Kin Communications - Market Commentary - Vs, Ws, and a Boatload of Qs, Zubin Driver/title> <meta name="Keywords" content="Zubin Driver, Canaccord, investment advisor, kin communications, Vs, Ws, and a Boatload of Qs, don't forget the qs "/> <meta name="Description" content=" As investors have endured the choppy lurch that has taken markets down to unimagined depths and back to elated heights, with no middle ground between the two, talk of recovery is growing louder. "/> <link href="/box.css" rel="stylesheet" type="text/css" /> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8" /> <script src="/Scripts/AC_RunActiveContent.js" type="text/javascript"></script> <link rel="icon" href="http://www.kincommunications.com/favicon.ICO" type="image/x-icon" /> <link rel="shortcut icon" href="http://www.kincommunications.com/favicon.ICO" type="image/x-icon" /> <link href="/css/catfish.css" media="screen" rel="stylesheet" type="text/css" /> <script type="text/javascript" src="/Scripts/jquery.js"></script> <script type="text/javascript" src="/Scripts/jquery.catfish.js"></script> <script type="text/javascript" src="/Scripts/public_smo_scripts.js"></script> <script language="javascript" type="text/javascript">var ord = Math.random() * 10000000000000000</script> <meta http-equiv="Content-Type" content="text/html; charset=ISO-8859-1" /> <link href="/site.css" rel="stylesheet" type="text/css" /> </style> <script src="../../Scripts/AC_RunActiveContent.js" type="text/javascript"></script> </head> <body> <style type="text/css">  </style> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td bgcolor="#FFFFFF"><table width="930" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td bgcolor="#FFFFFF"> </td> </tr> <tr> <td bgcolor="#FFFFFF"> </td> </tr> <tr> <td bgcolor="#FFFFFF"> </td> </tr> <tr> <td bgcolor="#FFFFFF"> </td> </tr> </table></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF"><table width="900" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td width="930"><script type="text/javascript"> AC_FL_RunContent( 'codebase','http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,28,0','width','930','height','120','src','/flash/menu-mar2010','quality','high','pluginspage','http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash','movie','/flash/menu-mar2010' ); //end AC code </script> <noscript> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,28,0" width="930" height="120"> <param name="movie" value="/flash/menu-mar2010.swf" /> <param name="quality" value="high" /> <embed src="/flash/menu-mar2010.swf" quality="high" pluginspage="http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash" type="application/x-shockwave-flash" width="930" height="120"></embed> </object> </noscript></td> </tr> </table></td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <td height="465" valign="top" bgcolor="#FFFFFF"><table width="930" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td height="18"> </td> </tr> <tr> <td width="930px" height="464" valign="top"><p align="left" class="style39 style41"><a href="/markets/"><img src="../../images/backtomarkets.jpg" alt="Back to Markets" width="255" height="29" border="0" /></a></p> <p align="left"><span class="style41"><span class="style86 style39 style39">Vs, Ws, and a Boatload of Qs<br /> <br /> <span class="style43 style43">by Zubin Driver <br /> June 15, 2009</span></span><span class="style86 style43 style43"><br /> </span></span><br /> As investors have endured the choppy lurch that has taken markets down to unimagined depths and back to elated heights, with no middle ground between the two, talk of recovery is growing louder. G-8 finance ministers met over the weekend in advance of a G-8 leaders' meeting in July. While still focused on growth and stimulus, they are beginning to speak in earnest about 'exit strategies,' or how to retract the massive liquidity pumped into global economies to counter the recession.<br /> <br /> Rather than purely concerning themselves with reflating decimated economies and asset prices, finance ministers are now looking around the corner to curbing inflation and burgeoning debt loads. The change in perspective has happened fast. Speaking to reporters, Jim Flaherty, Canada's finance minister, stated that "the risks between inflation and deflation are now equally balanced," but if he had been asked six months ago, "I would have said there was more risk of deflation." Though the economic situation remains tenuous, the tide of encouraging signs is swelling.<br /> <br /> <strong>Recovery with a V or W? How about a U?</strong><br /> <br /> To someone who doesn't have the business channel, BNN, turned on in the background all day, financial commentators' talk of what the recovery will look like must sound like extraterrestrial gibberish. Will it take the shape of a V or a W? The V denotes a quick plunge to bottom, followed by an equally rapid rise, whereas a W indicates the same rapid fall and rise, but twice, also referred to as a 'double-dip' recession. The U would be like the V but slower, with more time spent on the bottom before a more gradual turn back up. The W and U shapes ought to make for more sustainable foundations on which a longer term recovery can build. <br /> <br /> Also fascinating is that, though we all live through the same time period, there will be different interpretations of what has occurred and the shape events have taken (similar to the way that the U.S. National Bureau of Economic Research didn't officially decide that a recession had begun in December 2007, until November 2008 ).<br /> <br /> Stock markets will not operate with the same timing as the broader economy, but it is interesting to look at the shapes of the markets' charts. The TSX and Nasdaq have 'W' shapes (or in technical analysis jargon, 'double bottoms'), as they made lows in November, that were then retested in March. Slightly lower lows were made in March (the TSX March low was 170 points lower than November), but essentially, the November lows held. The Dow and S & P 500, on the other hand, broke through their November lows in March by 15% and have not since retested, so their shape is a 'V.' Clearly, the W shape is more sustainable, having retested and held at a given level, showing strong support there. </p> <p align="left"> </p> <p align="left"><img src="chart1.jpg" width="698" height="529" /></p> <p align="left"> </p> <p align="left"> </p> <p align="left"><img src="chart2.jpg" width="700" height="529" /><br /> <br /> </p> <p align="left"> </p> <p align="left"><img src="chart3.jpg" width="700" height="528" /></p> <p align="left"> </p> <p align="left"><strong>Don't forget the Qs</strong><br /> <br /> While the recovery may be underway, many questions remain that threaten to sway the ship's course. How will many countries, but most importantly America, deal with the massive levels of debt that have been racked up to fight the recession? How debilitating will these debt levels become when compounded with the demographic situation in which birth levels are declining and the baby boomers are retiring? Health care costs across the western world are growing too fast; in America social security funding, if current conditions hold, will be spent . How will social security funding be made sustainable? For western countries, as wages in the manufacturing sector and other blue collar areas drop, will other sectors that pay comparably emerge to take their place? Can developing world demand sustain global economic growth? And as that demand for commodities, so beneficial to Canadian markets and also an important barometer of economic health, pushes prices up, who can afford their costs? Might inflation shipwreck our fragile recovery?</p> <p align="left" class="style41 style43 style43">Best regards,<br /> Zubin</p> <p align="left" class="style41 style43 style43"><br /> Zubin Driver<br /> Investment Advisor<br /> (W) 604 643-7608 / (F) 604 643-7606<br /> Email: zubin_driver@canaccord.com<br /> <br /> Canaccord Capital Corporation<br /> Attention: Zubin Driver<br /> P.O. Box 10337 Pacific Centre<br /> 2200 - 609 Granville St.<br /> Vancouver, B.C. V7Y 1H2</p> <p align="left" class="style41 style43 style43"> </p> <p align="justify" class="style41 style43 style43"><span class="style45 style45">This newsletter is solely the work of the author for the private information of clients. Although the author is a registered Investment Advisor at Canaccord Capital Corporation (“Canaccord Capital”), this is not an official publication of Canaccord Capital and the author is not a Canaccord Capital analyst. The views (including any recommendations) expressed in this newsletter are those of the author alone, and are not necessarily those of Canaccord Capital.<br /> <br /> The information contained in this newsletter is drawn from sources believed to be reliable, but the accuracy and completeness of the information is not guaranteed, nor in providing it do the author or Canaccord Capital assume any liability. This information is given as of the date appearing on this newsletter, and neither the author nor Canaccord Capital assume any obligation to update the information or advise on further developments relating to the information provided herein. This newsletter is intended for distribution in those jurisdictions where both the author and Canaccord Capital are registered to do business in securities. Any distribution or dissemination of this newsletter in any other jurisdiction is strictly prohibited. The holdings of the author, Canaccord Capital, its affiliated companies and holdings of their respective directors, officers and employees and companies with which they are associated may, from time to time, include the securities mentioned in this newsletter.</span><br /> <br /> <span class="style85"><img src="PBrush 4.jpg" width="42" height="41" />OFFICES IN MAJOR CENTRES ACROSS CANADA. MEMBER OF ALL CANADIAN STOCK EXCHANGES AND THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA. MEMBER CANADIAN INVESTOR PROTECTION FUND (CIPF).</span><br /> </p></td> </tr> </table></td> </tr> <tr> <td bgcolor="#FFFFFF"> </td> </tr> </table> <style type="text/css"> td img {display: block;} body { margin-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; } .style1 {font-size: 11px} </style> <script language="JavaScript1.2" type="text/javascript">  </script> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td bgcolor="#FFFFFF"> <table width="930" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td valign="top">   <table border="0" cellpadding="0" cellspacing="0" width="930">  <tr> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="74" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="89" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="70" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="57" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="59" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="87" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="60" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="62" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="34" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="28" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="23" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="24" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="39" height="1" border="0" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="1" height="1" border="0" alt="" /></td> </tr> <tr> <td colspan="21"><img name="footernov222011_r1_c1" src="/images/footer-nov-22-2011/footer-nov-22-2011_r1_c1.gif" width="930" height="10" border="0" id="footernov222011_r1_c1" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="1" height="10" border="0" alt="" /></td> </tr> <tr> <td rowspan="2"><a href="/clients/tirexresources/" onmouseout="MM_nbGroup('out');" onmouseover="MM_nbGroup('over','footernov222011_r2_c1','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c1_f2.gif','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c1_f3.gif',1);" onclick="MM_nbGroup('down','navbar1','footernov222011_r2_c1','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c1_f3.gif',1);"><img name="footernov222011_r2_c1" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c1.gif" width="74" height="11" border="0" id="footernov222011_r2_c1" alt="Tirex Resources" /></a></td> <td rowspan="3"><img name="footernov222011_r2_c2" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c2.gif" width="28" height="20" border="0" id="footernov222011_r2_c2" alt="" /></td> <td rowspan="2"><a href="/clients/nevsunresources/" onmouseout="MM_nbGroup('out');" onmouseover="MM_nbGroup('over','footernov222011_r2_c3','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c3_f2.gif','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c3_f3.gif',1);" onclick="MM_nbGroup('down','navbar1','footernov222011_r2_c3','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c3_f3.gif',1);"><img name="footernov222011_r2_c3" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c3.gif" width="89" height="11" border="0" id="footernov222011_r2_c3" alt="Nevsun Resources Ltd." /></a></td> <td rowspan="3"><img name="footernov222011_r2_c4" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c4.gif" width="28" height="20" border="0" id="footernov222011_r2_c4" alt="" /></td> <td rowspan="2"><a href="/clients/petroamerica/" onmouseout="MM_nbGroup('out');" onmouseover="MM_nbGroup('over','footernov222011_r2_c5','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c5_f2.gif','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c5_f3.gif',1);" onclick="MM_nbGroup('down','navbar1','footernov222011_r2_c5','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c5_f3.gif',1);"><img name="footernov222011_r2_c5" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c5.gif" width="70" height="11" border="0" id="footernov222011_r2_c5" alt="Petroamerica Oil Corp." /></a></td> <td rowspan="3"><img name="footernov222011_r2_c6" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c6.gif" width="28" height="20" border="0" id="footernov222011_r2_c6" alt="" /></td> <td rowspan="2"><a href="/clients/edgewaterexploration/" onmouseout="MM_nbGroup('out');" onmouseover="MM_nbGroup('over','footernov222011_r2_c7','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c7_f2.gif','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c7_f3.gif',1);" onclick="MM_nbGroup('down','navbar1','footernov222011_r2_c7','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c7_f3.gif',1);"><img name="footernov222011_r2_c7" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c7.gif" width="57" height="11" border="0" id="footernov222011_r2_c7" alt="Edgewater Exploration Ltd." /></a></td> <td rowspan="3"><img name="footernov222011_r2_c8" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c8.gif" width="28" height="20" border="0" id="footernov222011_r2_c8" alt="" /></td> <td rowspan="2"><a href="/clients/crazyhorseresources/" onmouseout="MM_nbGroup('out');" onmouseover="MM_nbGroup('over','footernov222011_r2_c9','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c9_f2.gif','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c9_f3.gif',1);" onclick="MM_nbGroup('down','navbar1','footernov222011_r2_c9','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c9_f3.gif',1);"><img name="footernov222011_r2_c9" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c9.gif" width="59" height="11" border="0" id="footernov222011_r2_c9" alt="Crazy Horse Resources" /></a></td> <td rowspan="3"><img name="footernov222011_r2_c10" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c10.gif" width="28" height="20" border="0" id="footernov222011_r2_c10" alt="" /></td> <td rowspan="2"><a href="/clients/mineralmountainresources/" onmouseout="MM_nbGroup('out');" onmouseover="MM_nbGroup('over','footernov222011_r2_c11','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c11_f2.gif','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c11_f3.gif',1);" onclick="MM_nbGroup('down','navbar1','footernov222011_r2_c11','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c11_f3.gif',1);"><img name="footernov222011_r2_c11" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c11.gif" width="87" height="11" border="0" id="footernov222011_r2_c11" alt="Mineral Mountain Resources Ltd." /></a></td> <td rowspan="3"><img name="footernov222011_r2_c12" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c12.gif" width="28" height="20" border="0" id="footernov222011_r2_c12" alt="" /></td> <td rowspan="2"><a href="/clients/westminsterresources/" onmouseout="MM_swapImgRestore();" onmouseover="MM_swapImage('footernov222011_r2_c13','','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c13_f2.gif',1);"><img name="footernov222011_r2_c13" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c13.gif" width="60" height="11" border="0" id="footernov222011_r2_c13" alt="Westminster Resources Ltd." /></a></td> <td rowspan="3"><img name="footernov222011_r2_c14" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c14.gif" width="28" height="20" border="0" id="footernov222011_r2_c14" alt="" /></td> <td rowspan="2"><a href="/clients/unityenergycorp/" onmouseout="MM_swapImgRestore();" onmouseover="MM_swapImage('footernov222011_r2_c15','','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c15_f2.gif',1);"><img name="footernov222011_r2_c15" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c15.gif" width="62" height="11" border="0" id="footernov222011_r2_c15" alt="Unity Energy Corp." /></a></td> <td rowspan="3"><img name="footernov222011_r2_c16" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c16.gif" width="28" height="20" border="0" id="footernov222011_r2_c16" alt="" /></td> <td><a href="/clients/firebirdresources/" onmouseout="MM_swapImgRestore();" onmouseover="MM_swapImage('footernov222011_r2_c17','','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c17_f2.gif',1);"><img name="footernov222011_r2_c17" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c17.gif" width="34" height="10" border="0" id="footernov222011_r2_c17" alt="Firebird Resources" /></a></td> <td rowspan="3"><img name="footernov222011_r2_c18" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c18.gif" width="28" height="20" border="0" id="footernov222011_r2_c18" alt="" /></td> <td><a href="/clients/nmcresourcecorp/" onmouseout="MM_swapImgRestore();" onmouseover="MM_swapImage('footernov222011_r2_c19','','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c19_f2.gif',1);"><img name="footernov222011_r2_c19" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c19.gif" width="23" height="10" border="0" id="footernov222011_r2_c19" alt="NMC Resource Corp" /></a></td> <td rowspan="3"><img name="footernov222011_r2_c20" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c20.gif" width="24" height="20" border="0" id="footernov222011_r2_c20" alt="" /></td> <td><a href="/clients/novadxventurescorp/" onmouseout="MM_swapImgRestore();" onmouseover="MM_swapImage('footernov222011_r2_c21','','/images/footer-nov-22-2011/footer-nov-22-2011_r2_c21_f2.gif',1);"><img name="footernov222011_r2_c21" src="/images/footer-nov-22-2011/footer-nov-22-2011_r2_c21.gif" width="39" height="10" border="0" id="footernov222011_r2_c21" alt="Novadx Ventures Corp" /></a></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="1" height="10" border="0" alt="" /></td> </tr> <tr> <td rowspan="2"><img name="footernov222011_r3_c17" src="/images/footer-nov-22-2011/footer-nov-22-2011_r3_c17.gif" width="34" height="10" border="0" id="footernov222011_r3_c17" alt="" /></td> <td rowspan="2"><img name="footernov222011_r3_c19" src="/images/footer-nov-22-2011/footer-nov-22-2011_r3_c19.gif" width="23" height="10" border="0" id="footernov222011_r3_c19" alt="" /></td> <td rowspan="2"><img name="footernov222011_r3_c21" src="/images/footer-nov-22-2011/footer-nov-22-2011_r3_c21.gif" width="39" height="10" border="0" id="footernov222011_r3_c21" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="1" height="1" border="0" alt="" /></td> </tr> <tr> <td><img name="footernov222011_r4_c1" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c1.gif" width="74" height="9" border="0" id="footernov222011_r4_c1" alt="" /></td> <td><img name="footernov222011_r4_c3" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c3.gif" width="89" height="9" border="0" id="footernov222011_r4_c3" alt="" /></td> <td><img name="footernov222011_r4_c5" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c5.gif" width="70" height="9" border="0" id="footernov222011_r4_c5" alt="" /></td> <td><img name="footernov222011_r4_c7" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c7.gif" width="57" height="9" border="0" id="footernov222011_r4_c7" alt="" /></td> <td><img name="footernov222011_r4_c9" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c9.gif" width="59" height="9" border="0" id="footernov222011_r4_c9" alt="" /></td> <td><img name="footernov222011_r4_c11" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c11.gif" width="87" height="9" border="0" id="footernov222011_r4_c11" alt="" /></td> <td><img name="footernov222011_r4_c13" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c13.gif" width="60" height="9" border="0" id="footernov222011_r4_c13" alt="" /></td> <td><img name="footernov222011_r4_c15" src="/images/footer-nov-22-2011/footer-nov-22-2011_r4_c15.gif" width="62" height="9" border="0" id="footernov222011_r4_c15" alt="" /></td> <td><img src="/images/footer-nov-22-2011/spacer.gif" width="1" height="9" border="0" alt="" /></td> </tr> </table> </td> </tr> <tr> <td valign="top"> </td> </tr> <tr> <td width="930" valign="top"> <div style="float:left;"></div> <div style="float:right;"> <script type="text/javascript"> AC_FL_RunContent( 'codebase','http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,28,0','width','300','height','25','src','/sharingv2','quality','high','pluginspage','http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash','movie','/sharingv2' ); //end AC code </script> <noscript> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,28,0" width="300" height="25"> <param name="movie" value="/sharingv2.swf"> <param name="quality" value="high"> <embed src="/sharingv2.swf" quality="high" pluginspage="http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash" type="application/x-shockwave-flash" width="300" height="25"></embed> </object> </noscript> </div> <div style="clear:both;"></div> </td> </tr> <tr> <td valign="top"> </td> </tr> <tr> <td><div align="right"><span class="style44">604 684 6730 | 1 866 684 6730</span></div></td> </tr> <tr> <td><div align="right"><span class="style44">Suite #210 - 736 Granville Street, Vancouver, BC V6Z 1G3</span></div></td> </tr> </div> <tr> <td> </td> </tr> <tr> <td><div align="right"><span class="style9"><a href="http://www.newdesignnow.com" target="_blank"><img name="sitebyndn" src="http://www.kincommunications.com/images/sitebyndn.jpg" width="173" height="17" border="0" id="sitebyndn" alt="webSITE by New Design Now" /><br> </a></span></div></td> </tr> <tr> <td><div align="right"><a href="/disclaimer/"><img src="/images/disclaimer.jpg" alt="disclaimer" width="60" height="15" border="0"></a></div></td> </tr> <tr> <td><div align="right"> </div></td> </tr> </table></td> </tr> </table> <script type="text/javascript" language="JavaScript" src="http://hv3.webstat.com/cgi-bin/wsv2.cgi?125201"></script> <script type="text/javascript"> var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); </script> <script type="text/javascript"> try { var pageTracker = _gat._getTracker("UA-3376798-10"); pageTracker._trackPageview(); } catch(err) {}</script>  <div id="catfish"> <div style="background:#f9f9f9; margin-bottom:10px; height:1px;"> </div> <div style="width:950px; margin-right:auto; margin-left:auto;"> <div> <script type="text/javascript"> AC_FL_RunContent( 'codebase','http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,28,0','width','950','height','120','src','/flash/signup','quality','high','pluginspage','http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash','movie','/flash/signup' ); //end AC code </script><noscript><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,28,0" width="950" height="120"> <param name="movie" value="/flash/signup.swf" /> <param name="quality" value="high" /> <embed src="/flash/signup.swf" quality="high" pluginspage="http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash" type="application/x-shockwave-flash" width="950" height="120"></embed> </object></noscript> </div> </div> <a href="#" id="close" onClick="closeCatfish()"><img src="/images/close.gif" alt="" border="0" /></a></div> <script type="text/javascript"> cookie_name = 'q1CatClosed'; var out; if(document.cookie) { index = document.cookie.indexOf(cookie_name); if (index != -1) { namestart = (document.cookie.indexOf("=", index) + 1); nameend = document.cookie.indexOf(";", index); if (nameend == -1) {nameend = document.cookie.length;} out = document.cookie.substring(namestart, nameend); } } if(out != 1) { $(window).load(function(){$('#catfish').catfish({closeLink: '#close', height: 100});}); } </script> </body> </html>

Tirex Resources

Nevsun Resources Ltd.

Petroamerica Oil Corp.

Edgewater Exploration Ltd.

Crazy Horse Resources

Mineral Mountain Resources Ltd.

Westminster Resources Ltd.

Unity Energy Corp.

Firebird Resources

NMC Resource Corp

Novadx Ventures Corp