Michael Smedley Imperial Metals Corp III-T HOLD Mar 31, 2014

Does not have a constructive opinion on the copper price, but attracted to their Red Crisp discovery.

Doesn’t know if a recent financing has been arranged. As this company is kind of an internalized, almost personal holding of one man, who wants to go his way forward, then he doesn’t think you’re going to get the Buccaneers of New York coming in and taking it on and bring it to fruition. It does have super high-grade. Very important deposit. This is a long-term Hold.

He is not a seller. They have a fabulous asset. They have income from a couple of mines and want to develop the latest asset on their own. It is a drag on the stock for a while. He is buying other things these days, but continues to hold.

Had a horrible situation where a dam burst and flooded their BC mine. This is now a political situation, no longer economics. You don’t know how much they are going to get fined or when they are going to be able to open that mine again.

(Market Call Minute) They are going to have to dig themselves out of the hole.

Had a spill that really hurt them. They still have a difficult row to hoe, and is no longer on his watch list. There are companies out there that are not nearly as expensive, so this wouldn’t be first on his Buy list.

(Market Call Minute.) A company that has gone through a lot, whether it is tailings, dams, busting. A name he has avoided because of that heightened risk, the NDP government in BC. A lot of risks associated with this.

There are easier ways to make money in copper than through this company. Has known this name for about 30 years. They had problems with the tailing stem in Williams Lake British Columbia. He’ll watch to see how the start up goes for Red Chris in Western BC.

Will respond to copper prices if those prices move up. Tier 2 assets. Impressed with financial backing of the company. Not considering buying.