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Rocketred500on May 29, 2011 11:22am
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Adrian Fleming’s Underworld Resources about 20 mon
Adrian Fleming’s Underworld Resources about 20 mon |
VANCOUVER, Canada – I had a chance at making a bunch of money on Adrian Fleming’s Underworld Resources about 20 months ago. I turned the stock idea down because I knew nothing about Yukon. No need to go into the $139 million Kinross Gold (TSX: T.K, Stock Forum) (NYSE: KGC) purchase of Underworld – “for a share price that guaranteed no one lost money on our stock,” says Mr. Fleming. This time, I might heed the winds of chance breezing through far western Canada. Mr. Fleming at age 62 is saddling up, riding the big river Yukon again. This time he hopes his optioned claims from prospectors Shawn Ryan and Cathy Wood once again transform placer gold into Klondike millions. If Adrian Fleming is correct, his Underworld team’s formula for soil-testing will bubble potent chemistry into what already looks like a $6.5 million Canada IPO for Smash Minerals. (That’s eight million shares at 80 cents each with no warrants.) I know a truckload of geologists who have 35 years of experience under their belt, as Mr. Fleming has. Maybe it’s that Aussie grin and the way we North Americans saddle up to down-under wit. Still, Adrian fits my Ticker Trax 20 percent rule: just one in five of the geos who cross my path will tell me what could go wrong – before I even ask. I’ll take those 20 percent as thought leaders in a Yukon heartbeat. “This is a very big piece of Canada, a lot of moose pasture,” he says. “It will take us two full field seasons to do the work. You know I will have to come back to the market for more money. There is a lot of luck in the game.” Smash Minerals is starting with intensive soil geochemistry on a vast swath of Yukon claims generated first by Mr. Ryan and his wife, Ms. Wood. Trenching and sampling is what put Underworld and its Golden Saddle property and Kaminak Resources (TSX: V.KAM, Stock Forum) / ATAC (TSX: V.ATC, Stock Forum) and their Coffee property on the Yukon claim map. As in, claim to prospecting fame. Mr. Fleming is relying on some of his Underworld talent. He says, when asked about the dozens of Yukon wanna-be’s out there since the Ryan/Wood White River placer and soil discoveries of 2004: “Well, most of these companies are here because they are staking an address. This is why we know we need to be as quick as possible with the drilling.” He says he will spend $4 million on drilling that starts in August. Adrian Fleming adds, “The work we have done so far, even though it is broad-spaced samplings, is comparable to those two discoveries at Coffee and Golden Saddle. But that does not mean we are going to find anything.” The Smash IPO will trade in Canada as soon as next week using the ticker symbol SSH. Mr. Fleming says the Wolverton Securities and NCP Northland Capital Partners new issue is twice-oversubscribed. After the initial offering, insiders will own about a third of 17 million shares outstanding. Ticker Trax subscribers received this free Thom Calandra article first. |