Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

(TSX-BZA) – Toronto 

Price: 38¢
52 ~ Range: 44¢ - 15¢
Market Cap: $70.0M


BZA is a development stage company, engaged in the identification, acquisition, exploration and development of precious metalsin the United States and Canada.


Gold Corp.
Developing the High Grade Copperstone Gold Mine in Arizona
Presented by:
Brian Kirwin, President & CEO
“Forging A New High Grade Gold Company”
February, 2011 

American Bonanza Gold Corp. (TSX:BZA) explores and develops gold mining projects in pro-mining areas of the United States and Canada. Bonanza’s main objective is to bring the advanced stage, 100% owned, Cooperstone gold property in Arizona into production during 2011. Substantial milestones in this process are the recently completed feasibility study which indicates a profitable economic profile associated with building and operating the mine and receipt of all final permits.

The Copperstone property contains a 10.3 g/t oxide gold resource with 313,000 ounces of gold in the Measured and indicated categories and 256,000 ounces of gold in the Proven and Probable Mineral Reserves category.

The potential to expand the gold deposits at Copperstone near the underground mine workings is excellent. Bonanza continues to optimize other assets to benefit the development of Copperstone, where permitting is complete. Bonanza is well financed with no long-term debt and no gold hedges.

American Bonanza Gold Corp. (TSX:BZA) trades in the United States on OTCQX under the symbol “ABGFF”. American Bonanza is reactivating mining at the 100% owned, construction-stage Copperstone gold mine in Arizona. American Bonanza has approximately 180 million shares outstanding and is permitted and fully funded through to production, with no debt and no hedges. For more information, please visit American Bonanza’s website at

B: BZA was actually in bankruptcy, and we were able to acquire the project quite inexpensively because the markets were a wreck. The gold industry was a wreck and so we did acquire it. It was a lengthy process. We had to do a couple different deals in order to get it out of the bankruptcy, thus founded Bonanza, and spent the next several years really in discovery and then the next several years developing the ore bodies. And then spent a couple of years trying to grow it bigger through exploration within the old pit. When the credit crisis happened in ’08, once again as an exploration company, we were entirely dependent upon the equities markets for the future of the company. The future of the equity markets in ’08 was a little shaky and so we made a decision to stop making the deposit bigger, stop exploration, and do everything we could to go to production so we could control our own future. So spent a couple of years then, you know, in feasibility and in permitting and raising the financing for the capital expenditures. Now here we are a couple of months away from having the construction completed. Our philosophy has always been, you know, debt free and clean and that’s where we are.

Racz: Did you learn something from Ian Telfer, your boss at Gold Corp?

B: Quite a bit. Ian Telfer is a very interesting character. Quite a bit, he’s an amazing guy. Ian knows things that other people don’t know, and I learned a great deal from him. He’s very generous with his experience. He is very generous with his knowledge.

Racz: How did he acquire Gold Corp?

B: Well, that was interesting. It goes back to that same moment in time of ’99 when BZA was bankrupt and gold basically died as an industry, but the dot com thing was going crazy at the time. So while I was busy founding Bonanza, Ian Telfer founded a company called Itemis, and Itemis was one of these standard incubator dot com thing, and it had a tremendous run for a year, year and a half before the whole dot com bubble busted. When the whole dot com bubble busted, it took Itemis with it. It took it right to nothing and bankrupted that. And then by the time that happened, gold had recovered off the very bottom and was in the high 200’s. Telfer had a long-term, very close relationship with Frank Juspra. Now I don’t know if you know that name.

Racz: Of course. I sold him Diamond Field the first day of October 1994.

B: Oh, okay.

Racz: He has a very interesting partner, Trevor Wilson.

B: Right. Frank is one of these guys that understands what other people don’t. So when gold cratered, Frank got completely out of gold and he founded Lions Gate Motion Pictures.

Racz: Yes, I remember this.

B: So that was a roaring success.

Racz: It is still a success.

B: Yeah, in 2-3 years he sold out of that at a ridiculous profit. Frank has the habit of selling out at ridiculous profits, and he wanted to get back into gold. And that was the time about when he and Telfer’s foray into the dot com thing was cratering at the same time. So they got together. They both felt very bullish about gold. Obviously, Frank was very well capitalized and there was a lot of people to bring a lot of support so the two of them decided okay, we’re going to do gold again and what they did is they acquired a company that had had Wheaten River Minerals. And they had had one mine, the Brewery Creek Mine in the far north in Canada, and it had been mined out prior to the bottom for gold and they really had, you know, their management really had no ideas, had no properties, had $20 million in the bank from the successful mining of this mine and were really just kind of sitting around with no ideas, taking treasury as their paychecks. So Frank and Ian got together and took over Wheaton River Minerals.

Racz: That’s also in Vancouver.

B: Yes. And their first transaction was a little known private Mexican company which actually had three or four very tiny, very well-run, which is not necessarily always the case in Mexico, little gold mines. And so they did a merger with them, Louisman, and that got their production profile up a little bit, got them to being a producing company and then Ian Telfer went about doing what Ian Telfer does, which is what he calls corporate engineering. And a couple deals later, he did the merger with Gold Corp. and he just hit that right at the right time when Rob McEwan, I know Rob quite well too, when Rob McEwan had really reached that point where his interest changed Gold Corp. was worth a tremendous amount of money. He was really looking to move on to the next step. Ian just hit him at the right time and talked him into it. So then they did the deal with Gold Corp.. Now Ian is he chairman of Gold Corp. and Gold Corp. is much bigger than it was when Rob McEwan was running it. Rob started up U.S. Gold or took over U.S. Gold and is doing this thing in Central Nevada now, and well that’s the story. As you know, Rob is a very bright guy.

Racz:  Yes, he understands that gold is basically going to be a currency and he operates around this level. I exchanged more ideas on this than anybody. When I approached President Bush, he joined in. One of my classmates from Cambridge is the cabinet minister and I get to talk to them. They are very negative on Europe. Unfortunately, they are negative on England too. They said that America is going crazy and gold back bonds may be in order. First you have stock, then gold, then ETF’s was created. The ETF’s had billions of dollars. The next is called back bonds. Telfer was also involved with Silver Wheaton, no?

B: Yes. Remember, Wheaton, that’s the original name of Wheaton River. So that came on before the Gold Corp thing, and he knows things other people don’t know. You know the mechanism, you know what they are doing as a business plan. All these big mines that were producing silver as a byproduct just beat a path to their door, and it became an enormously capitalized company.

Racz: My theory is you work very hard all your life. The company became a gold mining company, you put sufficient amount of money through the equity market, that it’s an unleveraged situation, very soon you will be a gold producing company and positive cash flow. Now that’s what you call hard work. This is exactly what the butcher does. You open a store, get some money, buy food, sells it to the neighborhood and makes a living. That’s what Boeing does. They make airplanes to sell. It always occurred to me both silver and gold, which is acceptable since the Middle Ages, a currency of value, can also be treated as the butcher treats his own merchandise. You are going to be let’s say at some stage with $200 million cash. If gold goes over $2,000, you will be fast $200 million. Then you as chief executive officer has to think what to do with the $200 million cash for the maximization of stockholders value.

B: Right.

Racz: So you have to think of everything. When will you start producing and selling gold?

B: Right now we are on track to complete construction by the end of the third quarter of this, so that’s the end of September. We’re looking at the fourth quarter of this year as our startup, you know, our ramp-up quarter. So we hope to be at full production. So we should be producing gold in the fourth quarter but not at full production rate. So our first full production would be the first quarter of next year.

Racz: But in the first quarter, how much is the maximum let’s say you can produce?

B: Oh, the maximum, 10,000 ounces.

Racz:  We have a market value as I said about $70 million, so if your mine sells 10,000 ounces of gold in the first quarter at 1600, that’s $16 million, no?

B: Yes.


    Price-Loss Cost $ Value Accumulated
Q4 (2011) 10,000 oz. 16,500-500 = 11,500 11.5 11.5
Q1 (2012) 13,000 oz. 17,000-500 =  12,500 15.6 27.1
Q1 (2012) 12,000 oz. 12,000 14.4 37.0


On 46,000 oz. annual production:

Price: $17.00
Cost: - 5.00

Net: $12.00

Revenue: $78.2M
Profit: $55.2M

Racz: So the first quarter alone is $16 and the following quarter probably at least $25 million, no?

B: The first full quarter of production will be about between 12,000 and 15,000 ounces, so $20 million.

Racz: Now let’s jump to April 1, 2012. Sitting on $30 million cash, what will you do in your office that day?

B: On that day we will be well into either acquiring or already working on developing our next mine. The model for that mine is Copperstone. One of the reasons that this property has such low capital cost, such rapid time lines and such high margins is that we look at these differently than most mine developers. Most mine developers think that you value a deposit like this in terms of quality and quantity, quality being your grade, quantity being your tons. The way we look at it is quality is actually made up of a dozen different characteristics. One of them is certainly grade, but the other ones affect your cash cost, affect your time line to production and affect your capital cost. Because we focus on all those different elements of quality and we look at permitting as a fundamental first principle. It’s one of the first things we look at is how rapidly can we permit this because that’s how rapidly we can get into production. So we’re already looking at a number of opportunities. We will not commit treasury to anything. We may sign a transaction that doesn’t require us to commit treasury, but we won’t commit treasury at any significant amount to something like this until the date you’re talking about because job one is make Copperstone perform. Once it does, which is about that date that you’re talking about, we’ll either be committing significant capital to the development of the second mine which we have already acquired the rights to or we will be acquiring those rights. By that date, we will be pretty deep into mine number two, and the model is very similar to Copperstone. We always look at the things that affect all these elements of quality which affect your capital costs, your operating costs, and your time line to development because we wanted to have a strong economic engine in it and we want to be able to get it in production quickly. That’s where we will be. That’s what we will be doing that day.

Racz: 30 years ago insurance produced the most amount of cash regularly, insurance companies and everybody wanted to buy insurance stocks, insurance companies. Unexpectedly or suddenly you take the major gold and silver companies, replacing the insurance industry in terms of generating large amount of cash, fair enough?

B: Yes.

Racz: The script for ore mining companies has not been written. In insurance it was easy. In gold mining, it’s not so easy to expand, finding new gold, etc. What is in your favor is the high price, which was not profitable two years ago is profitable now. So are you satisfied to expend inside the gold mining industry or do you have something in mind?


Measured 933,000 10.37 11,000
Indicated 8,000 7.88 2,000
Measured & Indicated 941,000 10.35 313,000
Inferred (South Target) 369,000 12.21 144,000


 B: Well, we do and as you say, the script hasn’t been written yet, but here’s what we’re thinking. Step one is very likely to be a second gold mine with a similar economic performance to Copperstone. We already know, I’ve been doing this for 30 years. Most of my team has been doing this for 25 or 30 years. We’re quite familiar with what’s available in our region. Our region is, part of our strategy for the next step in growth is another gold mine in the United States because we believe that having our costs denominated in U.S. dollars is the way to go. So we’re already looking at, we’re already reviewing a number of opportunities, and we feel fairly confident that we can repeat this process at least once in the next 2-3 years, which would sort of double the economic performance. After that we at least right now don’t know specifically what the opportunities are, but some of the things that we’re looking at include mining, other metals that have the same economic and permitting and cost profiles as Copperstone so we’re staying with the same basic model and staying with the same focus on quality, the same focus on low capital, low operating costs and very high margins but not necessarily in gold. We are actually looking at an opportunity right now that is along those lines and it’s in copper. The economic performance should be tremendous. The reason I say that the script hasn’t been written yet is because we are going to have to come to sort of a rationalization and agreement convincing all of our major shareholders that going into something like copper isn’t going to destroy the “gold premium” that we’re certainly not experiencing today but that we may very well be experiencing at that time. So there’s going to be a decision point that comes along and that decision point will be if we are experiencing, you know, based on the free cash flow that you talked about at the beginning of this conversation, if our share price is substantially higher than that, then what that suggests because we are receiving a high gold premium as a producer, then something like moving into copper is less attractive because it may cost you that premium. If we are not seeing that premium, then it makes more sense to go into something like copper along those lines provided we stick to this quality model just because of the sheer cash that it will generate. As you say, the script isn’t written yet, but that is one thing that we are considering. 

Racz: You have a stock which is less than 40 cents.

B: Right.

Racz: Have you ever thought of tendering some preferred stock or some other ways to take 40 million, 50 million shares out of circulation?

B: You know, we’ve considered that. Our big shareholders view that as a very unattractive alternative. At this point we really don’t have a plan along those

Racz: I would say at $1600 gold, you have your projection, how much cash would be, but if gold goes to $2,000, the 40 cents or 36 cents stock is very cheap, therefore, if you take $50 million tender offer, then the remaining stockholders will have an incredible winning formula.

B: Then they will love that. Yeah, that’s exactly right. They will love that, and that is certainly something that we are considering. It isn’t a today’s decision because that’s one of the things Telfer taught me is that we solve today’s problems today and tomorrow’s problems tomorrow because if you try to solve all of the problems today, you will go crazy and you won’t be paying attention to the things you should be paying attention to. But when this mines performs and when we are strongly capitalized like that, that is a top, that right now we’re considering a top priority, a high priority for the use of that case. And you’re right, that would be enormously popular.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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