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To: ms.smartest.person who wrote (3040)	3/17/2008 3:21:25 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

&#8362 David Pescod's Late Edition March 12, 2008 SOLANA RESOURCES (V-SOR) $3.22 +0.14 Solana Resources has been recommended to us and we have mentioned that here from time to time, by a long list of people as diverse as Dick Gusella the President of Connacher, Dave Antony who is in management with March Resources, Bridge Resources, and other companies, and even Josef Schachter. It’s one oil and gas stock that hasn’t suffered recently in the huge sell off we’ve seen in the markets and today they have come up with some goods news as they announce they “are pleased to announce it has successfully drilled, logged, cased and is preparing to test the Primavera-1 well located on the Guachiria Block in Columbia’s Llanos Basin.” One thing about Solana though, is that they seem to be operating in one country (Columbia) that seems to be safe from what’s happening in South America where you are never quite sure of the politics of some countries. You know you don’t want to be in Venezuela and it’s becoming increasingly worrisome to be in countries such as Ecuador. Some of the economic decisions being made in Argentina don’t make you feel too comfortable. But Uribe, the President who seems to be turning around the economy and eliminating the problems of kidnapping as a profession and the concerns caused by the drug runners and other bad boys sponsored by Chavez is starting to make Columbia give you the warm fuzzies. ITHACA ENERGY (V-IAE) $3.14 +0.04 Ithaca Energy announces that they’ve commenced drilling their third appraisal well, the 14/18b-17 on the Athena oil field and Canaccord analyst Fred Kozak who has been following this story for a while writes, “The well will appraise the potential of a south extension to the Athena discovery in the central North Sea. The well will be drilled to a total depth of 9,000 feet and will take approximately 30 days to drill. If the well is successful it will be tested and suspended for future production. We have also used the company’s recently updated investor presentation to revise our production and cash flow estimates for 2008 and 2009.” He adds that “The drilling of the Athena delineation well has been expected for some time. The well is drilling in a part of the Athena structure that could, if successful, add incremental reserves to the Athena field.” Kozak also adds that “Exploration results from Manuel in March and Athena results in April could generate trading opportunities and potentially add new asset value to the company.” We note that Kozak’s target price for Ithaca is $4.50 while Warren Verbonac of Octagon has a target of $6.00, but either way, the Manuel play is very important because it is a high risk/high reward play that most give only a 15% chance of success. But this is an actual in-depth look at Ithaca and for anyone who is following it, owns it, or is looking at it, this is probably a pretty good background information report. E-mail Debbie at debbie_lewis@canaccord.com for a copy. DETOUR GOLD (T-DGC) $19.60 +0.95 It’s been depressing...heck, make that very depressing to watch the gold sector these days as gold continues to charge ever-higher, flirting with $1000 an ounce yet the vast bulk of gold stocks haven’t benefited at all. It has mainly been the big names like the Barrick’s, the Goldcorp’s and the Yamana’s that have been charging and a couple of really big potential discoveries such as Detour Gold—a favorite pick of Canaccord’s Steve Butler, who has a speculative buy and a target price of $25.50 and also a top of Haywood’s Andrew Kaip. Detour, which is shaping up to be big story in the Abitibi Greenstone Belt of Northeastern Ontario just announced results today for 30 holes of their massive 120,000 metre Phase II drilling program. Steve Butler suggests the highlights include: • A number of high grade hits in the Gap Zone including 19.33 g/t uncut (2.83 g/t cut) over 8 metres and 8.08g/t uncut (4.92 g/t cut) over 14 metres. • Five of seven holes intersected mineralization in the Calcite zone • In the West Pit Zone, twelve of fifteen holes intersected mineralization. But the big question is, with gold flirting with $1000 when, if ever, will the juniors or the explorers benefit from $1000 gold? While we do have to admit costs have gone up significantly in the exploration and project development game, one wonders is that what has held things back or is it simply the state of an extremely ugly market?