Here's an excerpt from Ken Stead's CEO/CFO interview where he discusses how Newfoundland is the up and coming area for mining in Canada:
CEOCFO: What do you like about the area you are in now?
Mr. Stead: “It is an area where you are born and you are quite familiar with. We know the geology. We know many of the government officials with the Department of Mining and Energy, and they are quite helpful in all the research they have done down through the years. Quite often if you go to their data bank it will point you to areas where they have discovered minor showing of copper, gold, silver and so on. We explore these areas. Throughout the province there has been a lot of logging throughout the years, so accessibility to logged areas is very good. The province itself has had a number of Gold mines and are still producing some with others coming on stream for production. The government is always out in the forefront encouraging exploration in mining and oil as we are becoming a major player in oil. With that kind of combination of oil and minerals it makes it easy for us to explore, so if you put it all together it becomes an exciting area. With the experience and success we have had in the past, we just continue on with what we know and do best. The area still has quite large land packages that are under-explored or not explored at all and we have discovered many mineral occurrences that currently we have not staked. So it still lends itself to lots of exploration in the future.”
CEOCFO: How come so much is underexplored if it is such a pro-mining area?
Mr. Stead: “That’s an interesting question”. If you go back into the history of Newfoundland you will find that there was lots and lots of mining. There were numerous copper mines, silver mines and a few other products way back in the 1800’s and early to mid 1900’s. But we are in a province of only half-a-million people yet our land mass is equal to that of England. So I guess when it comes to economics, Newfoundland was always one of the poorer provinces of Canada. Only recently had we actually risen above the entire country because of oil and mining production. Therefore, when the commodity prices became worth exploring, a lot of major companies came to the province following up on some old work that had been done by companies like Noranda way back in the early 1900’s and mid-1950’s and 60’s. They had left because the prices of metals were down. When it was down, they discovered that it wasn’t feasible to continue exploration, so a lot of companies came in on the backs of that work along with new discoveries. With that said and done, a lot of prospectors took an interest because companies came in and employed some of the locals to do the work and from that they formed their own little exploration companies. So over the last ten to fifteen years, you had a lot of that happening, which generated more discoveries and interest in the province. Therefore, it has become like a whole new industry here in Newfoundland with a lot more prospectors coming to the fore. When you go to mining shows and exhibits and display what you have discovered it attracts the attention of world-class companies and that also brings some to Newfoundland. It has really taken on a life of its own.”
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