Meridian gold ndash silver property is locatedapproximately 45 km south of Revelstoke British Columbia The property comprised of 12mineral tenures has consolidated a number of the historic goldndashsilver past producers withinthe prolific Beaton ndashCamborne camp The property hosts five past producing gold ndashsilvermines which saw intermittent production between 1900 and 1943

Meridian Project Location

Source Manson Creek Resources




Ownership During the year ended September 30 2006 the company entered into anagreement to acquire 100 of the Meridian property subject to a 2 net smelter interest(15 of which may be purchased for $15 million) To vest the company must makeannual staged payments totaling $87500 over five years ($37500 paid as of June 30 2008)and issue 475000 common shares (as of June 30 2008 200000 common shares wereissued)

Historic ExplorationProduction The Meridian property has consolidated a number of the86 known gold ndashsilver occurrences located within the historic Beaton ndashCamborne campDocumented mineral production from 18 past producing mines located throughout the regionincludes 21 million ounces silver 34145 ounces gold 247 million pounds lead 253million pounds zinc and 019 million pounds copper The historical Eva mine located on theMeridian property returned reported grades ranging from 56 to over 300 g tonne goldThe Eva mine is reported to contain 020 million tonnes grading 71 g t gold (Emmons NW(1914 Report on Mineral Resources of the Lardeau Mining Division))

In 2006 the company conducted a reconnaissance geological mapping and prospectingprogram The programs covered areas proximal and along strike to historical workingsAssays returned elevated gold and silver values including

In addition prolific grades were returned from the Cholla and Oyster areas

Composite chip sample (Cholla area) returned 466 gt gold and 2470 gt silver Grab sample (Oyster area) returned 399 gt gold 5630 gt silver 285 copper and

152 lead

In 2008 the company completed a $265000 geological mapping prospecting and diamond-drilling program in areas proximal to the Eva mine workings Assay results from the sevenhole diamond drill program (1141 m) are pending We believe there to be a high prospectfor the discovery of additional mineralization at the Meridian property specifically inareas near and below the historic mine workings

Accessibility and Infrastructure The Meridian project is accessed via a maintained all-weather road approximately 45 km south of Revelstoke British Columbia and a powersupply is proximal to the property

Geology and Mineralization The Meridian project has consolidated several formerly

Name Gold (gtonne) Silver (gtonne) Lead () Zinc () Sample Type Interval metersImperial Vein 1115 1060 - - Continuous Chip 10Stockholm Vein 792 1220 017 042 Boulder -Eva Surface 588 060 - - Continuous Chip 10Allison Showing 009 4260 096 054 Grab -Gillman Adit 1415 2310 017 002 Grab -Gillman Adit 452 13900 935 543 Grab -5B Adit 112 037 - - Continuous Chip 30Eva 2A Adit 211 107 - - Continuous Chip 15Upper Cholla Adit 184 090 - - Grab -Source Manson Creek Resources




GillmanSilverDollar Project

separate claims including Eva Criterion-Oyster Cholla Lucky Jack Red Horse ConmoreSt Joe and Imperial Gold and silver mineralization within Manson Creekrsquos landholdings is associated with quartz veins structurally-related to the regional Camborne Fault This majorfault zone effectively bisects the claim group and hosts many of the arearsquos historic deposits Underlying rocks throughout the landholdings are assigned to the Broadview Formation ofthe Lower Paleozoic Lardeau Group

Polymetallic mineralization associated with the quartz vein systems commonly includespyrite galena sphalerite as well as some free gold Vein widths range from less than 1m toapproximately 5m

The Meridian property is situated in a highly prospective geological terrain for thediscovery of additional mineralization Given the history of past production in multiplelocales throughout the landholdings and the mineralized Camborne Fault effectivelybisecting the property we believe there is a high potential for the definition ofresources

Metallurgy Due to the grass roots nature of this project no metallurgical testing has beenconducted

Current Status A seven hole diamond drill program (1411 m) was recently completed onthe Meridian property The program tested the strike and depth potential of the historical EvaMine workings areas the company believes hold significant exploration potential All drillholes intersected shear zones with associated quartz veining Assays results from drillcore samples are pending

Resource Estimates Due to the grass roots nature of this project no NI 43-101 resourceestimate is available A historical estimate for the Eva mine area totals 020 million tonnes at71 gt gold in-situ (Emmens NW (1914)

Development Timeline The project is in the initial exploration stage Results from the 2008exploration program will enable the company to develop a focused exploration program anddevelopment timeline We believe this to be one of Manson Creekrsquos most high potential projects

Property Overview The Gillman (Silver Dollar) silver-lead-zinc property is located 45 kmsoutheast of Revelstoke British Columbia approximately 12 km south of Manson Creekrsquos Meridian gold-silver project The contiguous 1179 hectare Gillman property covers aninterpreted 7 km strike length of the regional Camborne fault This fault hosts the majorityof known precious and base metal occurrences within the BeatonndashCamborne camp





Ownership During the year ended September 30 2006 the company entered into anagreement to acquire 100 of the Gillman property subject to a 2 net smelter interest(15 of which may be purchased for $15 million) To vest the company must makeannual staged payments totaling $95000 over five years ($25000 paid as of June 30 2008)and issue 475000 common shares (as of June 30 2008 100000 common shares wereissued)

Historic ExplorationProduction There is significant evidence of past production andexploration including production adits and trenches High grade assay results from historicalexploration are summarized in the table below (BC government MINFILE)

Sample Year Silver (gt) Gold (gt) Zinc () Lead () Copper()

Bulk(1 tonne) 1933 62 62 23 22 -

Bulk(6 tonnes) 1947 16433 - 1682 2297 -

Drill hole(21m) 1984 229 1 1095 404 029


Accessibility and Infrastructure The Gillman project is located approximately 45 kmsouth of Revelstoke British Columbia and is accessed by a maintained all ndashweather roadPower lines are located proximal to the property




MolygarchyMolybdenumProject

Geology and Mineralization A prospecting and geological mapping program conducted byManson Creek in 2006 identified four significant mineralized zones including the NorthZone Gillman Hillside and Silver Dollar The most prominent showing Gillman contains aseries of quartz veins with an aggregate strike length of 430 m

Precious and base metal mineralization is associated with quartz veins and quartz stockworksystems located within sheared metasedimentary rocks of the Lardeau Group immediatelyproximal to the regional Camborne fault Regionally the Camborne fault hosts 86 knownprecious metal occurrences

Mineralization within the Gillman project area consists of semi ndashmassive to massivesulphides including pyrite galena and sphalerite arsenopyrite pyrrhotite chalcopyrite andtetrahedrite primarily within quartz veins to quartz stockwork


Current Status Exploration planned for 2008 includes prospecting structural mapping and(possibly) a VLF survey and soil sampling program An estimated budget of $35000 hasbeen proposed

Resource Estimates Due to the grass roots nature of this project no resources estimate isavailable

Development Timeline The aforementioned exploration initiatives planned for the Gillmanproject will add further insight into the formulation of a development timeline Neverthelessthis project is far too preliminary to consider for development - more exploration andinterpretation is required The mapping and sampling program currently ongoing at theproperty will aid in determining targets for drilling ultimately advancing the explorationstage at Gillman

Property Overview The Molygarchy project comprises a new molybdenum discoverylocated 40 kilometers northeast of Whitehorse Yukon Mineralization present in the 732-hectare project area includes disseminated fine to coarse crystalline molybdenummineralization hosted in a strongly altered granitic intrusive Mineralization remains openalong strike Geological mapping prospecting and geophysical surveying programsbudgeted at $90000 were completed in early July





Ownership During the nine months ended June 30 2008 the company entered into anacquisition agreement to acquire a 100 interest in this property Manson Creek paid $5000and issued 50000 of its common shares upon regulatory approval of the transaction Thecompany has to pay $40000 in cash and issue 400000 common shares over two yearsending November 30 2009 and spend a minimum of $030 million on the project over twoyears in order to acquire the 100 interest This is subject to a 25 net smelter royaltyManson Creek may purchase a 15 net smelter royalty from the vendor for $15 million

Historic ExplorationProduction No previous exploration or production has beenconducted on the Molygarchy property as this is a new discovery Sampling conducted atthe time of the discovery included 72 rock samples with the highest reported assay being0440 molybdenum (Mo) Nine samples returned values greater than 0100 Mo andthirty-six samples returned assays of greater than 0010 Mo

Accessibility and Infrastructure The Molygarchy project is accessible via all-weather all-maintained roads approximately 20 km from the project area The propertyrsquos close proximity to Whitehorse offers many infrastructure advantages including power waterfreight communication machinery and accommodation

Geology and Mineralization The two discovery showings are separated by 360 meters ofoverburden-covered ground with abundant mineralized float The primary occurrencecomprises a mineralized horizon exposed for gt50 meters Ground magnetic surveysconducted over the mineralized trend have defined a 1500 meter long magnetic low inassociation with the mineralization The mineralization occurs as disseminated fine to coarsecrystalline molybdenum mineralization in a strongly altered granitic intrusive




Source Manson Creek ResourcesMetallurgy Due to the grass roots nature of this project no metallurgical testing has beenconducted

Current Status During the summer of 2008 detailed geological geophysical andgeochemical programs were completed over and along trend of the known molybdenum ndashcopper showing The geological work served to identify disseminated molybdenum andchalcopyrite intermittently over a length of 380m Sulphide mineralization both inunaltered and variably hematized granodiorite was observed A total of 297 soil samplesand 29 rock samples were collected for analysis Results of this work are pending

Six kilometers of induced polarization (IP) surveying and 198 line km of total fieldmagnetic surveying were completed with final interpretation pending The total fieldmagnetic survey did however define a strong (1500 m) magnetic low coincident with andalong trend from the main showing

Manson Creek is strongly encouraged by exploration results thus far and the companyrsquos technical team is currently completing a detailed interpretation of the geological andgeophysical data that will be integrated with the soil sample results (when available)


Development Timeline This project is too preliminary to consider for development - moreexploration and interpretation is required Nevertheless the aforementioned exploration




Black LakeUraniumProject

initiatives planned for the Molygarchy project will add further insight into the formulation ofa development timeline The company is very encouraged by the preliminary results from thegeological and geophysical programs and further results will be announced when theinterpretations and assays are complete

Property Overview The Black Lake project encompassing two claim blocks (5848hectares) is located on the northern margin of Saskatchewanrsquos prolific Athabasca Basin The property has seen varying amounts of historical surface exploration with the last roundof work occurring in the 1970rsquos Mineralization generally consists oflow grade uraniniteirregularly disseminated in deformed and folded radioactive pegmatite granites The claimslie within and adjacent to prominent regional shears and deformation zones which often actto focus mineralization and control deposit formation

Ownership During the year ended September 30 2007 MCK entered into an acquisitionagreement to acquire 100 of two claim blocks subject to a 15 net smelter interest bymaking staged payments over three years aggregating $20000 (as of June 30 2008 $20000was paid) and issuing 400000 common shares (as of June 30 2008 150000 were issued)MCK has the option to purchase 1 of the vendorrsquos net smelter interest for $150 million

Historic ExplorationProduction The Black Lake properties have seen varying levels ofhistoric exploration including limited diamond drilling and trenching in the 1970s There hasbeen no production from this project area

Accessibility and Infrastructure The Black Lake property is located 45 km from StoneyRapids Saskatchewan and can be accessed year-round via helicopter or fixed wing plane(according to management) Infrastructure is minimal however Stoney Rapids offers aproximal supply post for exploration initiatives

Geology and Mineralization The property has the potential for basement-hosted uraniumdeposits regarded as one of the more under-explored deposit types in the province The twomineral claims host known uranium occurrences and are located within and adjacent tomajor regional structural trends believed to be associated with the mineralizing processesUranium occurrences within the area are commonly contained within lit-par-lit pegmatitespart of a broader paragneiss sequence Uranium mineralization within these occurrences iscommonly associated with molybdenite pyrrhotite pyrite and lesser chalcopyrite

In 2007 a two-phase exploration program was completed Phase one included regional anddetailed geological mapping combined with ground based radiometric surveys This workoutlined the A Zone and the Charlebois Lake both containing outcropping radioactivepegmatites

The second phase of exploration comprised a diamond drilling program designed to testthese anomalous areas Five drill holes totaling 1498m successfully intersected significantvolumes of pegmatite-hosted uranium mineralization along the multi-kilometer radiometricanomaly at Charlebois Lake Highlights from Phases I and II are summarized on the nextpage

Manson Creek Resources Ltd (TSXV MCK)ndashInitiating Coverage 0



Charlebois Lake ZoneThis zone encompasses a radiometric anomaly with a strike length in excess of twokilometers Thirty-seven grab or continuous chip samples collected from areas ofdiscontinuous outcrop during the May 2007 sampling program returned values from 0001U3O8 to 0090 U3O8

The Charlebois Lake drilling comprised of 78203 meters over two holes intersectedabundant multi-meter intervals of mineralized pegmatite Intervals of 0179 U3O8 over251 meters and 0118 U3O8 over 197 meters were drilled 480 meters apart along thestrike of the Charlebois Lake Zone Each of these intervals is hosted within broadermoderately mineralized areas of 0080 U3O8 over 652 meters and 0040 U3O8 over1186 meters respectively (see table below for full summary) The preliminary results of thedrilling on the Charlebois Lake Zone continue to support the companyrsquos belief that the region has the potential to host a lsquoRossingrsquo style uranium deposit (large low grade deposit amenable to open pit mine method) Manson Creek will focus its resources on advancing theprospective Charlebois Lake Zone

Hole From(m)

To(m)

Interval(m)

U3O8

() Zone

07CL-01 3840 4245 405 0018 Charlebois Lake

4844 6663 1819 0017 Charlebois Lake

Including 5238 5444 206 0025 Charlebois Lake




Including 7648 7845 197 0118 Charlebois Lake(0023 Mo)




10366 11018 652 0080 Charlebois Lake



26019 26432 413 0013 Charlebois Lake

32544 32741 197 0010 Charlebois Lake

07PL-01 448 599 151 0010 A Zone(0017 Mo)

1367 1452 085 0012 A Zone

07PL-03 15462 15533 071 0012 A Zone





CR Copper-MolybdenumProject

A ZoneLocated near Black Lake this zone is a 200 x 250 meter area containing significant intervalsof radioactive pegmatite Highlights from Phase 1 sampling include five grab samplescollected from outcropping pegmatites assayed from 0108 U3O8 to 0589 U3O8 Thepegmatites within the A Zone locally contain abundant molybdenum (Mo) with assay valuesranging from 0077 to 0302 Mo (refer to table below)

The three drill holes that tested the A Zone intersected significant volumes of mineralizedgranitepegmatite Significant intercepts included 0010 U3O8 over 150 meters 0012U3O8 over 085 meters and 0012 U3O8 over 071 meters


Current Status Manson Creek Resources has no exploration programs planned for thisproperty in 2008 and is open to the possibility of joint venturing


Development Timeline The Black Lake project is an early stage exploration project assuch there is no development timeline - more exploration and interpretation is requiredManson Creek will have this property in good standing for an extended time period Thecompany is presently open to joint venture or option opportunities for this property

Property Overview The 1300 hectare CR property is located 17 kilometers south ofHouston British Columbia The claims are immediately adjacent to the Morice RiverForestry Service Road which serves as the haul road for ore concentrates from theHuckleberry copper-molybdenum mine located 90 kilometers to the south

Sample Number U3O8 () Mo () Rock Type315361 0134 0214 Quartz-Biotite-Feldspar Pegmatite315362 0108 0089 Quartz-Biotite-Feldspar Pegmatite315363 0274 007 Quartz-Biotite-Feldspar Pegmatite315364 0589 011 Quartz-Biotite-Feldspar Pegmatite315367 018 0302 Quartz-Biotite-Feldspar Pegmatite






Ownership The company entered into an agreement in February 2004 to acquire a 100interest in the CR property located in the Omineca Mining District of British Columbia Inorder to earn a 100 interest MCK has to make cash payments aggregating $92500 (as ofJune 30 2008 $72500 was paid) and issue 575000 common shares (as of June 30 2008425000 were issued) over five years The vendor will retain a 15 net smelter return 1of which may be purchased by MCK for $1 million

Historic ExplorationProduction This property has seen no production and minimalhistorical exploration AMEX conducted a regional drilling program in the 1960s andfurther drilling ensued in the 1970s and 1980s (based on information from management) Todate MCK has drilled over 3500m on the property whereas historical drilling totals lessthan 1500m

Accessibility and Infrastructure The CR property is situated directly aside the MoriceRiver Forestry Service Road Not only does this provide access to the site but it alsoconnects the property to the Huckleberry mine 90 kilometers to the south Significantinfrastructure is present at the mine site which may prove advantageous to Manson Creekdown the line

Geology and Mineralization Two sulphide mineralized intrusive phases a fine-grainedfelsic porphyry intruded and locally disrupted by a feldsparndashquartzndashbiotite phyric




porphyry (QFP) have been identified Both intrusive phases have been observed to hostsignificant copper and molybdenum mineralization The felsic porphyry first intersected inthe 2007 diamond drilling campaign generally contains the more significant sulphidemineralization

Chalcopyrite and molybdenum the main minerals of economic importance occur in one ofthe four main styles of mineralization recognized to-date including

1) chalcopyrite in silicified andesite (country rock)2) disseminated and veinlet mineralization in the QFP3) micro veinlet and veinlet mineralization in the fine grained felsic porphyry4) molybdenite-rich stockworks

The drill program defined both near surface high-grade copper mineralization including2850 m grading 0607 copper in addition to higher grade molybdenum ndashcopper zonesincluding 410 m grading 0036 molybdenum and 0334 copper Significant assayintervals include

Intercepts including 41 meters of 0036 Molybdenum and 44 meters of 0025molybdenum are encouraging and demonstrate the potential for high grademolybdenum mineralization in the system

The hydrothermal alteration at CR is very intense and includes several characteristic traitscommon to mineralized CundashMo porphyry systems Alteration distribution observed fromcore comprises an east-to-west zoned sequence of propyllitic phyllic and potassicalterations Moreover secondary potassium feldspar biotite (inherent to potassic alteration)as well as pervasive silicification and locally-strong sericitic alteration also increase to thewest Consequently this provides evidence that significant mineralization may be present inthe underexplored western part of the system

Metallurgy No metallurgical testing has been conducted

Current Status There is no fieldwork planned for 2008 however MCK is processingexploratory data and formulating geological models to aid them in developing upcomingexploration programs

Hole From (m) To (m) Interval Cu () Mo () Ag (gt) Rock Type07CR-15 217 300 83 0347 0025 168 Felsic PorphyryIncludes 217 251 34 0365 0015 212 Felsic PorphyryIncludes 259 300 41 0334 0036 135 Felsic Porphyry07CR-14 75 102 945 0447 0014 244 Felsic PorphyryIncludes 75 36 285 0607 0011 34 Felsic PorphyryIncludes 40 102 62 0386 0016 213 Felsic Porphyry07CR-14 144 188 44 0313 0025 135 Felsic Porphyry07CR-14 262 300 38 025 0011 163 Breccia07CR-13 269 293 24 0324 0016 189 QFP and AndesiteIncludes 269 283 14 03 0026 214 QFPIncludes 283 293 10 0478 0008 184 AndesiteSource Manson Creek Resources




Management


Development Timeline The aforementioned exploration initiatives planned for the CRproject will add further insight into the formulation of a development timeline Neverthelessthis project is far too preliminary to consider for development - more exploration andinterpretation is required Data processing and geological modeling will provide insight tothe geometric distribution of mineralization on the property ultimately defining drilling andexploration targets

Mr Regan Chernish PGeolndashPresident Chief Executive Officer and DirectorMr Chernish has served tenure as vice president exploration for Tyler Resources Inc from2001 to 2005 Mr Chernish is an experienced professional geologist in the explorationindustry Mr Chernish was the project geologist for Diavik Diamond Mines Inc from 1997to 2001 and a production geologist at the Giant Gold Mine in 1997 From 1993 to 1997 heworked for Yellowknife based Covello Bryan and Associates which provided exploration(Geology and Geophysics) services for clients such as Aber Rio Tinto Kennecott DeBeersand numerous junior explorers

Mr Jean-Pierre Jutras PGeol - Director and Vice - PresidentMr Jutras is the Vice President and Director of Manson Creek and the former PresidentChief Executive Officer and a Director of Tyler Resources Inc Additionally he is the VicePresident and a Director of Northern Abitibi Mining Corp Mr Jutras is an experiencedprofessional in the exploration industry and has worked in over 10 countries on threecontinents in his 17 years of consulting exploration work with numerous public companiesincluding Placer Dome Prism Resources and Golden Star Resources

Dr Shane Ebert P Geol - DirectorDr Ebert actively consults on property and geological matters for Manson Creek and hasbeen a director of the company since 2001 Dr Ebert obtained his PhD in Geology from theUniversity of Western Australia in 1995 He was a Research Associate with the MineralDeposit Research Unit (MDRU) of the University of British Columbia coordinating anindustry funded research program concentrating on carbonate-hosted polymetallic deposits inPeru Dr Ebert is also the President of Hot Spring Gold Corporation a Nevada Companywhose principal business consists of the acquisition and exploration of epithermal preciousmetal prospects in the Western United States Dr Ebert was the former Vice President ofTyler Resources Inc and is the President of Northern Abitibi Mining Corp and director ofManson Creek Resources Ltd and Northern Abitibi Mining Corp

Mr Doug Bryan PGeol - DirectorMr Bryan has been a director of Manson Creek since 2005 Mr Bryan brings over 30 yearsof exploration and managerial experience to the company He was a project districtgeologist for Noranda for over 10 years During that tenure he directed and lead explorationfor the Slave and Bear Provinces in the Northwest Territories the Bathurst Camp andSoutheast British Columbia Mr Bryan was a principle in Covello Bryan and Associates ageological and geophysical contractor based in Yellowknife NWT From 1997 to 2003 he




ManagementRating

Strength ofBoard

was the Manager Geology for Diavik Diamond Mines Inc In his career Mr Bryan has beeninvolved in discoveries and formative stages of the Tundra Deposit Musk volcanogenicmassive sulphide deposit Sunrise volcanogenic massive sulphide deposit Heath Steelevolcanogenic massive sulphide deposit and the Diavik Diamonds property

Mr Douglas Porter CA CBV - DirectorChartered Business Valuator and Chartered Accountant and management consultantPrinciple of Porter Valuations Inc Served tenures as Managing Director of Sme CageorgePorter In and various positions with Arthur Anderson

Mr Shari DifleyndashChief Financial OfficerChartered accountant and Chief Financial Officer for Northern Abitibi Mining Corp since1997 and Chief Financial Officer for Hixon Gold Resources Inc from 1997 to 2001

We believe that the most important aspect of a junior mining company is its managementOur management rating system is a quantitative way to rate management based on a numberof factors including technical experience the ability to raise financing and managementrsquos time commitment to the company We also analyzed trading records to identify for evidenceof unusual trading by management Our net rating for MCK is 33 out of 50 which wehave rated average

Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating

Any unusual insider trading in the past 12 months

Teams focus on the company

Experience in projects similar to the current project

Track record in raising capitalworking for public companies

Experience in putting mines to productiongeneratingprospects

Technical Experience

NO

The Toronto Stock Exchange recommends that the Board of Directors of every companyinclude independent or unrelated directors who are free of any relationship or business thatcould materially interfere with the directorrsquos ability to act in the best interest of the company An unrelatedindependent director can be a shareholder In this section we present ourstrength of board rating for Manson Creek Resources Ltd which uses information availablefrom the companyrsquos annual ldquoManagement Information Circularrdquo to ensure that the company has an independent Board of Directors Audit Committee and Compensation CommitteeThis report also identifies any non-arms length transactions and managementrsquos




Outlook forGold

This report also identifies any non-arms length transactions and managementrsquos compensation

Manson Creekrsquos Board of Directors is made up of 5 individuals Regan Chernish Douglas Porter Jean Pierre Jutras Shane Ebert and Douglas Bryan None of the directors have filedfor personal bankruptcy All directors hold shares in the company The relatednon-independent directors are Regan Chernish and Jean Pierre Jutras as they are executiveofficers of the company and receive compensation The Audit Committee is made up ofDouglas Porter Shane Ebert and Douglas Bryan The company does not have aCompensation Committee We do not feel there is any armrsquos length transaction that materially affects the directorsrsquo ability to act in the best interest of the company

The company has a diverse portfolio of projects targeting a wide range of mineralizationOur outlook on gold and molybdenum follows

Supply and Demand The following chart shows supply and demand figures from theWorld Gold Council and GFMS Ltd

Source World Gold Council and GFMS Ltd

Global demand for gold increased by 4 YOY in 2007 (340 million tonnes to 355 milliontonnes) as supply dropped by 3 YOY (358 million tonnes to 347 million tonnes) The




increase in demand and drop in supply led the gold market to move from a supply surplus of182 tonnes in 2006 to a supply deficit of 79 tonnes in 2007

The chart below shows gold prices since January 2006 Gold is currently trading at aboutUS$776oz

00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027

Gold Price(Jan 3 2006 - Sept 10 2008)

200

400

600

800

1000

1200

03-Jan-06 04-Sep-06 06-May-07 05-Jan-08 05-Sep-08

US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz

Although gold prices have dropped considerably after achieving record highs(US$1000oz+) in early 2008 we have maintained our positive outlook on gold due to thefollowing macro economic conditions

a) The slow down in the US economy relatively lower real interest rates and persistinginflationary expectations we believe will continue to put downward pressure on the US$with respect to other global currencies

The International Monetary Fund (IMF) has lowered their US GDP growth rate estimatefrom 15 to 13 in 2008 (versus 22 in 2007) and from 08 to 07 in 2009 Theunemployment rate in the US is expected to be between 55 and 57 this year up from46 in 2007 In addition real interest rates in the US as we had predicted have nowturned negative as the Fed cut interest rates from 525 to 200 Negative real interestrates are very unfavorable for the US$ The rate cuts also add to inflationary pressures andsimultaneously depreciate the value of the US$ The Fed has raised their forecasts forinflation in 2008 up from 21 ndash24 to 31 ndash34 Although we do not expect the Fed toslash rates further for the rest of the year we believe that real interest rates will continue tobe negative (at least for the next 6 months) because of high inflation

b) We have noticed a positive correlation between gold and oil prices in times of high oilprices High oil prices create inflationary expectations among investors and lead them to drifttowards gold The following chart shows oil and gold prices since 1986 We noticed that thepositive correlation between the monthly log changes in oil and gold prices increased duringJanuary 2006ndashJanuary 2008 when oil prices were high from the historic correlation (1986ndash2006) of 018 to 049 a significant jump




Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160

Jan-1986 Sep-1991 May-1997 Jan-2003 Sep-2008

US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz

WTI Spot Price GoldSource EIA and Kitco

Although oil prices have dropped to US$103bbl prices are expected to stay above $80bblthrough at least 2010 which we believe will also have a positive effect on the demand forgold

c) Investment demand has dropped recently (as shown in the chart below) which we believepartially explains the recent drop in gold prices As of September 10 2008 total ETG(exchange traded gold) assets held by the New York Stock Exchange (NYSE) and theLondon Stock Exchange (LSE) were down 8 since August 1 2008 During the same timeperiod gold prices dropped by 15

Gold ETF Holdings (NYSE amp LSE)

-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG

We believe the recent drop in investment demand is temporary and expect demand to




Outlook onMolybdenum

increase as gold continues to hold its status as a lsquocapital preservation assetrsquo

In summary we continue to be bullish on gold prices based on a weakening US dollar highoil prices and strong investment demand The average consensus forecasts for gold prices areUS$915oz in 2008 and US$910oz in 2009 We continue to use a long-term gold price ofUS$600oz in our valuation models

Existence and Characteristic Molybdenum occurs primarily as molybdenite (MoS2) inporphyry deposits in the USA Canada Chile China and Greenland both as a primarydeposit and also associated with copper Molybdenum has a very high melting pointmaking it ideal for alloys used in aircraft engines missiles and petrochemical plants

Demand for Molybdenum Demand for molybdenum comes primarily from the steelindustry According to the International Molybdenum Association (IMOA) demand fromthe manufacturing of tools high-speed steel stainless steel and low alloy steel accountsfor about 80 of total molybdenum consumption Demand for molybdenum has alsoincreased recently because of its use as a reducer of sulfur in crude oil One of theapplications which we believe is very pertinent in current market conditions is the use ofmolybdenum in the pipework for the offshore oil and gas industry According to theIMOA most corrosion resistant stainless steels contain about 60 - 73 molybdenumHigh growth in the energy sector has contributed to the growth in global demand ofmolybdenum due to increased demand for the metal for new and replacement pipelines

The primary driver of Mo prices is increasing demand for steel The increasing demandfor steel has been one of the major drivers of demand for molybdenum and we expect thetrend to continue going forward The International Iron and Steel Institute (IISI) estimatesthat apparent steel consumption by China is expected to grow by 115 in 2008 and 100in 2009 accounting for 35 of global consumption in 2008 Global steel consumption isexpected to increase by 67 and 63 in 2008 and 2009 respectively The BRIC countries(Brazil Russia India and China) are expected to be the major contributors with an expectedincrease of 111 for 2008 and 103 for 2009

Global supply from China is expected to drop The following chart shows the top fivecountries based on production estimates in 2007




Mine Production Vs Reserve Base

-

20000

40000

60000

80000

Canada Peru Chile China US

met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons

Mine Production Reserves baseSource EIA

China has the worldrsquos largest molybdenum reserve base According to the USGS identified resources amount to about 83 million tonnes of molybdenum in China which isapproximately 437 of the total identified molybdenum resources in the world Howeverwhen it comes to production China contributed only 246 of world production in 2007 Asshown in the chart annual production in China was 226 lower compared to the USwhose reserve base is only 540 million metric tons (or 349 lower than Chinarsquos reservebase) The low production rate in China results from China shutting down one-third of itsproduction capacity for an indefinite period due to environmental and other reasons

Additionally in order to conserve molybdenum China implemented export quotas andraised export taxes in 2007 China now has a 15 export duty on molybdenum oxide and a10 on ferromolybdenum All these factors will lead to a drop in Chinarsquos molybdenum exports going forward

Global demand is expected to outpace supply The consensus forecast for globalmolybdenum annual demand growth during 2008ndash10 is 6-8 Global molybdenumproduction in 2007 is estimated to have increased by only 16 YOY from 184000 tonnesto 187000 tonnes Demand is expected to outpace supply and therefore the molybdenummarket is expected to be in a supply deficit through 2010 The market is expected to moveback to surplus in 2011-12 as several large primary producers are expected to ramp up theirproduction toward full capacity

Molybdenum prices The following chart shows molybdenum prices since January 1998




Financials

Molybdenum prices were highly volatile in 2004 and 2005 and have been less volatile sincethe beginning of 2006 As of September 11 2008 molybdenum was trading at US$3325lb

Forecast Based on our review of the factors affecting molybdenum prices we believe thatprices though expected to gradually decline throughout our forecast period will stay higherthan their historical average of US$108lb (average of prices during January 2000 ndashSeptember 2006) in this decade due to the following

Strong demand from China and the global market for stainless steelIncreasing demand from the oil sectorIncreasing capital expenditures and higher production costsDelays in new molybdenum and molybdenumcopper mines going into productionExpected decrease in Mo exports by ChinaLonger lead times to build new molybdenum minesNot easily substitutable due to its unique characteristics availability and versatility

At the end of June 2008 the company had cash and working capital of $044 million and$032 million respectively In the first nine months of FY2008 (ended June 2008) thecompany recorded a net loss of $010 million (EPS -$000) We estimate the company hada burn rate (cash spent on operating and investing activities) of $005 million per month inthe first nine months of FY2008 compared to $013 million per month in FY2007 (12-monthperiod)The table on the next page shows the companyrsquos cash and liquidity position




Valuation

Recent Financings In June 2008 the company raised $030 million by issuing 150 millionunits at a price of $010 and 115 million flow through at a price of $013 Each unit consistsof one common share and one share purchase warrant Each warrant entitles the holder topurchase one common share at a price of $015 until June 12 2010

In FY2007 (ended September 2007) the company raised about $157 million from privateplacements and the exercise of stock options and warrants

Stock Options and Warrants As of June 30 2008 the company had 18 million stockoptions outstanding with exercise prices ranging from $010 to $016 and maturity periodsbetween May 2010 and December 2012 (all stock options are currently out of the money)The company currently has 793 million warrants outstanding with exercise prices from$013 to $050 and maturity dates between December 2008 and June 2010 (all the warrantsare currently out of the money)

Conclusion At the end of June 2008 the company had $044 million cash on handAssuming the company continues to burn cash at $005 million per month (nine month burnrate) we believe the company has sufficient cash to fund working capital and explorationactivities for the rest of the year

The following table shows a summary of our valuation on MCK

Valuation Summary ($share)Meridian Project $0053Black Lake Uranium Project $0030Molygarchy and CR Projects $0044

Working Capital $0005

Fair Value $0132

Meridian Project Based on the projectrsquos historical resource estimate of 45654 oz gold (020 million tonnes grading 710 g t) and an average EV Resources ratio of $49oz goldwe valued the Meridian Project at $005share

Note The share prices of the companies used in all the table below are YTD averages Weused YTD averages as we believe that the recent decline in share prices does not reflectfundamentals (for example we have maintained our positive outlook on gold)

(C$) 2006 2007 2008 (9 mo)Working Capital 609464 655146 318315Current Ratio 106 112 28LT Debts Assets - - -Burn Rate Per Month (incl exploration costs) (38135) (130973) (54312)Cash from financing activities 534709 1580582 291147




Company SYM Price Enterprise Resource EV Value (Au in oz) Resources

1 Lake Shore Gold Corp TSX LSG $161 158663454 1890102 83942 Sunridge Gold Corp TSXV SGC $100 51986443 1044700 49763 Golden Band Resources Inc TSXV GBN $036 37788421 881323 42884 GLR Resources TSX GRS $035 23068170 1091687 2113

Average EV Resources 494

Fair Value $005Note Share prices are YTD averages

None of the companyrsquos other projects have known resource estimates Therefore we havevalued those projects based on the average ratio of enterprise value (EV) to mineral assets(book value) of peers Although EVmineral assets does not really capture the upsidepotential of a project we believe it is a good metric (and probably the only metric) todetermine fair value based on work done on the project to date

Black Lake Uranium Project Based on an average EVMineral Assets ratio of 134 wevalued the Black Lake Project at $003share

Company Symbol Price Mineral Assets EVMineral Assets

1 Bluerock Resource Ltd TSXV BRD $053 8601503 2902 Pitchstone Exploration Ltd TSXV PXP $121 14548281 1673 Pele Mountain Resources TSXV GEM $031 14561023 1374 Santoy Resources TSXV SAN $031 12748526 1325 Uranium North Resource Corp TSXV UNR $036 9070425 0836 Mega Uranium Ltd TSX MGA $222 498162000 0717 Triex Minerals Corp TSXV TXM $130 19598060 061

Average 134

Value of the Black Lake Project $003Note Stock prices are YTD averages

The Molygarchy Molybdenum and CR Copper-Molybdenum Projects Based on anaverage EVMineral Assets ratio of 230 from comparable projects we valued theMolygarchy and CR projects at $004share

Company SYM Price Enterprise Mineral Assets EVMineral AssetsValue

1 Mega Moly Inc TSXV MGY $032 8335595 1127942 7392 Molycor Gold Corp TSXV MOR $014 7114178 2655942 2683 Moly Mines Ltd TSX MOL $250 139142977 61327392 2274 Bard Ventures Ltd TSXV CBS $015 10587185 4924099 2155 Inca Pacific Resources Inc TSXV IPR $156 61229550 29051144 211

Average - does not include (1) as it is an outlier 230





Conclusions ampRating

Risks

Based on our valuation models and review of the companyrsquos projects we initiate coverage of Manson Creek Resources with a BUY rating and fair value estimate of$015share Our fair value estimate reflects upside potential of 200 from the currentprice levels

Manson Creek Resources Ltd is exposed to all risks associated with a junior miningcompany including fluctuating metal prices

The value of the company is dependent on the success of drilling expansion anddetermination of additional mineralization

The companyrsquos projects are in very early stages and do not have NI 43-101 compliantresource estimates

We rate the shares RISK of 5 (Highly Speculative)




Fundamental Research Corp Equity Rating ScaleBuyndashAnnual expected rate of return exceeds 12 or the expected return is commensurate with riskHoldndashAnnual expected rate of return is between 5 and 12SellndashAnnual expected rate of return is below 5 or the expected return is not commensurate with riskSuspended or Rating NAmdash Coverage and ratings suspended until more information can be obtained from the company regarding recent events

Fundamental Research Corp Risk Rating Scale1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly high market share etc) or operates in a regulated industryThe future outlook is stable or positive for the industry The company generates positive free cash flow and has a history of profitability The capital structure isconservative with little or no debt

2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive The industry and company are relatively less sensitiveto systematic risk than companies with a Risk Rating of 3 The company has a history of profitability and has demonstrated its ability to generate positive free cashflows (though current free cash flow may be negative due to capital investment) The companyrsquos capital structure is conservative with little to modest use of debt

3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk The industry may be cyclical Profits and cash flow are sensitiveto economic factors although the company has demonstrated its ability to generate positive earnings and cash flow Debt use is in line with industry averages andcoverage ratios are sufficient

4 (Speculative) - The company has little or no history of generating earnings or cash flow Debt use is higher These companies may be in start-up mode or in aturnaround situation These companies should be considered speculative

5 (Highly Speculative) - The company has no history of generating earnings or cash flow They may operate in a new industry with new and unproven productsProducts may be at the development stage testing or seeking regulatory approval These companies may run into liquidity issues and may rely on external fundingThese stocks are considered highly speculative

Disclaimers and DisclosureThe opinions expressed in this report are the true opinions of the analyst about this company and industry Any ldquoforward looking statementsrdquo are our best estimates and opinions based upon information that is publicly available and that we believe to be correct but we have not independently verified with respect to truth or correctnessThere is no guarantee that our forecasts will materialize Actual results will likely vary The analyst and Fundamental Research Corp ldquoFRCrdquo does not own any shares of the subject company does not make a market or offer shares for sale of the subject company and does not have any investment banking business with the subjectcompany Fees of less than $30000 have been paid by MCK to FRC The purpose of the fee is to subsidize the high costs of research and monitoring FRC takessteps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of ProfessionalConduct Additionally analysts may not trade in any security under coverage Our full editorial control of all research timing of release of the reports and release ofliability for negative reports are protected contractually To further ensure independence MCK has agreed to a minimum coverage term including an initial report andthree updates starting with this report Coverage cannot be unilaterally terminated Distribution procedure our reports are distributed first to our web-basedsubscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time The performance of FRCrsquos research is ranked by Investars Full rankings and are available at wwwinvestarscom

The distribution of FRCrsquos ratings are as follows BUY (83) HOLD (6) SELL (2) SUSPEND (9)To subscribe for real-time access to research visit httpwwwfundamentalresearchcorpcomsubscribephp for subscription options

This report contains forward looking statements Forward-looking statements regarding the Company andor stockrsquos performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements Factors that would cause or contribute to such differences include but arenot limited to continued acceptance of the Companys productsservices in the marketplace acceptance in the marketplace of the Companys new product linesservicescompetitive factors new productservice introductions by others technological changes dependence on suppliers systematic market risks and other risks discussed inthe Companys periodic report filings including interim reports annual reports and annual information forms filed with the various securities regulators By makingthese forward looking statements Fundamental Research Corp and the analystauthor of this report undertakes no obligation to update these statements for revisions orchanges after the date of this report A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequentupdates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarterFundamental Research Corp DOES NOT MAKE ANY WARRANTIES EXPRESSED OR IMPLIED AS TO RESULTS TO BE OBTAINED FROM USING THISINFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE ANYONE USING THIS REPORTASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO ALWAYSTALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONErsquoS RISK TOLERANCE OBJECTIVES SITUATION RETURN ON OTHER ASSETS ETC ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOURUNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION INYOUR PORTFOLIO This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security It is not intended as being acomplete description of the company industry securities or developments referred to in the material Any forecasts contained in this report were independently preparedunless otherwise stated and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report Additional information is availableupon request THIS REPORT IS COPYRIGHT YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION Please give proper creditincluding citing Fundamental Research Corp andor the analyst when quoting information from this report

Fundamental Research Corp is registered with the British Columbia Securities Commission as a Securities Adviser which is not in any way an endorsement from theBCSC The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any personor entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction

Manson Creek Resources Ltd (TSXV MCK)ndashInitiating Coverage



CompanyOverview

CorporateHistory

MeridianProject

Manson Creek Resources Ltd is a junior preciousbase metals and uranium explorationcompany focusing on the acquisition exploration and subsequent development of mineralproperties The company has assembled a comprehensive portfolio of precious and basemetal projects in British Columbia and the Yukon as well as a uranium project inSaskatchewan These diverse yet early-stage projects offer risk reduction throughdiversification in light of favorable commodity prices

Exploration this year is focusing on four projects located in British Columbia and the Yukonincluding the Meridian gold-silver project (BC) and the Molygarchy molybdenum project(Yukon)

Manson Creek was established in the late 1980s and has maintained the same objective overthe decades a focus on grass roots exploration andor the acquisition of early-stageproperties The company has always directed and conducted their exploration on all projects

Manson Creek is led by a technical team of four professional geologists with a combinedtotal of over 78 years of exploration experience In addition to the technical knowledgeDirector Douglas Porter CA CBV provides a business focus to the company

Property Overview The 675-hectare Meridian gold ndash silver property is locatedapproximately 45 km south of Revelstoke British Columbia The property comprised of 12mineral tenures has consolidated a number of the historic goldndashsilver past producers withinthe prolific Beaton ndashCamborne camp The property hosts five past producing gold ndashsilvermines which saw intermittent production between 1900 and 1943

Meridian Project Location










152 lead
























Bulk(1 tonne) 1933 62 62 23 22 -

Bulk(6 tonnes) 1947 16433 - 1682 2297 -

Drill hole(21m) 1984 229 1 1095 404 029

















































Hole From(m)

To(m)

Interval(m)

U3O8

() Zone











10366 11018 652 0080 Charlebois Lake



26019 26432 413 0013 Charlebois Lake

32544 32741 197 0010 Charlebois Lake

07PL-01 448 599 151 0010 A Zone(0017 Mo)

1367 1452 085 0012 A Zone

07PL-03 15462 15533 071 0012 A Zone






































Management










ManagementRating

Strength ofBoard





Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating







NO





Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks



























152 lead
























Bulk(1 tonne) 1933 62 62 23 22 -

Bulk(6 tonnes) 1947 16433 - 1682 2297 -

Drill hole(21m) 1984 229 1 1095 404 029

















































Hole From(m)

To(m)

Interval(m)

U3O8

() Zone











10366 11018 652 0080 Charlebois Lake



26019 26432 413 0013 Charlebois Lake

32544 32741 197 0010 Charlebois Lake

07PL-01 448 599 151 0010 A Zone(0017 Mo)

1367 1452 085 0012 A Zone

07PL-03 15462 15533 071 0012 A Zone






































Management










ManagementRating

Strength ofBoard





Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating







NO





Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks






































Bulk(1 tonne) 1933 62 62 23 22 -

Bulk(6 tonnes) 1947 16433 - 1682 2297 -

Drill hole(21m) 1984 229 1 1095 404 029

















































Hole From(m)

To(m)

Interval(m)

U3O8

() Zone











10366 11018 652 0080 Charlebois Lake



26019 26432 413 0013 Charlebois Lake

32544 32741 197 0010 Charlebois Lake

07PL-01 448 599 151 0010 A Zone(0017 Mo)

1367 1452 085 0012 A Zone

07PL-03 15462 15533 071 0012 A Zone






































Management










ManagementRating

Strength ofBoard





Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating







NO





Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks

































































Hole From(m)

To(m)

Interval(m)

U3O8

() Zone











10366 11018 652 0080 Charlebois Lake



26019 26432 413 0013 Charlebois Lake

32544 32741 197 0010 Charlebois Lake

07PL-01 448 599 151 0010 A Zone(0017 Mo)

1367 1452 085 0012 A Zone

07PL-03 15462 15533 071 0012 A Zone






































Management










ManagementRating

Strength ofBoard





Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating







NO





Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks























































Management










ManagementRating

Strength ofBoard





Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating







NO





Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks






















ManagementRating

Strength ofBoard





Management Rating

33

50

30

35

30

35

35

0 20 40 60 80 100

Net Rating







NO





Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks






















Outlook forGold












00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks
























00278690008421

-00052550004206000445

-0003401001301800030990010772

-00012760047147

-0003906-0022262-0004512-0007566-0002027


200

400

600

800

1000

1200


US$

oz

Source KITCO

2007 Avg - $695 oz

Avg (Jan 73 - Jun 08) - $361 oz








Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks






















Oil Vs Gold Prices

0

20

40

60

80

100

120

140

160


US

$bb

l

000

20000

40000

60000

80000

100000

120000

US

$oz





-

500

1000

1500

2000

2500

3000


(mm

ou

nce

s)

Source ETG
















-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks

































-

20000

40000

60000

80000


met

ric

tons

000

250

500

750

1000

mill

ion

met

ric

tons









Financials








Valuation








Fair Value $0132















Average 134











Risks






















Financials








Valuation








Fair Value $0132















Average 134











Risks






















Valuation








Fair Value $0132















Average 134











Risks






























Average 134











Risks























Risks



















manson creek resources ltd. (tsx.v: mck) initiating coverage; … · 2012-04-23 · 52 week range...

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