Saturday 14th December 2019

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Gold—pricey or priceless?

May 27th, 2015

Ancient Colombian cultures put another perspective on the metal’s precious qualities

by Greg Klein

Gold’s allure, where it exists at all, can manifest itself in different ways. British Columbia natives, for example, remained indifferent to the metal until the arrival of prospectors. Those gold-hungry newcomers, on the other hand, were driven almost entirely by rapacity. But the pre-Conquest indigenous peoples of today’s Colombia saw nothing of value in the metal itself until, converted by metallurgy and craftsmanship, it became an object not only of beauty but of symbolic importance or transformational power.

That’s demonstrated by Allure of Gold, an exhibit within the exhibit called Gold Rush! El Dorado in British Columbia at Victoria’s Royal B.C. Museum. Holding 137 pieces of pre-Hispanic artefacts dating to 500 BC, the display makes its first North American appearance from Bogota’s Museo del Oro. Even now the pieces symbolize the Colombian peoples’ identity, pride and shared past, Museo director Maria Alicia Uribe Villegas told ResourceClips.com.

Ancient Colombian cultures put another perspective on the metal’s precious qualities

This gold pendant, in a style dating between 900 and 1600, would “transform” political or religious leaders into batmen, bestowing such
powers as the ability to fly, see at night and rest upside-down.
(Photo: Museo del Oro)

“These were objects that were produced mainly for display and to build power—political and religious power—by transmitting the properties of the materials,” she explained. People believed the objects asserted status, hosted spirits, or enhanced fertility and the overall quality of life.

According to belief, many objects wielded power to transform the person wearing it into another being. “They could for example acquire the identity of the jaguar, of birds, of bats,” Uribe said. “By wearing the ornament they believed they transformed their body, and by transforming their body they changed their perspective and their identity. So the power of many rulers came from that transformation. They believed that by transforming into a bird, you could fly to other worlds, to other dimensions, to the spiritual dimension, meet the spirits and the gods and ask for things, ask for hunting prey or for rain or things that your group needed.”

Some objects also presented a view of cosmology, she pointed out. “In most of these societies there isn’t this difference between nature and culture. Animals and people were nature and culture at the same time. Animals are also humans, different kinds of humans than people, so the relations between animals and humans were understood as social relations…. When you hunt you have to seduce the prey and you have to give the spiritual owner of the animal a gift in exchange.” Uribe said gold then functioned in “a transactional world,” but in a symbolic sense, not as currency.

Why was gold chosen for such representations? “It’s interesting because it’s a cultural choice,” she replied, noting that B.C. aboriginals knew about gold but didn’t use it. “It’s a wonderful material,” she added. “It’s beautiful for its colour and the shine you can give it, it doesn’t corrode, it lasts forever, and also you can give it the shape you want by hammering it or casting it.”

Although natives north of Mexico didn’t practise metallurgy, those of Colombia produced gold-copper and gold-silver alloys. When silver was used it was normally in the country’s south, which had cultural connections with today’s Peru and Ecuador. Colombians used platinum too. They couldn’t melt it because of the metal’s exceptional resistance to heat but South Americans were “the only people in the ancient world that used platinum.”

Ancient Colombian cultures put another perspective on the metal’s precious qualities

In a style dating between 1 BC and 700 AD, this breastplate would “transform” a chieftain or priest into a jaguar, allowing him to communicate with jaguar spirits and granting him deep respect and obedience. (Photo: Museo del Oro)

Almost all that effort was motivated by symbolism and spirituality, not practicality. But Colombians did make some metal tools for fashioning other metal objects, for example to hammer gold, Uribe noted. They also fashioned metal into needles and fishing hooks. But “those were the only practical tools they made.” Otherwise precious metals were used “for these objects of meaning.”

It’s a wonder that any of it survived the efficiently bloodthirsty business of confiscating the artwork and turning it into bullion. As Matthew Hart wrote about Francisco Pizarro’s 16th century conquest of Peru, “The artistic output of a thousand years vanished into the furnaces. It must be one of the most potent images in history—the transformation of a culture into cash.”

Most of what survived were funerary offerings hidden in tombs. “But the Spanish learned how to identify these tombs and many of them were looted,” Uribe said. Incredibly, ancient artefacts were still being melted as late as the 19th and even 20th century.

Where’s that gold now? You might be wearing some of it. The global gold supply comes from diverse and sometimes ancient sources, one of the museum displays points out. The bling in your ring could come from a Colombian chief or an Egyptian pharaoh.

But some of Colombia’s treasures were preserved by local collectors and European museums. The Museo del Oro’s collection started in 1939, after Colombia’s minister of education prevailed on the country’s national bank, then holding a monopoly on gold ownership, “to keep these objects out of the market, being taken abroad and melted,” Uribe said.

Now all such artefacts belong to the country’s entire population, she explained. A private collector must register with the office of archeological heritage and may ask for tenancy on a privately held collection. But Colombia retains ownership. “You cannot buy it, sell it or even inherit it.”

So while the commodity’s spot price keeps gold bugs guessing, these objects remain priceless.

Allure of Gold appears with Gold Rush! El Dorado in British Columbia at Victoria’s Royal B.C. Museum until October 31.

Read more about the Colombian national collection.

Read more about Gold Rush! El Dorado in British Columbia.

Smart helmet detects gas, sends text messages and self-generates SOS alerts

February 13th, 2014

by Cecilia Jamasmie | February 13, 2014 | Reprinted by permission of MINING.com

The dream of any health and safety manager and probably every mine worker is about to hit the market. A Spanish company is introducing in Chile a mining helmet that incorporates advanced systems of sensors and communication tools to locate missing miners and save lives.

Smart helmet detects gas, sends text messages and self-generates SOS alerts

Image: Presistem

The piece of gear, created by Presistem, comes with—among other features—detection systems for gas, polluted atmosphere and motion. It also includes various communication systems such as warnings by vibration, LED lights, sounds, text messaging, and self-generated SOS alerts. No wonder its creator has named it “Angelhelmet.”

On top of that, it includes an interactive smart control system, which allows users and managers to constantly monitor workers’ integrity and safety.

The smart helmet is already sold in Spain and it will be introduced in Chile next month, creator Darío García told MINING.com. Although he declined commenting on the price tag, he said it would also be available this year in Brazil, Argentina, Peru, Colombia, Mexico and Poland. He added the company is currently in talks with distributors in Australia, South Africa and Germany.

Reprinted by permission of MINING.com

Athabasca Basin and beyond

December 14th, 2013

Uranium news from Saskatchewan and elsewhere for December 7 to 13, 2013

by Greg Klein

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Spincos Fission 3.0 and Alpha Exploration debut on TSXV, Fission Uranium plans most aggressive campaign ever

Never mind Fission 3.0’s FUU ticker. When Fission Uranium TSXV:FCU was created out of Fission Energy earlier this year, only a last-minute change prevented that spinco from becoming FUC. And now that Alpha Minerals has delisted to create its spinco, Alpha Exploration TSXV:AEX, two new companies join the Venture while Patterson Lake South comes under the sole ownership of Fission Uranium, a particularly tempting takeover target.

Uranium news from Saskatchewan and elsewhere for December 7 to 13, 2013

Now with sole control over Patterson Lake South, Fission Uranium seems
likely to use winter drilling as a theatrical build-up to a maiden resource.

Fission 3.0 debuted December 10 at $0.12 and quickly shot up to $0.30 before plunging to a $0.135 close. The stock finished December 13 at $0.16. With 152.96 million shares outstanding, Mach III had a $24.47-million market cap.

Alpha Exploration began trading December 12 at $0.45 and reached a daily high of $0.63. But it fell all the way to a $0.30 close. The following day’s finish dropped a penny lower. AEX’s 13.96 million shares represented a market cap of $4.05 million.

Each spinco got $3 million in start-up money from Fission Uranium. Alpha Minerals nominees Warren Stanyer and Kurt Bordian joined Fission Uranium’s board, replacing Frank Estergaard and Jeremy Ross who moved to Fission 3.0 along with Dev Randhawa and Ross McElroy, who lead both Fissions. Alpha Exploration’s management and board remains “substantially the same” as that of Alpha Minerals.

Meanwhile the PLS role played by father/son team Ben and Garrett Ainsworth (ex-Alpha Minerals now Alpha Ex) have won them the 2013 Colin Spence Award for excellence in global mineral exploration, the Association for Mineral Exploration British Columbia announced on December 12.

Fission 3.0 keeps its predecessor’s uranium focus with six Athabasca Basin-area projects and another in the Macusani region of Peru. Alpha Exploration lists its initial key assets as two gold projects, Mikwam in Ontario and Donna in B.C., as well as Saskatchewan uranium properties.

The spin-outs have hardly diminished Fission Uranium’s attraction, a $12.87-million financing suggests. Announced December 11, the company’s 8.58 million $1.50 subscription receipts have been exchanged for one flow-through share each, a transaction that closed after the Alpha Minerals acquisition.

Evidently emboldened by all that dough, McElroy announced Fission Uranium’s “most aggressive drill program to date at PLS—approximately 30,000 metres in up to 100 drill holes,” the news release quoted him. “Our core focus will be growth, including the specific goal of eliminating the distance between the six identified zones. We will also be testing new targets, using radon sampling on other EM conductors and employing resistivity ground geophysics to help identify additional prospective corridors.”

With assays still pending for over 50 holes, Fission Uranium might be accused of teasing investors prior to a first resource.

Late December 13 the company announced it granted a consultant one million options at $1.10 for two years.

Lakeland Resources bolsters team with Canon Bryan and Sam Wong

Two more appointments add to a busy period of announcements from Lakeland Resources TSXV:LK. On December 9 mining financial professional Canon Bryan joined Lakeland’s advisory board. Two days later another mining specialist, Sam Wong, took the position of chief financial officer.

With Bryan’s appointment Lakeland not only gains additional expertise but renews a relationship that’s already proved successful. Bryan’s resume lists management positions for several public and private companies including Uranium Energy Corp NYSE MKT:UEC, which Bryan co-founded. He also founded Terrestrial Energy Inc, which is developing a commercial molten salt reactor, and operates a merger-and-acquisition consulting service for the uranium sector.

Now he’s working again with people who’ve benefited from his past accomplishments. Lakeland director Ryan Fletcher recalls the genesis for what’s now NioCorp Developments TSXV:NB. “Canon came to us [Zimtu Capital Corp TSXV:ZC] with the idea to go to Nebraska and acquire a niobium project,” Fletcher says. “It was a great project, although difficult because we had to acquire it from 40 farmers. It took quite a while and a bit of money but we were successful.”

I co-founded [Uranium Energy Corp] with three other folks and took it through the hoops. It’s now listed on the New York Stock Exchange and producing uranium in Texas.—Lakeland Resources
adviser Canon Bryan

Known as Elk Creek, NioCorp calls it “the only primary niobium deposit in the U.S., and… the highest-grade, large-tonnage undeveloped deposit in North America.”

Bryan says, “I found the project and Zimtu was able to facilitate funding, so it was a good collaboration and profitable for everyone.”

With Uranium Energy Corp, “I co-founded the company with three other folks and took it through the hoops,” Bryan adds. “It’s now listed on the New York Stock Exchange and producing uranium in Texas. Producing uranium in the U.S. is quite a rare thing. It’s something I’m personally quite proud of.”

He says working with Lakeland renews “a collaboration that’s never really gone away. We’re colleagues in the industry. We agreed it would be a good fit for everybody, very much an organic fit.”

He joins three other well-respected names on Lakeland’s advisory board, all with complementary fields of expertise—John Gingerich, Richard Kusmirski and Thomas Drolet.

“Uranium M&A is my area of expertise,” Bryan says. “So naturally that’s something I would like to bring to the table.”

Wong, Lakeland’s new CFO, holds the same position at Lowell Copper TSXV:JDL and Chesapeake Gold TSXV:CKG. He’s also served as corporate controller at Luna Gold TSX:LGC, where he oversaw the finance division during Luna’s transition from development to commercial production. Wong articled as a chartered accountant at Deloitte & Touche LLP, where he specialized in assurance and advisory for mining companies.

In a statement accompanying the December 11 announcement, Lakeland president/CEO Jonathan Armes said Wong brings “strength in financial reporting, strategic planning, corporate governance, equity financings, due diligence for acquisitions and corporate development to our growing team. His attention to detail and in running a tight ship will be another strong asset for Lakeland as we advance as an up-and-coming leader in the Athabasca Basin.”

The appointments follow a flurry of recent news from the uranium explorer, which includes a joint venture with Declan Resources TSXV:LAN that expands Lakeland’s upcoming Gibbon’s Creek drill program, another JV with Star Minerals Group TSXV:SUV that increases Lakeland’s portfolio and the publication of a research report by Zimtu research and communications officer Derek Hamill.

Meanwhile results are pending from last season’s exploration on the Riou Lake/Gibbon’s Creek property in the north-central Basin.

Read more about Lakeland Resources here and here.

Forum completes ground gravity survey, plans ground EM at Clearwater

A December 11 announcement moves Forum Uranium TSXV:FDC closer to drilling its Clearwater project. With a ground gravity survey finished, around 11 drill targets have been chosen. The survey followed up on previously identified electromagnetic conductors and radon anomalies to find four gravity lows, three of which held several conductors. An early January ground EM survey will further refine targets for drilling that’s expected to start later that month.

In late November Forum released lake sediment samples from the southern area of the 9,910-hectare property. Clearwater lies adjacently southwest of, and on trend with, PLS.

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Iron ore price lifted by strong Chinese steel growth

November 20th, 2013

by Frik Els | November 20, 2013 | Reprinted by permission of MINING.com

Iron ore price lifted by strong Chinese steel growth

Hong Kong construction workers on bamboo scaffolding 18 floors up. (Photo: ttstam, Fotopedia)

 

Global steel production rose 6.6% in October compared to output a year ago, with China again setting the pace for overall output, World Steel Association data showed on November 20.

Steel production is a key indicator of activity in global industry and iron ore, the key steelmaking ingredient, is the second most-traded commodity around the world behind crude oil.

China, which produces almost as much steel as the rest of the world combined, recorded growth of 9.2% in October to 65.1 million tonnes compared to last year, while global number two Japan’s production was up 7.7% to 9.5 million tonnes.

World Steel Association data also showed healthy growth outside Asia with U.S. production jumping 8.7% to 7.4 million tonnes and European Union production up 4%, led by a surprising 23.9% output boost in Spain and a 17.9% increase in Britain.

The liberalization of China’s hukou system is expected to be a main driver of a fresh wave of urbanization inside the country of 1.3 billion people.

China’s Iron and Steel Association released data November 19 showing the country’s daily crude steel output for the first 10 days of November rose a further 2.18% from the already torrid pace of late October.

The daily run rate for Chinese blast furnaces is now 2.144 million tonnes and the increase in output follows a rally in steel prices prompted by reforms announced at the Chinese Congress Third Plenum policy meetings.

Amid other market-friendly reforms, the liberalization of China’s hukou system is expected to be a main driver of a fresh wave of urbanization inside the country of 1.3 billion people.

Under China’s 4,000-year-old hukou system, people are registered in their town of birth and can only access government services including education, housing and welfare there.

This led to millions of migrant labourers and especially their children in large cities becoming an underclass without ways to put down roots.

The strength in the global steel industry has offset some of the price pressures brought on by increased supply of the main raw materials for blast furnaces.

The price of iron ore has held up well despite record-setting exports from Australia and a looming flood of new supply through 2017.

The benchmark CFR import price of 62% iron ore fines at the Chinese port of Tianjin climbed to $136.40 a tonne on November 20, up 23% from its lows for the year struck at the end of May, according to data provided by Steel Index.

The price of metallurgical coal has recovered from steep declines during the first half of 2013 but remains relatively soft.

Benchmark Australian premium coking coal was changing hands for $143 a tonne on November 20, up from multi-year lows of $131 struck in early July, but down 2.5% so far in November.

Reprinted by permission of MINING.com

Copper price jumps again as global manufacturing gathers pace

September 3rd, 2013

by Frik Els | September 3, 2013 | Reprinted by permission of Mining.com

The spot copper price enjoyed another strong session on Tuesday, adding more than 2% to its gains yesterday to a high of $3.32 a pound.

By early afternoon the red metal was trading at $3.30 on Comex in New York, up 2.2% or $0.0725 from Monday’s close.

The move higher on Tuesday amid a generally strong day for mining and metals was driven by good manufacturing numbers from China and the UK on Monday, followed by data showing surprisingly strong industrial activity in the Eurozone and continued recovery in the U.S. out on Tuesday.

UK order books and output grew at their fastest pace in almost two decades in August while Eurozone manufacturing data released Monday showed the recovery in Germany spreading to laggards Spain and Italy.

On Monday, official Chinese non-manufacturing purchasing managers data dipped slightly but new orders showed a sharp increase setting up strong growth over the coming months, according to the National Bureau of Statistics.

The non-official index of the manufacturing sector out last week also provided a pleasant surprise to markets, rising above 50 for the first time in four months, indicating expansion.

U.S. manufacturing also showed improvement. While top line growth shrunk, inventories fell dramatically with demand outstripping available supply last month.

Copper gained 4.5% in August, a second month of gains, and hit a two-month intra-day high of $3.38 in the middle of last month.

Copper has also rallied more than 8.5% from the intra-day low of $3.03 hit at the end of July.

Reprinted by permission of Mining.com

Patrick Moore, Greenpeace founder and Astur Gold director

April 1st, 2013

…Read More

From Greenpeace to mining

March 19th, 2013

Eco-activist Patrick Moore on how environmentalism lost its way

by Greg Klein

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What does it signify when Greenpeace founder Patrick Moore joins the board of a mineral exploration company—the final break with his former principles? Or the continuation of “sensible environmentalism,” a lifelong vocation that eventually severed him from mainstream activists? Moore discussed his background, beliefs and work with ResourceClips on March 19, the day Astur Gold TSXV:AST announced his appointment as an independent director.

Astur hopes to begin underground gold production at its Salave project in northern Spain by late 2014. At first this company might seem an odd fit for Moore, who came to prominence in the early 1970s while protesting U.S. hydrogen bomb tests in Alaska. That was when he and his fellow protestors harried the American military from a boat they called Greenpeace. In those early days of environmentalism, that boat lent its name to their scrappy little group. It grew tremendously, along with the movement. Moore continued to play a prominent role, serving nine years as president of Greenpeace Canada and seven as a director of Greenpeace International. But by 1986 he left—both Greenpeace and the wider mainstream movement.

Eco-activist Patrick Moore on how environmentalism lost its way

Left: Patrick Moore in 1971, on his way to protest American
H-bomb testing in Alaska. Right: The eco-activist today.

Since then he’s scandalized more conventional activists with his support for a number of supposedly unenvironmental causes including forestry, genetically modified food and nuclear energy. And mining, which is “how I cut my teeth on environmental research.”

As a doctoral candidate from 1969 to 1974, he studied the environmental impact of British Columbia’s Island Copper Mine, which was eventually taken over by BHP Billiton. “It became a very political thesis because the mining industry didn’t like what I was doing,” Moore says. “They stacked my thesis committee with pro-mining people—not that I was anti-mining, I just wanted to get at the truth.”

He adds, “I’ve been close to the mining issue all through my time as an environmental activist. Recently in my consulting career I’ve worked with Newmont Mining [NEM] on their environmental and social programs in Indonesia, Peru, Africa, Nevada, so I’ve seen a fair bit of mining all my life.”

His work focuses on sustainable mining. “What I mean by sustainable mining is that you leave the environment in a condition that is going to heal itself. The second thing is leaving the community better than it was when you came, in terms of education, health care, industry training, capacity of all sorts. That’s why I’m involved in the mining industry.”

Since leaving Greenpeace he’s found more fulfilling work through endeavours like Greenspirit Strategies Ltd, a company that encourages corporate social responsibility and sustainability, and his current work as an independent scientist and consultant. He’s written extensively for a number of journals, in his Greenspirit Website and books like Confessions of a Greenpeace Dropout. But to accentuate the positive, he finds it necessary to expose the negative. As the rise of Greenpeace mirrored that of the wider movement, Moore uses the organization to explain how environmentalism lost its way.

“In Confessions I describe the insanity of Greenpeace today,” he says. “Basically they’re against mining. If you ask them to show you a mining operation that is being done in a way that they consider acceptable, you’ll get no reply because they will not tell you that there is one. And yet they at the very least ride bicycles and use cellphones and laptops and ride in trains and perhaps an airplane or two when they go to their international meetings. Those are all made of metal. Where else can you get it?” he asks.

“They say, ‘Well maybe mining in general is needed, but not here—or here, or here, or there or anywhere.’”

Greenpeace began by opposing nuclear weapons, “which seemed an obvious target because nuclear war would have been a terrible disaster for humanity and the environment,” he says. Next was the save-the-whales campaign which protected a species from needless extinction.

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Rio Tinto Redux

December 6th, 2011

EMED’s Historic Spanish Copper Mine is Set to Reopen 3Q 2012

By Ted Niles

It’s been a difficult four years for EMED Mining Public Ltd TSX:EMD, but it looks as though the company’s luck is finally about to change. The most compelling evidence for this comes from a recent flurry of positive gestures from the government of Andalucía in support of the Rio Tinto Copper Mine project. Notably, Minister for Economy Antonio Avila Cano made a statement last month from the mine itself committing his government to its anticipated restart date of 3Q 2012. This is a far cry from the sort of attitude EMED met with when it acquired the mine in 2007.

“We came here during an anti-mining era and took on what was, commercially, a mess of a project,” Managing Director Harry Anagnostaras Adams says. “As we completed the cleanup of that mess, Europe had flipped into being pro-mining. ” In Spain, characterized by greater than 20% unemployment, “You see similarly strong statements by the opposition parties—all the political parties—all the mayors, all the unions. It’s been quite a unanimous sort of turnaround.”

EMED's Historic Spanish Copper Mine is Set to Reopen 3Q 2012

This about-face is crucial to EMED’s fortunes, particularly as it acquires crucial segments of the mine’s infrastructure sold to third parties after its 2001 closure. He explains, “We own the mine, and we own the plant, and we own parts of the surrounding lands around the mine and the plant. [Some] property investment companies actually bought pieces of the tailings dam and waste dumps. It’s pretty strange to see that. They clearly didn’t buy it for real-estate development, and they’re being really quite deliberately obstructive and interfering. It’s all part of the game of trying to get a settlement out of us.”

The 1,500-hectare Rio Tinto Mine has been an important part of to the Andalucían economy for millennia. Located 65 kilometres northwest of Seville, it dates back to the Phoenicians, though it is perhaps better recognized as namesake to the second largest mining company in the world. (Rio Tinto PLC divested itself of the remainder of its interest in the area in the 1990s.) Industrial exploitation of the mine began in 1875, and 128 million tonnes of copper had been extracted by 1976. Production was fitful through the 1980s and 1990s, and in 2001 it was put on care and maintenance due to a low copper price and, according to Adams, “local malpractice.” The mine currently has proven and probable copper reserves of 1.3 billion pounds at a cut-off grade of 0.20% and measured and indicated resources of 2.1 billion pounds.

According to Adams, Rio Tinto has had no exploration drilling since the 1980s. “Even then the drilling was negligible. [Apart from] the underground mines, it has had no drilling under 250 metres anywhere. It is quite a remarkable thing for an exploration team to step onto the world’s largest VMS system with the support of modern exploration. The opportunities are blatantly obvious.” Regarding the mine’s infrastructure, he adds, “If you started from scratch to develop this project, we estimate it would cost $1 billion to get it set up the way it is. We only have to invest $100 million.”

A November 2010 NI 43-101 technical report based on current reserves projects a 14-year mine life, with annual production of 81.6 million pounds, at total costs of $1.57 per pound. Infill drilling around the Cerro Colorado open pit—where the given reserves and resources are based—will, Adams believes, add another 11 years of mine life. This does not include the San Dionisio underground deposit which Rio Tinto PLC reported in 1993 to have (non-NI 43-101 compliant) resources of 551 million pounds. “That’s a subset of the ore body,” Adams notes. “They just reported what was economic then. It needs a lot of work, but we would expect that at today’s copper prices it would be more than economic.”

If you started from scratch to develop this project we estimate, it would cost $1 billion to get it set up the way it is. We only have to invest $100 million —Harry Anagnostaras Adams

To reopen the mine by 3Q 2012, Adams says, EMED must focus on project preparations (which are ongoing), financing (a mandate for which is anticipated in the next two months) and permitting. The success of the first two depends on the last, and the last depends on the continued, active support of the government. “[At this point], the risk in financing this company is very small, as we’ve done far more challenging and risky things,” Adams emphasizes. “The risk of permitting the company is, in our view, 80% behind us, as the government is giving such explicit policy commitments and actually acting on them.”

Adams concludes, “We were effectively company doctors for the first two years, as we cleaned up the legal mess. The people who caused all the trouble are now only causing a little bit of sideshow drama. The last remaining hurdle are the third-party lands. If the government is true to its word, then that’s not an issue because there’s a regulatory process that deals with that. And the government is giving every sign of getting the show on the road as fast as possible.”

At press time, EMED had 709.5 million shares trading at $0.135 for a $95.8 million market cap. The company’s other projects include the Klirou copper-zinc project in Cyprus and the Biely Vrch gold deposit on its Detva License in Slovakia.