e-mail: debbie_lewis@canaccord.com e-mail: david_pescod@canaccord.com October 14, 2009
KEEGAN RESOURCES (T-KGN) $4.92 -0.15
EAST ASIA MINERALS (V-EAS) $2.40 -0.02
Keegan Resources
Pick a couple of stocks that go up and people start pay-
ing attention...pick a couple that double (Keegan Re-
sources-KGN) and triple (Ventana Gold-VEN) or better
(Colossus Minerals-CSI) and you get some real fans. So
people have been asking us what Nicholas Campbell has
for ideas on the price of gold. “Higher” we find out!
Yesterday, he tells us he is expecting $1100 this year
and $1200 next year and over time, higher, but reminds us
it will be like a roller-coaster and we are in a perfect storm
for gold—deflating U.S. currency, inflation around the cor-
ner and through ETF’s, a cheap way for people to own
gold.
Campbell suggested yesterday that if he could only buy
one stock now, it would be Keegan Resources...which got us
to David Coffin of the Hard Rock Analyst. Back on August
28th a little wager was made as Dave Coffin bet East Asia
Minerals would be his pick and we picked Keegan Re-
sources. We humbly note that our pick (since that time)
has performed admirably...thanks Nick! East Asia...well not
so much.
True, the readers of the Hard Rock Analyst might have
heard of East Asia some time ago—well, actually close to a
four-bagger, but timing is everything.
So yesterday, we humbly submit to Dave Coffin an offer
to accept a half a case of wine now and call the bet square.
East Asia Minerals He finds that somehow misguided and wonders if we don’t
mean we send him half a case for him to settle...before
what he claims will be the inevitable.
Of course all this got us to talking about stuff like visibil-
ity of stock plays and how do you get a gold stock a follow-
ing? Dave Coffin points out how East Asia has so little
brokerage coverage. A cynic might suggest that East Asia
gets little coverage because they don’t need any money.
Brokerage houses make some good money financing gold
stories and usually that means their analyst will follow and
publish the story (usually positively) on companies that
they do help finance.
East Asia again, not needing money has had almost no
analyst coverage. The Hard Rock is the main story teller
behind the East Asia story. Ironically, Nicholas Campbell
when asked why Keegan Resources is his top pick...also
points out the fact that Keegan is very little known. Only a
few analysts have published on it and he feels given time,
others will discover it, so he finds it still in its early stages
of discovery.
We own a bunch of Keegan, but just in case David C. is
right, we buy a few more EAS (particularly given Dave’s
current target on EAS—should he be correct).

David Pescod 780-408-1750 Debbie Lewis 780-408-1748 Fax: 780-408-1501 Page 2
BANKERS PETROLEUM (T-BNK) $5.15 +0.44
TIREX RESOURCES (V-TXX) $0.69 -0.04
Bankers Petroleum
A trip we made to Albania about six months ago has
certainly paid off for us...it gave us a first-hand glance of
Breaks $5.00—Yahoo!
what Bankers Petroleum had in Albania and it has made all
the difference to our own portfolio and hopefully to many
of those who have followed our work. One look at the val-
ley and you knew there was something huge there.
Meanwhile, in Northern Albania we also toured Tirex’s
holdings where there were no less than eight different
prison camps where political prisoners were employed as
miners in some of the operations. A look at the tailings
piles and some of the operations would suggests that
there’s some mining assets in Albania as well. But so far,
Tirex isn’t getting that respect.
Today Tirex announces some drilling results from the
first part of their next phase of drilling and when you come
up with 30 metres of 1.04% copper, some zinc—1.1% and a
gram of gold, you are on to something that could be sig-
nificant if there is size.
Bryan Slusarchuk, the ex-Canaccord broker and leader
of the team at Tirex tells us that the drilling continues to
ramp up and they are continuing to step out to the south
and north. The zone he suggests is absolutely wide open.
He suggests with the start of the assays, the news will
continue to flow.
Meanwhile, drilling is starting up this week on the east
slope trends with multiple targets up and down this brand
Tirex Resources new trend giving them “exposure to pure discovery poten-
tial.”
He points out that this trend, equally important geo-
physically to the large historical producing trend in the
district, was hidden from past Albanian state-led explorers
by a thin limestone cap. Tirex identified this by doing the
country’s first ever airborne and now after a whole lot of
ground work, are drilling those targets.
Once again, Bankers was bringing in new technology
which has helped on their oil, Tirex is bringing in new
technology which we now think is going to start to make a
difference for Tirex in its modern exploration.
Slusarchuk has come up with some decent winners in
the past when we asked him for stock picks as he also had
been one of many who picked Bankers and Energold Drill-
ing (EGD) which is now better than a double. He is still
keen on Underworld when they get back to work again
next year for their play in the Yukon, but right now one of
his favorites is Wildcat Silver (WS) and he points out that
the first drill results are expected soon and he writes, “I
always noted that once this powerhouse team had drill
results on the way, it would be able to create some very
significant attention in the markets.”
To receive the Late Edition and be on our daily circulation simply e-mail Debbie at
Debbie_lewis@canaccord.com and give your address, phone number and e-mail and we’ll have you
on the list tonight.

David Pescod 780-408-1750 Debbie Lewis 780-408-1748 Fax: 780-408-1501 Page 3
He also adds this point, “With a lot of common shareholders between Wildcat Silver and Ventana Gold (VEN), I would
guess these guys are getting stronger and stronger by the day.”
URANIUM
Suddenly we are having fun in the markets and we’ve
gone from one extreme to the other. The market crash
of almost a year ago and suddenly everything is flying.
Has the easy money been made in oil, base metals,
you-name-it? While there is still one sector where so
many companies involved are laid out on the floor - that
being uranium—the question is, with what has hap-
pened with uranium production at the Olympia Dam
Mine in Australia, maybe uranium is about to make a
move off the floor.
Different sources have different ideas about how
long production will be curtailed in Australia, but maybe
it might be the first step in the rebirth of the price of
uranium and with so many uranium stocks so cheap,
for those who missed rallies in other sectors…??
Notice the chart by Tom Akin and his crew at Re-
search Capital with their comments.
Disclosure: Keegan Resources, Ventana Gold, Colossus Minerals and Ventana Gold: Canaccord Capital covers these stocks and has a
Speculative Buy rating on them. (Speculative buy: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental
criteria. Investments in the stock may result in material loss.)
Bankers Petroleum: Canaccord Capital covers this stock and has a Hold rating on it. (Hold: The stock is expected to generate risk-adjusted
returns of 0-10% during the next 12 months.)
Canaccord has recently participated in financings for Keegan Resources and Colossus Minerals.
Canaccord has recently led financings for Bankers Petroleum and Tirex Resources.
DEB’S DITTY:
His request approved, the Fox News photographer used a cell phone to call
the local airport to charter a flight. He was told a twin engine plane would be
waiting for him at the airport.
Arriving at the airfield, he spotted a plane warming up outside a hangar. He
jumped in with his bag, slammed the door shut and shouted, “Let’s go.”
The pilot taxied out, swung the plane into the wind and took off. Once in the
air, the photographer instructed the pilot, “Fly over the valley and make low
passes so I can take pictures of the fires on the hillsides.”
“Why?” asked the pilot. “Because I’m a photographer for Fox Cable News,”
he responded. “And I need to get some close up shots.”
The pilot was strangely silent for a moment. Finally, he stammered,
“So, what you’re telling me is...you are NOT my flight instructor?”
Thanks Doug B.