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Magellan Minerals Ltd MAGNF

"Magellan Minerals Ltd is an exploration stage company. The Company along with its subsidiaries is engaged in the exploration and development of mineral properties, with a focus on gold properties in Brazil."


OTCPK:MAGNF - Post by User

Post by godofgoldon Apr 24, 2012 2:12pm
345 Views
Post# 19829773

Magellan CEO - Q&A

Magellan CEO - Q&A

I thought I would post my Q&A with CEO Alan, transparency is key here:

Please contact CEO Alan if you have any questions or doubts about any of the content here, he is very approachable and gives straightforward honest answers.

 

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Q: Was the company aware of David De Gouveia activities in 2008/2009? As you are well aware he has been charged by ASC, do you have any thoughts on this matter? (No such news was ever officially announced on MNM's behalf but all your shareholders are aware)

A: We knew David Gouveia but we had absolutely no knowledge of the alleged activities he was involved with. He was not known to us before he called us up in 2008 and started asking questions about the Company which happens all the time. We have collaborated fully with the ASC and we are not the subject of the ASC investigation.

 

Q: The recent news stated the financing with Global Royalty Corporation, has that been approved/closed?

A: We are working hard at closing the financing which was announced recently and minimizing dilution to our shareholders….these are very difficult times for junior resource companies with no cash flow

 

Q: It seems like everyday we were hitting a new 52 week low, I understand that the whole sector has been hit hard for a few months. What do you see forth coming that could bring back some interest into MNM?

A: We expect to commence the revised scoping study at Coringa next month which will likely take until October and then we will go forward with the feasibility study which will likely involved infill drill towards the end of this year and into next. We hope to Have the feas study at Coringa completed by mid-2013. At Cuiu Cuiu we are engaged in surface prospecting around the known bodies and getting some excellent surface results particularly from untested high grade veins and we are hoping for a limited drill program in this regard towards the end of the year. The other big potential catalyst which is beyond our control is that Eldorado expects to release the results of the feasibility study for its Tocantinzinho project during the middle of this year…..Cuiu Cuiu is adjacent to their project…..check out the latest April 2012 ppt on their website re their plans for Brazil which makes interesting reading

 

Q: As of today how much cash on hand does the company have? (before or after the recent financing announcement)

A: About $1.5M pre closing of royalty financing, $6.5M post-closing

 

Q: It's good to see that the insiders have been buying stocks on the open market and as you are well aware your stockholders see this also. A stronger showing of force and buying from the insiders would further signal your confidence in the company. Is buying stocks on the open market something that is encouraged among the management team?

A: We are not particularly wealthy guys and do what we can as we believe in this Company. As an aside this management team has made 3 grass roots gold discoveries in Brazil in the last 8 years (we found Toca before founding Magellan and we have found Cuiu and Coringa…..all from nothing……there is no other junior in Brazil that has that track record.

 

Q: Is the company currently drilling on any of the properties? Which properties will we be commencing drilling and when?

A: No – see comments above

 

Q: In this market promotion seems wasteful, but I'm wondering what kind of IR/promotion do we have or plan to have to increase new shareholder interest?

A: We have cut back on the IR side but Jennifer Duthie is working with us and focused on increasing our exposure. I am flying to Toronto tomorrow to meet with a number of investors and we have plans to go to NY and Montreal and attend the precious metals summit in Colorado in September

 

Further comment by Alan: "Prices today represent an incredible opportunity. Magellan is a company with 2 advanced gold deposits (currently containing 2.4Moz) that have excellent upside, a management team with a track record of grass roots gold discovery in Brazil that is second to none, and a shareholder base that includes Newmont, Kinross, AGF, RBC and CIBC, and a project that is next to Eldorado’s project with a construction decision due this year."

 
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