Re: Interview w/ Phillips: "Must Listen"Good find StockYogi...thanks for bringing it to our attention.
For anyone with an interest in RES, this is a 'must listen."
Phillips is accorded the time to really going over the key ramifications of Newmont's hand back of the Sundance gold project to RES.
This is a major development for RES on a couple of fronts.
First is gold.
Newmont have already proved gold exists, but it wasn't important for the major to classify this into at 43-101 compliant resource. RES will begin drilling soon to make this near surface gold compliant and, importantly, to drill for the what they believe may be the source of the gold. This is where the Cripple Creek model comes into play.
Listen carefully to what he says about what John Ray thinks about the potential might be here. Ray is not only a 'qualified person' in terms of technical skills, he was the "Newmont guy" running the major's JV for over 4 years. The fact that he left Newmont to join RES probably speaks volumes on what he thinks they could find.
Perhaps all this points to why John Kaiser has speculated the RES could split into two companies, one specializing in gold, the other rare earths.
Then there is "the land."
Previously there was a 5 acre disturbance permit that allowed drilling by both RES and Newmont for REEs and gold respectively. Newmont spent over two years expanding this into a huge 200 acre permit. As Jeff notes, a junior probably would not have had the political clout to get such a large disturbance permit.
Nonetheless, RES now will get to exploit the full nature of such a large permit.
Not only does the Sundance JV devolve back to RES, we are also getting the 100% owned Newmont acreage. This is important in that Helca has done historical drilling on this land that had high showings of "heavy" REEs.
RES has over $12 million in the bank. Look for a lot of drilling on both the REE and gold fronts as drilling begins next month...new targets...expansion of existing resources.