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To: ms.smartest.person who wrote (1346)	9/2/2006 8:38:16 PM
From: LoneClone	Respond to of 3198

Sorry, Friday's Late Edition was digested and deleted yesterday. Just don't ask me what it said -- I'm reading so much these days I am able to draw good overall conclusions but the specificity of source is iffy. I truly miss many aspects of academe. Being among all those minds thirsty for knowledge and understanding is so vivifying. If I hadn't mistimed things a bit I would certainly be a tenured prof somewhere right now. I never bought that "get out of the ivory tower and into the real world" line. Academia is just a different aspect of the real world with faults and strengths just like anything else. LC

To: ms.smartest.person who wrote (1346)	9/2/2006 8:42:32 PM
From: Condor	Respond to of 3198

Pescod...Sept 1...in part from Dara ++++++++++++++++++++++++++++++++++++++++++ On September 1st David PESCOD wrote: Yesterday, Cumberland Resources announced that the Nunavut Impact Review Board had recommended development of Cumberland’s Meadowbank gold project should proceed, which concludes roughly 2 1/2 years of comprehensive review and public hearing process involving multi- disciplinary Federal, Territorial, regional and community based representations. The brokers loved it and charged big time as National Bank upped their target to $7.00 from $6.25; Orion moved their target to $8.00 from $6.50; Dundee Securities to $7.00 from $5.60; Raymond James to $7.75 from $7.00 and Canaccord Capital from $5.60 to $7.25. Obviously they like it. This is a project that has been looked at for many years and uses some pretty conservative assumptions in their estimations such as $400 gold. Or at least we hope that’s conservative. They figure a mine life of 8 years that should produce 400,000 ounces of gold in years one to four and the remaining four years at 330,000 ounces per year at a cash cost of U.S. $175 an ounce. Looks pretty good! But for the sake of argument, looking out our window we wonder if many of the analysts have spent much time in say, Northern Alberta recently. And we will reiterate our case. There are some pretty smart people that planned the Mackenzie Pipeline, which suddenly doesn’t cost $5 billion anymore, but closer to $10 billion or $11 billion. Some of the people out working at Suncor and other big projects, aren’t necessarily lazy or poor at math, but all of a sudden, these $3 billion projects are closer to $5 billion or $8 billion. There’s a Tim Horton’s outside Edmonton that used to be open 24- hours a day. Now they can’t find labor and suddenly Tim Horton’s is working shorter hours. There’s a fellow who owns several Subway shops that is having to import labor from the Philippines. Welders these days (if you can find one) go for $75/hour and if he has a rig, it’s closer to $150/hr. A carpenter is worth his weight in gold...if you can find one. And if you get a job in Edmonton, you are looking at 1.5% vacancy rate for apartments, which tells you something… Anyone looking to build a project in Northern BC, the Yukon or Northwest Territories these days, has to compete for trained labor and the costs for just about any project is going through the roof. Cumberland’s last estimate as of December, 2005 for their capital costs is around $313 million Canadian. If there’s something to worry about on the Cumberland story, watch that figure. Meanwhile, for those following Cumberland, company officials tell us today to expect additional drilling results from their 2006 program within a week or two. If you would like to receive the Late Edition, just e-mail Debbie at debbie_lewis@canaccord.com Message 22774570

To: ms.smartest.person who wrote (1346)	9/3/2006 8:31:44 AM
From: Julius Wong	Respond to of 3198

September 1, 2006 NATURAL GAS $5.877 -0.171 ULTRA PETROLEUM (AMEX:UPL) $50.75 +1.11 STEALTH VENTURES (V-SLV) $1.60 +0.03 The debate is simply getting bigger and bigger and I suspect the outcome for investors/speculators is probably becoming more significant as well, as natural gas prices hit two-year lows, despite inventory numbers this week that weren’t that bad. The bearish case for natural gas is quite simple— inventory levels are 12% above the five-year average and we are going into the time of year (the fall) when demand for both air conditioning and heating is non existent and with inventory numbers so large, there is a chance that inventory could become full and then gas prices would simply disappear. Demand from some industries has disappeared such as fertilizer and some petrochemical-based firms that used to be based along the American Gulf Coast and moved to Trinidad or elsewhere for low cost feed stock (see article on Trinidad in the latest Economist to see how they are taking advantage of it). If this case develops, natural gas stocks, which have been clobbered are going to simply get worse. The bullish case is that while we are probably still going to face lower prices in the short term because of lower demand, with the big cut backs by many of the bigger firms in exploring for natural gas, plus the 20% depletion you would expect on usual production, plus the chance that despite a hurricane season that simply hasn’t appeared yet and several years with hot winters (we are due a cold one), gas prices could easily charge this winter. Many beaten up gas stocks of today would have presented quite an opportunity. It’s hard to believe that just six to eight months ago everyone had to have a coal bed methane stock...now it’s so out of vogue, does anyone care about shale gas anymore? Sign of the times! It doesn’t matter what kind of gassy stock you are in, whether it’s been one of the stars of the last decade like an Ultra Petroleum, down to a little junior like Stealth Ventures, a coal bed methane play—they are all down 20% to 60%. CUMBERLAND RESOURCES (T-CLG) $5.96 +0.06 Yesterday, Cumberland Resources announced that the Nunavut Impact Review Board had recommended development of Cumberland’s Meadowbank gold project should proceed, which concludes roughly 2 1/2 years of comprehensive review and public hearing process involving multi-disciplinary Federal, Territorial, regional and community based representations. The brokers loved it and charged big time as National Bank upped their target to $7.00 from $6.25; Orion moved their target to $8.00 from $6.50; Dundee Securities to $7.00 from $5.60; Raymond James to $7.75 from $7.00 and Canaccord Capital from $5.60 to $7.25. Obviously they like it. This is a project that has been looked at for many years and uses some pretty conservative assumptions in their estimations such as $400 gold. Or at least we hope that’s conservative. They figure a mine life of 8 years that should produce 400,000 ounces of gold in years one to four and the remaining four years at 330,000 ounces per year at a cash cost of U.S. $175 an ounce. Looks pretty good! But for the sake of argument, looking out our window we wonder if many of the analysts have spent much time in say, Northern Alberta recently. And we will reiterate our case. There are some pretty smart people that planned the Mackenzie Pipeline, which suddenly doesn’t cost $5 billion anymore, but closer to $10 billion or $11 billion. Some of the people out working at Suncor and other big projects, aren’t necessarily lazy or poor at math, but all of a sudden, these $3 billion projects are closer to $5 billion or $8 billion. There’s a Tim Horton’s outside Edmonton that used to be open 24hours a day. Now they can’t find labor and suddenly Tim Horton’s is working shorter hours. There’s a fellow who owns several Subway shops that is having to import labor from the Philippines. Welders these days (if you can find one) go for $75/hour and if he has a rig, it’s closer to $150/hr. A carpenter is worth his weight in gold...if you can find one. And if you get a job in Edmonton, you are looking at 1.5% vacancy rate for apartments, which tells you something… Anyone looking to build a project in Northern BC, the Yukon or Northwest Territories these days, has to compete for trained labor and the costs for just about any project is going through the roof. Cumberland’s last estimate as of December, 2005 for their capital costs is around $313 million Canadian. If there’s something to worry about on the Cumberland story, watch that figure. Meanwhile, for those following Cumberland, company officials tell us today to expect additional drilling results from their 2006 program within a week or two.