Josef SchachterTyler Resources IncTYS.VBUYMar 31, 2005
Will be looking at the 2nd core rig (C Rig) next week and will turn core a week later. Looking at an average grade of .6. They've gone 700 meters of strike play. Originally thought that phase 2 would take them to 1500 at only 100 meters deep. They've now gone 280 meters deep and are at 750 meters of strike play. So they still have 6 X that strike play to go.
Rejected a hostile bid from Mercator (ML-T) but is still in play. Continuing to drill to provide better knowledge on the resource. Over the next one or two quarters, he expects there will be a number of bids and some time in Q2, Q3 of 08 it will be taken over.
Copper prices have lifted the stock. Have a very large resource in Mexico. There is analyst coverage on it now. His view is that the resource is so big and it is leveraged to commodity prices and that copper will go over $4 a pound.
Have a large resource that they are building but it is only the low-grade portion. They need a high-grade portion to the project. Haven't shown material volumes on the project. If we go to $4 copper, the stock will do better and could go over $1.
Haven't had any high-grade drill holes for some time. They've all been low grade or mediocre. He was copper is going to go over $4 a pound in the next 12 months. Well-financed.
Management hasn't given up, but they haven't got the drill results yet that would make believers. Very speculative. Look at it under $.50. There are a lot of other companies he would prefer. Not bullish on copper.
Waiting for them to raise the money they need to continue drilling. Management believes they have an asset that will be worth more than present stock price.