1.81 CAD         April 03

The Jordan Fund (JF, Sweden) has taken a look at the moly market in order to try to find an interesting company for a good investment. The price of moly has risen siginficantly because China closed two large mines a couple of years ago, and nobody knows if they will ever open again. As a result, China went from a net exporter to a net importer and there will not be any significant  new moly production until 2008 (possibly Adanac in 2008 and Idaho Mines in 2009).

Molybdenum is typically mined at grades of 0.1 - 0.3%  and rather large tonnages are needed for mining to be profitable. The current market price of moly is around 24-25 USD/lb, a ten fold increase from the 1990's.  In a bullmarket for metals such as we are currently experiencing, it imakes sense to invest in a company that can take advantage of this situation.  JF beleives that we have now found that company.

Win-Eldrich Mines Limited (WEX) is a junior traded on TSX Venture in Canada that will be producing moly within 1-2 months. The "secret" with this company is similar to Excellon (silver) in that they own a mine with very high grades. They have historical resources of  146,000 tons ore grading 2.9% moly and 1 million tons ore grading 1% moly, they have recently started to mine the 2.9% ore and will begin milling in May.  They expect to be producing 100 tons per day by mid summer.  Final permits are needed in order to mine more than 1000 tons and these are expected to be approved by May. There should be positive cashflow this summer and an annual profit of approximately 17 million CAD could be reached by July if  moly prices stablilize at current levels.

Ashdown Moly is in north western Nevada and Win-Eldrich owns 40% of the project. Golden Phoenix Minerals has aquired 60% in a joint venture in return for paying all start up costs for the mine and mill.  Golden Phoenix has significant debts and a market cap that is 4 times higher than Win-Eldrich, which is debt free. We think that market has undervalued WEX, so we plan to take the opportunity to benefit from this discrepancy.  WEX has a  Market Cap of 20,1 MCAD and there are 11.4 million shares with full dilution. WEX has not completed a NI 43-101 compliant report  because it was not needed in order to finance start up, which perhaps explains the low market valuation.  Also, the market has not discovered WEX due to its minimal IR/PR. It will start promoting  Ashdown Moly this month (April), so we want to take seats on the train before it leaves the station.

Ashdown Moly is open to east, north and at depth. WEX will use cash flow to explore for additional resources and hopefully will be able to expand production. If it is necessary to raise funds for expansion, they will complete a NI 43-101.

WEX also has two gold projects, Ashdown Gold and Cowden Gold.  A feasibility study by Billiton (Royal Dutch Shell) in 1991 indicated that Ashdown Gold has nearly 100,000 ounces gold grading 2.7 g/t (0.088 opt, open pit) adjacent to Ashdown Moly. Two projects close to each other should reduce overall costs.  Ashdown Gold could be in production within two years.

Details at:  http://www.golden-phoenix.com/ashdown.htm

Commentary at MolySeek.com:  http://www.molyseek.com/index.php?option=com_content&task=view&id=21&Itemid=2

Website WEX:  http://www.win-eldrich.com/

The Jordan Fund has a target at 5 CAD during 2006

The Jordan Fund is an investment club in Sweden with focus on energy and mining http://www.jordanfonden.com/