I stuck my neck out on Underworld, as you can see, when the share price was much lower than it is today. I had followed Underworld from Day 1 because of the fact I have a lot of respect for the management team. I first made it a “pick” when drilling up north on their White Gold properties started to turn up really nice gold mineralization. As I saw results piling up, I realized that the market was overlooking how well the continuity of the zone was holding together. Other people, that I have a lot of respect for in terms of valuating these early stage exploration stories (guys like Don Moore who have made some really great picks in this space), also saw this gap between what was happening on the ground and the share price. I stepped out and pounded the table on Underworld and it’s been a very nice gain from the initial level.

Management took advantage of good market interest as the story grew and completed a substantial financing. Now, the company sits in pretty good shape with a decent treasury, and a story that is getting better geologically with every set of drill holes. I won’t be deactivating this pick any time soon, unless something fundamentally changes. There are more results to come and although they might experience a little seasonal weakness (its not a 12 month drill season up there, remember), I think there are a lot more legs to this story. It was one of North America’s nicer discoveries during the past couple of years and there should be a lot of attention on it as it unfolds.

Bryan Slusarchuk, CEO Skanderbeg Capital Group