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Investments
| Disclosure Criteria |
| Valuation Policy |
| Investees By Sector |
| Precious Metals |
| Oil & Gas |
| Coal |
| Uranium |
| Base Metals |
| Potash, Lithium and Rare Earths |
| Technology and Other |
| Investees by Name |
| Past Investments |
Precious Metals
Not all investees are displayed - click on Disclosure Criteria link for explanation
Click here to read Pinetree's Disclosure Criteria
Pinetree began investing in precious metals stocks in 2002 when gold was trading at $300/oz. Gold broke new records in 2011, rallying to a record high of $1622.49 an ounce in July 2011. With the fundamentals for gold remaining strong, we expect to see gold prices at record highs going forward. Government spending and inflationary pressures in the
Likewise, Pinetree believes that silver is highly leveraged to the depreciating US dollar and we remain very positive about junior silver exploration companies. The price of silver grew by 46% in 2006 and this growth continued in 2007 and is widely expected to continue, driven largely by investment and industrial demand. As is the case with gold downward pressure on the US dollar is driving investors to silver as a hedge. There is also strong demand for silver from industrial applications including: electronic and electrical applications, semi-conductors and new applications taking advantage of silver's anti-microbial properties.
Looking forward, we believe the supply side fundamentals for both silver and gold support elevated prices as new mines are taking longer to come into production due to permitting delays, environmental activism and political risk. We believe superior returns will come from investments in junior exploration and development (pre-feasibility or feasibility studies under way) companies, given their potential for discovery and their high level of leverage to elevated gold and silver prices.
24 Hour Spot Gold
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
24 Hour Spot Silver
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
Precious Metals Investments as at March 31, 2012.
Please see our disclosure criteria regarding the investments that are displayed below.
Precious Metals
| Cost | Total fair value | % of total fair value |
|---|---|---|
| $309,837 | 218,700 | 52.9 |
| Issuer | Security Description | Cost | Fair Value |
% of Sector (FV) |
|---|---|---|---|---|
|
African Gold Group Inc. AGG:TSXV |
16,000,000 common shares 650,000 warrants expire Dec 17, 2012 |
6,033 | 4,960 | 2.3 |
|
African Queen Mines Ltd. AQ:TSXV |
6,643,500 common shares 250,000 warrants expire Nov 1, 2012 1,000,000 warrants expire Aug 8, 2013 750,000 warrants expire Mar 16, 2014 |
2,293 | 1,107 | 0.5 |
|
Apogee Silver Ltd. APE:TSXV |
17,500,000 common shares 625,000 warrants expire May 12, 2012 2,500,000 warrants expire Dec 3, 2012 |
3,094 | 2,188 | 1 |
|
Argentum Silver Corp. ASL:TSXV |
5,545,455 common shares 500,000 warrants expire May 20, 2012 |
850 | 1,026 | 0.5 |
|
Azimuth Resources Limited AZH:ASX |
15,500,000 common shares 6,000,000 warrants expire Dec 31, 2012 |
4,040 | 14,255 | 6.5 |
|
Bear Lake Gold Ltd. BLG:TSXV |
16,500,658 common shares 2,000,000 warrants expire Aug 23, 2013 |
9,059 | 1,155 | 0.5 |
|
Caledonia Mining Corporation CAL:TSX |
51,288,000 common shares |
7,381 | 4,359 | 2 |
|
Cream Minerals Ltd. CMA:TSXV |
23,750,000 common shares 5,000,000 warrants expire Dec 21, 2012 |
4,568 | 5,463 | 2.5 |
|
Dios Exploration Inc. DOS:TSXV |
6,500,000 common shares |
3,433 | 1,495 | 0.7 |
|
Euromax Resources Ltd. EOX:TSXV |
8,500,000 common shares 2,500,000 warrants expire Jan 13, 2014 |
2,479 | 1,556 | 0.7 |
|
Expedition Mining Inc. EXU:TSXV |
9,062,500 common shares 937,500 warrants expire Sep 10, 2012 |
4,885 | 1,042 | 0.5 |
|
Gold Canyon Resources Inc. GCU:TSXV |
14,869,048 common shares 531,252 warrants expire Jun 17, 2012 475,000 warrants expire Sep 23, 2012 300,000 warrants expire Oct 29, 2012 |
10,288 | 23,680 | 10.8 |
|
Golden Tag Resources Ltd. GOG:TSXV |
5,600,000 common shares 2,000,000 warrants expire Nov 30, 2012 909,091 warrants expire Apr 20, 2013 |
2,927 | 1,736 | 0.8 |
|
International Northair Mines Ltd. INM:TSXV |
5,045,500 common shares |
2,202 | 1,514 | 0.7 |
|
Kilo Goldmines Ltd. KGI:TSXV |
12,500,500 common shares 1,000,000 warrants expire May 12, 2013 |
3,046 | 2,313 | 1.1 |
|
Lago Dourado Minerals Ltd. LDM:TSXV |
3,200,000 common shares 250,000 warrants expire Jan 18, 2013 |
1,060 | 1,024 | 0.5 |
|
Latin American Minerals Inc. LAT:TSXV |
16,700,000 common shares 1,000,000 warrants expire Sep 10, 2012 1,000,000 warrants expire Oct 5, 2012 |
6,763 | 4,225 | 1.9 |
|
Mawson Resources Limited MAW:TSX |
5,526,100 common shares 375,000 warrants expire Oct 25, 2012 |
4,224 | 6,521 | 3 |
|
Mega Precious Metals Inc. (formerly Mega Silver Inc.) MGP:TSXV |
14,496,100 common shares 250,000 warrants expire Nov 9, 2013 750,000 warrants expire Mar 22, 2014 |
8,053 | 6,388 | 2.9 |
|
Merc International Minerals Inc. MRK:TSX |
7,350,000 common shares 875,000 warrants expire Mar 7, 2013 1,000,000 warrants expire Sep 21, 2013 |
2,253 | 1,934 | 0.9 |
|
Nortec Minerals Corp. NVT:TSXV |
18,250,000 common shares |
3,040 | 1,643 | 0.8 |
|
Nuinsco Resources Ltd. NWI:TSX |
15,898,000 common shares 5,000,000 warrants expire Oct 1, 2012 999,999 warrants expire Jun 24, 2013 |
1,416 | 1,105 | 0.5 |
|
Oroco Resource Corp. OCO:TSXV |
7,500,000 common shares 500,000 warrants expire Oct 14, 2012 500,000 warrants expire Oct 26, 2012 500,000 warrants expire May 23, 2013 500,000 warrants expire Sep 5, 2013 |
2,173 | 2,041 | 0.9 |
|
Paget Minerals Corp. PGS:TSXV |
7,150,000 common shares 5,000,000 warrants expire Jan 6, 2013 1,000,000 warrants expire May 16, 2013 |
1,380 | 1,287 | 0.6 |
|
Pershimco Resources Inc. PRO:TSXV |
6,000,000 common shares |
5,321 | 8,682 | 4 |
|
Probe Mines Ltd. PRB:TSXV |
3,500,000 common shares 750,000 warrants expire Apr 21, 2013 |
3,377 | 4,734 | 2.2 |
|
Prodigy Gold Inc. PDG:TSXV |
13,000,000 common shares |
7,416 | 9,098 | 4.2 |
|
Prosperity Goldfields Corp. PPG:TSXV |
2,496,882 common shares 208,333 warrants expire Nov 5, 2012 750,000 warrants expire Apr 6, 2013 500,000 warrants expire Aug 15, 2013 |
1,040 | 1,494 | 0.7 |
|
Queenston Mining Inc. QMI:TSX |
5,510,000 common shares |
15,284 | 24,575 | 11.2 |
|
REBgold Corp. RBG:TSXV |
22,500,500 common shares 1,000,000 warrants expire Aug 6, 2013 1,537,500 warrants expire Jun 17, 2015 2,500,000 warrants expire Nov 10, 2016 |
2,333 | 1,013 | 0.5 |
|
Redstar Gold Corp. RGC:TSXV |
10,808,000 common shares 1,000,000 warrants expire Jul 14, 2013 |
2,910 | 4,215 | 1.9 |
|
RJK Explorations Ltd. RJX.A:TSX |
7,000,000 common shares 5,000,000 warrants expire Dec 15, 2012 |
670 | 1,590 | 0.7 |
|
Sanatana Resources Inc. STA:TSXV |
6,629,000 common shares |
4,271 | 1,425 | 0.7 |
|
Soltoro Ltd. SOL:TSXV |
4,500,000 common shares 500,000 warrants expire Jun 21, 2012 |
3,086 | 3,150 | 1.4 |
|
Temex Resources Corp. TME:TSXV |
10,500,000 common shares 625,000 warrants expire Nov 19, 2012 |
4,847 | 1,785 | 0.8 |
|
Tinka Resources Limited TK:TSXV |
2,146,000 common shares 760,000 warrants expire Jul 8, 2012 |
774 | 1,339 | 0.6 |
|
Unigold Inc. UGD:TSXV |
21,637,000 common shares 750,000 warrants expire Nov 17, 2013 1,750,000 warrants expire Mar 8, 2014 |
6,482 | 5,302 | 2.4 |
