(Every week, Business Edge columnist Gyle Konotopetz profiles the top three stock picks of one of Canada’s most accomplished investment pros.)

FEATURED PRO: John Ing is president of Toronto-based Maison Placements Canada, an investment firm that specializes in resource stocks with an emphasis on precious metals.

Ing’s Perspective: Ing says he’s not concerned over the recent weakness in gold stocks and maintains a target for gold to peak at $510 (US per ounce) in 2003.

In December, when gold was at $322 per ounce, Ing gave a “short-term” target of $375 for gold. The price took six weeks to hit that target. Spot gold recently traded at $350.

“I continue to be very bullish on gold stocks in particular, and I believe the key in a gold bull market is to buy on the dips. Basically, the gold stocks have been drifting down on very little volume while people watch CNN to see when the war (with Iraq) will start.

“All the ingredients that have pushed the gold price are still intact – a weak U.S. dollar, the industry buying back gold, the central banks limiting their sales to the world and demand still remains at 3,900 tonnes per year while we only produce 2,500 tonnes per year as far as the mining industry is concerned.”

Ing is also bullish on some forestry and oil and gas stocks.



FIRST STAR
* Goldcorp Inc. (G-TSX)
* Recent Price: $14.58.
* 52-Week Range: $10.25-$21.40.
* Snapshot: Barrick may be Canada’s biggest gold
producer, but Goldcorp has stolen Barrick’s thunder because, unlike Barrick, it is unhedged, meaning it is
leveraged to a rising gold price. The company’s Red Lake mine alone boasts an annual haul of 525,000 ounces and the company’s goal is to become a one-million-ounce producer through expansion and acquisitions.
* CEO: Rob McEwan.
* Head Office: Toronto (289 employees).
* Vital Stats: Current Price/ Earnings Ratio, 25.1; Revenue (last 12 mos), $291.5 million; 5-Yr Revenue Growth, 31.1%; Profit (last 12 mos), $103.3 million; Market Cap, $2.66 billion; Shares Outstanding, 282.41 million; Dividend Yield, 1.51%.
* Ing’s View: “They have a magnificent mine at Red Lake that they’re expanding. The balance sheet is terrific, they have $260 million in cash, no debt and a no-hedge policy. To me, the stock looks like a double from here.”
* Ing’s Risk Rating: Low.
* Web watch: www.goldcorp.com



SECOND STAR
* International Forest Products (IFP.A-TSX)
* Recent Price: $6.90.
* 52-Week Range: $3.66-$7.90.
* Snapshot: IFP spends a lot of time knocking on wood. One of Canada’s biggest logging and sawmilling
companies, it boasts 59 logging operations and six sawmills on the West Coast.
* CEO: Duncan Davies.
* Head Office: Vancouver (3,400 employees).
* Vital Stats: Current Price/ Earnings ratio, 11.0; Revenue (last 12 mos), $753.8 million; 5-Yr Revenue Growth, 0.9%; Profit (last 12 mos), $22.6
million; Market Cap, $238.21 million; Shares Outstanding, 34.52 million.
* Ing’s View: “IFP is mostly a lumber producer so they would be a major beneficiary if the softwood duties are lifted by the U.S. (Canada and the U.S. are negotiating over the issue of duties on softwood exports). They’re a big supplier to the U.S. and Japan, very low costs and a strong balance sheet.”
* Ing’s Risk Rating: Low.
* Web watch: www.interfor.com



THIRD STAR
* Devlan Exploration (DXI-TSX)
* Recent Price: $2.
* 52-Week Range: $1.44-$2.49.
* Snapshot: Devlan is a junior oil and gas company weighted towards natural gas. The company boasts land holdings of 1,229,699 acres, including its Rainbow Lake property.
* CEO: Martin Cheyne.
* Head Office: Calgary.
* Vital Stats: Current Price/ Earnings Ratio, 28.6; Revenue (last 12 mos), $15.5 million; 5-Yr Revenue Growth, 110.9%; Profit (last 12 mos), $1.1 million; Market Cap, $42.7 million; Shares Outstanding, 21.35 million.
* Ing’s View: “I like this story. Devlan should do 80 cents (per share) in cash flow this year, the stock is cheap, it has good management, double-digit growth and they’re good industry operators.”
* Ing’s Risk Rating: Medium.
* Web watch: www.devlanx.com
* Ing’s Edge Record: +8.1%. Best Pick: Eldorado Gold (ELD-TSX) +168.2%. Worst Pick: Crystallex (KRY-TSX) -44.3%.
* Disclosure: Ing says he does not hold positions in the stocks he recommends.