Blackham Resources (BLK), Sheffield Resources (SFX), Global Petroleum (GBP) and Crusader Resources (CAS) were reviewed and rated last week in PortfolioDirect/resources. The Blackham review was an update after a savvy move to acquire mining and milling facilities adjacent to its existing WA properties. Sheffield Resources is one of the best positioned exploration companies in the sector. Its investment return over the current cycle has been among the top 2% but something more is possible with potentially good results from an iron ore drilling program slated to commence in June. Crusader is a Brazilian iron ore producer selling to Brazilian steel makers and worth thinking about from a valuation viewpoint and to reduce the influence of China on resource portfolios. Global Petroleum is a play for the most stout hearted and adventurous. Small companies should not be drilling for oil in offshore deep water locations.