Santoy Resources Ltd AGM
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.