TER: From an individual investor's point of view, provide your perspectives on investing in juniors compared to seniors.

BT: MineralFields Group looks for undervalued juniors that are trying to expand their resource base, those that are approaching development and those that have compelling geologic targets for new discoveries, all with credible and experienced management. We believe that the investment rewards are definitely highest during the discovery phase of the mining cycle. But this can be fairly challenging for a junior in terms of expenses and time constraints so we prefer to back those with senior levels of professional or academic expertise on board.

Seniors do offer more security, but they tend to be more secretive about their new finds—leaving investors out of the action when discoveries are made.

Actually, MineralFields and Pathway have been overweight in uranium, and heavily overweight in gold, juniors for the last several years, and our prudent portfolio picks have enabled us to have the best performance track record among all flow-through limited partnership groups for four years in a row (from 2005 to 2008 inclusive), with details on our website (see below).

TER: Do you have any favorite uranium companies, seniors or juniors?

BT: Our MineralFields and Pathway funds are holders of Northern Continental Resources Inc. due to the outstanding discovery potential at its Russell Lake property in the Athabasca Basin. A superior takeover bid by Hathor Exploration Ltd. last month over rival Denison's initial bid for Northern Continental will likely be approved in the coming weeks. We really like Hathor's aggressive yet scientific approach to exploration and feel it will lead to a discovery at Russell Lake before too long.

We also invested in Fission Energy Corp. recently as part of a $3.9 million raise as the company plans to drill test a similar structure as that which hosts the adjacent high-grade Roughrider uranium deposit that Hathor is successfully defining. Fission was spun out from Strathmore Minerals Corp. (STM.V) in 2007 to separate out its Canadian properties. The company has plans to drill its Dieter Lake property in Quebec this summer using flow through dollars.

We are investors in Vancouver-based Anglo-Canadian Uranium Corp. who has two early stage uranium properties in Quebec's Otish Mountain area. We like the diversity this company brings as it also has 13 uranium properties in the western U.S. and is expanding its portfolio through recent acquisitions in gold and copper prospects in the Yukon, British Columbia and Quebec.

As mentioned, we financed Kivalliq Energy's  in its efforts to confirm historical uranium resources and test the extent of this mineralization along an anomalous trend at its Lac Cinquant property in Nunavut. We believe they should be successful because surface showings along the trend have returned encouragingly high grades of uranium in association with silver and copper.

Our most recent investment is in CanAlaska Ventures Ltd. to support its drilling program that will test for basement-hosted feeder systems at the Fond du Lac property that it can earn up to 49% in from the First Nation reserve lands. We were encouraged by the company's uranium expert, Dr. Karl Schimann, who has identified the type of alteration/mineralization that signals uranium mineralization potential nearby and the fact that the property is situated on the northern portion of the Athabasca basin where the unconformity target is within 100 metres of the surface. CanAlaska is also active on several other fronts within the Basin this year.

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