Friday, September 28, 2007
Scott Weekes, CEO
The same four directors were re-elected – Weekes, Fulcher, Nicol, McInnis.
They have extended the Anglogold/Ashanti database deal for one more year.
Last private placement saw Pinetree take the majority of the units.
Drilling in Nevada – JV with International Tower Hill Resources, who are very aggressive drillers. They will be drilling their 4th hole at Painted Hills. Assays from the earlier holes will be forthcoming in the next few weeks.
At North Bullfrog – they will start drilling in January 2008, testing 3/8 targets, about $1M program.
Also discussing with 3 other groups, who are quite interested in some of the projects.
Drilling program at Red Lake – likely to be drilling before November. Budget is about $800,000 to $1M. They will follow up on the high grade intercept that yielded great results previously at Newman-Todd. Fairly shallow drilling but will be going deeper on 2-3 holes.
Cash in hand - $1.6M
Friday, September 21, 2007
Peter Dasler – CEO
The AGM was held in their corporate boardroom in the heart of Kerrisdale in Vancouver.
Briefly, in the last year or so, CVV has seen their shares held by institutions increase from 5% to 42% and outside group commitments to financing from $5M to $45M.
CVV has the third largest land holdings in the Athabaska Basin and have 19 areas of exploration in the Basin. And they have been working the land. In 2005, their field crew logged 2360 man-days of work, in 2006, they increased it to 5050 and in 2007, they have worked 11850 man-days so far.
Mitsubishi (Japan) and Hanwha (South Korea) are two foreign conglomerates, which have committed to spending millions ($11M and $19M, respectively) to drill on CVV projects.
Apparently, In their 2Q report, Cameco, the big dog in the Basin, has made some new discoveries (eg. some zones had 27% Uranium oxide). They haven’t said where they are. As Cameco is so big, the amounts are not material enough to report. There’s a good chance with the 19 projects, CVV is close to the new discoveries.
The value of an uranium mine in the Basin is much greater than a similar-sized gold mine in Red Lake.
Drilling season for CVV – June to Oct, Jan to May.
Drills will be turning in 3-4 weeks at northern part of Basin – Helmer Lake, Cree Lake, Johnson Island. Their McArthur Lake property will be drilled starting in Jan 1/08.
Pace of drilling – 1.5 holes per month.
10-12 weeks wait for drill results. That’s the reality of the situation. Labs in Saskatoon, where CVV has a office.
Lots of news releases coming.
Check out this video-
Monday, August 06, 2007
Victoria Resources Corporation AGM
Hyatt Regency Hotel, Cypress Room
Present: Dr Raoul Madrid, Manager, Nevada Operations
Chad Williams, director
John McConnell, director
Dr Marcus Johnson, Dr Mike Russel plus 5 other geologists
The skinny: Your AGM reporter has been to 20-30 AGMs over the last 2-3 yrs and this was absolutely the most informative session I’ve ever seen. We were there for 3 hours.
Bottom line- expect new marketing, new website (approx 2 weeks), expecting larger drill rig in about 3 weeks to end of month at Cove-McCoy, probably working on NW-5 – it’s being set up for re-entry, being 300 ft from their target. You can see VIT is being set up to fly. Higher gold prices, better marketing, lots of targets. 8 shareholders this year at the AGM, up from the 2 last yr. – a 400% increase.
In the formal part of the meeting, exiting exec Roger Richer presided. 4 new directors were elected – Chad Williams, Hugh Agro, Sean Harvey, John McConnell.
Formal meeting over, the room was given over to Dr Raoul Madrid. Looking svelte after trimming 80 lbs from same time last year, Dr Madrid looked to be taking on the leadership mantle with aplomb. He spoke for much of that time, (there were 2 breaks). And there was much to talk about. VIT is awash in projects. He explained the what, when and why of VIT’s methodology in working their projects.
You have to remember that Dr Madrid headed a group with the US Geological Survey so he is used to guiding geologists. He will be the Obi-Wan to the other 9 geologists, which include two other Phds – Drs. Marcus Johnson and Mike Russel. It appears the legendary Dr Ralph J Roberts, who is 96 years old, has been retained as a consultant. So you have 4 Phds working for Victoria.
Dr Madrid was very professorial in tone and he noted that VIT is a company known for the care they take in mapping out the geological structural systems in detail so that they can plan where to drill with laser-like accuracy.
The first thing he talked about were all the gold belts in the world, focusing on Witwaterand in South Africa, where 1.5 B tonnes of gold has been mined. His theory is that there are 1.5B tonnes of gold in the various belts in Nevada and Utah. That’s a lot of gold.
In looking for the gold, VIT choses properties based on the following –
1-all represent old gold districts
2- they are present within known or recently mapped gold belts; some by VIT personnel
3-previous drilling with good gold results or well-defined as high grade gold districts
4-close to or includes older gold mines or recently exploited gold mines such as Cove-McCoy;
5-some contain gold inventories, defined by previous company, which can be significantly expanded
6-gold bearing structural systems > 55 metres width to 655 m with multiple orientations; useful for deep exploration
7-have high potential for large gold system development > 2 M oz/property.
These are, in essence, the rules VIT follows in determining whether gold projects are worthwhile or not.
Cove-McCoy can be drilled year-round.
NW5 is set for re-entry. Only bad news was one drill rig right now, but the larger drill will be arriving in 3 weeks to end of the month. (It sounded like there may be drill rigs available in Vancouver.)
The $2 M from PP needs to make an impact, but that can come from the many targets that can easily cause a sensation. NW5 is 300 metres away from their target, Summit holes can be twinned to meet 43-101 standards, etc.
VIT spends their money for quality diamond drills at $100/ft, not $30/ft as with reverse circulation drills.
If I heard correctly, the scramble for more land to the west was due to Newmont NOT also transferring rights to land within a mile(?) of the JV land, which is apparently how things are handled normally. This subtle difference led VIT to speculate that Newmont may have discovered a new gold belt going from NE to SW.
There was a graphic showing the following but it went by so quickly I only got this: Drilling to define down and up plunge portion, shaped like upside down smiley face/cigar.
Similar to deep systems within the Carlin/Battle Mountain gold belt and Cortez Hills (same geometries).
-deep drilling revitalized McCoy district – large number of targets NOT found by previous companies.
(But don’t worry, I’m assuming that graphic will be on the website when it goes live in about 2 weeks. The website will be a great marketing tool).
Black Canyon -
Management Discussion and Analysis in the Report to Shareholders mentioned completion of a drill access road. All permits have been approved.
The drill rig that was at Relief Canyon is likely here right now.
It’s high up 5000ft, so needs to be drilled in the summer.
Grades up to 3699 g/t have been found by Victoria.
From one of the rock samples in the room, I could see visible gold. The gold specks show up when the sample is tilted.
Black Canyon has never been drilled before.
A potential problem might be the actress Sandra Bullock, as she owns land in the area.
Same as last year when I reported - only 4 out of 26 targets have been drilled.
Higher Open Cut and RJR are the areas of interest.
Drilling could be problematic as they need a dry winter.
How Raoul Madrid described the drilling at Mill Canyon:
Imagine the system looking like an open hand. They have found 3 fingers, but they want to find the palm (as represented by RJR) and they know it’s there as mapping has revealed a significant offset target for the larger RJR gold system. It’s an area dominated by fluidized breccias and they plan to drill it this year.
Mapping also indicated that Higher Open Cut contains a high grade gold system and is an excellent candidate for step out drilling.
Next time they drill, there will be tighter spacing between holes and not the wider spacing that was done previously.
Can be drilled all year round.
Awaiting permit in about 3 month
High grade nature determined by previous drilling, demonstrating it to be a Carlin-type gold system with excellent potential.
Hilltop – drill maybe next spring, instead of drilling at a slant, they intend to drill straight down.
Relief Canyon – difficult drilling – but mapping continues.
Victoria holds 106,531 acres of land of which 39,462 acres are 100% Victoria’s while
they hold 67,109 acres with Newmont, for which they incur no fees.
Cortez Trend may be a misnomer as it is rootless and the land below falls off and may have shifted.
After the AGM, the following questions are swirling in my head -
Why can’t VIT have US Gold’s market cap? $50 M vs $373 M
Robert McEwen has a solid reputation and is a brand name. He has done it before and can probably do it again.
But has he been involved in 12 major discoveries like Raoul Madrid has?
How many Ph.Ds do they have? VIT has 4, including the legendary Dr Ralph J Roberts, whose autobiography Passion for Gold, is still available at Amazon and Chapters.
How many other companies do as many detailed mapping as Victoria?
Thursday, June 21, 2007
Davinder Randhawa, CEO/Chairman
David Miller, President /COO
Jody Dahrouge, Fission Energy
This was the Annual and Special Meeting to vote on the arrangement involving Strathmore and Fission Energy Corp, where if approved, one old STM share could be exchanged for one new STM share and 1/3 shares of Fission Energy.
Before the formal meeting is over, there is a dissenting shareholder who doesn’t like the 14.5% Fission stock option plan. He asked why it isn’t the normal rolling 10% stock option plan. He went on quite a bit and made a lot of assumptions about management making millions with this plan, which management refuted. They say the plan was structured that way for flexibility purposes. They will likely increase their workforce from 20 to 100 employees. They have also been poached by other companies. When you go from 3 uranium companies to 500, that’s bound to happen. A starting salary for a young geologist can be as high as $250,000. However, the discussion also forced Mr Randhawa to shed light on future plans.
There will likely be a $25-50M funding so they can bring in some quality people.
A flow-thru is likely to take place with Fission.
Fission will hold all the Canadian assets plus Macusani in Peru, representing a blue sky opportunity. By making this arrangement, it will unlock hidden shareholder value, allow for flow-thru financing, which would not be dilutive to the US development assets. Right now, they have the most land in the Athabaska Basin. They also have Dieter Lake in Quebec – 24 M lbs and increasing, 43-101.
STM will hold all the US uranium assets and what assets they are: Roca Honda, Gas Hills, Church Rock, Nose Rock plus lots of non-core assets, which they will try to find JV partners. (Already started, see latest News Release re Nu-Mex). STM will also apply for an Amex listing.
Roca Honda is in the permitting stage, cash operating cost will be about $20 US/lb. Expect a news release in July re a JV with a foreign entity.
Gas Hills in Wyoming, where permitting is faster, is part of the 2nd largest uranium district in the US. Shallow open pit operation will result in quick production. The amount of dirt dug out there was more than that at the Panama Canal. They mentioned the Abandon Mine Lands program, in which some mining companies pay into. So it is likely the US government will pay them to move the dirt back in.
Nose Rock – 20M lbs, mill is on STM property, recent NR about JV.
A word about STM – Sprott owns 19.9%. They have experience in ISR/open pit and underground.
A word about Fission – 24 M shares o/s, Davy Lake, Waterbury, South Shore, Midwest in the Athabaska, Dieter Lake in Quebec, Sprott owns 19.9%, 200 man-years experience plus flow-thru opportunities.
They are looking closer at the Midwest area, ever since 2 months ago, another company found 20% grade uranium.
They also thanked Sprott, Raymond James and Coremark(?), presumably their financing guys.
Monday, June 18, 2007
June 14, 2007
Mark Ward, VP of Exploration
Gene Mass, Drector
As usual, I'm the only retail shareholder here. Nothing earth shattering to report. CPW completed 56 drill holes totaling 13,898 meters in 2006. In 2007, they have budgeted $3M US to drill 10,000 meters.
This is in the Report to Shareholders as is this last paragraph - 'with the merger of Bema Gold Corporation and Kinross Gold Corporation, the newly formed B2Gold Corp has obtained from Kinross a one year option to acquire Bema Gold's share position in Puma, which totals approx. 17.9 million (or 36% of the currently issued and outstanding Puma shares). With the same management team as Bema Gold, B2Gold will provide management and technical support to Puma and obviously remains committed to the company's PGM exploration activities in Russia.'
I asked if a similar structure could exist over at the other former subsidiary of Bema - Victoria Resources - they replied that they didn't know.
I asked why 7 directors were elected to the board of a company that doesn't seem to be doing all that much, they replied that they added one more than last year. Timothy McCutcheon, a partner at DBM Capital Partners Limited, an investment boutique based in Moscow, Russia joins the board, which also includes Roger Richer, Clive Johnson, Tom Garagan, Gene Mass, Steve Kay, Jerry Korpan. It seems CPW has many Russian investors and Mr McCutcheon would be representing their interests.
I asked about Federova, which Barrick owns and which is close to CPW's East Pansky project what they have heard about a pending Fedrova feasibilty study. Apparently, one is expected this year. That event would likely impact on CPW's share price.
Going off-topic, I asked about the pending IPO of B2Gold. They gave me a 4-page insert showing their major assets which include a 37.5% indirect interest in a JV in the Kupol East and West licenses, interests in a Colombian JV arrangement with AngloGold Ashanti plus the Puma option. It appears the Petrex albatross is gone. Apparently, the company that now owns it trades separately on the Johannesburg Stock Exchange.
Sunday, May 06, 2007
Robert Quartermain, President and Director, chaired the meeting. The number of Directors was fixed at 6 and Price Waterhouse Coopers was retained as the auditors. Robert Quartermain has been with the company for 22 years.
It was the last meeting for Ross Mitchell who has been a Director for 10 years. Absent from the meeting was Sarbanes and Oxley (Joke!). Jonathan Singh was brought into the company to handle the reporting requirements under the Sarbanes Oxley Act under US laws.
Following the formal portion of the meeting was a slide show.
The theme of the meeting was:LEVERAGE
Silver Standard controls the world's largest public in-ground silver resources of any publicly-traded silver company. Silver Standard has just recently celebrated its 60th anniversary and the company gave a lot of silver souvenirs. Silver Standard has 30 subsidiary companies.
-Best electrical & thermal conducts
-Strength & fluidity
SSO's revenues are:
Comparing SSO with its peers, SSO is undervalued when looking at the Market Cap/Reserves & Resources
Core Asset Property Highlights
Pirquitas, Argentina Property
Silver (million oz.)
Annual production of 9.6 million oz. over 8.8 years with capital costs of about $146 million and construction expected to take 21 to 24 months.
Open pit and infrastructure includes a nearby air strip. A lot of locals are employed and 200 to 300 individuals are housed on-site. The project's energy requirements are met by gas fire co-generation. The project is located 850 km by road from port of Antofagasta in Chile and about 2,000 km by road from the port of buenos Aires in Argentina. Selling Indium as a by-product.
San Luis, Peru Property
San Luis is 55% joint venture with Esperanza Silver Corp. and potential 80% interest. Paid 1 to 5 cents per oz. for this high-grade gold-silver prospect and is the property is located within 20 km of Barrick's Pierina Mine. The main vein is the Ayelen vein. There is 1 drill on the property and another is coming. This is the next project to fast track. Gold is a by-product and forward selling of gold is being considered.
Pitarilla, Mexico Property
Open pit and property covers 29,680 hectares. There have been five zones of economically significatn silver mineralization have been identified. Throughout 2006, drilling has been focused on the Breccia Ridge and South Ridge deposits and massive sulphide mineralization has been discovered. The 2007 exploration program will continue agressive drilling on the Breccia Ridge and South Ridge zones with five diamond drills.
Diablillos, Argentina Property
Paid $3,000,000 for this property which was discovered in the 70's. There are 7 mineralized zones and the Oculto Zone is the largest. Metallurgical testwork done by Barrick indicated a open pit mine with approximately 7.0 million oz of silver and 70,000 oz. of gold per year.
Snowfield, BC Property
27 drill holes have been completed mineralization indicates gold and silver near surface and copper and moly at further depth. In 2007, 15,000 meter drill program is planned to expand the known mineralization.
The slide show had a lot of "Google Earth" shots of the different properties with zooming-in special effects.
The goal of the SSO is 30 million oz annual production by 2012.
There was 229.6 million in CASH on the Balance Sheet as of December 31, 2006.
Q & A:
SSO Shareholder: Are you having problems finding quality geologists?
Quartermain: Are you looking for a job?
SSO Shareholder: No, a general question.
Quartermain: We are not having any problems finding quality geologists. We have been very lucky since we have a very good portfolio of properties.
AGM lasted about 45 minutes and people in attendance were over 80% SSO people with a handful of retail shareholders and broker/analyst. Total attendance was about 30. Coffee, tea and water was served as refreshments.
Thursday, May 03, 2007
You know this AGM would be different when you sign in and get the once over by the no-neck-with-buds-in-ear brigade. Huge security presence. Maybe they’re expecting their arch enemy shoe-bomber-Osama-McEwen to show up. After all, this is the Hyatt, where a few years ago, protesters dumped a load of manure at a forest company’s AGM.
Chairman Ian Telfer presides but before he finishes his official spiel, a lady raises her hand to asked if he would tell the truth about Goldcorp’s (inherited from Glamis) poor social record in Guatemala and Honduras. Apparently, there are land issues and blockades at Marlin in Guatemala. The lady protester brought along two of the indigenous people to the AGM to talk about the conditions there. At San Martin in Honduras, there are contamination and health problems. They asked if the town will ever have clean water - will they make things right before Goldcorp leaves.
CEO Kevin McArthur responded, in his opinion, they have a great relationship with the community. He said they have talked with all the stakeholders but you can’t please 100% of the people 100% of the time.
McArthur talked about Goldcorp’s 5-year plan of having 50% or better production growth and cash cost of under $200. Currently, they are 100% unhedged for gold but they do hedge copper and silver. Matter of fact, they have sold 25% of their silver to Silver Wheaton, a company in which they hold 49%.
During the Q&A session, the impassioned plea by the protesters must have made an impression as most of the shareholders’ questions referred to the protesters plight. Looked like they won the hearts and minds of some of the shareholders (unless they were plants) and of course, the silent majority who just wants to make money sat there quietly, taking it all in.
Goldcorp’s powerpoint presentation was just about the numbers. Contrast this with the Pan American Silver (PAA) AGM two days earlier where Ross Beatty went out of his way to tell how much a safety record award meant to him. And at the safety award event, PAA gave each mining employee a special silver coin. They also did a lot for the community around the mine.
Listening to all that made me hungry. Lucky for me, there was a reception in the next room where sushi, brushetta, shish-kebab, dessert, beer and wine were served. Same time next year.
Tuesday, May 01, 2007
Eight directors are voted in - including John Wilson (ex-CEO of Placer Dome) and I believe three from Seattle including Bill Fleckenstein (MSN Money writer, with his own investment company) & Michael Larson of Cascades LLC (looking after the Gates interest, I suppose?)
A slide show of 4 different celebrations (ribbon cutting, presentation of safety awards, etc) at 4 different mines in Mexico, Peru, Argentina and Bolivia is presented. At the Mexico site, a local archbishop is blessing the problematic filter system. (At least, they'll have the NGOs on their side). In Bolivia, where the government is increasing the tax, their local managers have been successful in getting the tax stalled.
The slide shows do show the isolation and poverty of these places. Kudos to PAA for attempting to change the people's situations.
On the production side, they will produce 17M oz of silver this year, hoping to hit 25M next year. The meeting was short and sweet, but I wonder about the Wright departure and the Beatty switch to non-executive chairman. The last non-exec chairman noted in our AGM reports was Ian Telfer at UUU and we know what happened afterwards.
Thursday, April 05, 2007
After the short formalities, Peter Ho was given the task of updating the Canadian operations and also on the future course of the company. He’s a very smart guy. He’s got the vision, the knowledge and the contacts. Coming from the Alberta Research Council, a non-profit entity, he has done a lot of work with CO2 sequestration that 8-9 years ago fell upon deaf ears in Alberta.
The Canadian operations have been the bread & butter plays – Frog Lake producing 300 barrels/day, Redwater 100b/d - but it’s getting more expensive to drill wells in Canada. They likely will have another well in Frog Lake. It’s your basic conventional oil & gas story. Some substance but no sizzle.
The sizzle or blue sky, will come from the enviro-energy (a term coined by Peter Ho) area. For instance, in Kuwait, there’s about 40 producing wells generating about 500,000 b/d – they’re elephants. There’s 20 Billion barrels that they cannot recover. However, if they use CO2 injection, it can add another 7-8% recovery, which equates to a very big number. So, there would be room for a technical service agreement here and a chance to make ‘damn good money’.
In China, there’s an abundance of coal but every year, miners are getting killed in the thousands. The government is trying to get rid of the CBM. Lots of pollution, hence, lots of opportunities here. Just wait for the Climate Change Statement from the Chinese Government later this month. They have to do something about it but they don’t have the expertise. This technology transfer gap can be supplied by companies like PTR, which appears to have a first mover advantage in this enviro-energy space.
In Indonesia, little PTR lost out in their bid for a project there to a much larger entity. The fact they made it into the final two speaks volumes. They beat out a lot of bigger companies including PetroChina.
PTR now has a presence in Mexico and Algeria due to their alliance with GTSSI, whose area of expertise is carbon capturing and monitoring, leaving the carbon storage part to PTR. (Check out recent news release).
A lot of things are dovetailing into PTR’s strategy. They are riding the sweet spot of a large wave. Kyoto 2008, Climate Change statement from China, both Harper & Bush developing a CO2 strategy, mainly because the electorate demands it. The environment, esp. after Gore’s An Inconvenient Truth movie, will be a major issue in any future elections.
What Petromin has is a unique vision and they appear to have done a lot of homework. I asked whether PTR will be a player if there‘s an exchange for emission credits in the post-Kyoto world, ie selling emission credits to the heavy polluters. Looks like they will be. They will likely receive emission credits for storing the CO2. Kenny Chan and Peter Ho have already gone to seminars dealing with carbon trading. I believe they said that the administration of it is being handled by the UN.
Prepare for lots of news releases in 2007.
Monday, January 29, 2007
Ian Telfer, Non Executive Chairman, handled the formal portion of the meeting. The number of Directors was fixed at 6 and Deloitte & Touche was retained as the auditors.
The podium was passed to Phillip Shirvington, President and Chief Executive Officer. Shirvington discussed the company bio and members of senior management. Gordon Keep, Robin Merrifield, Dr. Sally Eyre, Vitaly Melnikov, and Susan Speight were present at the meeting.
Kazakh is the third largest producer of uranium in the world. Kazakh host to approx. 20% of the world's recoverable uranium resources and current production represents ~10% of global production.
Kazakh production is forecast to increase to approx. 39 million lbs U3O8 by 2010. Deposits are typically large-scale, roll fronts, amenable to low cost, ISL Operations.
Production: Akdala ISL Mine commenced commercial production January 2004 and has production of 2.6 million U3O8. Akdala is the largest operating ISL mine in the world has a life of approx. 12 years and operating cost of US $11.76/lb U3O8. 2.2% royalty, depth ore zone 165 to 170 m and average grade of 0.057%.
Mines in Development:
1) South Inkai has initial production in 2008. 0.5% royalty, depth ore zone 450 to 510 m and average grade of 0.043%. NI43-101 resource base supports 1.6 million lbs U3O8.
2) Kharassan has initial production in 2008. 0.5% royalty, depth ore zone 550 to 650 m and average grade of 0.07 - 0.2%. NI43-101 resource base supports 2.0 million lbs u3O8.
Akdala and South Inkai are operated by Betpak Dala JV. Unhedged production means higher leverage to uranium price. Agreement for sales reached with 14 new customers. Customers include largest European and US Nuclear Fuel Buyers. More than half long term contracts include floor price and all long term contracts linked to published market price indicators. Approx. 30% of projected production from Betpak Dala JV is committed through 2020. Contracts represent approx. 16% of total, global, long term business transacted in sector during 2006.
Q & A: UUU shareholder: Will UUU will be listed on TSX?
Shirvington: Yes, once UUU satisfies all reporting requirements.
UUU shareholder: How about Nasdaq?
AGM lasted about 30 minutes and people in attendance were over 75% UUU people with a handful of retail shareholder and broker/analysts. Total attendance was about 30. I know there was at least 3 retail shareholders and David Zadak, Investment Advisor at Nesbitt Burns.
Thursday, January 18, 2007
January 17, 2007
As per usual, I am the only 'disinterested' shareholder at the AGM. There are 8 insiders in the ballroom - management, staff, directors.
CEO/President Ron Netolitzkly got through the formal part of the meeting.
Now the meat -
Management has the credentials - Mr Netolitzkly was involved in 3 previous gold mines (Eskay Creek, Snip, Brewery Creek).
SAN has 73M shares o/s, 84.4M fully diluted with $6M in cash of which $3M is flow-through.
They like to do JVs, so to spread the risk.
In BC, they have the Blizzard property, which was well-defined in the 1970s and sold to a Korean company. Then 3 Mile Island happened and U tanked.
There's 10 M lbs of U308 defined but will be subject to permitting issues. There appears to have been a 3-party dispute but looks to be resolved.
The entity to watch is Boss Gold International (BOG.H) which has been halted and will be reorganized, refinanced and renamed with Santoy owning 40%.
In Sask (Athabasca Basin), they have an advanced JV with IUC/Dennison and have almost 1M acres of land.
Santoy Chairman Ron F Hochstein is also president and CEO of IUC.
They also have another JV with Shore Gold/Westcan Goldfield. Also active in the Wollaston area at Burbridge Lake.
In Labrador in the Central Mining Belt, they have 2 sets of property with Monster Copper - Mustang Lake, which will be drilling in mid-March and Bruce River, which shares a border with Crosshair Exploration's developed prospect (C Zone(?)). SAN also has Anomaly #7, which appear to be drill ready.
In Quebec, SAN has land in the Otish Basin, an area that was promising in the 1970s and where most of the work was started 18 months before 3 Mile Island.
Last week, a Robert McEwen company Lexam Explorations optioned into a U project in the Otish Basin. SAN intends to expand significantly into the area.
SAN will be at the Gold Show this coming weekend. Tony Perri is the manager of IR.