Investments

Click here to read Pinetree's Disclosure Criteria

Pinetree's outlook for base metals in general remains positive, driven by the economic growth of China and India which is generating demand for construction materials and therefore base metals. Our top three base metal picks are copper, nickel and zinc. We are investing in junior mining companies exploring for these metals.

• Copper
• Recent supply issues such as production outages, strikes, etc. have highlighted how tight the market is for copper and how fragile the supply/demand chain is for this commodity.  Disruptions have caused spikes in the price of copper and we continue to see this as a primary driver going forward. 
• Nickel
• Pinetree remains bullish on the nickel exploration companies as the price of nickel is still high relative to historical levels. In late 2006 and early 2007, the price of nickel soared based on demand outstripping supply. With elevated prices, steel manufacturers consumed their stock piles and moved to cheaper alloys such as pig iron to make stainless steel. Pinetree sees nickel returning to the $20 mark as manufacturers begin to replenish their nickel stockpiles for higher grade stainless steel.
• Zinc
• Major zinc mines were being decommissioned in 2008 and there are no new mines going into production in the same timeframe, creating a long term supply shortage. As the price of zinc rises, investors will initially invest in current producers and then look downstream at the junior exploration and development companies. Pinetree believes the most significant gains can be made by investing in the juniors early on and we are pursuing that strategy.

Investments as at June 30, 2010.

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Bolero Resources Corp. (BRU:TSX-V)
1,665,500 common shares
1,000,000 warrants expire Oct 28, 2011

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Bridgeport Ventures Inc. (BPV:TSX-V)
1,602,600 common shares
500,000 warrants expire Dec 1, 2012

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Copper Mesa Mining Corporation (CUX:TSX)
20,787,270 common shares

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Coro Mining Corp. (COP:TSX)
5,000,000 common shares

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Creston Moly Corp. (CMS:TSXV)
10,409,900 common shares
2,500,000 warrants expire May 9, 2010

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Infrastructure Materials Corporation (IFAM:NASDAQ)
7,525,000 common shares

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International Nickel Ventures Corp. (INV:TSX)
2,800,000 common shares

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Macarthur Minerals Ltd. (MMS:TSXV)
4,465,200 common shares
500,000 warrants expire Jan 3, 2010

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MacDonald Mines Exploration Ltd. (BMK:TSXV)
14,916,000 common shares
3,075,000 warrants expire Oct 29, 2011

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MBMI Resources Inc. (MBR:TSXV)
7,617,074 common shares
1,000,000 warrants expire Dec 29, 2010
1,000,000 warrants expire May 28, 2011

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Noront Resources Ltd. (NOT:TSXV)
3,600,000 common shares

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Probe Mines Ltd. (PRB:TSX-V)
4,500,000 common shares

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Tribute Minerals Inc. (TBM:TSX-V)
9,450,000 common shares
1,000,000 warrants expire Jun 24, 2011
2,500,000 warrants expire Dec 21, 2011

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Uranium Star Corp. (URST:OTCBB)
3,000,000 common shares
1,500,000 warrants expire Jun 16, 2011