ENDEAVOUR SILVER CORPORATION & INSURE.COM, INC.

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Hello Readers,

Since the last Newsletter, we closed a position for a nice gain:

MMC ENERGY (6/20/08). Closed position 8/29/08 at $3.45 for a 64% GAIN.

We wish we had a clue as to why MMC Energy bolted nearly $1.50 over a three-day period, but we don’t. There didn’t appear to be any news nor anything jumping around on the financial blogosphere. In this market, we are happy for gifts.

Remember that “anomaly” about small stocks breaking away from the rest of the market that we mentioned in the last Newsletter? Forget about it, for now. Looks like that was an apparition. Simply put, yes, this may be a good time to “bottom fish”, but expect the bait to be it the water for a while longer. September and October are usually bad market months, and, with political uncertainty casting even more of a pall, the next eight to ten weeks may be dicier than usual.

Here are the headlines since the last Newsletter about companies in the Current Portfolio. Dates in parentheses are when we first recommended them.

Uranium Energy (UEC) (8/20/08). To start drilling at Nichols Project in South Texas.

U.S. Geothermal (HTM) (8/5/08). Sets earnings call for September 4. Provides corporate update.

E*TRADE (ETFC) (7/20/08) Gets a positive mention in an article at TheStreet.com.

Applied Energetics (AERG) (7/5/08). Receives light filament sensor contract option from Army research organization.

Bridgeline Software (BLSW) (6/5/08). National Financial Partners selects Bridgeline iAPPS for new enterprise Intranet initiatives.

GlobalScape (GSB) (5/20/08). Names former General Dynamics executive as CEO. Recent quarterly numbers not great, but company is upbeat about its new products.

Ziopharm (ZIOP) (5/5/08). Receives notices of allowance for European and U.S. patents covering Indibulin.

Replidyne (RDYN) (4/5/08). To restructure operations and cut 80% of jobs. So far, this has had little effect on the stock.

Biolase Technology (BLTI) (4/5/08). National Laser Technology files federal lawsuit against company for anticompetitive actions, which Biolase says is ‘without merit’. Launches software upgrade for first generation Waterlase dental laser systems.

ActivIdentity (ACTI) (3/5/08). Hana Financial Group selects ACTI’s Mini-tokens to meet new FSA mandatory requirements for two-factor strong authentication.

Amicas (AMCS) (1/20/08). To present at Thomas Weisel Partners Healthcare confab on September 4.

Hollywood Media (HOLL) (1/5/08). Sells Hollywood.com to its own chairman for up to $10 million. This represented only about 4% of HOLL’s total revenue but lost nearly $2.48 million for the twelve months ending 6/30/08.

Catalyst Pharmaceutical (CPRX) (12/20/07). Article says that company’s addiction drug reverses obesity in rats.

Santarus (SNTS) (11/20/07). To present at the Thomas Weisel healthcare conference on September 3 and also at the 2008 UBS Global Life Sciences confab on September 22.

Linktone (LTON) (11/5/07). Recent numbers not bad; balance sheet still looks very strong.

Orsus Xelent (ORS) (10/20/07). Signs two-year master distributorship agreement with Xingwang Shidai Commerce Co.

XATA (XATA) (9/20/07). Adds enhanced mapping capabilities to Fleet Management solution.

Wave Systems (WAVX) (9/5/07). To demonstrate several of its technologies at various forums. Receives NASDAQ determination letter. This is on the “Endangered List”.

VocalTec (VOCL) (4/20/07). Latest numbers not great; ditto for balance sheet. This is on the “Endangered List”.

Urologix (ULGX) (2/20/07). Company pleased with 4thQT numbers, but FY total was sort of dismal; balance sheet still looks good.

Lantronix (LTRX) (12/5/06). To report 4thQT and FY2008 results on September 11.

Proxim Wireless (PRXM) (11/5/06). Appeals NASDAQ non-compliance determination. Selected by NVIDIA to provide wireless backhaul for live video streaming at NVISION 08. This is on “Endangered List”.

Hydrogenics (HYGS) (9/20/06). To provide fuel cells to APC for extended run back-up power in data centers.

Tri-S Security (TRIS) (5/5/06). Receives NASDAQ notice on equity requirement.

Pharmos (PARS) (4/20/06). Says it will cease operations in Israel. This is on the “Endangered List”.

MIND CTI (MNDO) (2/5/06). Reports 1stQT and 2ndQT results which seem upbeat; has $9.7 million cash/cash equivalents.

8×8 (EGHT) (1/20/06). To present at Kaufman Bros. investor conference on September 4.

Digital Angel (DIGA) (12/20/05). To present at Kaufman investor confab on September 5.

Westell Technologies (WSTL) (10/20/05). Receives NASDAQ minimum bid notice. Announces stock repurchases.

RAE Systems (RAE) (10/5/05). Receives AMEX non-compliance notice. Gets U.S. National Guard contract valued at over $3 million.

Zi Corp (ZICA) (8/5/05). Signs multi-year renewal with Nokia. Sued by Nuance in Canada over patents. This is on the “Endangered List”.

N.A. Scientific (NASM) (8/5/05). Receives NASDAQ non-compliance notice. This is on the “Endangered List”.

B.O.S. (BOSC) (1/5/05). Announces $1 million private placement and the signing of an agreement for the sale of non-core assets.

TMNG Global (TMNG) (4/20/04). To present at Kaufman investor conference on September 4.

Our picks for this Newsletter are a AMEX-traded mining company, and one of the more known names in online insurance sales, which is NASDAQ-listed.

ENDEAVOUR SILVER CORPORATION (AMEX: EXK) – $2.26. Twelve-month hi-low has been $5.54 – $1.90. Based in Vancouver, BC, Canada, with about 70 employees, this silver mining company has 49 million shares outstanding, $24.3 million (U.S. dollars) in total current assets, $81.28 million in total assets, and $15.23 million in total liabilities, of which $6.1 million is a future income tax liability. Institutional ownership is around 10%. www.edrsilver.com

Back in the 1980s, Vancouver was known as a pirate’s cove for penny mining companies as scams ran rampant. Over the years, it has cleaned up its act a little and some companies have obtained slivers of respect. But, Endeavour Silver Corporation is more about the falling price of silver and other commodities than a dissertation about its location. Yes, silver, oil, gold, etc. are falling, but for how long?

Founded in 1981as Endeavour Gold Corp., and public for nearly eight years, Endeavour is acquiring, exploring, and developing precious metal properties in Mexico. The company operates two mining projects and is in the process of acquiring other mineral projects. It produces silver and gold from its underground mines at Guanacevi and Guanajuato in Mexico. The Guanajuato Mines Project consists of 13 properties totaling 2017 hectares in two property groups (Bolanitos and Cebada), several past producing silver and gold mines, and a 500 ton per day Guanajuato process plant.

Within six months of optioning the Guanacevi Mines Project in 2004, Endeavour discovered high-grade silver mineralization in the new North Porvenir zone, drove a 400 M access ramp into it, estimated an initial 4.8 million ounces inferred silver resource, and started production. Exploration drilling to the end of 2007 discovered four new ore bodies and increased the combined reserves and resources to 41 million oz. silver, still open for expansion in all directions. Earlier this year, the company announced a new high grade silver-gold zone at the Cebada Mine at the Guanajuato project.

In 2007, Endeavour increased silver production 58% to 2.14 million ounces (plus gold), which represents 600% growth since 2004. Capital programs are underway at both operations and production is projected to grow a further 250% over the next two years.

For FY2007, ending 12/31/07, revenue was $32.31 million with $12.2 million in net losses. During the first six months of the current FY, ending 6/30/08, revenue was $20.78 million with $5.43 million in net losses. The numbers seem to be trending toward further revenue growth and less losses.

The price of silver and other commodities has been clocked, recently. However, its only a matter of time before a new buying spree begins, and Endeavour could do quite well when that time comes.

Our 24-month target for the stock is $3.75 to $4.50.

For more information, contact EXK’s Hugh Clarke at 604-685-9775; hugh@edrsilver.com

INSURE.COM, INC. (NASDAQ: NSUR) – $3.20. Twelve-month hi-low has been $5.50 – $2.86. Located in Darien, IL, with about 100 employees, this insurance company has 6.9 million shares outstanding, $11.39 million in total current assets, $19.44 million in total assets, little debt, and $1.92 million in total liabilities. Institutional ownership is less than 2%. www.insure.com

Yes, Insure.com, Inc. is boring, but, unlike other financial companies of late, it is showing some profits. The company also has a decent-looking balance sheet.

Founded in 1984 as Quotesmith Corp, and public for almost ten years, Insure.com, simply put, operates as an insurance company and a brokerage. The company offers individual term life, private passenger automobile, homeowner’s, dental, individual and family medical, small group medical, renters insurance, and business insurance. NSUR owns and operates an online consumer insurance information service, accessible at www.insure.com, for the self-directed insurance shoppers. The company provides customers with various comparative life insurance quotes online, over the phone, or by mail from over 30 life insurance companies; and it allows the customer to purchase insurance from the company of their choice. Insure.com also offers insurance information and decision making tools with access to other forms of insurance such as auto, homeowners, renters, long-term care, health, and travel insurance through various third parties.

The company, recently, launched its new Remote Agent Program, which has about 100 participating independent agencies and it has begun to generate small amounts of wholesale commission revenues from this new source.

For FY2007, ending 12/31/07, revenue was $18.02 million with $175,000 in losses. During the first six months of the current FY, ending 6/30/08, revenue was $8.02 million with $456,000 in losses; however, in the 2ndQT the company posted $57,000 in net income.

Insure.com’s stock has probably been beaten down because of the avalanche that has smothered all of the financials. Once the snow clears, the stock should see some breathing room.

Our 24-month target for the stock is $4.75 to $5.25.

For more information, contact NSUR’s Robert Bland at 800-556-9393, ext. 101; bob@insure.com

Look for the September 20, 2008 Newsletter to be posted on 9/16 or 9/17.

Thank you,
George