Apart from many retailers feeling that Cliff's offer was puny, the outcome still was a 4 banger from FWR's overall trading average of 22 cents. On the other hand many shareholders that were fortunate enough to get in these levels were grateful to see their total account balance multiplied by four and still are grateful and thankful towards Mac Watson. Mac Watson was also involved in QUC, Quest Uranium’s share price has done amazing, QUC came from 17 cents to an all time high of $4.15. I have pasted this article which was originally written for Freewest where Mac Watson mentions his next top pick Canaco Resources (CAN). This company is a gold mining stock. The company is currently drilling in Tanzania, a 200km² land position and recently came out with decent drilling results. Furthermore, the company has also recently acquired copper – gold assets in Ethiopia. I know many previous big FWR holders including Mac Watson are now large share holders in CAN. I would recommend you all do your dd and find out for yourselves. IMHO, this company has the makings of another Ventana Gold (VEN).

FREEWEST RESOURCES (V-FWR) $0.495 -0.005
We caught up with Mac Watson, President and CEO of
Freewest Resources and someone who is having interesting
times these days. Ever since Noront made an offer for
Freewest, the best laid corporate and personal plans have
probably been altered, which gets us right to the
point...Watson assures us that there won’t just be the Noront
bid for Freewest when all the dealings end up being
closed.
The McFaulds Chromite property is certainly a rich one,
although Watson does admit that it is way up north and it
would take a lot of money to develop. He points out
there’s not that many sources out there for chromites
around the world. Watson tells us that South Africa supplies
the world with about 50%, Kazakhstan the other 25%
and there is no real production inside of North America.
“That might be a little bit unfortunate for the free world
down the road” he suggests “but this would be the best
chromite deposit in North America.”
We mention Freewest because of Joe Martin, the Cambridge
Conference House guy picking it as his favorite
stock for the coming while and obviously betting that the
take-over game will be successful with Freewest.
While we had Watson, the veteran mining man, we
asked his take on a couple of other things such as exactly
where will the price of gold be this Christmas and next
according to his crystal ball? Watson says he expects the
U.S. dollar to be weaker and while he is a bit of a gold bug,
he is not one of those that take that belief too far. As far as
targets, he figures gold should be at around $1100 by this
Christmas and somewhere between $1200 and $1500 by
next Christmas...which was a bit of a range, so we ask him
to narrow it down a bit and he comes up with $1300-$1400.
That is still a good number for most of the gold bugs out
there and would certainly make their Christmas’s come
true, but Watson reminds us that this is more a bet on the
U.S. dollar going down than gold going up.
As far as a stock pick and we remind him that we would
expect no less than a double for someone of his standing,
he goes with Canaco Resources which has just announced
some pretty amazing results on their Magambazi gold
prospect in Tanzania. Latest results included 41 m of 3.3
grams per ton. Watson tells us that there are about 130
million shares out on Canaco, so it’s not as cheap as it
might look, but he is expecting a double.