ALLAN BARRY REPORT ON

PRECIOUS AND BASE METALS EXPLORATION

19th EDITION

September 28, 2008

Welcome to the 19th edition of our report on Precious and Base Metals Exploration. We have just come through the summer months which is always a soft period for stocks. This summer was particularly challenging for the mining sector, especially the smaller companies. With metals prices’ showing strength it is unexpected to see the relative weakness for stock valuations. The difference in confidence between metals prices and stock valuations is creating a buyers market for stocks; as a group stocks look to be primed to outperform metals prices in the near term.

Just because we think stock valuations of metals stocks will outperform metals prices, in no way shape or form does this mean we are not bullish on the prices of metals. We still maintain our bullish outlook on metals prices but on the other hand we also feel that stock prices are lagging far behind metals prices. We think they will start to play catch up and stock valuations of mining stocks will outperform bullish moves in metals prices.

The summer of 2008 was very challenging for smaller mining companies. A good index to look at to see how difficult this period has been is the Toronto Stock Exchange Venture Index. This index is a good proxy for the resource sector (especially the smaller mining stocks) and during the summer we saw this index reach multiple year lows.

Whenever the market makes investing challenging it is always a good time to review the fundamental reasons for investing in a sector or in a particular company to determine if the reasons have changed. The fundamental reasons we follow the metals market and stocks in this sector has a lot to do with long term supply and demand trends. During the 1980’s and 1990’s a lot of money was chasing the next big technology stocks and not enough money went into mining exploration and development.

During this period it was in vogue to think of technology as “new economy” and the mining sector was out of favour and thought of as “old economy”. It didn’t seem to matter that without the stuff that the old economy industry produces we couldn’t have the new technology products!

During this period of under investment, emerging economies led by China, India and others started to consume a lot of precious and base metals. Mining is no different than any other sector – money has to be devoted to research/exploration and development to secure long term sustainability. While the mining sector was seeing a lack of adequate investment in exploration and development, the emerging economies were aggressively consuming metals. This under investment combined with aggressive demand caused an imbalance between supply and demand. This created a situation that strongly suggested prices would go higher as we argued in our reports and they have. This imbalance has not changed and is still the fundamental reason we have been and continue to be bullish for precious and base metals prices.

Another reason we follow the mining sector is because we feel investing in this sector is an exceptionally good method to get exposure to the economic growth of emerging economies. Most economists believe, as do we that in the future (likely within the next 25 years) China will become the largest economy in the world. As China is growing to that size other emerging economies such as India will also grow aggressively. The bottom line is for those economies to grow they will need a lot of base metals. They need what the mining sector produces.

During the summer of 2008 metals prices also had a challenging couple of months but not nearly as difficult as the stocks in the mining sector. As we reviewed the fundamentals of the companies we follow, we noticed a common theme. During the period from the summer of 2007 through to summer 2008, while stock valuations were under pressure many of the companies we follow have been dramatically improving their fundamentals.

One of the key fundamentals we follow when evaluating an exploration company or new producer is the quality of their projects. We follow the drill rig (or as we prefer to call it “the truth machine”) and hopefully see the company increase the ounces of precious metals in the ground or the pounds of base metals in the ground. Almost across the board, the companies we follow have increased what they have in the ground and in some cases quite dramatically.

Another reason we follow the exploration companies and new producers so closely is because in the overall mining sector these smaller companies are not as closely followed by a large audience of investors and this causes inefficiencies in stock valuations. These inefficiencies often create opportunities.

The mining industry is in drastic need of new discoveries and new mines and it is the smaller companies that are the most effective at providing these new discoveries and mines. The exploration companies have always been much better at finding new mines than the large mining companies. The demand from emerging economies will continue to charge forward in the future. Unfortunately, the mining sector is simply not prepared for this aggressive demand due to the long periods of under investment in exploration and development.

During the past couple of months while stock valuations and metals prices have been challenging, it appeared to us that the market in general doesn’t seem to realize that for the last seven years commodities and resource stocks have been the only places to find above average performance. We don’t believe it was a fluke that made these markets perform so well; instead it was based on solid fundamentals. And even though we have had a challenging short term period those fundamentals are still in excellent shape.

While the market has been challenging over the past year or so for the smaller mining stocks, many have been improving their fundamentals by increasing what they have in the ground. With metals prices still solidly in a long term bull market and the stocks having gone through a tough year or so this has created a buyer’s market for mining stocks.

Not only do we maintain our bullish outlook on metals prices but we would strongly argue that the smaller mining stocks are primed to get much more bullish in the coming months. The Toronto Stock Exchange Venture Index has seen multiple year lows that bottomed recently and we believe it is primed to move much higher in the near term.

The bottom line is that we feel the fundamentals of the metals market and the stocks are in solid shape, and even though the market has been challenging, the fundamental reasons for our bullish outlook has not changed. We continue to maintain our bullish outlook for metals prices and are aggressively bullish for stock valuations. This recent period has created a buyers market that can provide exceptional returns.

Our Favourite Treasure Hunters

Because we just made our case for our bullish outlook for stock valuations and the last year setting up a strong buyer’s market, we will be featuring several companies in this report. We have a few new additions that we are very optimistic about. We will also be revisiting several of our selections from past reports, simply because we feel they have dramatically improved their fundamentals and have yet to be positively re-priced for this fundamental improvement.

In the opening section of this report and all of our past reports we discuss big picture themes that affect the entire industry. For new readers that would like to review our past reports you can find them at www.allanbarryreports.com. The issues we deal with in the opening sections of the reports play a critically important role in the mining industry in general and most importantly have a significant impact on the companies we follow.

A few new additions:

Cyprus Development Corp.

Cyprus has a very interesting project we have been following for a couple of years now that is strategically located in Red Lake, Ontario. Having a project in a good location in a prolific high grade gold camp is a good asset, but more importantly it looks like the drilling is starting to find some high potential rock in the drill holes. We are not shareholders of the company.

Their key ground is the claim block to the south of Gold Eagle’s property and is just to the west of Goldcorp’s claim that hosts the Red Lake and Campbell mines. Basically they are right in the heart of the Red Lake gold camp. Things have been heating up in the last couple of months because Goldcorp is in the process of completing the buyout of Gold Eagle Mines. We have been following Gold Eagle’s project for a few years now. We started following the project when it was first discovered by Exall and their joint venture partner that merged to create Gold Eagle Mines. It has been a very successful pick.

As we were following Exall we became aware of Cyprus having the adjacent claim to the south of the Bruce Channel discovery. Since then we have been following their drilling closely to see if they came across anything and recent results are suggesting that they may have something.

They haven’t done the assaying on their recent drill holes but they are hitting the right kind of rock that is similar to what is found at the mines in the area. The next important question is now that they have the right kind of rock, is it gold bearing? The chances are good based on their close proximity to the known mines in the immediate area. The other encouraging sign from this drilling is that they are in the right kind of rock over a significant portion of the drill hole.

We look forward to the assay results from their recent drilling but due to the close proximity to the important mines in the area if it contains high grade gold it could catch a lot of investor attention.

Cyprus’s stock symbol is CYP and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.cypressdevelopmentcorp.com. Their website contains past news releases and additional information to do your own due diligence.

Rubicon Minerals Corp.

Rubicon Minerals has a large land package in Red Lake, Ontario and has been very active in that area for several years. In the past they have had modest success in their drilling but recently they have had a very significant breakthrough with their discoveries of very high grade gold on their Phoenix project. We are not shareholders of the company.

They have been able to catch a lot of investor attention due to the extremely high grades of gold they are hitting at their F2 Zone on the Phoenix project. In their recent news release on drilling results they had a highlight hole that returned a grade of 891 g/t gold over 2 metres or 26 ounces over six feet. In addition to these bonanza grades they have encountered grades of over one ounce per ton on several other holes.

Red Lake is a well known area to find these very high grade gold discoveries and this project is quickly shaping up to be another impressive discovery in this prolific gold mining camp. Generally in this camp the high grade is found in fairly narrow intersections but with the exceptionally high grades it doesn’t take a big area to have a lot of ounces in the ground.

This Phoenix project in Red Lake is the main reason we are following the company but it is not the only project they have in their portfolio. They have other projects in Alaska and Nevada and collectively this gives them exposure to gold exploration in the most important regions of North America to be looking for gold.

In addition, Rob McEwen owns around 30% of the shares in Rubicon. For those that are unfamiliar with him Rob McEwen was one of the driving forces of Goldcorp which grew from a junior exploration company into a major gold mining company.

With a major shareholder who has had a lot of success creating shareholder wealth, and now a new discovery with a lot of potential, this company is primed for success. We are big fans of gold exploration in Red Lake, Ontario and are pleased to add Rubicon to our group of featured companies. We feel that they have a lot of potential for growth, possibly into another Red Lake success story.

Rubicon’s stock symbol is RMX and the shares trade on the Toronto Stock Exchange. Their website is www.rubiconminerals.com. Their website contains past news releases and additional information to do your own due diligence.

US Gold Corporation

As we were finishing writing this report, US Gold came out with very exciting drilling results from their project in Mexico. Rob McEwen is the Chairman and CEO of US Gold and as previously mentioned, in the gold mining industry he is one of the most successful mining company makers. We are not shareholders of the company.

Rob McEwen is a big believer in gold and since he left Goldcorp he has been very busy with large investments in several junior gold companies. It would seem that he has no interest in resting on his past laurels and wants to create more mining success stories.

In the past we have mentioned that there is a very good reason that when looking at an exploration company the first thing we look at is drill results before we look at the people. The main reason is no matter how talented people are they can’t make something appear, if it isn’t there. Having said that, the combination of good people (i.e. McEwen) and good drill results is an excellent scenario and the recent drilling results are very impressive.

The recent drilling results are from their project in the Magistral District located in Sinaloa State, Mexico. One of the highlight holes from the recent drilling returned 30 metres of 4.59 g/t of gold or that works out to 98.4 feet of 0.13 ounces of gold per ton. Of particular note from these recent results is that the gold mineralization starts at or near surface.

In addition to the company’s project in Mexico they have a lot of exploration ground in key regions of Nevada that are highly prospective for gold. With good people and a strong portfolio of projects and exciting recent drilling results, they are well positioned for growth.

US Gold’s stock symbol is UXG and the shares trade on the Toronto Stock Exchange and the American Stock Exchange. Their website is www.usgold.com. Their website contains past news releases and additional information to do your own due diligence.

Review of some of our past picks

Abacus Mining and Exploration

Abacus has been featured many times in our past reports going back to our premier edition because of the quality of their project near Kamloops, B.C., Canada in the Afton mining camp. We are shareholders of the company and a consultant to the company.

The Afton mining camp is a historical mining camp where Teck (now Teck Cominco) started as a small exploration company that made a discovery that helped them grow into the large scale mining company they are today. When Teck had mining operations in this camp they produced from three key open pits including the Afton, Ajax East and Ajax West pits. Production at these pits ended in the 1990’s when copper and gold were much lower priced then they are currently.

Now the Afton pit belongs to New Gold Inc., another company we feature in the report, and they are bringing this project back into production. We will discuss them in more detail later in the report. The Ajax East and Ajax West pits belong to Abacus and they have been aggressively working on these projects for the last few years and are assessing the potential of combining these two pits into one much larger pit to take advantage of economies of scale.

It wasn’t that Teck Cominco didn’t realize there was still a lot of exploration potential when they stopped production. It probably had a lot more to do with the dismal prices for gold and copper back in the 1990’s. Since then prices for these metals are much higher and new exploration around and under these past producing pits have made these projects much more compelling.

With New Gold advancing the New Afton deposit toward production as a cornerstone asset for their future growth, and Abacus close on their heels moving ahead with the assessment of developing the Ajax pits into one large pit, this past producing area is shaping up to be in production once again in the near future. With the marquee team of mining executives running New Gold and the added attention their New Afton mine will bring to this camp, Abacus is well positioned to gain significant attention as well with their high quality projects in the immediate area.

Abacus’s stock symbol is AME and the shares trade on the Toronto Stock Venture Market. Their website is www.amemining.com. Their website contains past news releases and additional information to do your own due diligence.

Atna Resources

Atna has several projects that we are interested in but their Pinson project is the one we are most excited about. This project is a joint venture with Barrick Gold and is a multiple million ounce gold project in Nevada. We are shareholders of the company.

Searching for companies with projects that have the realistic potential of having more than a few million ounces of gold is not an easy task, especially ones that are in a mining friendly region like Nevada. And the Pinson project is clearly in that category.

Barrick and Atna have been working on this project for several years and the percentage of interest ownership has shifted in that period. Atna had an option to earn a 70% interest that required them to conduct a lot of exploration work to earn it. But Barrick retained a back-in right that would allow them to increase from the remaining 30% back to 70% interest by completing $30 million worth of work. Barrick decided to earn back that interest but the back-in right requires them to complete that work by April 2009. In past reports we have talked a lot about this deal because it has such an important bearing on who owns what and has a big influence on Atna’s valuation.

When Barrick chose to exercise their back in right, we were very excited because they are such a large company they really need large multiple million ounce gold projects to consider developing a mine. We feel their decision is a clear indication of the big picture potential of the Pinson project.

In addition, we felt that if Barrick was able to spend the money in the short time frame, Atna would be a partner in a project that meets Barrick’s size criteria. And if Barrick was unable to do the work on time then Atna would regain the 70% interest and would have had a free ride on several million dollars of exploration work.

The ultimate ownership of this project is still a key fundamental development we are watching for and we think Atna will benefit significantly from either outcome. The clock is ticking and April 2009 is approaching rapidly; Barrick still has a long way to go to spend what they have to by then. Another bonus is that each dollar they spend is really moving this project closer to production and if they spend it all it will be very close to going into production.

Atna’s stock symbol is ATN and the shares trade on the Toronto Stock Exchange. Their website is www.atna.com. Their website contains past news releases and additional information to do your own due diligence.

Bear Creek Mining

Bear Creek is another company we have featured many times in past reports and the main reasons are the people running the company and their projects. They have a very talented group of people running the company who have had a great deal of success creating shareholder value throughout their careers. More importantly, when we initially started following them they were in the early days of work on their Corani project in Peru. We are shareholders of the company.

The Corani project is moving from a new discovery to currently having a large resource of silver and base metals, and the realistic potential of becoming a future mine. But in the last year or so we have been getting a bonus with their Santa Ana project. It recently had an updated resource calculation that is adding a substantial amount of silver and base metals to the resources of the two key projects.

Before discussing the new resource estimates out of Santa Ana we would like to add that we are very bullish on the future price of silver. Finding high quality silver projects with the realistic potential of becoming future mines in mining friendly regions is not easy and Bear Creek looks like they now have two projects in this category.

Earlier this month, Bear Creek came out with a new resource estimate on their Santa Ana project. It is very exciting for us because this is the second time we have watched them move from discovery to large resources of silver and base metals.

The new estimates from Santa Ana are 82.2 million ounces of silver, 414 million pounds of lead and 709 million pounds of zinc. These estimates are in the measured and indicated category and the average grades are 45.7 g/t silver, 0.34% lead and 0.57% zinc. In this kind of a mix the base metals would help cover some of the costs of the silver production in a mining operation. There is still more work to do to understand if it can be economically mined and the next important steps are to add more to the resource through drilling as well as completing a scoping and preliminary economic assessment. The work to complete these milestones is underway.

This discovery combined with Santa Ana puts them in a position of having a lot of ounces of silver and pounds of base metals in the ground. The fundamentals of both of these projects are putting them in an excellent position of having high quality silver projects to develop in the future during a bullish time for silver.

Bear Creek’s stock symbol is BCM and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.bearcreekmining.com. On their website you can find past news releases and additional information to do your own due diligence.

Candente Resource Corp.

Candente is moving their Canariaco project in Peru ahead on several fronts that include drilling to increase their resource estimates and working on a preliminary economic assessment which will lead to a feasibility study. In addition they have added new people to their team and completed an $11.91 million financing. We are shareholders of the company.

In the last year or so the company has added key people to their team all of whom have extensive experience in mine development and operations. Their strong team has them well positioned to advance this project into mine development if the economics make sense. Ultimately, juniors tend to prefer selling out to majors who can develop the project into a mine but occasionally projects come along that have the potential to turn an exploration company into a producer. It is a strong statement that management believes this project has that potential and they are preparing to go that route if that is the best method to unlock shareholder value.

Past drilling has led them to completing resource estimates of around 8 billion pounds of copper at Canariaco. Recently they announced their latest resource estimate and much of the drilling was focused on moving more of the pounds of copper into the measured and indicated category. Moving resources from inferred into the measured and indicated category is not the kind of news that gets the market real excited but it is very important to move the project toward completing a feasibility report because this can lead to a decision to develop a mine. So far this project has shown the realistic potential to become a future mine and the management’s aggressive work to complete this work and add key mining people to their team is a good indication of where they think this project is headed.

It is looking like the company has the kind of project that major mining companies would be interested in developing into a mine or could help them move from a junior exploration company that turns into a mining company. We look forward to more news on the drilling and the economic assessment work as this will establish if this can be a viable copper mine. We are very bullish on copper and having a high quality project in a mining friendly country is very promising. Canariaco fits the bill.

Candente’s stock symbol is DNT and the shares trade on the Toronto Stock Exchange. Their website is www.candente.com. Their website contains past news releases and additional information to do your own due diligence.

Fission Energy Corp.

Fission Energy has a lot of ground in the Athabasca basin of Saskatchewan that is prospective for uranium discoveries. One of their key projects, Waterbury Lake, is in close proximity to two important projects: the Midwest deposit owned by majors and the discovery that Hathor made on their Midwest Northeast project. We are shareholders of the company.

The Waterbury Lake project has them well located for uranium exploration and is their key project we are most interested in at this time. But they also have several other projects in the Athabasca Basin which is the most important source of uranium in the world. They have been able to attract large well funded partners that will be covering costs of much of their exploration work.

Whenever looking at an exploration company we like to see companies that are interested in drilling their projects to try and make new discoveries and Fission is a busy driller. Making new discoveries is not easy and it is a good sign when a company is interested in putting holes in the ground as it shows they are interested in making discoveries. Often the first step is to get small hits or sniffs of uranium as they have and hopefully this will lead to a more important discovery.

In a nutshell, they have a lot of ground in a key region for uranium mining with well located ground where important discoveries have been made and they have partners funding their exploration work. They are doing a lot of drilling and we are closely following results from their Waterbury Lake project as this is an exciting region for uranium exploration.

Fission Energy’s stock symbol is FIS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.fission-energy.com. Their website contains past news releases and additional information to do your own due diligence.

Hathor Exploration

Hathor has one of the most exciting new discoveries of high grade uranium in the Athabasca basin in Saskatchewan to come along in several years. To date they haven’t drilled a lot of holes but the ones they have done so far are showing a great deal of promise. We are shareholders of the company.

As previously mentioned, this region of Saskatchewan is the most important source of uranium production anywhere in the world. One of the main reasons it is so important is the extremely high grade nature of the uranium in the mines in this region. In the mining business when high grade is mentioned it is because the value of metals in the ground is several hundred dollars per tonne whereas in this region the uranium can run into the thousands per tonne.

With rock that valuable per tonne companies don’t find massively large ore bodies but they can find millions of pounds of uranium in a relatively small deposit. Finding very high grade uranium that comes from small targets is what makes exploration for new discoveries challenging. It looks like Hathor has come across one of these kinds of discoveries.

Once a company is fortunate to find one of these rare discoveries it tends to make things easier because it doesn’t have to be real big to have a valuable deposit that can become a mine. More work will be needed to confirm if they have that kind of a discovery but the nice thing is that they don’t need to have large step out holes to have a lot of uranium in the ground.

In addition to making this new discovery, management has been quick to act and put together a large financing that puts several million dollars in their treasury. This funding enables them to continue to be very aggressive with their drilling. They also have several other highly prospective projects that can also be explored aggressively as well.

Very high grade discoveries of uranium are not easy to come by and Hathor's Midwest Northeast discovery has them in an enviable position. We look forward to future results from this project and will be especially watching for holes that increase the dimensions of the deposit. It is obvious they have the grade, now the question is whether or not there is enough rock there to make a mine. So far their exploration efforts are going in the right direction on grade and size.

Hathor’s stock symbol is HAT and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.hathor.ca. Their website contains past news releases and additional information to do your own due diligence.

Inspiration Mining Corp.

Inspiration Mining has two key zones of nickel mineralization with one being lower grade near surface and the other a deeper higher grade zone on their Langmuir project. This key project continues to come up with very good grades on both these zones and the project is in a well known mining region. We are shareholders of the company.

One question often asked by investors when looking at a project is what is better, a high grade or low grade deposit? They each have their benefits and that is not an easy question to answer. For example often high grade deposits are found fairly deep but they can carry a very high value of metals per tonne. Thus they don’t have to be big in order to have a substantial deposit that can be economically mined in an underground operation. On the other hand low grade deposits if found near surface can benefit from being open pit mined at a low cost and can mine several thousand tonnes per day and be very profitable. Basically there is no easy answer as to which scenario is better because it depends on several variables.

Fortunately for Inspiration it looks like they have both of these kinds of deposits on their ground. One is, as we mentioned, a lower grade near surface discovery that benefits from having a fairly high grade for a large tonnage target. And they also have a high grade zone on the other side of their project that is also showing the potential of having the right grade and tonnage combination to have a future mine.

One of the key reasons we started following them is because we are bullish on the price of nickel and feel it is primed to go higher. And for the last few years Inspiration has been consistently hitting very good grades for the types of nickel discoveries on their two key targets.

Inspiration’s stock symbol is ISM and the shares trade on the Toronto Stock Exchange. Their website is www.inspirationmining.com. Their website contains past news releases and additional information to do your own due diligence.

New Gold Inc.

New Gold is a new addition to the group of companies we follow that was added in our recent 18th edition. The key reasons are a strong group of projects and a very impressive team of key shareholders and management and their potential to grow into a large scale mining company in the future. We are not shareholders of the company.

In our past editions we have mentioned that with all the mergers and acquisitions that have taken place over the last few years in the mining industry there has been a hollowing out of middle sized mining companies. These kinds of companies play a very important role in the mining industry because they can develop smaller scale projects than the very large mining companies can and they can use those projects to grow.

Now that there are fewer companies in this size category, this has created somewhat of a carte blanche situation. Now companies of this size have plenty of projects to choose from that aren’t big enough for the majors but can help a middle level company grow into a major. And most importantly, New Gold has a key large shareholder and management team that have grown small juniors into much larger companies and have rewarded their shareholders handsomely.

The mining industry created a vacuum by taking many middle sized companies out of the industry and has made the timing of creating a middle level company with big growth aspirations ideal. We have been looking for companies that can fit into this category to add to the companies we follow for sometime and are very excited to have been able to find a company like New Gold to add to our group of featured companies.

Most of the companies we follow are exploration companies that are passing milestones based on their drilling success. New Gold has different milestones that are important for them that include bringing projects into production and being on the lookout for their next acquisition. With a strong group of projects and an exceptionally talented team it looks like their growth prospects are outstanding.

New Gold’s stock symbol is NGD and the shares trade on the Toronto Stock Exchange. Their website is www.newgoldinc.com. Their website contains past news releases and additional information to do your own due diligence.

Nevada Copper Corp.

Nevada Copper has a very good copper project with other base and precious metals as well on their Sleepy Hollow project in Nevada. They are very busy with the drill rig and this aggressive drilling is helping them advance this high quality project in a mining friendly region. We are not shareholders of the company.

The basics of their project are that they have two key deposits at their Sleepy Hollow project. One is a near surface deposit and the other is a deeper high grade zone. The near surface project looks to have the potential to become an open pit operation. And the deeper high grade zone looks like it has the kind of grades that could be mined in an underground operation.

Of course more work is needed to determine if one or both can be mined but so far the past work is very encouraging. They have completed a preliminary economic assessment that came back with very promising results. This work looked at an open pit and underground operation and the results indicate it has the potential for a large scale operation with a quick return on capital costs. The next key steps are to continue the evaluation work so they can complete a feasibility report that will help them determine if this is a viable operation. They are working aggressively to get that work done quickly.

We are very bullish on the price of copper going forward mainly based on the weak supply chain of this metal compared to the strong demand from emerging and developed economies currently and in the future. Another important factor when looking at any company is that we always try to pick those with high quality projects that are in mining friendly regions.

Nevada Copper has a solid copper project in a key mining district and also benefits from having other base and precious metals that help the economics of the project as well. They are very busy with the drill rig and are doing a lot of key work needed to continue passing milestones and we look forward to results from this work as it can help advance this project hopefully toward a future mine.

Nevada Copper’s stock symbol is NCU and the shares trade on the Toronto Stock Exchange. Their website is www.nevadacopper.com. Their website contains past news releases and additional information to do your own due diligence.

Paladin Energy

Paladin is a new player on the uranium mining scene having just started production of uranium in the last couple of years. Their first mine is Langer Heinrich in Namibia and they have other projects in various stages of development in Africa and Australia. Being a new uranium miner while the price of uranium is at historically high prices is very opportune and it looks like management is focused on taking advantage of this good timing and growing the company into a much larger uranium mining company. We are not shareholders of the company.

In the global uranium mining industry Namibia is an important source of uranium production. The economy of the country also benefits from mining other commodities and their domestic economy greatly benefits from mining. Major mining companies are very active in the country as it is a welcoming place for foreign mining companies.

The Langer Heinrich mine was found in the past but was shelved for many years due to weak uranium prices. With the need for uranium as a source of energy becoming increasing important for global energy needs, the price of uranium has improved dramatically in the last five years or so. This improved price helped make the project’s economics much more robust so Paladin developed it into a mine and it is a cornerstone asset for their future growth.

In the first couple of years of production from Langer Heinrich they have been working out the kinks in a new mine. They are also ramping up to full production and they estimate they will produce 3.7 million pounds annually. In addition to this they are also in the construction of another uranium mine in Malawi that is moving toward production later this year. 2008 has been a very busy time for the company and its growth plans.

Beyond these two projects they have several other key projects in various stages of exploration and advanced economic evaluation stages. The group of assets gives them a strong pipeline of projects that will be important for their future growth plans. It looks like they are well positioned to continue to grow their annual production and have projects for the future and this combination has them in a good position to grow into a larger uranium miner of the future.

Paladin’s stock symbol is PDN and the shares trade on both the Toronto and Australian Stock Exchanges. Their website is www.paladinenergy.com.au. Their website contains past news releases and additional information to do your own due diligence.

Premier Gold Mines

Premier Gold has three projects focused on gold exploration that are returning very good results. Their key project is in Red Lake, Ontario that is one of the most important regions in the world for high grade gold exploration and mining. Past results from their work in this region have consistently come back with very encouraging results of high grade gold. We are shareholders of the company.

Before discussing their key project we will start with their two other projects that are showing a lot of potential. One of those prospective projects is in the Geraldton region of Ontario. There had been smaller scale historical mining operations there decades ago and it is often said that a good place to look for a new mine is in an area where there is an old mine. When Premier decided to go into this region they focused on getting involved where some of the old mines were and that is proving to be a sound game plan based on their drilling results.

Another one of their prospective projects is Santa Teresa in Mexico which is also located in an area where there had been historical mining and the reported grades from this past mining were high grade. They haven’t drilled a lot of holes so far but due to the very good results from the first batch of holes they should stay busy drilling to follow up the high grade results. Recent results include a highlight hole that hit 1.5 metres of 82 g/t of gold which works out to around 2.4 ounces of gold per ton. A few months ago they announced a hole of 2 metres of 479 g/t of gold that works out to around 14 ounces of gold per ton over 6 feet. They also had several other intersections of high grade gold from the first few holes with some coming in at around 1 ounce per ton. They are learning a lot about the geology from this project and based on the past work and the recent drilling results it looks like they have another project with strong potential for a significant high grade gold discovery.

At Red Lake they had assay results from their recent drilling and it continues to come up with very promising results of high grade gold. The Rahill/Bonanza project where these results come from has a resource estimate of 900 000 ounces of gold and is in close proximity to one of the Red Lake mines. In fact they have been able to use underground workings to drill from which gives them easier access to the key zones. The nearby mine is owned by their joint venture partner Goldcorp and this relationship brings several benefits. A main focus of the drilling is to test along strike and expand the known zone that the resource estimate comes from and they are getting the kind of results we are hoping for to grow the high grade gold ounces in the ground.

The combination of their results on all three areas has them in an enviable position for gold exploration. A common theme on all their projects is high grade gold and as we are very bullish on the price of gold the timing of coming up with high grade in the drilling is very opportune. Now that Goldcorp is taking over Gold Eagle it looks like Premier is quickly moving toward being the next takeover target in the Red Lake gold camp.

Premier’s stock symbol is PG and the shares trade on the Toronto Stock Exchange. Their website is www.premiergoldmines.com. Their website contains past news releases and additional information to do your own due diligence.

Redstar Gold Corp.

Redstar is a real under appreciated gem with high quality gold projects in Red Lake, Ontario and Nevada. These two regions are two of the most important gold mining and exploration regions in the world with Red Lake very well known for high grade gold and Nevada having many massive deposits. We are shareholders of the company and a consultant to the company.

On the drilling front they have two projects that Gold Fields has an option to earn a 60% interest in currently being drilled. In a short period of time since Gold Fields optioned these projects, they have worked aggressively to advance them to the drill ready stage and have started the exploration drilling. The two projects optioned are Richmond Summit and Dry Gulch. Both these projects are in close proximity to mines that were 10 to 20 million ounces so they have good locations. We look forward to drill results from these two projects because any kind of good results from drilling so close to where very large gold mines are located will cause a lot of investor interest.

In the coming months they should have drilling underway at their southern Nevada project called the North Bullfrog project. This is also in an area where there has been past mining. This project is optioned to International Tower Hills who are covering the exploration costs and can earn up to a 70% interest. So far they have done early stage drilling and have found some encouraging signs, primarily gold in the drill holes. In addition there is a large geochemical anomaly with plenty of area that still needs to be drilled. This is shaping up to be another highly important project for Redstar and we look forward to future drilling to test the large target on this project.

In the last few years, the key project that has caused interest has been the Red Lake, Ontario project. So far they have only drilled 18 holes and have hit high grade gold in fairly shallow holes. In Red Lake, the high grade gold is usually found deep but so far they are hitting the high grade in the first couple of hundred metres from surface. In addition they have been able to establish a large geological structure approximately 2 kilometres along strike that has been confirmed in the drilling. Finding a high grade gold discovery in the right kind of rocks in the Red Lake gold camp is very exciting and we look forward to future drilling which will focus on testing the depth potential of this project.

In the coming months we look forward to results from the Carlin Trend projects Gold Fields is drilling as well as news on drilling from the southern Nevada and Red Lake, Ontario projects. Collectively these projects give them excellent potential to have gold exploration success. Because they are in such important gold camps any good results can catch a lot of attention.

Redstar’s stock symbol is RGC and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.redstargold.com. On their website you can find past news releases and additional information to do your own due diligence.

Skygold Ventures

Skygold recently completed the merger with their joint venture partner and a financing to put together funds to continue aggressively moving ahead with their Spanish Mountain project in British Columbia, Canada. We are shareholders of the company.

By merging with their joint venture partner they now have a 100% interest in the Spanish Mountain project. Another important recent development was the completion of a resource calculation that established a substantial resource of gold. The gold is fairly low grade; however it is starting at surface so it has the potential of being open pit mined.

Open pit mining targets are exciting from a mining perspective because they are easy to get at and thousands of tonnes per day can be processed. Major mining companies get a great deal of production from these kinds of mines and they can generate very good profits. Also, if there is large tonnage they can have long mine lives. Spanish Mountain is shaping up to be one of these kinds of projects and is in a mining friendly region of British Columbia that is in favour of mining and in need of jobs from the mining sector.

One of the most important factors in open pit mining is that there is large tonnage. The Spanish Mountain project has already established it has this realistic potential even though they have only tested a small percentage of the prospective targets. A big focus of current and future drilling will be to continue testing this large target area to increase the tonnage and grow the resource.

It is highly likely that the resource can grow quite significantly because they have completed a lot of new holes that have yet to be added into the resource estimates. Having a near surface high tonnage gold project in a mining friendly region is a very attractive asset. It also looks like the future price of gold will positively help the economic evaluation of this project.

Skygold’s stock symbol is SKV and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.skygold.ca. Their website contains past news releases and additional information to do your own due diligence.

UEX Corporation

UEX has an impressive uranium discovery that has the realistic potential of being a future uranium mine at their Shea Creek project located in the Athabasca Basin of Saskatchewan. They have several other projects in this prolific uranium mining region that also have significant potential as well. We are shareholders of the company.

At Shea Creek they have been consistently hitting high grade uranium in their drilling for the last few years. This drilling has outlined a very important discovery that is clearly showing the potential to be a future mine. This region of Saskatchewan is well known for having the geology that hosts prolific deposits that make up several mines.

One of the main reasons we like following uranium exploration in this region is because of the well known geology and the high grade nature of uranium deposits in the camp. Equally as important is that the region is very mining friendly. The locals understand that mining uranium can be done safely while significantly benefiting the local economy.

It also looks to us that uranium is primed to go higher in the near term based on the fundamentals of supply and demand. With a big deficit between supply and demand that only looks to grow larger, prices should be much higher in the future. As we look ahead over the next five years at the supply and demand outlook it looks like the deficit will grow dramatically. In this kind of scenario the timing of having a project with the potential to become a future mine is ideal.

Having a high grade uranium project in a mining friendly region with plenty of drill holes that clearly show the potential of having an important deposit is very impressive. That is what UEX has at Shea Creek. In addition to results from Shea Creek we also look forward to results from drilling on their other projects. UEX has the potential to deliver good results from drilling on several projects including their key project and also offers the potential for strong performance linked to an upwards move in the price of uranium.

UEX’s stock symbol is UEX and the shares trade on the Toronto Stock Exchange. Their website is www.uex-corporation.com. Their website contains past news releases and additional information to do your own due diligence.

Virginia Mines Inc.

Virginia Mines has been very busy lately with a large exploration program budgeted for approximately $20 million on their Coulon project in Quebec. This project is showing that it has a lot of potential. It is a joint venture project that they will continue to aggressively drill and they will have a lot of holes to report in the coming months. We are shareholders of the company.

Recent results from drilling at Coulon continue to deliver very promising grades as it has been for the last couple of years. Readers can find those results on their website. One of the highlight holes from the recent news hit 11.54% zinc, 1.2% copper and 98.92 g/t silver over 9.5 metres. This is not an isolated hole; they have several other holes from Coulon with similar high grade intersections.

With the combination of all the drilling that has been done in the past and the extensive drilling that will be done this year it will help them get a clearer picture of the potential of the Coulon project. So far it is showing a great deal of potential and it looks like the results are adding a lot of confidence to the team running the exploration.

Virginia also has several other projects looking for precious and base metals. These projects have the realistic potential of delivering exploration success in the future. As we have mentioned in past reports the predecessor company to Virginia Mines found the Eleonore discovery which was bought out by Goldcorp and is currently being developed into a future mine. Part of the buyout deal was that Virginia Mines retains a royalty from the Eleonore mine and with production getting closer so are the royalty payments.

The bottom line is that Virginia has an outstanding group of projects, a lot of cash in the treasury, and is an aggressive exploration company. This combination puts them in a very strong position for future growth.

Virginia’s stock symbol is VGQ and the shares trade on the Toronto Stock Exchange. Their website is www.virginia.qc.ca. Their website contains past news releases and additional information to do your own due diligence.

VMS Ventures Inc.

VMS Ventures has a very good copper project in Manitoba they have been busy drilling. This Reed Lake project has been coming up with a lot of holes of high grade copper over significant intersections. They are well funded to continue aggressively drilling on Reed Lake to understand the geology and understand the ultimate potential. We are shareholders of the company.

In the last few months they have had several news releases detailing drilling results. Highlight holes from those releases include one hole with 53 metres of 3.08% copper, another with 97 metres of 2.08% copper and one real eye opener with 33 metres of 10.36% copper. These are highlight holes and there are details on several other holes on their website that were reported in the last couple of months. Equally important is that their drilling is giving them a better understanding of the geology and this can help them continue to come up with good results in future drilling.

Copper is one of our favourite metals as it is critically important for economic growth and is needed to help emerging economies continuing growing. The fundamentals of supply and demand are tipped toward higher prices. So the timing of having a high quality copper discovery is very opportune.

In the coming months, we believe copper will be making a strong move upwards. During that time VMS Ventures will have a lot of drill holes to report. Based on the success they have been having it looks like they have good potential to continue delivering high grade copper results.

VMS Venture’s stock symbol is VMS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.vmsventures.com. On their website you can find past news releases and additional information to do your own due diligence.

Our Report Card

In the opening section of this report we mentioned the fundamental reasons we feel that mining stocks (in particular, smaller companies’ stocks) are primed to outperform metals prices in the near term. One of the key reasons is that in the last year or so there has been a lot of strength in metals prices and a lack of similar strength in smaller mining stocks.

The list of high quality companies featured earlier in the report is getting long so we will keep the metals commentary fairly brief. Fortunately the argument for our bullishness on metals prices will be easy to keep brief.

Before going on, we would like to remind our readers of something we have all heard before: past performance is not always an accurate indicator of future returns. We feel it is very important for readers to do their own due diligence including talking to those whose opinion you rely on to make investment decisions. We cannot stress enough how important it is for investors to do their homework before making any investment decisions. If these reports are helpful in identifying companies that merit readers doing their own further investigating, then we feel this report is a success.

Metals Commentary

In our previous editions we have detailed the reasons for our optimistic outlook on metals prices. You can find all pervious reports on our website at www.allanbarryreports.com.

In the summer months of 2008 we saw metals prices across the board under pressure. However, it is worth noting that the prices are still very high compared to their dismal prices in the late 1990’s. In our opinion this pressure has nothing to do with the fundamentals of supply and demand and more to do with a strong move of the US dollar.

The dollar was on quite a run during the summer of 2008 but we can not find any fundamental reasons for this move. In fact it is much easier to find several reasons to sell the dollar. As commodities are quoted in US dollars there was a corresponding downward pressure on metals prices. On the fundamental front, the supply and demand outlook for the metals is still strongly tipped toward higher prices.

In our view the dollar is overbought and metals are oversold and these two trends are about to change very soon. In the near term it looks like the dollar is on the verge of correcting and metals are primed for a bull move and this should be very positive for high quality junior mining stocks.

Past Performance of our Favourite Treasure Hunters

This section of the report is provided to present a snapshot of all the companies we have featured in past reports. We include the dates and prices only for comparison purposes; we are not making buying and selling recommendations. Our reports are designed as a resource to help investors uncover companies with good potential. As always, the companies are listed in alphabetical order and the prices are in Canadian dollars.

Abacus Mining and Exploration

First featured in Sept 19/2005 edition, price on that date $0.25

Second feature in Dec 07/2005 edition, price on that date $0.36

Third feature in Jan 16/2006 edition, price on that date $0.75

Fourth feature in Feb 7/2006 edition, price on that date $0.96

Fifth feature in Mar 21/2006 edition, price on that date $0.73

Sixth feature in July 12/2006 edition, price on that date $0.59

Seventh feature in Oct 3/2006 edition, price on that date $0.50

Eighth feature in Apr 2/2007 edition, price on that date $0.70

Current price $0.19

We have presented our current update previously in the report so no need repeating here.

We are shareholders of the company and a consultant to the company.

Abacus’s stock symbol is AME and the shares trade on the Toronto Stock Venture Market. Their website is www.amemining.com. Their website contains past news releases and additional information to do your own due diligence.

Atna Resources

First featured in Jan 16/2006 edition, price on that date $2.17

Second feature in Feb 7/2006 edition, price on that date $2.04

Third feature in Mar 21/2006 edition, price on that date $1.95

Fourth feature in July 12/2006 edition, price on that date $1.40

Fifth feature in Oct 3/2006 edition, price on that date $1.00

Current price $0.50

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Atna’s stock symbol is ATN and the shares trade on the Toronto Stock Exchange. Their website is www.atna.com. Their website contains past news releases and additional information to do your own due diligence.

Bear Creek Mining

First featured in Sept 19/2005 edition, price on that date $2.96

Second feature in Nov 1/2005 edition, price on that date $3.20

Third feature in Feb 7/2006 edition, price on that date $4.17

Fourth feature in Mar 21/2006 edition, price on that date $5.96

Fifth feature in July 12/2006 edition, price on that date $7.17

Sixth feature in Oct 3/2006 edition, price on that date $9.30

Seventh feature in Apr 2/2007 edition, price on that date $6.85

Current price $2.18

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Bear Creek’s stock symbol is BCM and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.bearcreekmining.com. On their website you can find past news releases and additional information to do your own due diligence.

Candente Resource Corp.

First featured in May 9/2006 edition, price on that date $1.10

Second feature in July 12/2006 edition, price on that date $1.06

Third feature in Oct 3/2006 edition, price on that date $0.81

Fourth feature in Jan 23/2007 edition, price on that date $1.30

Fifth feature in Apr 2/2007 edition, price on that date $1.41

Sixth feature in Sept. 09/2007 edition, price on that date $1.59

Current price $0.63

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Candente’s stock symbol is DNT and the shares trade on the Toronto Stock Exchange. Their website is www.candente.com. Their website contains past news releases and additional information to do your own due diligence.

Exall Resources

First featured in Dec 07/2005 edition, price on that date $1.34

Second feature in Mar 21/2006 edition, price on that date $1.68

Third feature in July 12/2006 edition, price on that date $2.05

Fourth feature in Oct 3/2006 edition, price on that date $2.32

Final trading price prior to merging into Gold Eagle Mines $4.05

Exall merged with their joint venture partner; the new company was called Gold Eagle Mines and they have recently been taken over by Goldcorp. We will keep Exall in the report card section for comparison purposes. We use the final trading price on their last day of trading in place of a current price.

Exmin Resources

First featured in May 9/2006 edition, price on that date $0.22

Second feature in July 12/2006 edition, price on that date $0.195

Third feature in Oct 3/2006 edition, price on that date $0.30

Current price $0.085

Exmin is focused on exploration in Mexico and they have several projects ranging from exploration to production. They have basically taken the joint venture route and have most of their projects optioned to other companies that fund the work to earn an interest. Recently they had news out on two of their joint venture projects. They optioned the Urique project to Yale Resources who can earn up to a 75% interest. They are working on the initial 60% interest by spending the first USD $2.8 million on the project. It is located in a well known area with several mines and large mining companies in the vicinity. They had results out from sampling programs and are working toward a drilling program this year to follow up on the encouraging signs. In addition they had a recent update on mining operation of their Moris mine that is a joint venture with Hochschild with Exmin holding a 30% interest. With several projects in various stages of work they have a lot of irons in the fire and we look forward to future news on their various exploration projects and mining operations.

We are shareholders of the company.

Exmin’s stock symbol is EXM and the shares trade on the Toronto Stock Exchange Venture market. Their website is www.exmin.com. Their website contains past news releases and additional information to do your own due diligence.

First Nickel Inc.

First featured in Jan.21/2008 edition, price on that date $0.455

Current price $0.115

First Nickel is focused on nickel exploration and mining and was added to the report because we feel there is a stronger market for nickel prices coming in the short term. Since we featured them the price of nickel continued to correct and this has put pressure on First Nickel’s mining operations. We still have a bullish outlook on nickel and feel that it is going through a bottoming phase and is very close to a more bullish move. First Nickel is not only a new nickel mining company; they also have other projects with exploration potential. A higher nickel price would be very positive to their bottom line for their mining operations as well as their nickel exploration results. Although things have been challenging for the company with nickel trading on the low end of the two year trading range things can turn around quickly. We think a turnaround is near for the price of nickel and this should be very helpful for the market value of this company.

We are not shareholders of the company.

First Nickel’s stock symbol is FNI and the shares trade on the Toronto Stock Exchange. Their website is www.firstnickel.com. Their website contains past news releases and additional information to do your own due diligence.

Fission Energy Corp.

First featured in Apr.06/2008 edition, price on that date $1.16

Second feature in July 28/2008 edition, price on that date $0.74

Current price $0.245

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Fission Energy’s stock symbol is FIS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.fission-energy.com. Their website contains past news releases and additional information to do your own due diligence.

Gold Eagle Mines

First featured in Jan 23/2007 edition, price on that date $7.30

Second feature in Sept 09/2007 edition, price on that date $6.72

Current price $11.25

Now that Gold Eagle is in the finals stages of being taken over by Goldcorp we will be winding down coverage. We first started following Gold Eagle’s Bruce Channel discovery through Exall Resources that merged with their joint venture partner to create Gold Eagle and this has been a very successful pick for the report. We are big fans of gold exploration in Red Lake, Ontario due to the impressive high grade gold mines in the area and it looks like the Bruce Channel discovery will become another mine in the future. After the takeover is completed we will use the closing share price on the final day of trading for Gold Eagle in place of the current price.

Gold Eagle’s stock symbol is GEA and the shares trade on the Toronto Stock Exchange. Their website is www.goldeaglemines.com. Their website contains past news releases and additional information to do your own due diligence.

Hathor Exploration

First featured in Sept.09/2007 edition, price on that date $0.66

Second feature in Apr.06/2007 edition, price on that date $2.17

Third feature in July 28/2008 edition, price on that date $2.91

Current price $3.05

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Hathor’s stock symbol is HAT and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.hathor.ca. Their website contains past news releases and additional information to do your own due diligence.

Inspiration Mining Corp.

First featured in Jan.21/2008 edition, price on that date $1.86

Second feature in Apr.06/2007 edition, price on that date $2.25

Third feature in July 28/2008 edition, price on that date $1.38

Current price $1.36

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Inspiration’s stock symbol is ISM and the shares trade on the Toronto Stock Exchange. Their website is www.inspirationmining.com. Their website contains past news releases and additional information to do your own due diligence.

International PBX Ventures

First featured in Jan 16/2006 edition, price on that date $0.59

Second feature in Feb 7/2006 edition, price on that date $0.61

Third feature in Mar 21/2006 edition, price on that date $0.60

Fourth feature in July 12/2006 edition, price on that date $0.53

Fifth feature in Oct 3/2006 edition, price on that date $0.43

Current price $0.12

International PBX’s key project is their Copaquire project in Chile that has several exceptionally large base metals mines in close proximity. They have done a lot of drilling on Copaquire and are in the process of completing an updated resource estimate. The past resource estimates have identified a substantial resource of copper and molybdenum and we await their updates of the estimates. In addition they have other big targets on this project and we look forward to future drilling to see if they have any other discoveries. With such a prolific area and very big mines nearby, this is a very good place to be exploring for large scale mines. They have several other projects and we will be watching closely for results from those projects but our main focus is on their Copaquire project.

We are shareholders of the company.

International PBX’s stock symbol is PBX and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.internationalpbx.com. Their website contains past news releases and additional information to do your own due diligence.

Kodiak Exploration

First featured in May 9/2006 edition, price on that date $0.97

Second feature in July 12/2006 edition, price on that date $0.40

Third feature in Oct 3/2006 edition, price on that date $0.62

Fourth feature in Jan 23/2007 edition, price on that date $0.85

Fifth feature in Apr 2/2007 edition, price on that date $0.92

Current price $1.80

Kodiak has been very busy working on their Hercules project in Ontario where they have found high grade gold in past drilling. The early work on this project caused a lot of excitement with small and large investors and enabled them to see their share price reach an all time high of just over 5 dollars. They were also able to raise $50 million when the share price was higher than where it is currently. What caused the bulk of the excitement were the high grades of gold and the large geological structures found in their early exploration work. Large structures can be both a positive and negative. On the positive side, when you have large targets and high grades there is the realistic potential of finding a mine. On the negative side, big targets take time and a lot of drilling to get a good understanding and investors can have short attention spans and want immediate results. We take a big picture long term outlook based on fundamentals so we are not impatient and are always excited about large targets, especially when a company has high grades in their drill holes. Kodiak has a lot of money and can thoroughly test the big targets on their Hercules project. We are watching closely for further drilling results.

We are shareholders of the company.

Kodiak’s stock symbol is KXL and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.kodiakexp.com. Their website contains past news releases and additional information to do your own due diligence.

Mountain Boy Minerals

First featured in Sept 19/2005 edition, price on that date $0.71

Second feature in Mar21/2006 edition, price on that date $0.59

Third feature in July 12/2006 edition, price on that date $0.61

Fourth feature in Oct 3/2006 edition, price on that date $0.60

Current price $0.125

Mountain Boy has been busy during the summer months drilling two of their key projects at both the Silver Coin and BA projects near Stewart, B.C. Canada. The Silver Coin project is a joint venture and the BA project is a 100% owned project. They have been busy drilling at Silver Coin for the last few years and have come up with a resource estimate. The current drilling program is focused on adding to the resource estimates. They have drilled many holes so far at Silver Coin and should have lots of news before the end of the year. The BA project is less developed but the early drilling results have been quite encouraging. They have 3 rigs drilling at BA and several holes in for assaying. They have some more time left in the drilling season and will have a lot of holes to report that will come out over the next few months. We look forward to the results and getting a better understanding of the potential of these two projects.

We are shareholders of the company.

Mountain Boy’s stock symbol is MTB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.mountainboyminerals.ca. Their website contains past news releases and additional information to do your own due diligence.

New Gold Inc.

First featured in July 28/2008 edition, price on that date $6.27

Current price $5.23

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Nevada Copper Corp.

First featured in Apr.06/2008 edition, price on that date $2.65

Second feature in July 28/2008 edition, price on that date $1.70

Current price $1.00

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Nevada Copper’s stock symbol is NCU and the shares trade on the Toronto Stock Exchange. Their website is www.nevadacopper.com. Their website contains past news releases and additional information to do your own due diligence.

Niblack Mining

First featured in Dec 07/2005 edition, price on that date $0.345

Second feature in Mar 21/2006 edition, price on that date $0.80

Third feature in July 12/2006 edition, price on that date $0.62

Fourth feature in Oct 3/2006 edition, price on that date $0.56

Fifth feature in Apr 2/2007 edition, price on that dates $0.76

Sixth feature in Sept. 09/2007 edition, price on that date $0.48

Current price $0.085

Niblack Mining is in the final stages of merging with Committee Bay Resources and that process should be completed shortly. Committee Bay Resources will include Niblack Mining and their Lookout Mountain project after the merger. The merger will be done on the basis of one share of Committee Bay for one share of Niblack.

We are shareholders of the company and a consultant to the company.

Niblack’s stock symbol is NIB and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.niblackmining.com. Their website contains past news releases and additional information to do your own due diligence.

Paladin Energy (Formerly Paladin Resources)

First featured in Sept. 09/2007 edition, price on that date $5.02

Current price $3.54

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Paladin’s stock symbol is PDN and the shares trade on both the Toronto and Australian Stock Exchanges. Their website is www.paladinenergy.com.au. Their website contains past news releases and additional information to do your own due diligence.

Peru Copper Inc.

First featured in Nov 01/2005 edition, price on that date $2.00

Second feature in Dec 07/2005 edition, price on that date $3.45

Third feature in Mar 21/2006 edition, price on that date $3.37

Fourth feature in July 12/2006 edition, price on that date $5.65

Fifth feature in Oct 3/2006 edition, price on that date $4.20

Sixth feature in Jan 23/2007 edition, price on that date $4.67

Takeover price $6.60

Now that Peru Copper has been taken over, we will keep them in the report only for comparison purposes. In place of the current price we will use the takeover price.

Premier Gold Mines

First featured in Oct 3/2006 edition, price on that date $0.85

Second feature in Jan 23/2007 edition, price on that date $1.80

Third feature in Sept 09/2007 edition, price on that date $2.30

Current price $2.41

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Premier’s stock symbol is PG and the shares trade on the Toronto Stock Exchange. Their website is www.premiergoldmines.com. Their website contains past news releases and additional information to do your own due diligence.

Redstar Gold Corp.

First featured in Nov 01/2005 edition, price on that date $0.12

Second feature in Dec 07/2005 edition, price on that date $0.10

Third feature in Feb 7/2006 edition, price on that date $0.25

Fourth feature in Mar 21/2006 edition, price on that date $0.35

Fifth feature in July 12/2006 edition, price on that date $0.19

Sixth feature in Oct 3/2006 edition, price on that date $0.13

Seventh feature in Apr 06/2008 edition, price on that date $0.39

Current price $0.09

We have presented our current update previously in the report so no need repeating here.

We are shareholders of the company and a consultant to the company.

Redstar’s stock symbol is RGC and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.redstargold.com. On their website you can find past news releases and additional information to do your own due diligence.

Silvermex Resources

First featured in Oct. 3/2006 edition, price on that date $0.80

Second feature in Nov.24/2007 edition, price on that date $1.25

Current price $0.365

Silvermex has drilled some holes on their El Rayo project in Sonora, Mexico and the assay results are pending. Previously, there was an underground tunnel done on this project and Silvermex has completed sampling in this tunnel and returned very encouraging results. Surface sampling along a 400 metre outcrop of favourable rock also returned good sample results. They have several other projects that should see drilling in the coming months including their key projects called San Marcial and Panasco Quemado. We look forward to results from all their various projects. San Marcial and Penasco Quemado both have past resource estimates with substantial amounts of silver on both and room to grow those resources.

We are shareholders of the company.

Silvermex’s stock symbol is SMR and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.silvermexresources.com. On their website you can find past news releases and additional information to do your own due diligence.

Skygold Ventures

First featured in Sept 19/2005 edition, price on that date $0.65

Second feature in Nov 01/2005 edition, price on that date $0.55

Third feature in Mar 21/2006 edition, price on that date $1.50

Fourth feature in July 12/2006 edition, price on that date $1.49

Fifth feature in Oct 3/2006 edition, price on that date $1.57

Sixth feature in July 28/2008 edition, price on that date $0.53

Current price $0.28

We have presented our current update previously in the report so no need repeating here. We are shareholders of the company.

Skygold’s stock symbol is SKV and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.skygold.ca. Their website contains past news releases and additional information to do your own due diligence.

SNS Silver Corp. (Formerly Strategic Nevada Resources)

First featured in Feb 7/2006 edition, price on that date $0.85

Second feature in Mar 21/2006 edition, price on that date $0.89

Third feature in July 12/2006 edition, price on that date $0.50

Fourth feature in Oct 3/2006 edition, price on that date $0.30

Current price $0.15

SNS Silver recently announced they have entered into a letter of intent to be taken over by Andover Ventures. The two companies are early in this process and they estimate it should be completed by December 2008. The next big step in the process is the shareholders of SNS Silver approving the plan.

We are shareholders of the company.

SNS Silver’s stock symbol is SNS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.snssilver.com. On their website you can find past news releases and additional information to do your own due diligence.

Titan Uranium Inc.

First featured in Nov.24/2007 edition, price on that date $1.00

Current price $0.195

Titan Uranium recently had drilling out from a few of their projects in the Athabasca Basin in Saskatchewan. The drill results show that they obviously haven’t hit anything that gets the market excited but we are still encouraged. One of the key characteristics about uranium deposits in Saskatchewan is that they can be extremely high grade. The problem with finding these is that they tend to be small so they are not easy to find. If a company gets low grades in the early drilling (or as we prefer to say sniffs of uranium) this can help them focus their future drilling. On the projects that they announced drilling results they did get sniffs so now we will be watching to see if this leads them to something bigger. They have a lot of projects in key areas in the Athabasca basin of Saskatchewan near where there are important uranium mines and now they are also getting some sniffs in their drilling. We are watching closely as this could lead to better drilling results in the future.

We are shareholders of the company.

Titan’s stock symbol is TUE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.titanuranium.com. On their website you can find past news releases and additional information to do your own due diligence.

Tri Origin Exploration Ltd.

First featured in Apr. 2/2007 edition, price on that date $1.15

Current price $0.28

Tri Origin recently announced they closed a financing of $1 million to fund the exploration on their Red Lake, Ontario project. They also indicated that they are currently drilling on a group of new targets developed from previous exploration work. As we have mentioned many times in the past we are big fans of gold exploration in Red Lake, Ontario. They have a large land package that was thought in the past to not be in the right kind of rocks that host the important mines in the area. This interpretation was from government geological maps from work done in the 1970’s. Tri Origin believes that this past work was incorrect and they have done recent work that suggests they may be on the right track. This project has been overlooked for many years and if they are correct things could get very exciting because they have a very large land package. In addition to the Red Lake projects they have several other projects in various stages of exploration and development and we look forward to results from all their projects.

We are not shareholders of the company.

Tri Origin’s stock symbol is TOE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.triorigin.com. On their website you can find past news releases and additional information to do your own due diligence.

UEX Corporation

First featured in Dec 5/2006 edition, price on that date $5.45

Second feature in Jan 23/2007 edition, price on that date $5.10

Current price $1.50

We have presented our current update previously in the report so no need repeating here.

We are shareholders of the company.

UEX’s stock symbol is UEX and the shares trade on the Toronto Stock Exchange. Their website is www.uex-corporation.com. Their website contains past news releases and additional information to do your own due diligence.

Virginia Mines Inc.

First featured in Dec 5/2006 edition, price on that date $4.35

Second feature in Apr 2/2007 edition, price on that date $5.65

Current price $3.75

We have presented our current update previously in the report so no need repeating here.

We are shareholders of the company.

Virginia’s stock symbol is VGQ and the shares trade on the Toronto Stock Exchange. Their website is www.virginia.qc.ca. Their website contains past news releases and additional information to do your own due diligence.

VMS Ventures Inc.

First featured in Nov.24/2007 edition, price on that date $1.01

Current price $0.425

We have presented our current update previously in the report so no need repeating here.

We are shareholders of the company.

VMS Venture’s stock symbol is VMS and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.vmsventures.com. On their website you can find past news releases and additional information to do your own due diligence.

Wolfden Resources

First featured in Jan 16/2006 edition, price on that date $3.77

Second feature in Mar 21/2006 edition, price on that date $3.70

Third feature in July 12/2006 edition, price on that date $2.53

Fourth feature in Oct 3/2006 edition, price on that date $1.40

Takeover price $3.81

Now that Wolfden has been taken over, we will keep them in the report only for comparison purposes. In place of the current price we will use the takeover price.

Xemplar Energy Corp.

First featured in Jan 23/2007 edition, price on that date $0.79

Second feature in Sept 09/2007 edition, price on that date $1.26

Current price $0.30

Xemplar has several uranium exploration projects in Namibia. Their key project is called Warmbad, located in southern Namibia. At Warmbad they have established that they have very large targets with favourable outcropping rocks that are well known to host uranium deposits. The surface exposures of these targets are very large and cover significant areas. They are aggressively drilling to understand the realistic potential of these targets. So far they have proven that these big targets contain uranium but it is important to note that big, near surface targets tend to be low grade. That is what they are finding so far and they have potential because they can benefit from low cost open pit mining if proven viable. In fact the mines in Namibia are low cost open pits mines that have very long mine lives and kick out a lot of profit. It still remains to be seen if Warmbad has one or more of these kinds of deposits but the aggressive drilling will help to understand that potential.

We are shareholders of the company.

Xemplar’s stock symbol is XE and the shares trade on the Toronto Stock Exchange Venture Market. Their website is www.xemplar.ca. On their website you can find past news releases and additional information to do your own due diligence.

What makes the Allan Barry Report Unique

For the last 14 years, the editor of this report has had a career as a consultant to publicly trading junior exploration companies. This experience has provided a unique opportunity to learn, from an insider’s perspective, the challenges that junior exploration companies face. Additionally it has opened doors to meeting a very accomplished group of people. Spending this time as a consultant to junior exploration companies has provided a unique perspective that is an asset few analysts or newsletter writers possess.

In Closing

We would like to take this opportunity to thank you for taking the time to read this report. We hope this information proves to be informative and helpful. We ask the reader not to post this report on any website for at least three days after you receive it and that if it is posted to post the entire report without any editing. We invite our readers to pass on our contact information to anybody they feel may be interested in receiving this report or future reports and we would be glad to add them to our email list for future publications. Our contact information can be found at www.allanbarryreports.com where you can also find our past reports and a way to subscribe for future reports.

Regards,

Allan Barry Laboucan,

Editor and Writer

Allan Barry Reports

Disclaimer: The information included in this Allan Barry Report on Precious and Base Metals Exploration, is for information purposes only. No statement or expression of opinion, or any other matters herein, directly or indirectly, is an offer, solicitation or recommendation to buy or sell any securities mentioned. The information contained in this e-mail is drawn from sources believed to be reliable, but the accuracy and completeness of the information is not guaranteed, nor in providing it does the editor Allan Barry Laboucan or his companies, or affiliated companies, assume any liability. We do not receive or request compensation in any form in order to feature companies mentioned herein. The editor may have equity positions in companies referenced in this newsletter, or offers consulting services to these companies and will notify the reader of these positions or services provided to the company in the section of the report on each individual company. The editor his personal company or affiliated companies, disclaims all responsibility and accepts no liability (including negligence) for the consequences for any person acting, or refraining from acting, on the information provided in this publication.