The following is an update of our portfolio of silver stocks enabling us to see where we are and where we go from here. We are very pleased with the progress to date and have added two new silver stocks since the last update.

Below is a list of what we have and a record of the progress that has been achieved to date.

HL $8.61 BUY
Bought for $5.27 has gained 63.38%

PAAS $28.81 BUY
Bought for $18.00 has gained 60.06%

SLW $12.40 BUY
Bought for $9.41 has gained 31.77%

SSRI $38.34 BUY
Bought for $19.98 has gained 91.89%

EPL $C0.82 BUY
Bought for $0.53 has gained 54.70%.

Two new additions are as follows:

EXK $5.37 BUY
Bought for $3.97 has gained 35.26%.

MSV $C2.41 BUY
Bought for $2.80 has lost 13.90%.

As you can see we do not invest in hundreds of silver stocks and we have been content to accumulate slowly those stocks that we think are quality and were undervalued at the time we made an investment. Of the two new additional stocks Endeavour Silver has made terrific progress since we made an investment on the 5th March 2007 with a 35.26% increase in just two months. Minco we bought on the 24th April 2007 so it is early days for this new entry. It is always difficult to buy right on the bottom as we did with Endeavour but we think that the worst is now over for Minco and look forward to some consolidation before it begins to climb.

As for silver itself we believe that we are within touching distance of an upward breakout followed by a run to $20.00. We know that the summer is upon us but we think that any selling will be mild and short lived so our intention is stay with it and hang on in there.