Atac Resources Limited (ATC-X)

Agnico-Eagle (AEM-T) came in a while ago and made a 9.9% stake in this company. The stock went up, but it really hasn’t done much since then. Then Barrick (ABX-T) came in and said they really liked the deposit and wanted to do a joint venture. This is a much better approach that is better for the stock going forward. It is going to be a refractory deposit which requires a lot of power if they are going to do a pressure oxidation.

He has added a bit. AEM has bought into it. A huge project in Alaska. He would rather be adding to some of these pays because they will have the leverage on the way back up. It is not a producer.

Great company run by really smart, adventurous, innovative geologists. This may probably be the only legitimate Carlin style deposit discovery outside of Nevada that he has really come across and seen. Big trend and a lot of mineralization. In the Yukon in a difficult location. Suspect this will be worked for years and years. Have to build a big autoclave to process it, a lot of power. He needs to see 5,000,000 ounces at 5 g a ton or better in an open pit, or at least mineable situation. Until he sees that, he is just watching.