Pescod Talks about...

WEST TIMMING MINING
(T-WTM)
$2.04 -0.03
Mining executive Darin Wagner has had the kind of year
most mining executives only dream of.
His company, West Timmins Mining managed to grab a
whole bunch of land around Lake Shore Gold as gold markets
heated up and then drilled some joint venture targets with
Lake Shore Gold that came up with spectacular results. At
the same time that led to Lake Shore making an offer for
West Timmins Mining.
When negotiations were going on while waiting for some
important drilling results were announced, in the middle of all
that activity with all the lawyers, accountants, and the like
getting together for the long hours in a steamy boardroom,
that’s when Darin Wagner came down with Swine Flu! Funny
how when you have Swine Flu, there are not a lot of people
who want to get to close to you.
It made negotiations a little bit awkward, but they certainly
came out well for West Timmins shareholders who have been
on a rocket for much of this year. Congratulations to Darin!
Meanwhile, success attracts a certain audience and the
shackles come off Darin Wagner on November 6th and he is
free to move to whatever position at any other mining com-
pany he so desires.
Needless to say, there are a whole bunch of people hoping
to get in and ride this jockey one more time. Hoping to get in
on financings or affiliations with whatever new company he
decides to associate with.
I’m sure Darin will remember those who wrote about him in
the past and have said nice things about him and...

RESVERLOGIX CORP.

(T-RVX)

$3.03 -0.27

A few days ago we mentioned that Jim Letourneau of

the Big Picture Speculator and the guy with one of the

hottest hands in the market of late, suggested Resverlogix

Corp. was something we had to have. Usually when Jim

says we have to have something, we find out we usually

have it, so there we are!

In the couple of days since we’ve had it, we can’t be-

lieve the swings in the stock which have been almost

$1.00 a share. A traders delight!

But Resverlogix is in a field (bio-medical) where they

are looking for new drugs that it tends to take so long to

develop a new drug and when they test it, they usually

find out it doesn’t work anyway. However in Resver-

logix’s case, they are after drugs with billion dollar poten-

tial so it just might be worth a ride. As we mentioned, we

are already there.

For those who want a better look at the company, BNN

just had an interview with the company President and it

probably gives you a good idea of what they are looking

for down the road. Just click on this link:

http://watch.bnn.ca/clip218915#clip218915.

BRETT RESOURCES

(V-BBR)

About John Kaiser, of the Bottom Fishing Report and

some of his stock picking abilities. He mentioned to us

and those on BNN that one of his favourite stock picks

was Brett Resources and explained that with his belief that

gold is going to $1200, Brett would offer him plenty of lev-

erage to the price of gold. It, being a potential higher cost

producer down the road.

Which got us to e-mail John Kaiser after his show last

week to ask this simple question: Will we be able to retire

on our holdings of Brett Resources? (Remember, a few

days ago we mentioned we bought a few—now we own a

bunch).

He suggests that yes, we could be able to retire on this,

but remember he needs the $1200 gold to attain that retire-

ment, he reminds us. Which of course got us a little ex-

cited and a whole bunch of fundamental questions came

to mind. Such as what kind of retirement would it be?

Would it be like a California style with all sorts of ser-

vants? Casual drifts to the beach for surfing? Or would it

be one of those retirements of a cabin in the bush?

One does want quality of life in one’s retirement don’t

they? So while we worry about some of those fundamen-

tal questions, we got around to the incidental items such

as what the heck is Brett? What is the name of the pro-

ject….McFallen Lake, how many ounces of gold does it

have...estimates currently come in at five million ounces

and who the heck runs the play?

Patrick Soares is the President and well-known mining

guy Ron Netolitzky is the Chairman. We immediately did

an interview with Patrick Soares which we hope to be run-

ning next Monday. We suggest that this is probably one

of the biggest, unknown gold plays anywhere in the

world...how many five million ounce resources are out

there that you haven’t heard of if you are following the

gold scene...Soares tells us he is probably to blame for it

because he has been so busy in the last 18 months, help-

ing put the company together, considering the market

crash and getting exploration game going and MOU for

native groups that he hasn’t had time to tell the company’s

story. Now he is taking care of that. As we say, we will

publish the interview next Monday.

Of course if gold does go to $1200, there’s a few gold

companies that should do well, provided the brokers

don’t keep printing so much paper!

DEE ENERGY Ready To Run

UPDATE 1-Delphi Energy acquires assets at Hythe, Alberta
6:39pm ET (Reuters)

* Says will exchange non-core assets, pay C$10 mln cash

* Sees additional production of about 630 boepd at Hythe

Sept 30 (Reuters) - Canada's Delphi Energy Corp said it would acquire additional natural gas and light oil assets and related infrastructure at Hythe, Alberta, primarily to boost production.

The acquired assets complement Delphi's existing assets at Hythe, where production has grown from 400 barrels of oil equivalent per day (boepd) to 2,000 boepd over the past two years, the company said in a statement.

Delphi expects additional production of about 630 boepd at Hythe.

The company said it would exchange non-core producing assets and related infrastructure and pay net cash of C$10 million for the acquisition.

The transaction is expected to close by Nov. 3, Delphi said.

The company also maintained its outlook of lowering net debt by about C$2 million to C$4 million by Dec. 31.

Shares of the Calgary, Alberta-based company closed at C$1.41 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

Delphi Energy to list 12 million more shares

2009-09-28 18:16 ET - Prospectus Approved

TSX bulletin 2009-1226

An additional 12 million common shares (symbol: DEE) will be listed at the opening on Wednesday, Sept. 30, 2009. The listing will cover common shares to be sold to the public at a price of $1.25 per common share pursuant to the terms of a short-form prospectus dated Sept. 23, 2009. The closing of the offering is expected to occur prior to the opening on Sept. 30, 2009.

Delphi Energy arranges $15-million financing

2009-09-09 17:33 ET - News Release

Mr. David Reid reports

DELPHI ENERGY ANNOUNCES FINANCING

Delphi Energy Corp. has entered into a financing agreement with a syndicate of underwriters, led by National Bank Financial, to issue and sell, on a bought-deal basis, 12 million common shares of Delphi at an issue price of $1.25 each, resulting in gross proceeds of $15-million. The underwriters will have the option to acquire up to an additional 1.2 million common shares at an issue price of $1.25 per common share for additional gross proceeds of up to $1.5-million for total gross proceeds of up to $16.5-million. Proceeds of the offering will be used to finance Delphi's continuing light oil development program in Hythe and additional potential acquisition opportunities. The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. Closing is expected to occur on or before Sept. 30, 2009.