TGR: Kaminak Gold Corp. published the first resource estimate on its Coffee gold project in the Yukon. It's 64 million tonnes at 1.56 g/t, which equates to roughly 3.2 Moz at a 0.5 g/t cutoff for the oxide and transitional material and 1 g/t cutoff for the sulfide material. What are your thoughts?
BC: I was impressed. Kaminak came out with more ounces than I expected. The grade is pretty good. The oxide material is positive from a processing perspective. I was more surprised at how the market reacted, which was basically flat. Kaminak is the market darling in Canada. Good guys, new all Canadian discovery; everybody loves it. But it publishes a 3 Moz resource and the stock goes nowhere.
TGR: If it were 2007 and Kaminak had the same deposit and the same resource, what do you think it would be valued at?
BC: It would be at least double what it is now. Back in 2007, everybody was happy and smart. We were all making money. The hedge funds were pumping money into the exploration sector. Now it's just about the opposite....