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BASE METALSFourth Quarter 2008

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Uranium Poised for Price Gains

The Next Bull MarketCould Bring Huge Profits

By Alex SeagleThe Contrary Investor

The energy mar-kets have been a source of concern for at least the past decade. Recently, however, those fears have obviously in-creased as new price targets for crude oil move past $150, some even placing it closer to $200. This has propelled the demand for proven energy al-ternatives, such as nuclear energy. Unlike other alternative energy options that remain cost inefficient as compared to traditional energy sources, nuclear energy has been a practical energy alternative in many parts of the world.

Despite this bull case for nuclear energy, over the past year, uranium prices have collapsed over 50 percent, falling from over $130 to about $60 following shutdowns (for a variety of unrelated reasons) at nuclear plants around the world. This dip in demand has taken uranium stocks down as well. However, analysts continue to tout the long-term prospects for nuclear power, which would ignite more robust prices for uranium as demand surges.

There is no formal exchange for uranium as there is for other

commodities such as gold or oil. Urani-um price indicators are developed by a small number of private business organizations, like The Ux Consult-ing Company, LLC (UxC), that inde-pendently monitor uranium market activities, includ-ing offers, bids, and transactions. Such

price indicators are owned by and proprietary to the business that has developed them. The Ux U3O8 Price is one of only two weekly uranium price indicators that are accepted by the uranium industry, as witnessed by their inclusion in most “market price” sales contracts – that is sales contracts with pric-ing provisions that call for the future uranium delivery price to be equal to the market price at or around the time of delivery.

Why consider uranium as an investment? Or think of uranium investment for profit at all? Soaring demand for uranium, the world’s principal nuclear fuel, that’s why.

About one sixth of the world’s electricity is already coming from 440 existing nuclear reactors last year, according to the World Nuclear Association. That doesn’t sound a large proportion; however, by 2050,

Continued on page 3

Green ETFs:Investing in the Future of EnergyBy Don DionDon Dion’s ETF Report

Even before T. Boone Pickens stepped up to the podium, investors across America were well aware that energy alternatives would be important, perhaps necessary to meet the country’s energy needs in the future. Although gas prices have back off of recent highs, the future of U.S. energy still hangs in the balance.

While investors seem to agree that oil supply is the problem, there is more than one proposed way to deal with unflagging demand. As ideas develop into multinational corporations, investors are looking for a way to become involved in the growing field of alternative energy.

ETF issuers have responded with a smattering of funds, designed to offer investors exposure to everything from the growth of energy alternatives to the reduction of fuel emissions. Together, these funds represent ways to invest in the future of energy.

WindWhile wind energy is not a new

idea, it has recently experienced a flurry of publicity in the wake of T. Boone Pickens’ proposal, “Pickens’ Plan.” Part of Pickens’ Plan involves harnessing a “wind corridor” that’s pans from Canada to West Texas. Pickens believes that wind could supply 20% or more of the nation’s power.

Continued on page 20

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Expect Higher Uranium Prices By Year-End Continued from page 1

scientists estimate the world will need about 900 more nuclear power plants just to keep up with growing energy requirements. A new nuclear station can use three times normal uranium requirements.

As a result, demand for uranium has been outstripping supply since 2005. We cannot get enough out by uranium mining, so we are reprocessing old Russian nuclear war heads. Many countries are already buying uranium wherever they can. Japan is holding years of uranium stocks.

China in particular – the new economic powerhouse – has the cash and is buying uranium whenever and wherever it can, presently buying up as much as it can of the uranium production within the world’s largest uranium deposits in Australia.

Since 1990, we have had the 11 hottest global temperature years since records began in 1861. There is worldwide concern about further production of greenhouse gases which will send climate change into overdrive. Unfortunately, along with cars, the largest producers of polluting gases are dirty coal burning power stations. And the two biggest industrial giants, the US and China, happen to be the biggest polluters and builders of new stations.

At the moment, most of the West is antinuclear. However…a coal plant will produce up to 2.7 million tons of carbons dioxide and ash, but a nuclear power station produces no greenhouse gases at all. Public opinion is likely to swing towards any energy source that is carbon-neutral – another plus for uranium. Even a supposed anti nuclear stronghold, the former Soviet Republic of Belarus, (worst hit by the Chernobyl nuclear disaster), is now opting to accelerate its nuclear energy program, as an alternative to expensive Russian natural gas. Use of safer heavy water reactors is also likely to allay public opposition to nuclear power.

Here’s another factor in favor of uranium: in 2007, global oil demand continued growing and will grow this year. The world used nearly 31 billion barrels for the year, and the most used ever, according to the International Energy Agency. What’s more, world demand is set to rise to above 31.5 billion barrels. Worldwide oil and gas reserves are becoming depleted faster and faster with much of the present supply – unlike uranium – located in politically reliable or volatile regions.

We have coal, but its dirty and polluting.

Enter uranium mines fuelling nuclear power as major alternative energy, the uranium coming from within friendly nations such as Australia, Canada, the US, Mexico

and South Africa, and from new uranium exploration and mines. There is also ongoing research into extracting uranium from sea water, providing a potentially limitless supply of alternative energy.

Then there is cost. In spite of high start up costs, nuclear power is getting cheaper all the time. Power generated via uranium is better and cheaper than coal, water, wind solar and fuel cells. A recent study showed that the next generation of nuclear power plants should be able to produce electricity at $55 per megawatt hour, as against an average rate of $50 per megawatt hour at a coal plant. With further refinements, the nuclear power stations using uranium could produce it at about $44. That makes uranium electricity less costly than coal, without greenhouse ash and pollutants.

Uranium is therefore underpriced and has not nearly reached its old peak in inflation-adjusted term. Through 2006, the uranium spot market price continually climbed by 99 percent, from $36.25 to $72 per pound of uranium oxide (U3O8). Now it has begun to climb again and at $60 per pound, the uranium price is now almost 10 times the record low of $7 per pound in 2000.

Back in 1978, uranium prices peaked at $43.40 per pound (around $145 per pound in today’s dollars). That means uranium prices could nearly double and still not surpass its old inflation-adjusted highs. Expect uranium prices to climb by the end of the year as uranium stocks deplete and new contracts with suppliers are negotiated.

The Contrary Investor expects many merger agreements, as firms may consolidate neighboring uranium mine claims and ‘share’ uranium mining experts. We look for demand for uranium to reduce regulation and bans on uranium prospecting and mining.

With only a handful of U.S.-listed stocks offering exposure to uranium, investor exposure to the sector

Continued on page 21

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ResouRce stocks: Gold, silveR & oil & Gas shaRes

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Uranium: Will summer’s doldrums end in Sept.? Low prices cure low pricesJames Dines: “Industry giant Cameco has had

yet another flooding problem at its giant Cigar Lake property, on which utilities had been counting to produce approximately 15% of the world’s production of uranium by now, showing how the supply part of the nuclear-power equation for utilities continues to be tenuously overstretched. Meanwhile, there is more and more publicity about nuclear power in the press these days, perhaps because candidate McCain is making it one of the issues for the upcoming debates with Obama.

Rolls-Royce plans to expand its nuclear business making reactors for submarines into pumps and control systems for civilian use, and has already worked for both Areva and Westinghouse. Rolls Royce has made reactors to power Royal Navy submarines for fifty years, and sees great potential in civilian use. A career for your children.

Just in time, as China’s power shortages, partially due to sky-high coal prices and shortages for 80% of its power, are already causing brownouts and production cutbacks so they could soon be desperate to expand their nuclear-powered capabilities. More than a dozen of China’s provinces are rationing power to industrial users and China has already reduced aluminum output at Chalco (Aluminum Corp of China) accounting for 70% of China’s aluminum-production capacity. TDL has been forecasting a “surprise recession in China” for the last two years – believe it or not – and its second-quarter results might have showed a slowing of growth. We cheerfully acknowledge that bearishness on China is a lonely position these days, but we share charts of lead, zinc, and nickel in Downtrends, plus steel and other metals are under pressure.

India plans to quintuple its nuclear-power capacity, but Russia and France will get most of the contracts. Except for GE Energy, the American nuclear-power industry is asleep at the wheel. With India as a huge new uranium market, plus the reduced output from Cigar Lake, utilities right now must be concerned about their low inventories, and we expect higher prices soon.

Mexico’s oil industry continues to decline, and its experts predict that it will stop being an oil-exporting nation within 5 to 10 years. Its proved reserves have been falling steadily since the 1980s, but no one sees this as a sign that they need to stampede toward nuclear power immediately, if not sooner.

Ethanol as a substitute for oil is beginning to inspire second thoughts as it keeps corn prices high enough to create food shortages, but that can’t change until after America’s election, in order not to lose Iowa’s votes. And possible oil disruptions continue to menace the world’s energy supplies, as Pakistan has ousted Musharraf and the nightmare scenario of Pakistan falling to al-

Qaeda with its nuclear weapons and delivery missiles is added to military problems from Russia.

While the news for uranium is as bullish as we expected, we continue to be amazed at how cheap the stocks of uranium producers are, a Disparity such as we’ve never seen before. However, just as we indicated when oil was at its all-time high, when we declared that “high prices cure high prices,” we can now say that low prices will cure the low prices of uranium-mining shares. This is not a market that respects value, but it will again. Our uranium portfolios are highly leveraged, both up and down, and the next bull wave could bring huge profits.

When investors are fearful enough, they engage in what is called a “flight to quality,” dumping speculative stocks and switching into blue-chips. But when Mass Fear sufficiently stalks investors there can be a “flight to cash,” especially when even the safety of some banks and bonds come into question. And that is happening now, worldwide, as increasing numbers of investors sell their entire stock portfolios, regardless of underlying value. Or, for survival, dumping all their stocks “just for the money” that they need. This is normally a feature of Bottom Formations.

But these are not normal times, as even blue-chip Bear Stearns was looted and jettisoned to Wall Street’s drooling wolves. The real-estate crash has left some properties with no buyers, so how could banks who invested in them evaluate and price them accurately, or which bank could even be certain who’s at risk of insolvency? The undermining of an ability to clearly value some property of the Mass Fear generated worldwide such that even stocks with merit can be spurned by potential buyers.

Still those who buy can become quickly disillusioned when a stock they acquire at 5, for example, drops only 2 points, but represents a quick debt of 40% even though those same 2 points could recover just as rapidly when markets suddenly turn up.

In a way these markets are the mirror image of a bull market driving to the sky without upside limits. But in a bear market, when a stock drops to 2, we need to be clear that the maximum possible loss is only 2 points from the proverbial “rock bottom,” provided the stock is not held on margin and survives. It’s not easy to hold low-priced stocks through periods such as these, but this is the path to becoming a “seasoned investor” looking for huge profits, instead of chasing or running from each dip and rise so as to possibly garner small amounts of money.

It’s one thing if the corporation has a product or a service, but quite another if it has “wealth in the ground,” an actual asset that could eventually be sold. Investing itself is cyclical, as is real estate, but when that ground contains uranium at the dawn of “The Coming Nuclear Age,” uranium stocks should survive better than many others. Thus we must maintain the High State of Appropriateness as to the amount of risk and age to calculate the percentage of portfolios in nuclear energy. This includes keeping assets in more than one country, if possible. In vicious bear markets

5

ResouRce stocks: Gold, silveR & oil & Gas shaRes

such as this one, there really has been no place to hide, so the wise move is to nurture what we call Attack Capital for when the tide inevitably turns up.

It is also important not to be misled by occasional shallow commentary. For example, some have ascribed the latest rally in the US dollar to Europe’s economy suddenly having weakened, as if currencies reflect the economy. Our take is different, as currency rallies are often a function of interest rates: the higher the rates the more attractive a currency is to global “hot money” searching to maximize yield. The real profit comes when we can anticipate proactively the direction of interest rates, and since we have been predicting a worldwide recession, we expect government bankers to lower interest rates, as America has done. Our Trigger Box has been negative on bonds in recent years precisely due to this line of our reasoning.

In these summer doldrums, pretty much all stocks are down, and most investors who have not already sold are simply waiting patiently for the inevitable recovery. For all anyone knows, our last “Buy signal called a uranium Bottom.”

***************

THE PERSONAL CAPITALIST, 6911 S. 66th East Ave., Ste. �01, Tulsa, OK 7�1��. 1 year, 2� issues, $195.

Commodity super cycle is not overSean Christian: “As we have looked around the

world, we see tremendous support for our positions. In fact, we believe that 2009 will be a year of global boom, sparked by a worldwide push to develop or rebuild infrastructure. A number of market observers have indicated fears of a global slowdown (based on Europe’s weakness and a slowing China). We do not believe that too much should be read into this, as the Olympics brought short-term business to a standstill in China and Europe vacations in August. Even if there is weakness in the fourth quarter, we believe that there will be a nearly universal effort by governments to stimulate through infrastructure development. The Chinese in particular have $1 trillion of hard currency ready to commit to building roads, power plants, water purification facilities, and other assets that will boost productivity and enable urbanization. At the same time, the Middle Eastern and Asian sovereign wealth funds are loaded with oil revenues and looking for investment opportunities. They love infrastructure development and would like nothing more than to own a piece of America or Europe. All of this will help create opportunity for commercial and investment banks to recover as they provide financing for the projects.

CamecoIt is increasingly obvious that nuclear power is

essential to our global energy future. The Paris based International Energy Agency released a report suggesting that the world needs to build 1400 nuclear power reactors by 2050 to meet energy demand. If only a fraction of this development were to take place, Cameco (CCJ) would be positioned as the “Saudi Arabia of nuclear power.” We believe that this stock

will be strongly supported over the long term by global urbanization (creating a growing appetite for electric and climate change legislation that will favor nuclear power which produces zero carbon emissions).

The stock has traded down recently (based on the decline in the price of oil as well as negative news regarding the company’s Cigar Lake mine). We believe these to be short-term in nature. The Chinese will use nuclear to reduce air pollution. Even the Saudis are building a nuclear power plant, claiming that it is less expensive than oil in producing electricity.

Oil/Energy SharesWe are really well positioned in this sector with

XTO Energy Inc. (XTO), Cross Timbers Royalty Trust (CRT), and The Williams Companies, Inc. (WMB). Natural gas producers are becoming more and more the “darlings” of investors with XTO getting very favorable comments in a Barron’s article. We are in a power super-cycle. And that would resonate from the view that a large proportion of the world just doesn’t have access to electricity at the moment. A third of the Chinese population doesn’t actually have any power.

Urbanization is occurring globally (creating a need for a lot of power). The average consumption of electricity per capita in China is about one fifteenth of what it is in the U.S.

Power Plug (PLUG) and Hydrogenics Corp. (HYGS) will eventually profit as the need for alternative fuels grows and fuel cell development progresses. The U.S. Postal Service becomes the latest entry into Chevrolet’s Project Driveway, the world’s largest market test of fuel cells to date.

MetalsWe do not believe the commodity super cycle is over

and remain committed to our metals holdings: FCX and PCU for copper, OZ Minerals for Zinc, ABX and NEM for gold. OZ Minerals (formed by the merger of Oxiana and Zinifex) looks especially good. It is the second largest zinc company in the world and third largest mining company in Australia.”

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6

Uranium Bay Discovers Potentially Massive Uranium Deposit in QuébecCompany is focused on developing significant uranium resource

Drilling program reveals several potentially large, economic-grade zones of uranium mineralization at Uskawanis Uranium Property in northwestern Québec.

As a junior exploration company, Uranium Bay Resources Inc. (TSX.V: UBR), is a big, bold thinker. In an increasingly energy-starved world, this company has positioned itself to move quickly to the forefront of the crucial uranium/nuclear energy sector.

Uranium Bay President and CEO Bernard Tourillon says his company is on the hunt for exploration projects that have strong production potential in “advantageous geopolitical regions” that offer low risk, supportive infrastructure, and the high probability for “big, robust, economically important deposits.”

Intriguingly, the company already appears to have found one, if not two, potentially massive open pittable deposits in mineral-rich Québec, Canada that will be easy and economical to mine.

Initial exploration on Uranium Bay’s most advanced project, the Uskawanis Uranium Property, prioritized and screened 44 uranium anomalies to identify 14 exploration targets and, in the process, discovered positive evidence of widespread uranium mineralization. Similarly, initial scientific studies performed on the company’s Kauschiskach property show the potential for a massive uranium deposit. Both properties are 100%-owned, as are several other uranium properties in the Wakeham area of eastern Québec. In addition, the company holds two copper concessions in Namibia (Gunib and Grootfontein).

Economic Grades of Uranium Discovered At

Uskawanis PropertyExploration at the company’s 314-

square-kilometer Uskawanis uranium property used airborne radiometrics and ground investigation to identify anomalies indicative of widespread low-grade uranium mineralization. The anomalies included:

• Boulder trains – long “strings” of radiometric boulders transported from a source area by glacial ice flow;

• Large volume, alaskitic “granitic” source rocks for boulder trains; and

• Intrusive pegmatitic rocks, usually smaller uranium bearing pegmatites intruding into surrounding rock.

Limited drilling investigation this summer on two of these anomalies (the N3 and N4) shows that both have significant volumes of economic grade mineralization and that there is the potential to consolidate substantial

poundage of uranium.To date, the company has drilled 12 holes, totaling

1,800 metres. All the holes intersected significant uranium mineralization. Six of the twelve holes showed good lengths of mineralization over 100 ppm eU3O8, giving a 50% hit rate.

The Uranium Bay field team believes the uranium mineralization at Uskawanis is a post granite and pegmatite formation. Using a 100 ppm eU3O8 cut off, company geologists estimate the N3 block, which is open to the east, could conceptually contain 7-10 million tonnes of material grading at 120 ppm eU3O8, with a total potential of 1.8-2.6 million pounds eU3O8.

A similar estimate for the N4 block suggests that this area could also contain 8.75-12.5 million tonnes of material grading 100 ppm eU3O8, adding a further potential of 1.9-2.7 million pounds eU3O8 to Uranium Bay’s eventual resource estimate.

In addition, gamma logging has confirmed the intersection of a horizontal fracture zone containing several tens of centimeters of high grade mineralization with values exceeding 0.6% eU3O8. The company plans to further investigate this high grade discovery.

The maximum observed uranium concentration in

7

James Bay area is 2000 ppm. The Uskawanis area shows not only one of the highest concentrations but also multiple sample sites with extremely high uranium concentrations. These sites are all adjacent, suggesting dispersion from one or several ore bodies in close proximity.

“High grade deposits sound good, but not if there is not enough ore to be economical. The key is volume, volume, volume,” says Tourillon.

The Uskawanis Uranium Prop-erty is located in the northern part of the province of Quebec in the James Bay Mining District, some 800 kilometers north northwest of Montreal and 178 kilometers south-southeast of the town of Radisson – where community in-frastructure includes an airport, hospital, school and businesses. The Uskawanis campsite is locat-ed some 38 kilometers east of the Eastmain hydro-electric generator station and the closest road-link.

“We accomplished our primary goal – discovering significant intersections of uranium miner-alization at potential economic grades,” Tourillon announced re-cently. “We intend to extend the current drilling program to con-solidate and prove-up resources to a reserve status.”

Large Mineralized Zone Found At Kauschiskach

Uranium PropertyUranium Bay conducted an

helicopter airborne survey last summer at its Kauschiskach Ura-nium Property’s The K1 deposit, located some 60 kilometers north of La Grande 3, James Bay.

A geophysical report based on that survey identified more than 21 discrete uranium anomalies. Several have significant length and area. Numerous “hot-spot” zones” are up to 1,500 meters long. A key anomaly in the northwest part of the property is a late stage intrusive granite with uranium grades that appear to increase towards the centre of the intrusive. The uranium/ thorium is present at elevated levels in the younger granite.

A preliminary follow-up inves-tigation indicates the presence of

Exploring for Uranium in Québec,

Canada

Uranium Bay Resources may already have found one, if not two, potentially massive open pittable deposits in mineral-rich Québec, Canada that will be easy and economical to mine.

�

at least one large zone of low grade mineralization. The company is planning a 600-1,000 meter drilling program to investigate this mineralization.

Investment ConsiderationsJust a year ago, Ura-

nium Bay Resources made a strategic decision to become one of the leaders of the uranium explora-tion revival in the James Bay region of Québec, one of the best jurisdictions in the world for natural resource exploration. The company’s focus on the James Bay area is based on the believed geological potential to finding bulk-type uranium mineralization.

“The powerful trends that helped fuel U3O8 spot prices to new heights last year have not fundamentally changed,” says Tourillon. “A second wave of in-terest in uranium exploration is coming and it is this second wave that will bring about a renewed interest from the investment com-munity for uranium exploration projects.”

Uranium Bay’s business plan is both very simple and very direct: to develop the greatest number of pounds of uranium in the ground as the company can over the next two to three years.

The company has demonstrated clearly the widespread nature of the uranium mineralization at Uskawanis and has confirmed the presence of a substantial number of good size uranium targets. The company has no ambition, however, to take their properties to production. That role, says Tourillon, would best be fulfilled

by a “significant partner” with a stellar track record and uranium production expertise.

For the near future, Uranium Bay certainly has enough to keep it occupied as it explores two potentially massive deposits in a proven mineralized district. Ac-tually, the company is just at the start of what is typically a 5-7 year journey from confirmed discovery to full devel-opment of a uranium deposit. The company is reaching the end of the beginning phase of that journey and about to be-gin a crucial new phase focused on outlining and

expanding a definitive mineral resource.

Last year, the company raised C$4 million, spent most on ex-ploration, had C$1.2-million fully reimbursed by the Québec government, and still has C$1.4-million in the bank, enough to complete its current round of exploration programs. In sum-mary, Uranium Bay is a company with a strong technical team, advanced exploration projects and a clear path to establishing a significant resource potential – a set of facts that should eas-ily attract the attention of the investment community.

“Uranium Bay’s driven, me-thodical and scientific approach to uranium exploration confirms our leadership position in ura-nium exploration in Quebec,” says Uranium Bay President and CEO Bernard Tourillon. “We thought we had an elephant. Then we found the elephant boots. Now we know we have the elephant.”

Disclaimer: This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. References made to third parties are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate. Recipients should not regard it as a substitute for the exercise of their own judgement. The opinions and recommendations are those of the writers and are not necessary endorsed by The Bull & Bear Financial Report. Any opinions expressed in this material are subject to change without notice and The Bull and Bear Financial Report is not under any obligation to update or keep current the information contained herein. All information is correct at the time of publication, additional information may be available upon request. The companies featured in this publication have paid The Bull & Bear Financial Report a fee for their investor awareness programs. The directors and employees of The Bull & Bear Financial Report do not own any stock in the securities referred to in this report. The Bull & Bear Financial Report is not affiliated with any brokerage or financial company.

NOTE: In addition to historical data, the reports may also contain forward-looking statements. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Readers are cautioned not to place undue reliance on the forward-looking statements made in this report.

URANIUM BAy RESOURcES INc.

TSX.V: UBRContact: Bernard J. Tourillon

President and CEO4444 Ste. Catherine St. W, Ste. 201

Westmount, Québec, Canada H3Z 1R2Phone: 514-846-3271

Fax: 514-846-1435E-Mail: bernard.tourillon@uraniumbay.com

Web Site: www.uraniumbay.comShares Outstanding: 81.38 million

Active Float: 30 million 52 Week Trading Range:

Hi: C$0.39 • Low: C$0.065

Significant uranium mineralization discovered in all 12 drill holes during summer drilling program at Uranium Bay’s ongoing exploration program at Uskawanis Uranium Project in Québec, Canada.

9

ResouRce stocks: Gold, silveR & oil & Gas shaRes

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Stock Picks and Insights from America’s most respected advisors

Howard R. Gold, Editor of Top Pros’ Top Picks, offers a glimpse into the best advice from leading advisors around the globe.

Hold On to the Commodity BullCurtis Hesler, editor of Professional Timing

Service, says we’re just in a correction and the commodities bull market is intact.

My outlook is for gold to recover to at least $1,600, and I think we may see $1,600 during 2009. Some experts are calling for $1,200… this year. Short term, gold has corrected back down to its long-term up trend line, and it’s a good time to be invested in precious metals.

Hang on to your mining shares and precious metal ETFs. If you have available cash – perhaps because you are liquidating financial/paper based assets in the stock market rally – this is an excellent time to invest in gold and silver issues. I would not sell the juniors you may be holding, but I continue to advise that new money should be directed toward the majors.

Crude oil hasn’t been raided by the bears like gold has, but I still think we could see the $108.00 level basis December futures. However, nothing has changed fundamentally that I can see. All the whimpering and handwringing about the US economy aside, China looks strong – even factoring in the intentional slowdown orchestrated for the Olympics.

The last I saw, Chinese retail sales were growing at 15% a year net of inflation. That’s the fastest rate in nine years. Gasoline sales are growing at a 55% annual rate. Incomes are rising by 8% a year. I think you would find similar numbers throughout Asia.

Essentially, it is more important that crude oil tends to put in a seasonal low in August. Longer term, you will see $160.00 crude oil … perhaps even this year.

We called for this stock market rally when everyone was in a fit of panic, but we did not advise the beginning of a new bull market in stocks. That just isn’t going to happen. The Standard & Poor’s 500 index should be limited to 1,350.

I pulled up charts of the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite index from1980 to 2000. That was one heck of a bull market – and not unlike the commodity bull market we are currently experiencing.

Along the way during those 20 years, there were serious corrections –much more severe than the recent correction in gold, for example. I traded through 1987 up close and personal. The market topped out in August that year, gained downside momentum, and totally melted down in October. The Dow collapsed 25% in one day alone.

Corrections come along during bull markets. They always look like the end of the world, but they are actually the beginning of an opportunity. The commodity bull has a long ways to go. You must hold tight when

you are right. The commodity bull will last until the Dow/gold ratio – currently 13x – falls under five.

Cheaper Oil May Not Mean Lower PricesKnight Kiplinger, Editor-in-Chief, Kiplinger’s

Personal Finance, The Kiplinger Letter, and Kiplinger.com, 1729 H Street NW., Washington, DC 20006, says some price increases for next year are already baked in to the economy.

Despite lower overall inflation rate next year, keeping business budgets in check won’t get a lot easier.

The Consumer Price Index should climb by only about 2.5% in 2009, compared with the 4.5% increase likely this year. Figure wholesale prices will run a parallel course, rising at a rate that’s only about half of this year’s 8% wholesale inflation pace.

Still, producer prices, which are heavily influenced by the cost of raw commodities, will continue increasing about twice as fast as consumer price inflation. As a result, corporate profits will continue to be squeezed. They’ll make up the ground that was lost this year, but are still going to lag behind the record profits of 2006.

It will help that energy prices shouldn’t repeat this year’s performance. The speculative froth that whipped oil prices to nearly $150 a barrel has subsided. Plus, slower world economic gains and reduced consumer demand in the face of record prices will allow the supply cushion to expand modestly next year.

We expect oil prices to average near $100 a barrel next year, after falling to around $110 at the end of 2008. This year’s average: $115 a barrel.

Average 2009 gasoline prices: 20¢ or so per gallon less than this year, with a summertime peak of about $3.75. That’s 36¢ lower than this year’s peak.

Natural gas won’t cost as much, either: for 2009 as a whole, we anticipate users paying about 75¢ per MMBtu less than this year.

A similar pattern for heating oil: come next year, prices should average out at about 15¢ a gallon less than the $4.05 a gallon we anticipate for the 2008 average.

But the somewhat easier energy picture won’t dampen price hikes elsewhere. In fact, costs for many other products and services will rise more sharply next year as the steep increases in fuel prices this year work their way through the economy.

Transportation and freight charges will continue to mount, with companies seeking to build their persistently high fuel expenses into their rate structures.

Soaring airfares mean higher costs for business travel next year as well. The average fare may climb 8%, following a jump of the same magnitude this year. And that doesn’t include fuel surcharges, checked luggage, and other fees tacked on.

Most firms won’t boost their travel budgets, though, opting to stretch dollars by insisting on more frugality: limiting extra baggage, flying economy class, and so on.

Employers will also try to keep a tight rein on wage increases next year. Average base pay hike: 3.7%, less than the cost of living will rise in 2008.

Holding down health care costs will be tougher. Insurance premiums are headed for another 8% jump in 2009.

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Minera Andes in Full Production at San José MineMore High-Grade Drill Results at Los Azules Copper ProjectResource Development, Aggressive Exploration Key to Continued Growth

Production... Minera Andes’ San José Mine is running at full production and is poised to double its output by year-end. Cash flow from an anticipated annual production of 6 million ounces of silver and 120,000 ounces of gold will finance the company’s ongoing exploration program throughout Argentina.

With production well underway at its co-owned San José Silver/Gold Mine, Minera Andes Inc. (US OTC: MNEAF; TSX: MAI) has officially joined the ranks of the world’s silver producers – and now is aggressively drilling at its Los Azules copper discovery, a project that could give the company a significant copper target, as well.

Meanwhile, Minera’s joint venture has continued exploration and doubled San José silver/gold reserves to more than 64 million silver equivalent ounces and upside that suggests substantial mineral potential of between 1.6 and 3.4 million tons and a multi-million ounce silver/gold deposit. A follow-up drilling program now underway continues to intersect high-grade silver/gold mineralization intended to support a doubling of mine production at the end of 2008.

In the process, Minera Andes is effectively validating its business plan: to build asset value by assembling a rich portfolio of mineral properties in Argentina, and then exploring, developing and partnering with established mine operating companies to bring to production those projects with the potential of more than one-million gold-equivalent ounce resources.

“With commissioning of the San José mine and ramping up of production, this is an exciting time for Minera,” says Minera Andes President Allen Ambrose.

San José Silver/Gold Reserves Double As New Exploration Seeks to

Further Expand ProjectMinera Andes holds about 355,000 acres of

highly prospective mineral exploration property in Argentina, including its now producing 99,000-acre San José project.

Resource and explora-tion drilling located new silver and gold resources last year, reinforcing the company’s belief that San José has the potential to evolve into a mining district. Less than 15% of the known 40 kilometers of mineralized silver/gold vein systems have been explored at depth – while the project’s proven and probable reserves have been calculated from data covering only 4.0 kilometers or about 10% of the mineral-ized zone.

According to a recently updated technical report,

San José has a proven and probable mineral reserve of 2.4 million tonnes grading at 6.79 g/t gold and 430 g/t silver. The economic cutoff used to calculate the reserves is $94/t using a $500 gold price and $9 silver price. This translates to 602,000 ounces of contained gold and 33 million ounces of contained silver.

An exploration program, begun about a year ago to lengthen the mine’s life, has successfully located new silver/gold mineralization in the immediate mine area. High-grade silver/gold intercepts have been made on the Odin and Ayelin veins. Potential exists to futher increase the mine’s proven and probable reserve/resource base.

The San José Mine has 14,000 meters of underground workings, two ramps and a third under construction, and 450 employees on site. Mechanized cut and fill mining, the primary mining method, is supplemented with conventional cut and fill techniques. Mining costs are relatively low, averaging about $3.92 per silver-equivalent ounce as estimated in the 43-101 technical report. Initial mining has focused on the Huevos Verdes and Frea veins, and will soon expand to the Kospi vein and a new section of the Frea vein. The Kospi vein was the first of four new high-grade discoveries made in just the last three years. Other targets for increased exploration are the Odin, Ayelén, Flor, Huevos Verdes West, Lourdes, Frigga, Aguas Vivas, Roadside, and Portuguese West.

Minera and its 51% joint venture partner, Hochschild Mining plc, are presently mining 750 tonnes of ore a day. The proprietary “Gekko system” plant uses a gravity-flotation-intensive leaching process to produce

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US OTc: MNEAF • TSX: MAIContact: Art Johnson,

Investor Relations111 E. Magnesium Rd., Ste. “A”,

Spokane, WA 9920�Phone: 509-921-7�22

Fax: 509-921-7�25E-Mail: info@minandes.com

Web Site: www.minandes.comVancouver Office:

Krister A. Kottmeier, Investor Relations, Canada

(�77) 6�9-701� ircanada@minandes.com

Shares Outstanding: 1�9,�2�,9�5 52 Week Trading Range:US: Hi: $2.26 Low: $0.�5

Canadian: Hi: C$2.19 Low: C$0.�6

a gold-silver doré. The joint venture plans to double production to 1500 tpd by the end of the year, with annual production increasing from 64,000 ounces of gold and 3.9 million ounces of silver to 6 million ounces of silver and 120,000 ounces of gold with 49% attributable to Minera. The mine’s life, at 750 tpd, has been extended from 5.2 to 9 years.

Drilling at Los Azules Copper Project to Establish Economic Resource

The Los Azules project discovered high-grade copper mineralization in 2004 during a reconnaissance drilling program. High-grade copper mineralization included one hole that contained over 1% high-grade copper.

In November 2007, Minera’s Los Azules project was consolidated with an adjoining project owned by Xstrata Copper as part of a definitive contract between the two companies. The properties straddle a large copper porphyry system in Argentina’s San Juan province, about 30 kilometers from the Chilean border in the Andes. Under the agreement, Minera is earning a 100% ownership in the now consolidated Los Azules project by spending at least $1 million in exploration by November 2010 and completing an economic assessment for the project.

Drilling suggests that a high-grade copper zone in the northeast portion of the target is larger than previously believed. The 10,000-meter, 24-hole drilling program, begun in late 2007, will define an inferred resource in compliance with Canadian NI 43-101 reporting rules and provide the detailed engineering and technical information needed to complete the scoping study.

The 2007-2008 drilling season at Los Azules, designed to obtain data for an economic scoping study, has had its successes. One hole encountered 132 meters (433 feet) of 1.11% copper within a larger interval of 250 meters grading to 0.92% copper. Another hole intersected 113 meters of 1.04% copper within a 200.8 meter intercept of 0.89% copper. Based on its work at Los Azules, Minera Andes intends to define an inferred resource in compliance with Canadian NI 43-101 reporting rules.

If the scoping study, which is expected to be completed by Q3 2008, shows the potential to produce 100,000 tonnes (200 million pounds) of copper per year for 10 years or more, Xstrata has the right to earn a 51% interest in the combined properties. If Xstrata exercises that right, it must pay Minera three times its expenditures and complete a bankable feasibility study within five years.

“Over the past few field seasons, drilling at Los Azules has discovered new high-grade copper mineralization,” says Ambrose. “Los Azules is evolving

as a sizeable porphyry copper target with a high-grade near-surface copper discovery at its core that is still open at depth. This is a big project that the market has yet to notice.”

Investment ConsiderationsGiven two major projects – one in production and

another under rapid development – it is clear that Minera’s decade-long focus on Argentina is paying off. Minera recently closed a financing of C$34 million financing that will be used to fund its share of development and exploration costs at San José, as well as for exploration drilling and completing the scoping study at Los Azules. The company is also evaluating its other gold, silver and copper properties in southern Argentina.

One of the keys to the company’s success is its ability to attract world-class partners to bring its best projects to full development and eventual production. And the reason such companies are attracted to Minera is the company’s management team of proven geologists who have a stellar record of locating high-potential targets and the ability to add value to those projects through methodical, systematic exploration.

Minera’s San José joint venture partner, Hochschild, has more than 40 years experience in the exploration, evaluation and extraction of precious metal epithermal vein deposits in South America. Hochschild operates three underground epithermal vein mines in Peru that are geologically similar to San José. The company is the world’s fourth-largest primary silver producer.

Xstrata Copper is a division of Xstrata plc, one of the world’s major copper producers and a leader in such other major commodity markets a coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc. Xstrata operates in 18 countries.

Partnerships of this quality are vital for Minera Andes, which at its core is an exploration company. Minera’s shareholders have the best of both worlds – the excite-ment and reward associated with the exploration for and discovery of major new mineral deposits; and the financial endorsement of partners who are mining sector leaders. For the retail investor, there is another endorsement that carries special significance – the participation of major investors (e.g. Rob McEwen, about 24% ownership) and about 40% insti-tutional ownership.

Even as Minera appears poised to establish San José as a min-ing district capable of hosting multiple mines, proving up a mas-sive copper project, the company has not forgotten its dozen other properties where exploration is ongoing. Says Minera Andes President Allen Ambrose: “We are really excited about our explora-tion upside.”

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ResouRce stocks: Gold, silveR & oil & Gas shaRes

THE PRIMARY TREND700 North Water St., Milwaukee, WI 5�202. Monthly, 1 year, $�0.

Energy bubble popped?Barry Arnold: “Has this energy bubble now popped?

The fact that we have absolutely zero oil and gas exposure in portfolios speaks volumes on our thoughts and opinions. We believe that it’s a risky proposition to get involved in energy-related issues at a time when revenues and earnings are, arguably, at peak levels. It is our contention that the recessionary pressures on demand combined with the unraveling of the commodity play within the hedge fund industry will pull the rug out from under crude oil. In fact, we’re already seeing it happen with oil’s 21% drop in the last month from $147 to $116 a barrel. Next stop for crude is $100 where there is temporary support. We think $80 is attainable before year’s end.

**************

Kenneth Coleman’s INVESTMENT TRACKER��05 Courageous Ln., Carlsbad, CA 9200�. Monthly, 1 year, $1�9. www.TheInvestmentTracker.com.

Crude Oil Tumbles – A story from the past about alternate energy

Kenneth Coleman: “The bubble in crude oil has finally burst, A global economic slowdown, aided by China’s closing of industrial output in and around Beijing during the Olympics, has been one factor in the current moderation of crude’s price. Another factor in the rallying dollar.

Perhaps more important are the current proposals by T. Boone Pickens, Al Gore, John McCain and environmental groups. They are pressuring Congress to take action on tax breaks for alternative energy. This has scared the hell out of OPEC.

This is nothing new. In the early 1980s (after the gas price shocks of the 1970s), our nation was on alternative energy binge. Congress and the states were offering subsidies to solar energy buyers and windmill electric generator companies.

Windmills in areas with high winds went up like crazy and homeowners in Sunbelt states began installing sun panels on their roofs.

These developments shook up OPEC and OPEC’s leaders quickly reacted. The price of a gallon of gas at the pump (U.S. city average, unleaded gas) went from a high of $1.41 in early 1981 to a low of 82 cents by the end of 1986 (data from the Bureau of Labor Statistics, U.S. Department of Labor).

Crude oil had been in the $60 per barrel range in the early 1980s. By the mid 1980s, OPEC had brought the price down to around $10 per barrel. The strong dollar played a factor, to be sure. But OPEC had quickly strengthened production output, and the world was awash in excess oil supply.

OPEC’s strategy had the desired results. Investors

in alternate energy (solar, wind) were wiped out. Alternate energy companies went out of business.

This story from the past is worth noting today. Taxpayers and investors will be asked to foot the bill for today’s alternative energy investments. Those who propose that we spend about $1 trillion to promote alternative fuels and solar and wind power have not researched OPEC.

We do not have an oil shortage. What we have is a weak dollar, and until recently, strong global demand for oil (especially from China and India). The dollar has been rallying, and global demand for crude oil has dramatically weakened.

What we also have in the U.S. in an economy battered by the sub prime fallout and the ensuing real estate crisis. A credit crisis followed, making it harder for companies and individuals to borrow money.

Since the beginning of the year, crude oil prices rose dramatically. This played especially hard on industry sectors that were unprepared for the dramatic increase: transportation (airlines, trucking, car manufacturers), and everything else that depends on transportation to move goods.

Our economy is dependent on consumer spending. But the consumer is now tapped out. Many are unemployed, and those who still have a job are still putting much of the weekly paycheck into the gas tank, even with declining prices at the pump. We’re paying more for food, medicine and health care. That doesn’t have enough discretionary income to buy, buy, buy and shop until we drop.

With the credit crunch and declining real estate values, Americans are discovering they can no longer use their homes as a cash ATM. Many people, perhaps for the first time ever, are discovering they must live within paltry means.

The recent economic stimulus checks offered temporary relief. Many of the recipients paid bills and packed some away in savings. The results of the government’s economic stimulus plan were modest, at best.

Why Has the Dollar Been Rallying?Although pandering politicians would have you

believe that the evil OPEC cartel and its oil industry serfs are responsible for high crude oil prices, we have seen the direct correlation between the value of the dollar and the price of crude.

There is also a correlation between our massive national debt and dollar value. A quick primer on money creation in our fractional reserve monetary system: money is created when it is lent. During times of easy credit, more money is lent and more liquidity ensues. Defaulting debt removes excess liquidity.

The massive amount of debt created since the mid-1990s (when we entered into the trade agreement with China) created a massive amount of dollars. However, until recently, price inflation was not an issue, because foreigners were willing to buy our debt, in exchange for dumping cheaply priced imports on our shores.

So, why has the dollar been rallying? It didn’t happen overnight. Defaulting debt and bankruptcies

1�

ResouRce stocks: Gold, silveR & oil & Gas shaRes

from the sub prime crisis have vanquished a huge portion of debt build up (thus money creation, thus liquidity).

Banks and other lending institutions have tightened lending (thus lowering money creation going forward). Anyone remember the old adage about the only people banks lend money to are those who don’t need it?

If the stock market begins to implode as the dollar continues to rally, we may have an answer to the question of whether the market’s current and past strength came from discounting the decline in dollar value at home and abroad.”

**************

MONEYLETTER.com, �79 Washington St., P.O. Box 6020, Holliston, MA 017�6. 1 year, 2� issues, $1�0.

Are Commodities So 2007?Walter Frank: “As you well know commodity funds,

the former darlings of the Street, have taken their place alongside the financials as the pariahs of Wall Street. We are only too aware of the role reversal which has lasted long enough and gone deep enough to hurt. Nevertheless, we believe the market has overreacted to what it sees as a change in the outlook for global growth.

For a perspective on the commodities outlook, we turned to a T. Rowe Price in-house interview with Charles Ober, the manager of T. Rowe Price’s New Era Fund, a portfolio fund that includes investments in commodity stocks.

Growth vs. capacityAs we observe the flight from commodities, we

are impressed with the foresight of Ober who said in early July that we could see a “temporary inflection point in Commodity prices that I don’t think will last very long.”

Ober’s fundamental view is that the world has run into a capacity issue that just cannot be solved in the short run. Yes, we can run into a period of slow growth, as we are now, but that will not change the underlying capacity issue.

Commodity prices may have been driven higher than justified in the short run by speculation, but that does not change the fundamental fact that capacity has not kept up with underlying demand.

One reason that capacity has not grown faster is that the resource companies have been “reinvesting in projects that make money at actually lower commodity prices than we are seeing now…” In other words the firms have not been throwing money at higher cost projects. As for the stocks themselves, in Ober’s judgment the commodity group’s multiple (low) should be higher and “getting closer to…a market multiple.”

EnergyOber did expect oil prices to come down (amount

unspecified) as they have for fundamental reasons, if nothing else. There are some new supplies coming on, both OPEC and non-OPEC. In addition, of course,

demand is slowing (“demand destruction”) from the high prices we have endured.

How far down? Here Ober settles on a range, $100-$120, which is the range other commodity specialists have settled on. In a way, it might be called the fundamental price outlook for oil, with speculation absent.

As Ober points out this price could hold, maybe through next year, but “without much addition to capacity, without little spare capacity, prices start to rise again.”

Ober summed up his views when answering a question about whether commodity prices are due for a substantial fall. He does not see it. In oil we do not have any meaningful surplus capacity. The old Saudi oil tap no longer exists.

As for metals, metal prices for years were too low for reinvestment. “Now we finally have to make up for that and reinvest. So we are at a point where capacity limitations are impacting prices…

It would take a really major global economic downturn that would be prolonged, for capacity to develop enough surplus…that I’d be concerned about the commodity prices…” Ober doesn’t’ foresee a major global economic downturn. Neither do we.”

***************

Roger Conrad’s UTILITY FORECASTER, 7600A Leesburg Pike, West Building, Ste. �00, Falls Church, VA 220��. Monthly, 1 year, $129. www.KonLin.com

Five low-risk energy producer playsRoger Conrad: “Recession fears have knocked

oil and natural gas prices well off this year’s highs. That’s spurred talk that the so-called energy bubble has burst, triggering an all-out selling of energy-related stocks from producers to infrastructure operators.

To be sure, a severe global slowdown would cut demand for energy and cause prices to fall. Such a drop would actually discourage the very developments needed to shift the balance of market power back to consumers from producers, meaning conservation, greater use of alternatives and new energy discoveries.

Once the economy recovers its footing, demand will revive, and prices will head higher once more. That reality is the clear message behind FirstEnergy’s purchase of a Montana mining company last month to lock down future coal supplies.

Equally important, after the past month’s selloff, energy stocks are as cheap as they were when oil and gas prices were at roughly half current levels. The results are risk to further price drops is low and leverage to a bullish change in investor psychology is extremely high. The upshot: It’s another good time to buy my five favorite low-risk energy producer plays: ARC Energy Trust (32), Chevron Corp. (100), Energen Corp. (70), MDU Resources (32), and Penn Virginia Resources (30).”

1�

Ur-Energy – The Right People, The Right Projects, The Right Proceeds, Right Now

Ur-Energy’s current properties in Wyoming contain NI 43-101 compliant resources in the order of 22 million pounds of uranium plus almost 3 million pounds in the inferred category. Additional potential for discovery exceeds 48.8 million additional historical pounds of uranium. Ur-Energy is currently fast tracking its uranium properties and focused on becoming an ISL producer by late 2009, ramping up to full production by late 2010.

Ur-Energy Inc. (AMEX: URG; TSX:URE), a company with a world class management team and a strong portfolio of uranium-rich, North American properties, has successfully guided its flagship Lost Creek project in Wyoming to the brink of production.

“The first half of 2008 has been significant for Ur-Energy. Our American Stock Exchange (AMEX) listing enables us to be more accessible to our U.S.-based investors. The detailed technical reviews of our applications could be completed as early as Q4 2008, and we expect to initiate production at Lost Creek in late 2009,” says President and CEO Bill Boberg.

Ur-Energy is well financed with more than enough money on hand to cover the $30 million capital requirements to plan, permit and build a two-million-pounds-per-year in situ uranium mining and processing facility at Lost Creek and the $32.5 million to bring the project to production.

Production Planning at Lost Creek Project in Wyoming Moving Ahead

Ur-Energy’s Lost Creek uranium deposit – just four miles north of Rio Tinto’s Sweetwater Mill in Wyoming’s Great Divide Basin – is about three miles long with mineralization occurring in five main sandstone horizons extending to 700 feet deep.

The Lost Creek deposit contains an NI 43-01 compliant indicated resource of 9.8 million pounds of U3O8 at 0.058% and an additional inferred resource of 1.1 million pounds of U3O8 at 0.076%. Over the past two years, Ur-Energy has completed 75 cased monitoring and pump test wells. All pump test completed to date have given encouraging results for ISR mining.

Seven drill rigs are present-ly working at Lost Creek. This aggressive drilling program is intended to better define the orebody within Mine Unit #1 for wellfield planning, install monitor wells required for permitting, explore for ad-ditional resources within the Lost Creek project area and to install an additional water well. Of the 400+ delineation and exploration drill holes planned for 2008, 278 have been completed for a total of 182,690 feet. In all, Lost Creek consists of 969 unpat-ented mining claims and one State of Wyoming lease for a total of 20,540 acres, includ-

ing the 4,220-acre Permit Area. Wyoming is the leading producer of uranium in the

U.S. (since 1995); second to New Mexico in historical production. The state hosts four major uranium mining districts that together have produced over 200 million pounds of uranium from sandstone hosted deposits. All uranium produced in Wyoming utilizes in-situ solution extraction to recover uranium from underground ore bodies – and in the process, leaving overlying rock strata and land surfaces intact. The deposit groundwater is charged with oxygen and bicarbonate soda which is injected through a series of wells and pumped to the surface. The uranium-bearing solution is then piped to the plant where a series of conventional chemical processes extract uranium from the solution. The resulting solution, now barren of uranium, is then refortified with oxygen and re-injected into the ore body. This process continues until uranium levels in the production fluid drop to a point where recovery is no longer economical.

Production at Lost Soldier Wyoming Project Also Planned

Ur-Energy’s Lost Soldier project, located about 14 miles northeast of Lost Creek, is slated to become the company’s second production project. Lost Soldier already has 4,000 historic drill holes defining 14 mineralized sandstone units. The property has an NI 43-101 compliant, measured resource of 5 million pounds of U3O8 at 0.064%, as well as 7.2 million pounds of U3O8 at 0.065% indicated, and 1.8 million pounds of U3O8 at 0.055% inferred.

15

Currently, the Ur-Energy production team is perform-ing detailed geologic and engineering evaluations of the Lost Soldier project for ISR mining in preparation for applications to the NRC and WDEQ in either late Q4 2008 or early Q1 2009. All environmental baseline studies have been completed at Lost Soldier, with ongoing baseline groundwater and meteorological data collec-tion. Production of about 1 million pounds of uranium annually is anticipated from Lost Soldier about two years after Lost Creek’s startup.

Major Exploration Programs Planned at U.S.

and Canadian ProjectsWith an eye on its long-

term future, the company also is in the midst of a vigor-ous drilling and exploration program on its Wyoming and Canadian properties.

Ur-Energy has budgeted about $6.4 million to ex-plore its 100%-owned U.S. properties this year. New drill targets in Wyoming, based on in-house uranium exploration models, have been developed for the EN, LC (Lost Creek) North and North Hadsell project ar-eas. Drill permit applications have been submitted to

Ur-Energy's U.S. and Canadian Exploration Projects

In Canada, Ur-Energy is focused on discovery of an “unconformity” uranium deposit, a unique and relatively rare ore deposit type that is found in a very restrictive geological environment. Compared to

other deposit types for uranium mineralization, the unconformity uranium deposits are of extremely high-grade and when

discovered have insitu values that rival any other mineral deposit type. Ur-Energy holds three exploration properties

in the Thelon Basin and one in Baker Lake Basin.

In the United States, Ur-Energy is searching for uranium ores, commonly referred to as “roll front and tabular” deposits, which represent over 95% of U.S. uranium resources. Wyoming has been the leading U.S. producer of uranium ore since 1995 and second only to New Mexico in historical production. Wyoming hosts four major uranium mining districts, which together, have produced over 200 million pounds of uranium from sandstone hosted deposits.

the WDEQ for an exploration drilling program of 125 holes to start on these projects Q3 2008.

In addition, Ur-Energy is participating in an ex-ploration, development and operating venture on the Bootheel Project, LLC with Target Exploration & Mining Inc. Target, the manager, is confirming previous drill-ing results and gathering resource data for use in pre-paring an updated NI 43-101 report for the property located in Wyoming’s Shirley Basin.

The company added more than 48,000 additional acres of on-trend mineral prop-erties to its U.S. property portfolio during the past year, bringing its U.S. holdings to about 139,000 acres.

In Canada, Ur-Energy is focused on finding “uncon-

formity” uranium deposits, a unique, relatively rare and extremely high-grade ore deposit type. These deposits, first recognized and discovered in Austra-lia, were later found in Saskatchewan under the Athabasca Basin and in the Thelon Basin in the eastern Arctic. Ur-Energy holds three exploration properties in the Thelon Basin and one in Baker Lake Basin.

Ur-Energy’s North American Uranium Projects

16

Ur-Energy plans to spend about C$2.5 million exploring its Canadian projects this year. The company’s wholly-owned uranium exploration properties encompass more than 153,000 acres in Canada. Major land holdings in the Northwest Territories include the Screech Lake, Gravel Hill and Eyeberry Properties in the Thelon Basin, as well as the Bugs Property in Kivallig region, Baker Lake Basin of Nunavut.

The Bugs property has several high-grade boulder trains. A 2007 exploration program defined several areas of various types of uranium occurrences. An ongoing exploration program this year includes geologic field mapping and follow-up geochemical surveys, and a drill program testing selected targets.

Ur-Energy expects to resubmit an application for drill permitting on the Screech Lake property in 2009.

Investment Considerations

Despite recent declines in uranium prices, demand for uranium continues to exceed production. The US alone only produces 8% of the uranium it consumes. Considering that less than 10 companies supply about 80% of the estimated world’s uranium production, and that only eight countries produce almost 60% of that uranium, Ur-Energy will play into a rather rarefied company as it joins the ranks of uranium producers.

The company has enough money on hand to fulfill the capitalization requirements for production to begin next year. The mining operation, Boberg says, will be relatively low cost and therefore not affected by lower uranium prices. Even so, by that time production should be well underway by 2010, and he believes the market will resume its upward trend.

Ur-Energy also sits at a fortuitous confluence of events – growing demand for uranium in an increasingly power-starved world, a healthy bank account, and an anticipated solid and growing cash flow from production. These conditions present intriguing opportunities for Ur-Energy to acquire new uranium properties from underfunded companies struggling to succeed in a down market.

“We won’t go on a buying spree, but if a really worthwhile opportunity comes up, we definitely will take a hard look,” says Boberg.

Meanwhile, production planning remains on the fast track. Permitting is well underway. The final plant design is nearly complete, clearing the way for equipment ordering. Boberg says supply contracts with energy companies should be finalized in the coming months, the first well field should be operating by late 2009, and income will begin filling the company’s coffers by mid 2010. Ur-Energy is also moving aggressively forward with “exciting” exploration programs on its multiple properties.

“We have the money to take us into production,”

says Ur-Energy President Bill Boberg. “We have capable and dedicated people with nearly 300 total years of direct uranium experience in all phases from exploration and development to mining. These people make up one of the best uranium exploration and operational staffs that exist in the world today. And in the very near future, we will be producing real product from Lost Creek, at the rate of about 1 million pounds of uranium a year.”

UR-ENERGy INc.AMEX: URG • TSX: URE

Contact: Bill Boberg President and CEO

Investor Relations: Dani Wright1075� W. Centennial Rd., Ste. 200

Littleton, CO �0127Toll Free: �66-9�1-�5��

Phone: 720-9�1-�5�� • Fax: 720-9�1-56��E-Mail: info@ur-energyusa.comWeb Site: www.ur-energy.com

Shares Outstanding: 9�.2 million (as of July �1, 200�)

52 Week Trading Range: URG (U.S.): Hi: $1.96 • Low: $1.20

URE (Canada): Hi: C$�.�1 • Low: C$1.25

Above: Geologists sample key outcrop at Bugs Project.

Right: Fuel delivery to Bugs Camp at Baker Lake Basin.

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ResouRce stocks: Gold, silveR & oil & Gas shaRes

Steven Halpern’s THESTOCKADVISORS.COM

Each day, editor Steven Halpern features timely and insightful commentary, market outlooks and stock and fund recommendations from the nation’s top newsletter advisors on his unique website TheStockAdvisors.com. Here are a few recent postings:

Candidates point to alternative energy sources

“Both Presidential candidates have supported promoting natural gas over oil over oil given our country’s large gas reserves, and alternative energies such as solar and wind,” says Jim Oberweis, Jr.

Here, the small cap growth fund manager and editor of The Oberweis Report, www.oberweis.net, looks at several stocks that poised to benefit under a new administration.

“Normally we focus on tiny companies – but the changing landscape –merits a mention of the likely beneficiaries, irrespective of market cap.

“GMX Resources (Nasdaq: GMXR), one of our favorite US natural gas exploration and production companies, will benefit if demand for natural gas increases. GMX has acreage in the Haynesville shale, a hot region in Louisiana and east Texas touted as the next Barnett shale.

“Willbros Group (NYSE: WG), a specialty construction and engineering firm for the oil and gas industry, is experiencing booming business as demand for pipelines accelerates to take natural gas from the wellhead to the end consumer.

“An indirect winner may be Fuel Systems Solutions (Nasdaq: FSYS), which makes conversion kits that allow cars to run on natural gas or propane rather than gasoline. Note that Fuel Systems has had a big run and we wouldn’t be buyers of shares at current levels.

“Both candidates seem to agree that we need to fuel environmentally-friendly alternatives to foreign oil, including solar.

“Chinese-based solar stocks, which have been pounded in 2008 amid fears that Spain and Germany will reduce solar subsidies, could quickly become market darlings again if the next President sweetens solar economics in the U.S. via subsidies or tax incentives.

“Wind power is another alternative popular with the voters and touted by both candidates. Danish-based wind turbine producer Vestas (Other OTC: VWDRY) and Colorado-based Woodward Governor (Nasdaq: WGOV) are worthy of consideration.

“Our favorites are Suntech Power (NYSE: STP) and Yingli Green Energy (NYSE: YGE). Suntech is larger and better known, but Yingli is growing at 70% and trades for just 9 times 2009 estimated earnings.”

Real wealth from rare metals?“Obscured in the long shadow cast by towering gold

and platinum, a little-known collection of other rare metals is sprouting and shooting up like Jack’s beanstalk right under investors’ noses,” says Larry Edelson.

Here, the natural resources expert and editor of Real Wealth, www.larryedelson.com, takes a look at companies involved in lesser-know metals that are increasingly important to high technology world.

“With some notable exceptions, rare metals aren’t generally of much use by themselves. But in combination with more common metals, their unusual chemical properties allow the creation of ‘super-alloys’ with extraordinary capabilities needed for cutting-edge technologies.

“The more obscure metals may not be as sexy as the precious metals and certainly don’t get as much attention. But they enable many technologies vital to modern industry.

“For example, to combat soaring fuel costs that threaten its very survival, the airline industry desperately needs turbines that can run at much higher temperatures and RPMs. Rare metals are used all around us – in cars, TV screens, cell phones, computers, and a host of other devices we may not see or even know about.

“There are no world market exchanges for most rare metals. Prices and transactions for minor metals are negotiated directly between producers, wholesalers, and fabricators.

“It’s a relatively thin market (compared to the volume traded in base metals), which makes pricing highly volatile and vulnerable to even small variations in supply/demand dynamics. Price moves of 300%, 500%, 800% and more have been common in recent years.

“The profit opportunities lie in the companies that produce and use rare metals: junior explorers, major miners, processors, producers (which make specialty metals), and integrators and recyclers.

“For starters, I want to focus on titanium and molybdenum, two rare metals whose price outlook is very positive. Titanium Metals Corp. (NYSE: TIE), a world leader in titanium production.

“Earnings are down, not surprisingly, due largely to the lackluster U.S. economy and airline industry. But the company’s share price is also cheap now, trading at the $11 level, near two-year lows – and a good long-term bet on a solid company in a very unique space.

“Thompson Creek Metals Company (NYSE: TC), one of the largest publicly traded, pure molybdenum producers in the world. The company owns the Thompson Creek open-pit molybdenum mine and mill in Idaho.

“The company also has a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia; and a metallurgical roasting facility in Pennsylvania.

“TC’s second quarter 2008 saw higher production volumes, with molybdenum production rising 10.7% to 6.2 million pounds and up 37.7% over 2007. Net income in the second quarter jumped 29.1% to $60.4 million.

“Despite these great results, Thompson Creek’s share price is trading at the $12 - $13 level, less than half its peak of $27.09 set last November. I think the shares can easily get back to the $23 level in the next six months – and move to new record highs shortly thereafter.”

Continued on page 21

1�

Economic conditions are bad. They are not as bad as financial market trends and commentators suggest, but they are bad. More important, they most likely will worsen over the next twelve months, worldwide says the New York-based, CPM Group, a research and consulting firm. Here are highlights from CPM Group’s recently released Economic Outlook:

• Economic conditions are bad, but they are not as bad as financial market trends and the commentary circulating the markets would lead one to believe. Real gross domestic product still is expanding in the United States and in many other parts of the world. There have been a couple of quarters of contractions in Europe and other markets, but over-all there still is a tremendous amount of strength in both the global and U.S. economies. While economic conditions are among the worst that they have been since the 1970s and the double-dip recessions of 1980-982 that ended the 1970s stagflation, they are not as bad as conditions were back then.

• To listen to market commentators, however, one might think that the global financial system that has persisted throughout the past few centuries of expansion and crises is about to collapse. Such extremist views have been common since at least the 1970s, and do not represent the mainstream consensus. That said, the consensus view in the financial markets today appears to be extremely gloomy. It may reflect expectations of worse financial market volatility and weakness yet to come, rather than views of current problems.

• Economic conditions probably will deteriorate further in 2009, before improving.

• As has been a major theme of CPM Group’s analyses for the past several years, increased volatility and uncertainty in economic conditions, financial markets, and commodities markets will continue at least through the remainder of 2008 and into the first half of 2009. Volatility in economic and price trends reduces predictability and planning effectiveness for all participants in the economy.

• Part of this volatility is reflected in a wider range of alternative scenarios. Things could be radically worse, or better, in 2009 than is predicted here, or than is generally expected by mainstream economists and market participants.

• Much of the risk facing the world economic system and financial markets is rooted in politics, which reduces the predictability of future trends even further. There are international tensions, between the United States and Iran, between Israel and various Muslim neighbors and non-state militias. There are additional tensions, between the United States and Russia, the U.S. and Venezuela, and the Iraq war. There are gathering domestic political

Economic Conditions Will DeteriorateFurther In 2009, says CPM Group

storms around the world, from China and Pakistan to Russia, various Latin American countries, throughout the Middle East, and in the United States and Europe. Any one of these problems, or any combination of them, could dramatically worsen economic prospects and financial market instability quickly.

• While economic conditions are hostile to traditional investment assets at present, and may remain so for several quarters to come, a second major trend in financial markets must be kept in mind. There has been a tremendous expansion of wealth worldwide, and not merely due to largesse on the part of monetary authorities. Much of the in-creased wealth is in cash and cash equivalents, sitting on the sidelines of financial markets waiting for attractive in-vestments, credible management, and more stable financial market trends before re-investing. Even as economic conditions weaken in 2008, the amount of money in the world seeking attractive investments continues to expand at a rapid pace on a daily basis. This enormous pool of investable funds suggests that when economic trends become more positive and financial market conditions stabilize, a wave of investment money may enter the world economy, leading to a rapid recovery in real economic activity. This could have inflationary consequences, as well as likely leading to a faster than usual rebound from the current economic malaise. The inflationary pressures may be mitigated.

• For commodities markets, these trends suggest that there could be a slowing down of demand for many commodities in 2009, as real growth weakens further. It seems unlikely that expansion will halt completely and turn into an actual contraction of real economic activity, but the slowing may reduce marginal demand for many commodities in the near term sufficiently to restrain prices from further increases. Longer term, demand is likely to remain robust, helping to keep prices high and moving them higher. The continued economic concerns meanwhile should be expected to keep investors focused on gold, benefiting the price of this metal.

Editor’s Note: CPM Group, 30 Broad St., 37th flr., New York, NY 10004, provides a range of research and consulting services related to commodities. Their research is driven by a combination of microeconomic analysis of the fundamentals of each commodity market and a macroeconomic, top-down view of broader economic, political and financial market trends. Market views extend from one week to more than 10 years.

CPM Group’s reports are viewed as the world’s most detailed and authoritative sources for information, statistics, and analysis on precious metals and other commodities. For more information on CPM Group’s research products visit www.cpmgroup.com.

19

By Patrick HellerLiberty's Outlook

“In theory, central banks, governments, and international organizations hold almost a billion ounces of gold, including more than 261 million ounces by the US Treasury.

However, much of this amount has been leased, and is no longer available to be sold until the lease is redeemed by return of the metal. At the minimum, “official” researchers such as Jessica Cross estimate that 15- 25% of official gold reserves are no longer in the vaults. Other researchers such as Frank Veneroso have calculated that 50- 75% of all official gold holdings have been leased and turned into jewelry.

A few years ago, a mini-scandal erupted when it turned out that the International Monetary Fund (IMF) was requiring central banks who had leased out gold and the central bank that had actual possession of the gold to both report it as being in their respective vaults. The IMF has changed its reporting standards since to encourage governments and central banks to more accurately describe their owned, leased, and swapped gold positions, but compliance is voluntary.

This year, the IMF has persistently refused to disclose whether the gold that it reports as owning has also been double counted by the four central banks who are its custodians. The answers they provide to questions on this subject talk all around the issue, but never address it. So there is a possibility that the more than 100 million ounces supposedly owned by the IMF may not really be available for the sale awaiting US government approval

If it is true that official gold holdings are much smaller than reported, that would explain why government and central bank gold sales have fallen sharply in the past few years. It could also have influenced the announcement by the US Mint last month to suspend sales of US 1 Oz Gold American Eagles, then later resume sales of small quantities for the next month or so.

The US government supposedly has so much gold that it should never run out of blanks to strike these coins—if it really does have all 261+ million ounces of gold. The suspension and then limitation of sales has some wondering if the US government is covering up the fact that it has much less gold than it claims.

The same problem exists with the silver market. The US government is trying to claim that it is having trouble obtaining enough planchets from private companies to strike into coins. This may be obfuscating the fact that the planchet manufacturers may be having a problem obtaining physical silver. The same problem seems to be affecting the Royal Canadian Mint. Johnson Matthey was about 10

weeks behind on fabricating 100 Ounce Ingots to fill orders when they decided to totally stop accepting new orders. Normally, a private company would welcome a growing backlog of business unless, for instance, they knew they might have a problem obtaining a supply of raw materials.

The recent lower precious metals prices have brought on a buying frenzy. Very little physical gold and silver is available for immediate delivery, though here at LCS we have a better inventory than most coin dealers.

Even in India, traditionally the world’s largest gold consuming nation, there is virtually no physical gold available for immediate delivery. What gold is being sold is being sold for the highest premiums above gold value since the government of India eliminated virtually all import duties and restrictions.

You should be concerned about having to wait 1-2 months for silver fabricators to fill orders (the Perth Mint currently has an even longer delay). If markets get extremely crazy before your purchases are delivered, I suspect some thinly capitalized and poorly managed coin and bullion dealers will encounter financial difficulties. If you have to wait more than a short time for delivery of physical gold and silver coins and ingots, it is more important than ever to make sure you dealer has a lengthy track record and a solid reputation. If you deal with a company founded before the 1979-1980 bullion boom, you know it is likely to be staffed by people who have experience in boring and crazy markets.

Although the man who founded LCS in 1971 retired from day-to-day operations less than 10 years later, the first two teenage employees he hired in 1972 are still working here today.

One more thing to watch out for – don’t store your physical gold and silver with the dealer who has sold it to you. Many coin dealers who offered such programs went out of business later and left their customers with nothing. LCS’s policy is that our customers must take delivery of their purchases.”

Editor’s Note: Patrick Heller is editor of Liberty’s Outlook, published by Liberty Coin Service, 300 Frandor Ave., Lansing, MI 48912, Monthly, 1 year, $109. Liberty Coin Service has been a dealer in rare coins and precious metals since 1971. For Heller’s latest commentary on gold, silver and rare coins visit www.libertycoinservice.com.

Are Physical Supplies Of GoldAnd Silver Nearly Exhausted?

GOLD • SILVER • URANIUM • PLATINUM/PALLADIUM • DIAMONDS • BASE METALS

TheResourceInvestor.com

20

Continued from page 1

The market for wind power, however, extends far beyond America’s borders. PowerShares Global Wind Energy ETF (PWND) seeks to give investors exposure to the Nasdaq OMX Clean Edge Global Wind Energy Index, PWND’s index is composed of manufacturers, developers, distributors, installers and users of energy derived from wind sources worldwide.

PWND’S largest country allocation is Spain, home to the index’s top component, Gamesa. As one of the largest wind generator manufacturers in the world, Gamesa captured a 15% share of the wind generator market in 2007. Gamesa’s share price has more than doubled in the last two years, and the company capped off 2007 by signing several multi-annual contracts with European clients valued at more than 700 million euros.

PWND’s holdings are largely international, but a substantial boost to U.S. wind-produced energy could create a global effect. China, PWND’s eighth-largest country allocation through its investment in China High Speed Transmission, has been growing its wind industry at breakneck speed in recent years. As production continues to grow, China’s wind energy industry may provide solutions to increasingly expensive fuel costs.

The success of PWND will hinge on global awareness and continued wind initiatives. Whether it is the rhetoric of T. Boone Pickens, or the frightening price of gas, investors have grown more aware of energy alternatives in recent months. News events and oil prices could create a tremendous demand for wind, and PWND, in the future.

SolarSolar energy has been popular for some time

among individuals who are willing to invest in the technology required to draw solar power for their homes. As the U.S. becomes squeezed for energy, however, more people are predicting a large-scale use of solar power in the future.

The Claymore/Mac Global Solar Energy Index ETF (TAN) seeks to mirror the MAC Global Solar Energy Index, which is designed to track certain business segments of the solar industry. The index includes companies that produce solar power equipment and fabrication products or services related to solar production.

TAN’s largest holding, with a 9.84% allocation, is First Solar Inc. First Solar designs, manufactures and sells electric power modules, which convert sun power into energy. First Solar focuses on commercial solar projects in the U.S. Backed by the Walton family, heirs to the founder of Wal-Mart Stores Inc. (WMT), First Solar announced on July 24 that it would be building its second solar power plant for Sempra Generation in Nevada.

As the price of producing solar energy falls, solar power will be a viable alternative for a larger

Green ETFs: Investing in the Future of Energypercentage of the population. As companies such as First Solar develop new technology and expand their business, TAN may have a glowing future.

Natural GasOne topic that has recently made headlines is

natural gas. Offshore drilling for natural gas has gained more support as the realities of supply and demand drive up the price for oil. Natural gas is about half as expensive as gasoline and 30% cleaner. While natural gas does not attack the environmental situation in the same way that wind and solar power do, it may provide a cleaner transition from our dependency on oil.

The First Trust ISE-Revere Natural Gas Index Fund (FCG) seeks investment results that correspond with the ISE Revere Natural Gas Index. The index is composed of companies that derive a defined portion of their revenue from the exploration and production of natural gas. While the ETF has a paltry 30 components, each component receives an almost equal weighting, offering investors a little more diversity.

FCG’s largest holding is Dorchester Minerals LP (DMLP), a U.S.-based company that owns, acquires and provides administration to producing and non producing natural gas and crude oil royalties, net profits and leasehold interests. These interests are located in 573 counties and parishes throughout 25 states. DMLP’s share price has increased more than 30% years to date through July 23.

Scientists are now estimating that nearly a third of the world’s natural gas is lying untapped beneath the Arctic. With the U.S. Geological Survey predicting that more than 84% of untapped oil and natural gas is offshore, a move toward natural gas will be a move up for FCG.

CarbonOne of the greatest threats facing our environmental

is emissions that result from current energy production. As businesses throughout the world expand their use of oil and coal, greenhouse gas emissions are increasing. Emerging markets are expanding at astronomical rates, and with this growth comes new problems with carbon emissions.

The 1997 Kyoto Protocol called for a reduction in greenhouse emissions. In order to meet restrictions levied by the resulting treaties, some countries began to adopt a market-based policy approach to emissions trading. Through the open market trading of allowances and credits awarded the companies through the system, investors outside of the carbon emissions industries can now gain exposure to the emissions trading market.

The iPath Global Carbon ETN (GRN) represents a new way to access the carbon trading market. GRN seeks to track the Barclays Capital Global Carbon Index Total Return, which currently comprises two carbon trading vehicles. The “bet” is that as global

Continued on next page

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Continued from previous page

warming awareness increases and as oil prices climb, carbon-related credit plans will become increasingly important.

It is important to note that GRN is an ETN, not an ETF. While ETNs currently have favorable tax treatment, they carry additional risks because they don’t “own” their underlying components.

While the methodology behind GRN may be difficult to grasp, it does represent a new approach to environment friendly investing. While GRN’s index is currently made up of only two European carbon plans, other nations, such as the U.S., are devloping similar plans for the future. As emissions trading becomes more global, investors in GRN may be the ones to benefit.

Editor’s Note: Don Dion is Publisher and Chief Investment Strategist of Don Dion’s ETF Report, 25 Main St., P.O. Box 387, Williamstown, MA 01267, 1 year, 12 issues, $99. The ETF Report cover all ETFs, from Fidelity to small companies, in all asset classes plus model portfolios. This guide will give you the insight you need to make souns ETF investment decisions. Visit the website for more information and Special Offers, www.fidelityadviser.com.

Continued from page 3

is limited. Among the firms with larger positions is Schroder Investment Management Group, a London-based asset management giant with $259.6 billion under management. Schroder reported a 5.7 million-share stake in uranium and gold miner Cameco (NYSE: CCJ). Among other uranium firms are USEC (NYSE: USU), Fronteer Development Group (AMEX: FRG), Uranium Resources (Nasdaq: URRE), Uranerz Energy (AMEX: URZ), and Uranium Energy (AMEX: UEC).

Clearly, energy concerns will be with us going forward. The Contrary investor has diversified his holdings to include traditional fossil fuel companies producing coal and oil and gas. We also hold alternate energy companies involved in solar, hydrogen, and wind power. From a contrarian view, perhaps it is time to take a hard look at uranium’s prospects in what will most certainly be a multi-faceted approach to our energy needs.

Editor’s Note: Alex Seagle is Editor of The Contrary Investor, published by Fraser Management Associates, 309 South Willard St., Burlington, VT 05401, 12 year, 12 issues, $125.

Fraser Management Associates (FMA) is an employee-owned, fee based investment advisor registered with the Securities and Exchange Commission in Washington, D.C. FMA has actively managed stock and bond portfolios for individuals, institutions, trusts, non-profit organization, and employee benefit plans utilizing independent, contrarian thinking since 1969.

Higher Uranium PricesContinued from page 17

Bright prospects for First Solar“Sometimes you have to go out on a limb because

that’s where the fruit is,” says Josh Wolfe, adding, “In the words of renowned investor Shelby Davis, ‘You make most of your money in a bear market. You just don’t realize it at the time.’“

In The Forbes/Wolfe Emerging Tech Report, www.newsletters.forbes.com, he states, “Now is a good time to take stock of our portfolio.” In doing so, he highlights First Solar (Nasdaq: FSLR), which maintains its buy rating in his long-term model portfolio:

“When the stock market tumbles, investors tend to react in one of two ways: Either they panic and sell their stake, or they expand their equity in businesses that show a strong foundation for long-term growth.

“The stock exchange is the only store in the world where, when prices drop and things go on sale, most people run for the exits.

“We have focused on companies that reduce their exposure to market volatility and offer the best prospects for long term growth. We also gave a thorough scrubbing for access to cash and potentially concerning debt levels.

“Earnings growth is important, but doesn’t speak to current or long-term stability like cash in the bank. We also assume that access to new capital (equity or debt) will be more difficult than at any time over the past 10 years.

“First Solar, with a market cap of more than $20 billion (more than 3 times that of General Motors, qualifies as a large cap company. The long-term forecast for solar stocks is sunny, but the sector could see some storms over the next several quarters.

“Thanks to the housing market, the word “bubble” has some particularly toxic connotations lately, which explains why investors are taking rumors of a solar bubble a little more seriously. They should.

“Government subsidies that had fueled the two largest markets in the world, Germany and Spain, are coming up for debate; while the polysilicon materials, on which many solar panels are based, continue to be in short supply.

“Meanwhile, venture firms put more than $1 billion into solar start-ups last year, and close to $1 billion more this year. First Solar is a little better protected than most against market volatility than its peers, with available cash and equivalents on the books of $590 million.

“The vast majority of its enterprise value is hitched to future growth – an extrapolation of the 900% earnings growth generated over the past year. Its solar technology is also based on cadmium telluride (CdTe), which doesn’t share the high demand price of polysilicon.

“Plus, CdTe generates electricity more cheaply than polysilicon and will likely continue to be more cost effective until polysilicon prices drop to $70/kg.

“Even so, if the solar bubble bursts, it could cast a shadow over First Solar’s share price. But its strong business fundamentals and market position shouldn’t deter long-term investors from considering it. We continue to rate First Solar as a buy in our long-term model portfolio of emerging technology stocks.

ResouRce stocks

Bull & Bear’s Web Sites for Investors

FEATURED cOMPANIESItronics Inc.

Forming Two Subsidiaries to Develop Environmentally

Beneficial Mining Technologies www.itronics.com

REGI U.S., Inc.Unique RadMax™ Rotary Engine

in Advanced Development www.regtech.com

JUNIOR RESOURcE cOMPANIESAmera Resources Inc.

$4 Million Exploration Program for Gold, Silver and Copper in

Mineral-Rich Peruwww.ameraresources.comAura Silver Resources Inc.

Exploring for Silver in Proven Districts and Safe North American Jurisdictions

www.aurasilver.comAurizon Gold Mines Ltd.

Commercial Gold Production Begins at Casa Berardi Mine in Quebec

www.aurizon.comCanAlaska Uranium Ltd.

Aggressive Exploration Program to Build World Class Resource at Athabasca Uranium Camp

www.canalaska.comColumbia Metals Corporation Ltd.

Bringing Lluvia de Oro Gold Mine Back to Commercial Production

www.columbiametals.caCommerce Resources Corp.The World's Next Resource of

Tantalum and Niobiumwww.commerceresources.com

Coral Gold ResourcesMultiple Properties on Nevada’s World-Class Battle Mountain- Eureka/Cortez Gold Trends

www.coralgold.comEaglecrest Explorations Ltd.

Advancing High-Grade Gold Mine at San Simon Project in Bolivia

www.eaglecrestexplorations.comEastmain Resources Inc.

Advancing Two Gold Properties in Quebec Worth $100 Million NAV Each

www.eastmain.comEl Niño Ventures Inc.

On the Hunt for Major New Copper Deposits in Central Africa

www.elninoventures.com

Fortune Minerals LimitedAccelerates Huge Cobalt-Gold-

Bismuth and Anthracite Coal Projects Toward Productionwww.fortuneminerals.com

Global Minerals Ltd.Commences Gold, Silver

Production; Exploring Carlin Trend and Ontario’s Red Lake District

www.cgmltd.comGLR Resources

Sets Production Target at Goldfields of 100,000 Ounces

of Gold Per Yearwww.glrresources.com

Grandview Gold Inc.Assembles Impressive Mid-stage

Gold Exploration Projects in Premier Gold Camps

www.grandviewgold.comInternational PBX Ventures Inc.Fast-Tracking Potential Billion-Ton

Molybdenum-Copper Depositwww.internationalpbx.com

Ireland Inc.Intends to Take Columbus Project

in Nevada to Productionwww.irelandminerals.com

Linux Gold Corp.Building Large Portfolio of Gold,

Base Metals Properties in Alaskawww.linuxgoldcorp.com

Minera Andes Inc.Mining Begins at San José

Silver/Gold Mine in Argentinawww.minandes.com

Pacific North West Capital Corp.Aggressive Acquisition Program for PGM, Base Metals Projects

www.pfncapital.comPlayfair Mining Ltd.

Building Strategic Tungsten Resourcewww.playfairmining.com

Rocher Deboule Minerals Corp.Potentially Massive Manganese Deposit; Targeting Steel Industry

www.rdminerals.caRomios Gold Resources Inc.

Huge Land Positions in Canadian Copper-Gold-Silver Mining Camps

www.romios.comRye Patch Gold Inc.

Building Sizeable Gold/Silver Resource on Prolific Nevada Gold Trends www.ryepatchgold.comSan Gold Corporation

Growing Low-Cost Gold Producer in Manitoba’s Rice Lake Gold Belt

www.sangoldcorp.com

Shoshone Silver MiningLakeview District area play

Zacatecas late stage exploration www.shoshonesilvermining.com

Teryl Resources Corp.Acquires Copper-Gold Property Near One of the World’s Richest

Copper Deposits www.terylresources.com

Uranium Bay Resources Inc.Discovers Potentially Massive Uranium Deposit in Québec

www.uraniumbay.comUr-Energy Inc.

Focused on Becoming The Next Wyoming Uranium Producer in 2009

www.ur-energy.comVista Gold Corp.

Accelerates Production Planning atMajor Gold Projects in Mexico, Australia

www.vistagold.com

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Detail on ALL Warrants U.S. & CA. Exchanges

preciousmetalswarrants.comThe Resource InvestorPrecious Metals Trends

Gold, Silver, Uranium, Oil & Gaswww.TheResourceInvestor.comThe Silver Valley Mining Journal

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2�

ROcHER DEBOULE MINERALS cORP.

TSX.V: RD Pink Sheets: RDBHF

Contact: Larry Reaugh, President, CEO

2A 15782 Marine Drive White Rock, BC Canada V4B 1E6

Phone: 604-531-9639 Fax: 604-531-9634info@rdminerals.cawww.rdminerals.ca

Amera Exploring its High- Grade Copper-Silver Peru DiscoveryAmera Resources Corporation is a leading gold-copper exploration company focused on the Americas. Its strength lies in the discovery and advancement of prospective properties throughout North and South America. Amera is currently active in the exploration of emerging and prolific mining districts of central and southern Peru. The Company is in the midst of

an aggressive exploration program focused on its property portfolio in Peru. Management is constantly evaluating new opportunities while continuing to advance other projects to the drill ready stage. In 200� Amera plans to recommence drilling on its 100% owned Cocha copper-silver project where a potentially world-class discovery has been made.

AMERA RESOURCES CORPORATION

OTC BB: AJRSF • TSX.V: AMSContact: Alex Mason,

Corporate CommunicationsSuite 709, 837 West Hastings St. Vancouver, BC Canada V6C 3N6

Toll Free: 800-901-0058Phone: 604-687-1828

Fax: 604-687-1858info@ameraresources.com www.ameraresources.com

Fortune Minerals Accelerates Huge Cobalt-Gold-Bismuth and Anthracite Coal Projects Toward Production

Fortune Minerals Limited is a natural resource company with interests in several mineral deposits and a number of exploration projects in Canada. The Company's principal assets are the NICO cobalt-gold-bismuth deposit

near Yellowknife, Northwest Territories and the "world class" Mount Klappan anthracite coal deposits located near rail and port facilities in northwest British Columbia. Both projects are proceeding towards production. Fortune also owns the Sue-Dianne copper-silver deposit, 25km north of NICO. Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource assets.

FORTUNE MINERALS LIMITEDTSX: FT

Contact: Robin Goad, President, CEO140 Fullarton Street, Suite 1902

London, ON Canada N6A 5P2Phone: 519-858-8188

Fax: 519-858-8155info@fortuneminerals.comwww.fortuneminerals.com

Rocher Deboule Explores Potentially Massive Manganese DepositRocher Deboule Minerals Corp. is actively engaged in the acquisition, exploration and development of a diverse portfolio of metals in demand commodity markets. The company focus is on the growing market opportunities in the Steel Industry, evidenced by it's recent

bold play into the rising Manganese Market with acquisition of Artillery Peak Manganese Properties in Arizona. The anchor of the company's mineral resource holdings is the namesake Rocher Deboule Property with its pivotal IOCG Target, a newly-recognized deposit type with huge potential. Rocher Deboule has started a 2-pronged exploration approach on this �051 hectare (19,�96 acre) gold/ silver/ copper/ cobalt/ tungsten property in central British Columbia, with diamond drilling of the historical high-grade and IOCG targets.

Aura Silver Exploring Greyhound Zinc-Silver Property in Canada; Reports Positive Drill Results at Mexican Silver/Gold Project

Aura Silver Resources Inc. is partnering with other successful precious metal mining companies to explore some of the best silver ground in North America – a region that provides a safe legal and political environment for mining companies. The company's flagship property is located in the San Jose Mining District, Oaxaca, Mexico. Initial

sampling from some of the old mine dumps commonly contain in excess of 5 g/t gold and 200 g/t silver with values up to 9�.7 g/t gold and 7,1�� g/t silver. The geochemical and textural results suggest an epithermal vein environment that is exposed at relatively high levels. Drill testing of several of these silver-gold vein systems on the Taviche Project was initiated in the fall of 2007.

AURA SILVER RESOURcES INc.

TSX.V: AUUContact:

Robert Boaz, President and CEO

1128 Clapp Lane, P.O. Box 279 Manotick, ON, Canada K4M 1A3

Phone: 905-403-8010 Cell: 416-845-5771

Boaz@aurasilver.com www.aurasilver.com

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