West Red Lake Gold Mines (WRLG.V)

Jury's out. Took a project out of bankruptcy and recapitalized it, but without a feasibility study. He needs to see better operating numbers, and lower capital costs, before increasing his position. Great management team in a fabled gold-producing district.

He has a small position. Likes management and the district. Loathe to invest in mines without feasibility studies, and that’s what it’s done. Past mine had failures. He’s paying attention to 3-4 quarters of operating results.

They had problems building a new mine involving rushing it and not properly capitalizing it. He continues to hold it. Likes that they are re-capitalizing the mine and working out geological issues. They can re-start this mine and make it more profitable than their predecessor. The rising price of gold helps.

Principal asset went into bankruptcy. A very determined friend of his is involved, and this gives him hope about the consolidation and re-invigoration of the district. Don't own it unless you have a long time perspective.