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WATCH
Good project, but complicated. The geology is such that there are a number of magmatic bodies where some of them are mineralized and some aren’t. Difficult to tie them together enough to make a body that is economic. Also have a fantastic looking project in Carla, Nevada that he thinks will turn out to be a discovery but there’s a back-in by Newmont (NMC-T) that has to be factored in.
precious metals
COMMENT
Sold his holdings because he wasn’t comfortable where management was taking it. New management has turned it around. Large disseminated deposit and the question is, how disseminated is it really. They are at the stage where the question is what is this thing and how are they going to mine it.
precious metals
COMMENT
Project in Colombia. Drilled some good holes but basically replicated other holes that had been drilled by Anglo, so it wasn’t new information. If you look at all the holes that Anglo drilled it was limited where they could go. Doesn’t understand what all the excitement is about until it gets bigger.
Mining
COMMENT
Have done very well buy is becoming a pretty steep valuation. Real interesting discovery in Tanzania. Has yet to go through it section by section and tie it together into a body that can be mined economically. Also have a discovery in Ethiopia that could add a lot of value but he hasn’t seen enough data to comment on it.
precious metals
TOP PICK
Brazil and Peru. Team generates ideas and then goes after others to work it. Have about $7 million in the bank. Have 9 projects that will be drilled by joint venture partners. One of the projects that they sold out of will give them a royalty of about $1 to $2 million a year for the next 3 years.
precious metals
TOP PICK
This is one that you are rolling the dice on. Quite impressed with their Nevada project. Large hydrothermal system with gold mineralization that has never really been drilled. The question is, will it be enough stock work to bulk up into a minable economic deposit. Should also have some results on their Mexico project as well.
precious metals
TOP PICK
Safest gold stock that he knows of because they’ve got a 2%-3.5% royalty on a discovery they sold to Goldcorp (G-T). There’s no financial or capital risk. At $1,200 gold, this is worth about $9-$10 a share. On top of that they have $1.15 a share in cash. Have a number of base metal deposits being worked by others that he expects to grow.
precious metals
