Aggressive Portfolio July 15, 2007:

The Aggressive Portfolio will have a few changes this month due to declines in a couple of stocks and mergers. The portfolio has performed reasonably well over the past six months since inception January 15, 2007. The portfolio value was initially $100,000 and as at July 15th is valued at $123,442 up 23.44% over the past 6 months (46.88% annualized). This is far better than the TSX composite which is up 14.33% over the same period. The focus on base metals and uranium has paid off.

The changes this month are to sell Northern Orion (NNO) which is being merged with Yamana Gold (YRI) and the newly merged company will make an attempt to buy Meridian Gold (MNG). Yamana is offering Northern Orion shareholders 0.543 of a Yamana share for each Northern Orion share tendered, at the time of the offer this valued Northern Orion at $7.07 per share unfortunately the NNO shares have not traded up to that level and are not likely to until the merger with Meridian has completed. This process could last a long time as Meridian is not happy with the proposed deal, in situations like this shareholders are best served to sell at the new higher prices and look else where in case the entire deal falls apart.

Eldorado Gold Corp received a surprise on Thursday when a Turkish Court ordered the company to shut down the Kisladag Gold Mine which the company has been operating since May of 2006. The closure will stay in effect until the appeal of a lower court decision regarding the companies environmental impact study is complete no time frame is certain on the appeal process.

The shares should have been sold on a stop loss at $5.85 but due to the severe decline the shares never traded at that price and were sold at $5.28.

The price of nickel has been falling over the past two months and has moved from $50,000 per tonne down to $33,400 per tonne on the London metal Exchange. The decline in nickel price has had a negative impact on all nickel stocks and International Nickel has fallen as well, the shares were sold at $1.40 the stop loss price.

Most of the proceeds from these three sales will be held as cash. One new position has been initiated; Carmanah Technologies Inc. (CMH-T) has been developing and installing solar powered lighting systems for nearly 10 years. The company developed and marketed solar powered LED lighting and now has over 250,000 installations globally in 110 countries; the focus has been on industrial uses mainly in the marine, aviation and other transportation sectors.

The initial development for marine uses solved the problem of secure power supply in remote locations where access was restricted and seasonal. The solar powered aids to navigation have been utilized in a wide variety of weather situations and have proven to be more stable than the traditional battery and generator systems.

One of the Carmanah business units is focused on the development and sale of LED Illuminated Signs, this segment of the company has over 50,000 signs installed world wide. The advantage in using LED is a reduction in energy consumption by as much as 90% when compared to traditional lighted signs.

Over the past few years the company has expanded into solar power systems for industrial, home and recreational uses. These systems can be adapted for use away from the main power grid such as remote cottages and work camps. The systems can also be designed so that they can be integrated into the main power grid offering the owners an opportunity to sell any excess power generated to the local power utility.

This is an area that offers excellent potential for growth as clean energy solutions become a higher priority globally. The recent California initiative will help to create demand and in the process lower costs of production as volume increases. There are likely to be other states that will follow California and mandate more alternative energy solutions.

Carmanah Technologies Inc. is well established in the solar energy field and is positioned to capitalize on the global trend to lower emission energy generation in an effort to turn back the tide on green house gasses.

Aggressive Portfolio as at July 15, 2007:

Inception: January 15, 2007

Company Profiles:

Bombardier:

A Canadian manufacturer of airplanes, train cars, locomotives and rapid transit systems competes on a global basis. The company is currently going through a long involved restructuring program that is starting to see positive results. This is a turn around situation in an industry that will see an increase in demand as rapid transit becomes a much higher priority as a method of reducing greenhouse gases. Initial Target Price: $7.50

Breakwater Resources (BWR):

Breakwater is a Canadian based zinc producer. The company operates three zinc mines in Canada, Central and South America.

Breakwater operates the Myra Falls zinc mine located on Vancouver Island. The Myra falls Operation has the capacity of 1 million tonnes of ore producing 111,000 tonnes of zinc and 34,000 tonnes of copper. The El Mochito mine is located North West Honduras producing 74,000 tonnes of zinc and 14,400 tonnes of lead. The El Toqui mine is located in Chile producing 57,000 tonnes of zinc concentrate. The company expects to bring a fourth mine into production this year, the Langlois Mine is located in North Western Quebec.

Target Price: $4.50

Carmanah Technologies Inc. (CMH):

Carmanah is a leader in the development of solar power technologies operating in three main segments, solar powered LED lighting, LED illuminated signs and solar power systems for industrial, home and recreational uses.

Target: $5.00

Denison Mines: (DML):

A Canadian uranium producer with mines in Saskatchewan, McClean lake and is the world’s sixth largest uranium producer. Also holds interests in exploration properties in Mongolia and Australia.

Target price: $17.00

 Paladin Resources (PDN):

PDN is a Canadian uranium producer operating the Langer Hienrich mine in Namibia. The mine is currently producing 2.6 million pounds of uranium annually which is forecast to increase to 3.7 million in 2008. The company is also a uranium project in Malawi.

Target Price: $12.00

Westport Innovations (WPT):

WPT is involved in the research, development and marketing of fuel injectors that convert a diesel engine to run on natural gas. The company has partnerships world wide with companies such as Cummins, BMW, Isuzu and Ford. WPT is actively opportunities in China as well. The company has leading edge technology that offers industry a bridge between conventional and fuel cell technology.

Target Price: $4.00

Ur-Energy (URE):

URE is an exploration and development company focused on uranium projects in Wyoming, Nunavit and the Northwest Territories. The Wyoming property holds an estimate 87 million pounds of uranium. The company offers excellent exposure to uranium exploration.

Target Price: $6.50

Sold:

Eldorado Gold:

A Canadian emerging gold producer with mines in Brazil and Turkey, exploration properties in Qinghai province, China. The company expects to be producing 500,000 ounces of gold by 2008.

International Nickel (INV):

INV has two advanced late stage properties in Brazil being developed with joint venture partner Teck Cominco Ltd. (73%).  The company announced initial results indicating an inferred resource of 109 million tonnes grading 1.11% nickel.

Northern Orion (NNO):

A Canadian copper producer with mines in Chile, a 12.5% interest in the Bajo de Alumbrera copper – gold mine and the 100% owned Agua Rica copper – molybdenum mine which should be in full production in 2008