Weekly Metals Update

Analyst: John Lee, CFA
October 5, 2007

Contents

Introduction

Market Update

Gold Overview

Stock Updates
- IEC.v
- EXO.v
- APE.V

Stock Updates
International Enexco Ltd.
Company Contact Info: http://goldmau.com/iec.php

Symbol: IEC.V, IEXCF.PK
Recent Price: C$2.740
Shares O/S: 18.5
Market Cap. : C$49 M
52 Week Range: $1.55- $4.50

IEC’s chart looks very interesting as it is ready to break out of both the 2007 downtrend and the 200 DMA (Red Line). Results from their Contact Lake (Copper) and Mann Lake (Uranium) drilling should be due soon. Mind you past results at Contact included 3.7 metres @ 20.8% copper plus 207 g/t silver and 14.0 metres @ 9.2% copper plus 144 g/t silver and Mann Lake included 7.12% eU308 over 0.25 m and 5.53% eU308 over 0.4 m.

I recently interviewed IEC's president Arnold Armstrong, the most understated CEO I have ever met. The interview is available at www.goldmau.com. With about $18 million of cash, IEC is a safe choice with a potentially explosive upside.

Stock Updates
Explorator Resources Inc.
Company Contact Info: http://goldmau.com/exo.php

EXO now has 5 rigs on site in Chile. This is John Carlesso’s new venture. The bottom looks to be established at 70cents with heavy volume. He raised $7 million at 75cents (insiders bought in) with no discount to market in the difficult month of August. This speaks for the project and the faith people have in Carlesso. Valuation might seem rich for a junior without an official 43-101 resource, but with a call to John you will find out details on the potential of the project that is getting his teams and investors very excited.

Symbol:
EXO.V, EXRAF.PK
Recent Price: C$1.00
Shares O/S:
35.7 M
Market Cap.:
C$32 M
52 Week Range:
$0.67 - $1.40

Stock Updates
Apogee Minerals Ltd.
Company Contact Info: http://www.goldmau.com/ape.php

I talked to David Gower on Thursday for a good half an hour. I really like Mr. Gower, he is absolutely non-promotional. They had waited for official title clearance on Pulacayo from Comibol in writing before starting the exciting work program, consisting of 20,000+ m drilling on Pulacayo and drilling on Solucion. At Pulacayo, David is focusing on upper zone (0 – 300 meters) while completing definition drilling at Paca. At Solucion, we will see improved recovery rates and processing of rich tailings, with production rate set to double in 2008. I am very excited about APE, which has lagged its Bolivian peers of Orvana and Apex silver. The first batch of results from Pulacayo could arrive in 6 weeks. I am buying in the market.

Symbol:
APE.V, AGEEF.PK
Recent Price: C$0.300
Shares O/S:
53 M
Market Cap. :
C$17.6 M
52 Week Range:
$0.300 - $0.840

Disclaimer
Contact John Lee at administration@maucapital.com for details.