TO ConventionI went down to the Toronto Resource Investment Conference today to see what I could learn about my favourite resource companies and was lucky to have been able to speak to Ken Leigh for almost an hour. First off, I was really quite impressed with him. He seems very knowledgeable about not only his company, but the entire game. He is well spoken, and it was a pleasure chatting with him. I will give a small recap for each of the properties we talked about, but there was nothing earth shattering in it.
Baffin Island- Didn’t get a whole lot that isn’t already out there, but was told that there have been a number of parties interested in Baffin, but that they would get much better value from the play by advancing it further. I got the impression that the two holes mentioned on Friday were now complete, but was told that drilling conditions were difficult due to the slope of the hill side (sloping in the direction as the target). He did say that he didn’t know the actual status of the holes (take that for what ever its worth). It probably won’t be until the end of next month before all results are in.
Hermitage- I was told that earlier in the year they had considered farming out the property but that the excellent results from the limited exploration so far, as well as the great reception from the market, has forced them to rethink that strategy, and move the project further on their own. A lot of the optimism stems from the fact that the exposed areas are the only ones that will show up with a radiometric scan. These areas make up a truly insignificant portion of the property. A drill program will likely start in mid to late October.
South Voisey’s Bay- He felt as I do that a Major was the only real partner for a project like this, and that a better opportunity to JV it will come only when all the mergers are out of the way. He told me he believes that this is easily the best Nickel prospect in the country. If the Hermitage or Baffin projects pan out and the share price moves up appropriately they may consider working the property themselves.
All in all I left feeling pretty good about our little company here. With Baffin winding down, and Hermitage winding up, there should be a pretty good flow of news year round. Good luck to all of us, hopefully we’ll all have a very merry Christmas this year. (Financially speaking only, money isn’t everything)
P.S If anyone wants to read about my conversation with a certain diamond company exec, I’ll be writing about it as well on their board as well.