~SRSR Update...
I Flew up yesterday morning and had a meeting with CEO Scott Keevil.Here is a summary of how I interpreted our conversation of which most was discussing the Niobium property...
*I first asked about the financial condition of the company ,specifically the current burn rate and how much debt there was.
Scott, advised me the company has very little debt, maybe amounting to $15,000.00 and that the monthly burn rate was minimal. He said he hasn't been taking any salary and was working hard to bring value to the company which would be reflected in an increased share price for investors.I confirmed his 30 million shares are restricted.The expenses they do have are related to some accounting fees, taxes , office personnel and some small misc items.
*I asked how he would consider raising funds in the future and if he would go the 504 route.He said NO 504 and that all money raised moving forward would be restricted, private placement type deals.
*I wanted to know if Scott Keevil knew the importance of moving off the pink sheets to otcbb or other type listing.He answered quickly and said Yes, absolutely and that it is a short term goal of theirs to engage an auditor.He said its very much essential for credibility reasons to move off the pinks.He would like to open up investment opportunities to a larger audience since many people do not invest in pink sheet stocks.I asked if the Canadian exchanges were also an option and I was told yes.I asked if they had interviewed any Auditors.His answer was yes.
* I wanted to know where we were as far as our next step with the Niobium property and engaging a third party geologist for and independent report.I was told they have a few geologists identified and that their goal is to hire one of them in the short term.I asked if this was a key step in opening up opportunities for new Canadian investors and potential joint venture candidates.Scott said Yes ,and that he believed new interest would come upon finalization of the new report and validation of the Niobium deposit previously valued.
* I asked Scott if there was a chance the Niobium valuation could exceed the previous report in the 50's since technology has advanced.He said its quite possible but he would be very happy if the new report came in equal to previous valuation.I said, If this happened,we could have many potential jvs seeking us out? he said oh yes, at that point when the report is finalized, it would be a pretty big event regarding potential partners since this National Instrument 43-101 report is considering highly credible in the mining circles.
*I asked about the costs related to extraction and production of Niobium.I was given a rough number of 35-40%.
*I asked if we have had an inquiries for potential joint ventures.He said there have been several inquiries about our property in general but that he would not be specific as to who.
*Dead Moose property...
Scott said that they need to do some drilling there.He said the property could yield some very good results.
This area had the highest PGM (Platinum and Palladium) readings of any of the 4,000 lakes in Ontario. He explained how the testing involved scooping material from all of the lake bottoms in Ontario.
~Scott was easy to speak with.His answers were concise and to the point.I asked if he would consider involving any family at some point in any of the projects.He said the mining community in canada is a small one and that everyone pretty much knows each other.If the National Instrument 43-101 was completed and results were good on the Niobium property, he believed many larger mining firms would be interested in some kind of deal and would not rule out TECK COMINCO (TCK).He is confident that the new testing on this Niobium property would be in line with previous results.
*I asked what is the downside of what appears to be a valuable property.His only answer was" the price of Niobium dropping significantly."I asked is this likely, he said there would still be plenty of profit involved even if the price dropped from here.Exact pricing was not discussed.
*I asked about other potential properties, Scott said he wants to bring more value to shareholders and is always looking for new, potential properties.Scott said there were a few others he has identified as a result of his extensive mining contacts. I asked if we could handle multiple projects at once, and was Told yes and that would not be a concern since they can JV when needed.
*I was impressed with his no hype approach and feel he is very capable of building a nice company.
Of course...
Your own Due diligence and buying decisions a must!
~Rig
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