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What sets Yale Resources apart is that they are a small dynamic
company that is able to accelerate their exploration programs quickly allowing them to
rapidly make decisions on future drilling programs and the necessary capital for them
Exploration
Metals-Mining
(YLL-TSXV)
Yale Resources Ltd.
600 – 890 West Pender St.
Vancouver, B.C., V6C 1K4
Phone: 604-678-2531
Ian Foreman, P.Geo.
President and Director
Interview conducted by:
Lynn Fosse, Senior Editor
CEOCFOinterviews.com
Published – June 8, 2007
BIO:
Ian Foreman, P.Geo. - President and Director
Mr. Foreman graduated with honors from Queen's University in 1992 and has worked in a wide
spectrum of geological environments involving both base and precious metals. He has worked
for various junior mining and exploration companies in North and South America. Throughout
the mid 1990's Mr. Foreman worked on a series of large multi-million dollar exploration
programs in British Columbia, Yukon and Mexico. From 1998 through 2002 Mr. Foreman worked
on various projects exclusively in Peru. As Chief Geologist, he was a key figure in
putting the 1,000 tonne-per-day Santa Rosa open pit gold-silver mine into production.
Company Profile:
Yale Resources Ltd. has a growing portfolio of highly prospective projects in Mexico
and is constantly searching for other opportunities. Yale is a relative newcomer to Mexico
but the Company has both management and a board of directors that have a wealth of
experience and success in Latin America to draw upon. This includes the discovery of
world class deposits and taking projects through to production.
In order to "increase shareholder value", Yale Resources' business plan is to
acquire or option projects that meet the Company's criterion and advance them to the drill
stage as rapidly as possible. Prospective projects need to have: significant 'blue sky'
potential; previous production; proximity to active mines or major projects; and good
access and infrastructure
CEOCFO: Mr. Foreman, what is the vision
for Yale and how are you getting there?
Mr. Foreman: “We break our vision into
short-term and long-term goals. Our short-term goals are to acquire a portfolio of
interesting projects in Mexico and our long-term goals are to identify significant
resources such that we can ultimately have a production decision.”
CEOCFO:
What do you like about Mexico and where are you focused there?
Mr. Foreman: “What is there not to like
about Mexico? In reality Mexico is very well known for its historical resources, long
history of mining and exploration, for being a mining-friendly jurisdiction, and it is
politically stable.”
CEOCFO:
Please tell us about your projects there.
Mr. Foreman: “At the moment we have
three projects that we are currently working on. We have the Urique Project, which we have
a joint venture with a company called EXMIN Resources Inc.(TSXV:EXM). We have an option to
earn a 75% interest in that property. The Urique project is a huge land package. It is 290
square kilometers and it is right in the middle of some of the most perspective land in
northern Mexico. It is immediately north of Goldcorp’s (NYSE:GG) producing gold mine
El Sauzal, which has resources and reserves of plus two million ounces of gold and it is
immediately south of Kimber Resources Inc. (AMEX:KBX,TSX:KBR) Monterdi Project, which has
reported resources of in excess of 800,000 ounces of gold and 45 million ounces of silver.
When we optioned the project we had 7 mineralized targets, now with our exploration
programs we found 3 additional targets, so we have ten mineralized targets on that
property. We are currently working on that to identify drilled targets. Our second
property is in Zacatecas, Mexico; it is a group of properties in reality and they are
optioned from a company called IMPACT Silver Corp. (IPT-V); we have the right to earn 80%
interest in those properties. Zacatecas is a very famous silver producing district in Mexico.
We have just finished a 1800 meter drill program in which we successfully tested vein
systems on three of the properties, one property was not drilled. We are expecting the
results from that drill program will be in the next week to ten days. The third property
we have is the first wholly-owned property to be brought into Yale Resources and that is
the Carol Property. This is a zinc and copper property and we are currently working on
that as a first phase mapping and trenching program. We are currently looking for other
opportunities through northern Mexico.”
CEOCFO:
Is the mix in minerals by design?
Mr. Foreman: “Absolutely, it is by
design in that we want to have a basket of properties that take advantage of the markets
hot assessments for the minerals market. As the minerals exploration industry is so
cyclical, we think for the long-term success of the company, we do not necessarily want to
be tied to one particular cycle such that for example, if gold were to dive to $350
dollars per ton in the next week, all of the gold focus companies would obviously hurt
from that. If we take projects from a basis of having good economic and geologic potential
regardless of the mineral, we think that puts us in better stead for the long-term future
of the company.”
CEOCFO:
How do you decide which projects to take on?
Mr. Foreman: “Certainly, there is
always a case of if it was that good, why didn’t a company keep it to themselves. In
our industry there are two primary groups of companies, one is what we call the project
generator and this is a company that identifies targets and potentially keeps several to
themselves, but they then option them out and that reduces the risk on their part because
then they can find partners to use the partner’s money on their projects. If
something is found, they didn’t spend a penny to find it and they have a percentage
of whatever is found. The other groups of companies are the companies that utilize the
project generators and option projects from them. There isn’t necessarily a case of
if it is so good why vend it out to somebody. The case is how much does it cost to
actually identify an economic ore body, and is a company willing to do that. If they have
eight projects, maybe they could option more projects out and have greater odds of success
because they have multiple partners working on multiple projects at the same time.”
CEOCFO:
You have beefed up your team recently; are you ready now?
Mr. Foreman: “I guess the cheeky answer
is we were ready when we started in Mexico in August. The real answer is we want to grow
organically with a number of projects that are 100% owned by Yale Resources. At this
point, we have one. I have been to Mexico four times in the last two months looking at
other opportunities and as we grow with the number of projects that are 100%, we will
continue to grow. This is only the first step in what I imagine Yale Resources being a
significant company in the years to come. Yes we are ready, but no we have not stopped
growing.”
CEOCFO:
What is the financial picture for Yale today?
Mr. Foreman: “We did a financing in
December last year and we raised just over $1 million. We currently just passed the $600
thousand mark, so we have about $600 thousand in the bank. We have been very careful with
how we spend our money, but with our drilling program that has been completed and with
ongoing exploration programs, a majority of our money is spoken for with regards to
ongoing exploration.”
CEOCFO:
I see there is a quote on your website, “there are no secrets to success, it is the
result of preparation, hard work and learning,” that is a quote from Colin Powell as
indicated on your site. How does that apply for Yale?
Mr. Foreman: “I think that the reality
is that everyone that is associated with this industry understands how difficult it is to
become very successful. We are surrounded by a group of men on our board of directors that
have been there and done that. One of our board members is the president and CEO of a
producing gold mining company. We have a gentleman on our board who was on the team that
found one of Canada’s richest gold mines and has raised over $400 million in equity
capital in his career. We also have a geologist who is a PhD, what I call a
‘think-outside-the-box’ geologist who has been involved in some very significant
discoveries and projects. To round off our board of directors, we have a director who has
been involved in both mid-sized and junior companies and has a finger on the pulse of the
industry. I have surrounded myself with men who have been not only moderately, but very
successful in this industry. That is a way in which I can then have access to vast more
experience that what I have accumulated in my career.”
CEOCFO:
Why should potential investors be interested in Yale Resources?
Mr. Foreman: “I think what sets Yale
apart from a lot of other companies is the fact that we are a small growing company that
has been very dynamic. We have been able to accelerate our exploration programs such that
we advance projects as quickly as possible, allowing us to make a decision on future
drilling programs, exploration programs, and the necessary capital involved in that as
quickly as possible. That results in less waste with regards to the investors’ money.
We want to put as much money as we can into the ground because that is where the results
come from.”
CEOCFO:
Final thoughts?
Mr. Foreman: “I think one thing that is
important for current and future investors is that we are very active and have a lot of
activity going on in the field and that will translate into lots of results and corporate
developments coming up.”
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