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  • The Best Offense Remains A Good Defense: M Partners' Derek Macpherson

    With a strong dollar currently depressing the precious metals prices, M Partners Mining Analyst Derek Macpherson believes that fundamentals will kick in eventually and bring prices back up. In this interview with The Mining Report, he advises investors to look for low-risk companies on solid footing and discusses some of his favorite names that are poised to come out fighting.

    The Mining Report: Even at today's very low gold prices, many-including Goldman Sachs-have warned gold could go lower still. What is keeping the gold price down? What could turn it around?

    Derek Macpherson: Over the last several weeks, the gold price has been affected by the strong U.S. dollar. The U.S. economy is the least bad out there, given Europe's marginal recovery trajectory and the sanctions levied against Russia, its key trading partner. This isn't a flight to safety, it's a flight to the least-bad economy. Consequently, the dollar has rallied, putting pressure on gold and all other commodities.

    We typically see this correlation return when we have big moves in the dollar relative to other currencies. Once the U.S. dollar stabilizes, gold returns to the underlying fundamentals, which are more driven by macroeconomics. Our view remains that an inflation-driven gold trade is coming. Like everyone else, we're still not sure just when that will happen.

    TMR: Could gold go down further or have we hit bottom?

    DM: I think we could flirt below $1,200/ounce, but I don't think we'll see an extended period of significantly lower gold prices. We're getting very close to the marginal cost of production for most producers. If that situation lasts for an extended period, mines are likely to start shutting down, and it could swing back to being a supply-and-demand story.

    TMR: In your March interview with The Gold Report, you said it was too soon to invest in high-risk names and suggested low-risk companies that could handle even lower gold prices. History seems to have proven you right. Do you still recommend a defensive posture, or is it time to snap up higher-risk stocks?

    DM: We still have a defensive view. There are bargains out there; with the commodity price pulling off, almost all companies have seen material share price declines, both the good and the bad. That's probably not fair, but it provides investors an attractive entry point on some higher-margin producers.

    TMR: Can you give us a few examples?

    DM: The first name that stands out is Klondex Mines Ltd. (OTCQX:KLNDF). The company has a very high-grade asset, which allows it to have high margins. Even though the risk is a little bit higher because the company is ramping up production, its grades should allow it to retain very reasonable cash costs over the long term and tolerate much lower gold prices.

    TMR: Klondex just found a new mineralized zone at the Fire Creek project. How much of an impact does that have on your view of the company?

    DM: Klondex has exploration upside on both projects. At Fire Creek, the company has identified three veins that are outside the current resource, which bodes well for the pending resource update. Meanwhile, at Midas, the company recently announced an expanded resource based on some exploration results and by applying different mining methods than previous operators. Importantly, the Midas update highlights that the company has two mines with reasonable lives and exploration upside.

    Before we leave the topic of commodity prices being negatively impacted by the strong dollar, I want to talk about zinc. It has not been affected because it is supported by underlying supply/demand fundamentals. One of the only ways to play the impending zinc deficit is Trevali Mining Corp. (OTCQX:TREVF). It remains one of the only pure-play names in that commodity. Holding Trevali is a good position to have in the mining space.

    TMR: Are you excited by the commodity or by the potential of Trevali's Santander and Caribou mines?

    DM: Both. Trevali has strong commodity fundamentals and it has a strong organic growth profile. It brought Santander into commercial production earlier this year. Caribou will come online next year. Following that, Trevali's next likely leg of growth is the potential doubling of the throughput at Santander. Then, it has two more assets in New Brunswick-Halfmile and Stratmat-to develop. Trevali is uniquely leveraged to a strong macro-environment for zinc and it has a strong organic growth pipeline.

    TMR: You mentioned the importance of having defensive stocks in safe jurisdictions. What are some companies in the U.S. that would be worth looking into just for that reason?

    DM: With both projects in Nevada, Klondex is certainly located in a safe jurisdiction. We also like California as a mining jurisdiction, once the company has permits, as the process can take longer than normal in California.

    TMR: What about companies in Canada?

    DM: Kirkland Lake Gold Inc. (OTCPK:KGILF) [KGI:TSX] is more leveraged, but is on the turnaround path and on its way to lowering risk. With recent management changes, Kirkland has shifted its focus from tons to grade. Its Q1 FY/15 results had grades 20% higher than guidance. We see that trend continuing and the company coming in above guidance for FY/15.

    Kirkland has a very interesting asset that is high grade in an exceptional camp. However, investors are unlikely to recognize this potential until the company is able to get the current operations to generate positive to free cash flow.

    The advantage for Canadian producers is that they have a bit of a natural hedge. When a strong U.S. dollar drives down the commodity price, it also drives down the underlying costs. Even though gold is off 5% or 6%, the Canadian dollar is off about that same amount. Companies like Kirkland Lake haven't seen their margins erode as much as producers in other jurisdictions.

    TMR: M Partners is releasing its quarterly preview report. What can we expect to see in that?

    DM: Along the same lines as our discussion today, we remain focused on more defensive names, which we consider to be companies with higher margins. As well, we have updated our commodity price assumptions to reflect the recent declines in spot prices. The key takeaway will be that we continue to prefer lower risk, high margin names like Klondex and Timmins Gold Corp. (NYSEMKT:TGD).

    As well, we continue to like Trevali, as the underlying supply/demand fundamentals for zinc remain strong, and the company's margins are likely to benefit from weakening currencies in its operating districts.

    TMR: Derek, thank you again for taking the time to talk with The Mining Report. Our readers value your insights.

    This interview was conducted by JT Long of The Mining Report and can be read in its entirety here.

    Derek Macpherson is a mining analyst at M Partners; before joining M Partners he worked in mining research for a bank-owned investment dealer. Prior to entering capital markets, Macpherson spent six years working as a metallurgist. Macpherson has a Bachelor of Engineering and Management in materials science and a finance-focused Master of Business Administration degree.

    Want to read more Mining Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see recent interviews with industry analysts and commentators, visit our The Mining Report home page.

    DISCLOSURE:
    1) JT Long conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an employee. She owns, or her family owns, shares of the following companies mentioned in this interview: None.
    2) Derek Macpherson: I own, or my family owns, shares of the following companies mentioned in this interview: None. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: Trevali Mining Corp., Timmins Gold Corp. and Klondex Mines Ltd. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I determined and had final say over what companies would be included in the interview based on my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
    3) The following companies mentioned in the interview are sponsors of Streetwise Reports: Trevali Mining Corp., Timmins Gold Corp. and Klondex Mines Ltd. Streetwise Reports does not accept stock in exchange for its services. The companies mentioned in this interview were not involved in any aspect of the interview preparation or post-interview editing so the expert can speak independently about the sector.
    4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts' statements without their consent.
    5) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer.
    6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

    Streetwise - The Mining Report is Copyright © 2014 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

    Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

    Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

    Participating companies provide the logos used in The Mining Report. These logos are trademarks and are the property of the individual companies.

    101 Second St., Suite 110
    Petaluma, CA 94952

    Tel.: (707) 981-8999
    Fax: (707) 981-8998
    Email: jluther@streetwisereports.com

    Oct 07 1:53 PM | Link | Comment!
  • Catalyst Check: Natural Resources Watchlist At Three Months

    At the Cambridge House Canadian Investment Conference in June, The Gold Report Publisher Jason Mallin asked a panel of experts picking a portfolio of stocks with upside potential for the 2014 Streetwise Reports Natural Resources Watchlist what they wanted to see in an equity. As always, Sprott US Holdings Inc. CEO Rick Rule, summed up the ideal beautifully. "We like reality at a discount," he said. Now that three months have passed, we decided to check in with Rick and co-panelists Joe Mazumdar from Canaccord Genuity and Keith Schaefer from Oil & Gas Investments Bulletin to see how that reality is playing out. You can always check the portfolio in real time at the Portfolio Tracker.

    The Gold Report: Joe, some of your picks from the Natural Resources Watchlist have performed quite well. Do you want to give us some updates?

    Joe Mazumdar: Junior mining sector equities in the gold space, as proxied for by the Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ), have outperformed gold since the June Cambridge House conference. The inter-period high for gold was $1,335-1,340/ounce [$1,335-1.340/oz], about a 7% return. Gold is down about 3% since the conference, on the back of a strong U.S. dollar.

    The benchmark Market Vectors Junior Gold Miners ETF experienced an inter-period high of about $45/share, generating a 30%+ return since the conference. But it is currently flat again. On both metrics, the ETF has outperformed the gold price. Our selections averaged an inter-period high of 50%, which included underperformers [+18-26%] and some significant outperformers [+70-115%]. Currently, the average return for our selection since the conference is a more modest 14-15%. [NOTE: Figures cited were current 9/30/14.]

    TGR: What about the more developed picks you have under coverage? The Watchlist was all about catalysts. Did these companies hit their catalysts or is there good news to come?

    JM: Rubicon Minerals Corp. (NYSEMKT:RBY) is financed to go into production in H2/15 at its wholly-owned Phoenix gold project [F2 Zone], which lies within the highly sought Red Lake District of northwest Ontario. Rubicon Minerals has two streams of catalysts. The catalysts are related to production timeline and drilling, both infill and definition, to better define the mineable resource.

    Since the June conference, to further quantify the upside potential, the company raised additional funds [CA$12M in flow-through financing] to support exploration, and added a new vice president of exploration. Recently, the company announced an intersection of 136.5 g/t Au over 4m from the infill program, which has found additional mineralization outside currently modeled stope blocks. On the development front, Rubicon continued to maintain its guidance for production by mid-2015, in line with our forecast. Preproduction capital left to spend is approximately CA$132M. As of the end of August 2014, the company had about CA$158M in cash, with an additional US$45M expected from its streaming transaction with Royal Gold (NASDAQ:RGLD) [RGL:TSX].

    Rubicon Minerals easily outperformed the Market Vectors Junior Gold Miners ETF, both in the inter-period high [+68% versus +30%] and to date [+31% versus +0.4%], as Phoenix represents a high grade [8.0 g/t Au] underground gold project that is well financed to near-term production in a prime jurisdiction and a highly sought gold district.

    TGR: Is the recent $590,000 grant from the Northern Ireland government a good sign on the permitting front?

    JM: Yes. The government had already granted the permit for bulk tonnage sampling in early 2014. And the recent grant is a positive sign that the government wants jobs in Northern Ireland, and believes that this is a good project with a capable management team that can generate meaningful local employment.

    TGR: Rick, would you update us on the companies you called out on the panel?

    Rick Rule: Sprott Inc. (OTCPK:SPOXF) [SII:TSX] has $10 billion [$10B] in investments, overwhelmingly in the natural resources space. When the sector recovers-as it has five times in my career-this is a portfolio that will do very well.

    Devon Energy Corp. (NYSE:DVN) has done very well since we bought it a year and a half ago. Depending on your opinion of the U.S. economy, you might put a trailing stop on it, or sell it now. I believe energy prices are soft right now because I don't believe we are seeing a U.S. recovery, and oil and gas prices are leveraged to the economy. As a company, Devon is making the right moves internally. It is shedding nonperforming assets and holding down costs, but it can't control energy prices.

    TGR: Keith, would you give us an update on your companies?

    Keith Schaefer: NXT Energy Solutions Inc. (OTCQB:NSFDF) is an airborne geological survey company that finds oil and gas reservoirs. The stock is moving, but not because of any news the company has put out. The Street is excited about Mexico's planned liberalization of the oil industry, anticipating that opening the sector to foreign investment will mean bigger contracts for services like airborne geological surveys, and those contracts being awarded faster. It is a powerful story. As I said in June, the company has a neat technology that is proven out in the field.

    Chinook Energy Inc. (OTC:CNKEF) [CKE:TSX.V] is an oil and gas exploration and production company with property in western Canada. Since the panel discussion in June, Chinook delivered on its catalyst, and sold its Tunisian asset. Management is now working on consolidating. The stock has bounced up and down in the $2/share range for the last three months.

    TGR: After three months, is there anything you would have said differently from that stage?

    KS: What I know now that I didn't know then is that we were at the top of the market. I would have told everyone to sell everything.

    No one can really predict where the market is going. The energy market has been ugly and will have to rebase. But some of these companies could do well in the process.

    This interview was conducted by JT Long of The Gold Report and can be read in its entirety here.

    Joe Mazumdar joined Canaccord Genuity in December 2012 from Haywood Securities, where he also was a senior mining analyst focused on the junior gold market. The majority of his experience is with industry including corporate roles as director of strategic planning, corporate development at Newmont in Denver and senior market analyst/trader at Phelps Dodge in Phoenix. Mazumdar worked in technical roles for IAMGold in Ecuador, North Minerals in Argentina/Chile and Peru, RTZ Mining and Exploration in Argentina and MIM Exploration and Mining in Queensland, Australia, among others. Mazumdar has a Bachelor of Science degree in geology from the University of Alberta, a Master of Science degree in geology and mining from James Cook University and a Master of Science degree in mineral economics from the Colorado School of Mines.

    Rick Rule, CEO of Sprott US Holdings Inc., began his career in the securities business in 1974. He is a leading American retail broker specializing in mining, energy, water utilities, forest products and agriculture. His company has built a national reputation on taking advantage of global opportunities in the oil and gas, mining, alternative energy, agriculture, forestry and water industries. Rule writes a free, thrice-weekly e-letter, Sprott's Thoughts.

    Keith Schaefer is editor and publisher of the Oil & Gas Investments Bulletin, which finds, researches and profiles growing oil and gas companies that Schaefer buys himself. He identifies oil and gas companies that have high, or potentially high growth rates, and that are covered by several research analysts. He has a degree in journalism and has worked for several Canadian dailies, but has spent more than 15 years assisting public resource companies in raising exploration and expansion capital.

    Want to read more Gold Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

    DISCLOSURE:
    1) JT Long conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an employee. She owns, or her family owns, shares of the company mentioned in this interview: None.
    2) Joe Mazumdar: I own, or my family owns, shares of the following companies mentioned in this interview: None. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: Rubicon Minerals Corp. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I determined and had final say over what companies would be included in the interview based on my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
    3) Keith Schaefer: I own, or my family owns, shares of the following companies mentioned in this interview: NXT Energy Solutions Inc. and Chinook Energy Inc. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: None. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview. I determined and had final say over what companies would be included in the interview based on my research, understanding of the sector and interview theme.
    4) Rick Rule: I own, or my family owns, shares of the following companies mentioned in this interview: Sprott Inc. I personally am, or my family is, paid by the following companies mentioned in this interview: Sprott Inc. My company has a financial relationship with the following companies mentioned in this interview: None. Sprott funds owns shares of Randgold Resources Ltd., Goldcorp Inc., Potash Corp., Cameco Corp., BHP Billiton Ltd. and Devon Energy Corp. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview. I determined and had final say over what companies would be included in the interview based on my research, understanding of the sector and interview theme.
    5) The following companies mentioned in the interview are sponsors of Streetwise Reports: None. The companies mentioned in this interview were not involved in any aspect of the interview preparation or post-interview editing so the expert can speak independently about the sector. Streetwise Reports does not accept stock in exchange for its services.
    6) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts' statements without their consent.
    7) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer.
    8) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

    Streetwise - The Gold Report is Copyright © 2014 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

    Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

    Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

    Participating companies provide the logos used in The Gold Report. These logos are trademarks and are the property of the individual companies.

    101 Second St., Suite 110
    Petaluma, CA 94952

    Tel.: (707) 981-8999
    Fax: (707) 981-8998
    Email: jluther@streetwisereports.com

    Oct 06 3:04 PM | Link | Comment!
  • Canaccord's Joe Mazumdar Shares His Favorite Get Rich Slow Schemes

    Gold prices are down, but the prospects for fully funded development stories are up. In this interview with The Gold Report, Canaccord Genuity Analyst Joe Mazumdar shares the stories that are moving forward despite the downturn in commodity prices, and names some companies that could be the next takeover success stories.

    The Gold Report: A strange thing happened over the last few months. The price of gold went down, but some of the junior mining equities are up. Can you explain what is going on?

    Joe Mazumdar: Year-to-date gold is flat. But the Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) is up 13%. Investors prefer owning the equity now rather than owning gold. This was not the case a couple of years ago when gold was going up to $1,900 an ounce [$1,900/oz] and far outperforming equities. Part of the reason was investors didn't believe gold could maintain that level, which suggests that equities were overvalued at the time. Now the overall thesis is that gold has bottomed and the equities are undervalued. We don't believe all mining equities are undervalued, but there are some with management teams that can deliver the goods, whether it's in exploration, development or production, and are seeing a premium for their projects that make sense.

    The limited amount of capital in the sector is going to companies that can "tick all the boxes." This is leading to kurtosis in the distribution of financing opportunities. The majority of companies don't have any means of attracting financing, while others are attracting more than they asked for.

    TGR: Are you saying companies that are fully funded are, in a sense, immune to the gold price drop?

    JM: Immune would be too strong a word. I would say companies that are fully funded to production such as Rubicon Minerals Corp. (NYSEMKT:RBY), Asanko Gold Inc. (NYSEMKT:AKG), Torex Gold Resources Inc. (OTCPK:TORXF)[TXG:TSX], Midway Gold Corp. (NYSEMKT:MDW) and, potentially, Golden Queen Mining Co. Ltd. (OTCQX:GQMNF)[GQM:TSX] are less susceptible to changes in their equity prices in the near term. The gold price doesn't impact them as much as it does companies that have not financed themselves to production. These companies have managed to raise the funds to bring their respective development projects into production through various means including equity, offtake agreements, joint ventures and vanilla debt facilities with hedging components.

    Funded developers are in good shape because the financing risk their competitors face is a positive for them, as it reduces the amount of stress on resources required to build and operate projects while lowering the risk of capital escalation. The lower stress on project development is also helped by the limited amount of significant greenfield projects to be built by majors, as they focus on near-mine, brownfield projects. We note that Gold Fields Ltd. (NYSE:GFI) has sold greenfield assets and reapplied those funds to brownfields projects and strengthening its balance sheet.

    In our opinion, that makes it a great environment for those few that can attract financing to get a project into production because they are seeing limited capital escalation. They have access to better labor pools with the top people for engineering, procurement and construction management, and have a higher availability of contractors and equipment, generating lower lead times. In fact, many are actually squeezing the supply chain distributors for value.

    The companies that don't have the money going into this kind of gold price environment will have to be patient. Some have just enough working capital to keep the lights on. But, in our opinion, investors should seek companies that are funded to generate significant catalysts going forward.

    TGR: You mentioned Midway Gold. Do you want to talk about the competitive advantage there?

    JM: We are talking about one of the few companies we cover that has a portfolio of development projects in a premier jurisdiction, Nevada. Some of the companies we cover have land packages that can potentially increase their resource base, but in Midway Gold's case, the company has a few projects at various stages of development. Pan is an open-pit, heap-leach project that's permitted and currently in development. The company has experienced some slippage on the timeline [one month], but it still believes the project can achieve its first gold pour by Q4/14. We have it slated for production by Q1/15 as an open-pit heap leach, initially run-of-mine, gold project. Eight kilometers away is the Gold Rock project, which is very similar and potentially higher grade. There are some synergies such as power and general and administrative [G&A] because it is close. That could allow the company to lower its production costs there.

    Midway Gold's other project is the Spring Valley joint venture, where Barrick Gold Corp. (NYSE:ABX) has earned a 70% interest. Barrick stated in its last presentation that getting Spring Valley to a feasibility study is a priority. This could be an attractive standalone project for Barrick in Nevada, where the company is placing a lot of emphasis. Midway Gold doesn't have to spend any more money to get the project into production. We believe prior to production at Spring Valley, Midway Gold may vend its interest in Spring Valley to Barrick Gold and use the funds to advance the Gold Rock project.

    TGR: What other companies that you're following have competitive advantages in the developer space?

    JM: Golden Queen Mining has attracted strategic investors, including a New York merchant bank, Leucadia National Corp. (NYSE:LUK), with a $9 billion market cap, to form a joint venture to develop the Soledad Mountain open-pit, heap-leach project in California. The joint venture partners wanted exposure to gold at the project level so it took 50% of the project for US$110M along with the Clay family, who are longtime supporters of Golden Queen Mining. A recent site visit indicates that the company is advancing its earth works in anticipation of further development work. The cash infusion will keep the project on its timeline to production.

    The feasibility study at Soledad Mountain includes only 40% of the Measured and Indicated resource, so there is upside that can be converted later. The limitations aren't geological, but land constraints under the permit boundary. The company is actively acquiring more ground to provide more space for leach pads and could extend the mine life. The mine life right now is 14-15 years, but the permit for the mining at site goes an additional 10-15 years. That leaves lots of time to work on amending the permit boundary. The company hasn't had an issue acquiring ground because it is next to a large wind farm that is not considered a desirable location to live.

    TGR: Well, we will watch all of those get rich slow schemes together. Thank you for your time.

    JM: Thank you.

    This interview was conducted by JT Long of The Gold Report and can be read in its entirety here.

    Joe Mazumdar joined Canaccord Genuity in December 2012 from Haywood Securities, where he also was a senior mining analyst focused on the junior gold market. The majority of his experience is with industry including corporate roles as director of strategic planning, corporate development at Newmont in Denver and senior market analyst/trader at Phelps Dodge in Phoenix. Mazumdar worked in technical roles for IAMGold in Ecuador, North Minerals in Argentina/Chile and Peru, RTZ Mining and Exploration in Argentina and MIM Exploration and Mining in Queensland, Australia, among others. Mazumdar has a Bachelor of Science in geology from the University of Alberta, a Master of Science in geology and mining from James Cook University and a Master of Science in mineral economics from the Colorado School of Mines.

    Want to read more Gold Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

    DISCLOSURE:
    1) JT Long conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an employee. She owns, or her family owns, shares of the following companies mentioned in this interview: None.
    2) Joe Mazumdar: I own, or my family owns, shares of the following companies mentioned in this interview: None. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has no financial relationship with the companies mentioned: Rubicon Minerals is an investment banking client of Canaccord Genuity. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I determined and had final say over what companies would be included in the interview based on my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
    3) The following companies mentioned in the interview are sponsors of Streetwise Reports: Asanko Gold Inc. Streetwise Reports does not accept stock in exchange for its services. The companies mentioned in this interview were not involved in any aspect of the interview preparation or post-interview editing so the expert can speak independently about the sector.
    4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts' statements without their consent.
    5) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer.
    6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

    Streetwise - The Gold Report is Copyright © 2014 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

    Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

    Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

    Participating companies provide the logos used in The Gold Report. These logos are trademarks and are the property of the individual companies.

    101 Second St., Suite 110
    Petaluma, CA 94952

    Tel.: (707) 981-8999
    Fax: (707) 981-8998
    Email: jluther@streetwisereports.com

    Oct 01 4:14 PM | Link | Comment!
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Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.