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To: ms.smartest.person who wrote (2850)	10/26/2007 1:17:10 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

&#8362 David Pescod's Late Edition October 23, 2007 AURELIAN RESOURCES (T-ARU) $8.85 +0.15 LAKE SHORE GOLD (T-LSG) $2.10 n/c We find it interesting that some of Canaccord’s mining analysts might have a little bit of time on their hands, and they’ve got to guess/figure out who would be the most likely takeover candidates in light of Newmont's recent takeover of Miramar. The takeover game had been pretty busy for the last year or two, but in the recent slump, came to a stand still and now it might be back on again. Below, please see a rather lengthy list of possible acquisition targets that our mining analysts came up with. The comment after their list; “For some of the above listed names it’s likely ... “Lets Make a Deal” is already quietly being played behind the scenes.” Figure 3: Possible acquisition targets Company Name Symbol Exchange Price Recommendation Aurelian Resources ARU TSX $8.69 SPEC BUY Andina Minerals Inc. ADM TSX-V $4.04 SPEC BUY Anatolia Minerals Dev. Ltd. ANO TSX $6.24 Not Rated Aurizon Mines Ltd. ARZ TSX $4.26 Not Rated Alamos Gold Inc. AGI TSX $6.79 SPEC BUY Axmin Inc. AXM TSX-V $0.90 Not Rated Comaplex Minerals corp. CMF TSX $6.00 Not Rated Detour Gold Corp. DGC TSX $8.75 Not Rated Dundee Precious Metals DPM TSX $8.99 Not Rated Greystar Resources Ltd. GSL TSX $8.00 Not Rated Guyana Goldfields GUY TSX $10.05 Not Rated Great Basin Gold Ltd. GBG TSX $3.15 Not Rated Lake Shore Gold Corp. LSG TSX $2.14 Not Rated Metallica Resources MR TSX $5.09 Not Rated Minefinders Corp. Ltd. MFL TSX $11.08 SPEC BUY Osisko Exploration OSK TSX-V $5.85 SPEC BUY Orezone Resources Inc. OZN TSX $1.51 SPEC BUY Red Back Mining Inc. RBI TSX $6.82 Not Rated Source: Canaccord Adams research: October 16, 2007 We would be worried about one or two of these picks, but we own a big chunk of Andina Minerals and Lake Shore Gold. If you would like analysts reports on Andina Minerals or Lake Shore, e-mail Jenn at: jennifer_lagdamen@canaccord.com. NORONT RESOURCES (V-NOT) $6.24 +0.36 There were two stories on the minds of most people this weekend on Bay Street, particularly at Joe Martin’s Cambridge House mining show. One was VMS Ventures and their booth was constantly busy with ten people lined up it seemed almost the full time. Not in attendance though was Noront Resources and just for kicks we thought we’d do our own very informal poll on people we thought were knowledgeable mining speculators/investors. The question was, at this time do you think Noront is a buy, a hold or a sell? Interestingly enough, and once again this was a totally unscientific poll, it came out at about a third thought it was a buy "the grades are just spectacular and the dream of a new Voisey Bay exists”, one third thought it was a hold—it’s got a market capitalization of $600 to $700 million which puts it way up there and at this time its way ahead of what it should be worth and then there were those who thought it was a short. The tonnage is still pretty skimpy, there’s zero infrastructure and its way out in the middle of nowhere. So there you go, but Noront is still one of those stories one has to pay attention to, particularly since there’s a lot of juniors in the area that all think there might be periphery discoveries made. One to watch. PETROLIFERA PETE. (T-PDP) $15.05 +0.10 PAN ORIENT ENERGY (T-POE) $ 9.30 +0.65 One look at the chart on Pan Orient Energy and you know it’s been a success story. Way back when Pan Orient was under $4.00, Octagon’s Warren Verbonac told us “you have to be following this story” - boy, was he right as today it hits new record highs due to successful drilling stories way out in Thailand. Today he’s done what you like to see most...raise his target on the stock from $7.00 to $14.75. Not bad at all, don’t you think? Meanwhile, there’s another stock that he’s also upping his target on and that’s Petrolifera Petroleum, a story we’ve been following for a while and it looks like if there’s one thing you can count on in oil and gas, it’s that nothing gets done on time. So when Petrolifera actually gets to start drilling in Peru, is still open to debate, but the size of the targets is not. We figure when they do get close to actually drilling this monster world-class target in Peru, people will know about it and they will definitely care. Today, Warren raises his target on Petrolifera to $30, but folks, if the size of this target is true, it would be multiples of that number. We are currently working on a portfolio we will call “Oil and Gas Stocks that just might Change your Lifestyle” and Petrolifera would be one of the two components. Needless to say, a portfolio like that, would employ higher risk ... but higher rewards. Today, we add to our position in Petrolifera Petroleum. If you would like a copy of these reports, just e-mail Jenn at Jennifer_lagdamen@canaccord.com. If you would like to receive the Late Edition, email Debbie at debbie_lewis@canaccord.com