The WallStreet Transcript - InterviewIn the following brief excerpt from just one of the in depth interviews in the the 47 page special report, the COO of TNR Gold discusses the prospects for his company for investors.
Mike Sieb brings 22 years of strong corporate growth and project management experience in international mining and exploration. Prior to joining TNR Gold Corp., Mr. Sieb was President of Brilliant Mining Corp., which was named "Top 10 Mining Companies on the TSX: V" for two consecutive years by the TSX Venture Top 50 during his tenure.
Mr. Sieb is recognized as a committed executive with an exceptional array of skills essential for operating and developing a premier mining company. He earned an MBA from the University of British Columbia and a B.S. in geology from Concordia University.
TWST: Update us about the Shotgun property in Alaska. What prospects does the property hold in terms of reserves and when do you think you'll be able to get commercial qualities of gold from it?
Mr. Sieb: The Shotgun property in Alaska has seen a significant amount of exploration in the past. Greater than $7 million has been spent on the ground as part of a joint venture with TNR Gold and NovaGold. In a recent development, we've been able to consolidate 100% ownership of the Shotgun property into TNR by acquiring the outstanding 50% from NovaGold, providing TNR with the ability now to proceed ahead. The historic work has resulted in a non-43-101 compliant resource, a fairly significant one, that we're hoping in our next phase of exploration to convert into a compliant 43-101 inferred resource, expand upon it and develop it by expending $5 million over the next two years.
TWST: Update us about your Argentina projects, Mariana, El Salto, El Tapau.
Mr. Sieb: Those projects have all experienced early-stage drilling programs that have identified significant mineralization. The projects are all in the category of follow-up, whereby they now require additional drilling to advance the projects to a resource category. The El Tapau project has shown some high-grade copper intersections, very strong structural relationship that the subsequent drill program will need to follow up and define the high-grade core of those mineralized zones.
TWST: What are the dynamics, the fundamentals, the assumptions and the variables that the industry is facing that could have an impact on your own strategies and goals?
Mr. Sieb: The market is very supportive nowadays. With the record-breaking gold prices, the strong demand for copper, I think that TNR Gold is in an absolutely perfect position to take advantage of the current market situation, as well as we have the strong property base to be able to exploit that sector. Basically, we have built a solid foundation of very high-quality projects. The target is to spend a sufficient amount of money over the next two years to really bring out the valuation of those projects. That is our goal and one we can show to the marketplace.
TWST: What is your agenda for the next 12 months? What would make that time frame a success?
Mr. Sieb: The first thing that we are doing is unlocking the value in TNR Gold. We currently have three subsets of projects. We have our Argentina gold and copper projects. We have our rare metal projects, which are in International Lithium, a wholly owned subsidiary, and we have our Alaskan gold projects in another wholly owned subsidiary, AmeriGold. Our philosophy is that the sum of the individual parts is greater than the whole. In order to realize an increased valuation, it is our goal to compartmentalize the three project subsets by translating the two subsidiaries into their own trading entities, thereby providing AmeriGold and International Lithium management team with the determination and independence to advance their projects as their own main priority.
TWST: How strong financially is TNR at this point? Are you focused on any particular items on your balance sheet or P&L report?
Mr. Sieb: That's part of the objective for the restructuring of TNR Gold. For example, AmeriGold - focused on gold in Alaska as a spinout of and separate to TNR - has an initial directive to raise $5 million in the marketplace and focus that $5 million on advancing the Alaska projects. In similar fashion, International Lithium, the rare-metal company spinout, is currently in the process of raising $2.5 million, so it can focus on the rare-metal projects and not erode TNR's balance statement.
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