BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

Explor Resources Inc.

EXS:TSX, EXSFF: OTCQX
Price: 11c
52 Week Range : 50 cents-11cents
Market Cap: 15Million
Shares Outstanding: 149 Million
Warrants Outstanding: 27.5 Million
Brokers Warrants: 2.4 Million
Options Outstanding : 9.25 Million
Fully Diluted Shares o/s 188 Million
 

Summary of Monetary Reform Plan

“America and the world need monetary reform. Indeed, they need a twenty-first century, international gold standard-i.e. national currency convertibility to gold-is the simple proven, global monetary standard by which to transmit reliable price information worldwide. Unlike manipulated, floating paper currencies, the true gold standard-a dollar defined in law as a specific weight of gold-exhibits the optimum, impartial networking effects characteristic of the electronic age of reasonably transparent, global standards.

America should lead in the age of monetary reform by unilateral resumption of its historic constitutional monetary standard-namely the gold dollar. “ Lewis Lehrman , “ The True Gold Standard”.

RECORDED INTERVIEW WITH

Christian Dupont, CEO
Explor Resources
November 28, 2012

Racz

This is an interview on November 28, 2012 with Christian DuPont, the Chief Executive Officer of Explore Resources. Christian, the first thing which strikes one is that you have a very small capitalization and market value in comparison with all the activities that you are currently engaged in. Why is it so?

 

 

Dupont

I think the whole market has been really hard on a lot of junior companies so even if we have a really fantastic property, the market does not really recognize it now. The economic situation around the world is what is causing this.

 

 

Racz

Does it mean that there is less interest by bankers, promoters in a particular company because they don’t see immediate profit?

 

 

Dupont

I think right now it’s not that they don’t see an immediate profit, I think it is the long term uncertainty.

 

 

Racz

You mean the whole uncertainty in the world.

 

 

Dupont

Well the whole uncertainty in the world, the European Debt Crisis play a big factor on risk capital because people aren’t putting their risk capital the way they were before. They are holding on to it until they see stability both in the US and the European marketplace.

 

 

Racz

But there is more and more debt in the Western World – correct?

 

 

Dupont

Yes, that’s right.

 

 

Racz

Now you can either write off the debt and go into bankruptcy or amortize it and you suffer for years or refinance or really do something on your own – trying to fight the trend. These are the possibilities – no?

 

 

Dupont

Yes they are.

 

 

Racz

So in other words there are still entrepreneurs who say well I am going to prevail and at the same time every expert, intelligent financial expert, even politicians admit that somewhere along the line a higher price gold will play a role in dealing with debt. The U.S. government debt is $16.7 Trillion.

 

 

Dupont

Yes that is right. I agree with that 100%. Gold has been currency and money for the last 5000 years and you know when they had problems say in China 2000 years ago they had a gold standard; when they went to paper that’s when they originally went all to hell. So that same thing is happening in our society when we got off the gold standard and started printing money, we started having more inflation, more economic problems.

 

 

Racz

So in other words, you agree with Mr. Lehrman’s theory?

 

 

Dupont

With what?

 

 

Racz

Mr. Lehrman in New York has a company called Lehrman Institute that they have constantly been fighting for the gold standard in Congress – in writing you seem to agree with him.

 

 

Dupont

I agree 100% with that.

 

“ The True Gold Standard”-The Least Imperfect Rule-based Monetary Order.”

 

 

Racz

Okay – now let me come to the company itself. You have Gold Exploration Projects located in the Abitibi Greenstone Belt, is that correct?

 

 

Dupont

We have Gold Exploration Projects in the Abitibi Greenstone Belt which is located in Ontario and Quebec. That’s a belt of rock that is 800 kilometers long and 300 kilometers wide. Most of our exploration projects are located within the Abitibi Greenstone Belt. One of our projects is the:

 

 

Timmins Porcupine West ( TPW)( 3200ha)

  • Mineral Target Gold

  • 13km from downtown Timmins

  • Property is 2.5km. NE of LSG West Timmins Mine

  • Model: Hollinger McIntyre Gold System 30,000,000 oz Au

  • Grey Wolf Zone: 30:6 g/tonne over 4 meters

    • 8.45g/ tonne over 5.5 meters

    • 9.22g/tone over 11.0 meters

N1 43-101 Resource: 212,800 oz Indicated at 4.83 g/t
814,800 oz Inferred at 3.56g/t

 

Racz

If you have to summarize your exploration project, what gold reserve have you got confirmed
and what do you infer.

 

 

Dupont

Well we have our TPW Gold Project, where we have about one million ounces of gold with 212,800 ounces of that in the indicated category and 814,800 in the inferred category for a total of over 1 million ounces.

 

 

Racz

A question about your confirmed – your indicated reserves. How does the market measure indicated reserves? There is a semiprofessional evaluation that if you have 200,000 oz of indicated reserve it is 200,000 times maybe $100 per oz which is added to the company’s net worth. Is it correct or too liberal?

 

 

Dupont

Well it depends on the location of the project. If your project is in a very remote location, an evaluation of let’s say $50 an ounce may be correct; if you’re in a more developed area, where the infrastructure and a trained and educated workforce is in place, then the value per ounce is significantly more so I’d probably say in the Timmons Camp an undeveloped resource is probably worth anywhere from $100 to $200 an ounce easy.

 

 

Racz

Just to put it in perspective. If we have 200,000 and at $100 per oz it is worth, say $20 million.

 

 

Dupont

If you have 200,000 ounces at $100 an ounce, that’s probably worth $20 million – that’s right.

 

 

Racz

Now if it is valued more, it is more. But let’s say – let’s go to the inferred subject – would you
drop the valuation by 5 or 10 or what?

 

 

Dupont

Well I’d probably drop the valuation by maybe 50% on the inferred because the indicated is pretty well guaranteed that it is there, it is just a matter of additional work to bring the inferred up to the indicated category. In order to upgrade the resource from the inferred to the indicated category you have to do more work consisting of additional drilling.

 

 

Racz

Okay – so if you take 800,000 at $50 it is again $40 million.

 

 

Dupont

Yes – 800,000 @ $50 is $40 million – that’s right.

 

 

Racz

So if you add the two it is $60 million okay?

 

 

Dupont

Yes

 

 

Racz

Now, for the sake of conversation, you have at the moment, let’s say between $15-$17 million market cap.

 

 

Dupont

Yes

 

 

Racz

Way below the $60 million.

 

 

Dupont

Yes it is.

 

 

Racz

Now what I sometimes wonder – why doesn’t a company like you approach Robert McEwen and say look I sell you 25% of both the indicated and inferred current reserves which would be
$15 million and even if it is not paid in cash immediately, but paid off - $15 million is more or less equal to the market cap of the company.

 

 

Dupont

Yes

 

 

Racz

But, now in the oil business – the oil people – are doing it every day with one another – buying jointly, or selling part of the oil reserves and so on – in the mining business in general, these kind of transactions aren’t particularly popular.

 

 

Dupont

Well they don’t occur in the mining industry.

 

 

Racz

Why?

 

 

Dupont

That’s a good question. There a lot of transactions that they do in the oil industry that we don’t do in mining and conversely we do in mining that they don’t do in the oil industry.

 

 

Racz

To upset you I have done – I have known almost all the major oil people in Texas and this is because I worked for Governor John B. Connolly, the governor of Texas and some of these characters became billionaires by discovering something, sell part to the friend, then buying back and making various kinds of agreements with one another. The Hunt family is still doing it. And, the mining – have you ever thought of doing that?

 

 

Dupont

No we haven’t.

 

 

Racz

So in other words, it is a hidden potential capital reserve. If you do it and it’s successful and you sell 15-20-25% of the current resource, you could recover in cash the market cap of the company?

 

 

Dupont

Yes, but typically what is done in the mining industry is that a portion of the property (deposit) is sold, not just a portion of an existing resource. A buyer would rather purchase a portion of an existing property (deposit) than just a portion of an existing resource. For example if you sell 20% of a 1,000,000 oz resource for $15,000,000. The buyer acquires only 200,000 oz, but if the buyer purchases 20% of the property and the property has a potential of 20,000,000 oz then the buyer gets a better deal. The buyer would probably try to get 20% or more of the property. Most buyers would want to buy 20% or more of the potential resource of the deposit itself which in this case could be significant.

 

 

Racz

And would get the limelight. Now let me go a bit further. You have 27.5 – 30million warrants outstanding. What is the exercise price?

 

 

Dupont

50 to 70 cents – we have 6.5 million at 70 cents and the balance are at 50 to 60 cents.

 

 

Racz

May I ask you this? Can you change the warrant exercise price with a registration?

 

 

Dupont

No, not really. You can’t change the price. You can probably extend the life of the warrants. You would need shareholder authorization at a special general meeting.

 

Capitalization ( as of March 25,2012)

 

 

Shares Outstanding

147.3 Million

Warrants Outstanding

28.4 Million

Options Outstanding

11.8 Million

Fully diluted

187.5 Million

Racz

But you cannot change the price by registration.

 

 

Dupont

I don’t think so.

 

 

Racz

Can I ask you – have you ever tried to do it or do you just accept it?

 

 

Dupont

I’ve never tried to do it.

 

 

Racz

So we have now – the second hidden asset – 30 million warrants which if you can theoretically change it to 10 cents, it has several million dollar value and added to the previous calculation, your current market cap – let’s say reduced by 1/3rd – is the cash value.

 

 

Dupont

Yes, if somebody were to exercise the warrants….

 

 

Racz

Who has these warrants.

 

 

Dupont

Various Investors

 

 

Racz

And what is the period – the exercise period?

 

 

Dupont

It usually is 18 to 24 months.

 

 

Racz

And they expire soon?

 

 

Dupont

yes a number of them expire in December of this year – yes.

 

 

Racz

Is it illegal to go to the exchange and make an offer?

 

 

Dupont

Yes it is to buy the warrants.

 

 

Racz

So far what I have seen – is you have a company – I haven’t analyzed what you really have except the numbers and we’re discovering two potential hidden valuations – hidden transactions such warrant refinancing could increase the market value substantially. And these things always happen by the way when the market is bad.

 

 

Dupont

Yes

 

 

Racz

And what about the options?

 

 

Dupont

The options are anywhere from 20 to 93 cents. And most of those – the board of directors have those or employees of the company.

 

 

Racz

And they are also short term?

 

 

Dupont

They’re for 5 years; a lot have 1 year left, some two years, some 3 years, some 4 years.

 

 

Racz

Let me go to the property – if you take this Timmins property with the figures you have indicated 200 / 800 what is the projection what you will do with this property and when?

 

 

Dupont

Well we want to do is bring it up to a point where it is 1.5 to 3 million ounces and then probably sell it to a major.

 

 

Racz

The company or the assets?

 

 

Dupont

Just the asset – just the Timmins Porcupine West property.

 

 

Racz

So the 1.5 million you hope will be indicated reserves? Or it doesn’t matter.

 

 

Dupont

Both categories – The indicated category – there’s probably 200,000 maybe 300,000 ounces in the first category. Typically what happens when you are drilling is that some of the holes are drilled near holes in the inferred category. By drilling holes closer to other holes in the inferred category this upgrades the inferred resource in the vicinity of that hole to indicated, Thereby increasing the overall indicated resource category.

 

 

Racz

When do you think you can reach 1.5 million?

 

 

Dupont

I should have it by the end of December 2012.

 

 

Racz

This year?

 

 

Dupont

Yes

 

 

Racz

1.5 million – even if it is 50 that’s – that a very big number. And, at that stage you may be going around the world and trying to sell this 1.5 million ounce as a package for a certain amount of money?

 

 

Dupont

Yes – Typically what happens in our industry – once you get past 1.5 million ounces or more one of the majors like the Barrick, Goldcorp, etc will take notice. These majors are producing gold from their reserves bank all the time – they have to replace the ounces they are producing out of their reserve bank – so they are constantly on the lookout for juniors that have properties that they are proving out gold resources. The majors are the ones that are going to look at this property. They will look at the model and see a potential of 20 to 30 million ounces. They will then take notice that a NI43-101 resource has been defined with 1.5 or 2 or 3 million ounces. In all likelihood the major will see this as an opportunity to replace ounces in their reserve bank that they have produced and they’re going to want to buy it. Right – so we have to negotiate the best deal we can get to maximize the benefit to the shareholders.

 

 

Racz

But you start to talk about big numbers from operation. If you take 1 ½ million is almost $150 million at the $100 level – no?

 

 

Dupont

Yes, that’s right.

 

 

Racz

It’s 10 times the market value of the company.

 

 

Dupont

If you turn around and were to build a mine there, say you build a mine for $250 million, then you start mining the gold and it costs you say $600 an ounce to mine it and mill it, you’re left $1,000 an ounce so the valuation of your gold in the ground and the resource goes up significantly because you’ve got the development done in order to produce it.

 

 

Racz

How long would it take and how much money would you need?

 

 

Dupont

To develop it? Probably $250 million to develop it and probably maybe 3 years.

 

 

Racz

But you are talking – let’s just say the money is available. You passed the 1.5 million so you are creditworthy. You need to raise $250 million. Partnership is somebody or alone. 3 years later you will be producing gold.

 

 

Dupont

Right.

 

 

Racz

Roughly what would be the initial production?

 

 

Dupont

Well you’d probably target maybe 100,000 ounces a year.

 

 

Racz

100,000 a year is $100 million.

 

 

Dupont

That’s right.

 

 

Racz

And you have a market cap of $15 million

 

 

Dupont

Yes

 

 

Racz

So, in other words, you need really a partner. Either you sell assets or you get a partner. That’s the alternatives.

 

 

Dupont

Exactly – you either sell the property or get a partner. That’s the alternative basically. Physically it is easier to sell it.

 

 

Racz

Now in order to get there everybody – I mean it is very important for you that people should know the company, know what you have, what are the prospects. These are the stock market oriented issues.

 

 

Dupont

Yes

 

 

Racz

Now how much money do you need in the next six months?

 

 

Dupont

In the next six months probably 5 or 6 million.

 

 

Racz

What kind of money are you thinking of getting – or hoping to get?

 

 

Dupont

Well I would like to raise enough to go for a whole 12 months. It would be nice to raise $10 million so that we can run for the next 12 months so that we can guarantee by December 2013 to have 3 million ounces on the books.

 

 

Racz

Have you ever heard of gold index bonds?

 

 

Dupont

No.

 

 

Racz

You have never heard of it?

 

 

Dupont

No

 

 

Racz

This is a subject that has fascinated me for 30 years. It started when I worked with the Hunt family 30 years ago and actually we did a $60 million silver index bonds and I got to know a fellow in London who worked with the Russians on Russian Gold Mines with index bonds – you know financing – and he is now approximately worth personally $1 billion and that was 15 years ago. Ivanhoe was dealing with this subject; we did a booklet with Credit Suisse and myself which I still and can send you tomorrow, and eventually Ivanhoe was thinking $2 billion but don’t forget 6 years ago they started with nothing. So in other words, people start with very little and go very very far. Eventually Ivanhoe was worth about $80 billion when Rio Tinto took it over. I was very lucky I was with them right from the beginning. Now how is the market for obtaining money for a company like you?

 

 

Dupont

It is not too difficult to get money – it depends on what price you want to sell you shares at. Like right now, in marketing the shares are trading at 13 cents right; so you have to finance 13 cents with let’s say ½ a warrant or something so you get the capital to do the work. So you cause a dilution in the capital stock.

 

 

Racz

Look – I find this situation fascinating and I understand that exposure is very important for you because if there is exposure in these numbers people buy stock and 13 cents may go into 20 cents. Publicity, that’s #1. if you file 1 million 1 ½ million gold index bonds and people see it is feasible, they buy it, you get an awful lot of publicity – that would bring you to the second stage and when you can point out that you have gold reserves, source of money – everything becomes much more interesting and beneficial to your current stockholders.

 

 

Dupont

Oh yes, very much so.

 

 

Racz

Now look – I don’t know you so it doesn’t matter what I say but look – Robert Friedland had the personality that is very difficult to come by in the market and the contacts. And he raised all the money for Ivanhoe. He brought in Rio Tinto much to his regret because he needed Rio Tinto for money. And he created a worldwide interest in himself, in Mongolia you know – the rest is history. But in closing I would say that this is the beginning because this is an interesting project; we have to go step by step as fast as possible but you have one other huge advantage right today. The price of gold is not as high as it should be; the interest in gold is not as good as it should. The so-called Lehrman theory- and Robert McEwen and I have similar beliefs- is a very good idea but has not had widespread recognition as yet. Believe me there is nothing more expensive than an ordinary underwriting. The whole process of gold index bonds is feasible – can be done – should be done and I want to finish this first interview with this. Repeat what during the War President Roosevelt said, no man can say it can’t be done; it can be done – it will be done. Do you remember this?

 

 

Dupont

No – but – it can be done.

 

Disclaimer

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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Posted November 16, 2007 

"Sanj Bayar -
The Prime Minister of Mongolia"

Posted November 15, 2007 

"Stalin & Chavez"
Posted November 9, 2007 

"Tagish Lake Gold Corp."
Posted November 1, 2007 

"Gold Indexed Bonds"
Posted October 11, 2007

"Jasper Mining Corporation"
Posted September 27, 2007

"Ghengis Kahn Returns"
Posted September 27, 2007

"Interview with Professor William Pfaffenberger - Torch River Resources"
Posted September 22, 2007 

"Interview with
Jim Davis - President of Leeward Capital Corporation"

Posted September 4, 2007 

"Interview with
David Hjerpe - Newmac Resources, Inc."

Posted August 27, 2007 

"The Age of Special "Corporate" Relationships"
Posted August 23, 2007

"Entrée Gold Inc."
Follow Up Report #1

Posted July 24, 2007

"Aldershot Resources Ltd."
Posted July 16, 2007 

"Portal Resources"
Posted June 12, 2007 

"Ghengis Kahn Was Hungarian"
Posted May 31, 2007

"Bayswater Uranium Corp."
Posted May 30, 2007 

"Brilliant Mining Corp."
Posted May 22, 2007

"Golden Valley Mines, Ltd"
Posted April 21, 2007

"Warren Buffett - Franklin Roosevelt"
Posted March 15, 2007

"Rubicon Minerals Corp."
Posted March 1, 2007

"Robert Friedland -
The Man of The Year"

Posted February 21, 2007

"Lexam Exploration, Inc."
Posted February 11, 2007

"My Father Died In Auschwitz"
Posted January 19, 2007

"WisdomTree Investments, Inc."
Posted December 26, 2006

"Entrée Gold Inc."
Posted December 13, 2006

"Aero Mechanical Services, Ltd"
Posted November 17, 2006

"This Year I"m Voting For Dick Nixon"
Posted November 7, 2006

"Global Options
Group, Inc."

Posted November 1, 2006

"The Arrival of the
Nickel Billionaires"

Posted October 18, 2006

"The Kennedy-Nixon debate revisited"
Posted October 4, 2006

"Brilliant Mining Corp."
Posted September 17, 2006

"A Matter of Reasonable Doubt"
Ken Lay - Enron

Posted August 30, 2006

"Silver Wheaton - SLW"
Posted August 28, 2006 

"Silver In The
Twenty-First Century"

Posted August 16, 2006

"The Age of Mediocrity"
Posted July 19, 2006

"Let There Be Sunshine"
Kirk Kerkorian

Posted July 12, 2006

"Oil & Gas
Energy Crisis Solution"

Posted July 3, 2006

"I Am An Immigrant!"
Posted June 7, 2006

"Northern Star
Mining Corp."

Posted May 19, 2006 

"Gateway Gold:
It"s A Gold Story"

Posted May 15, 2006

"Ken Lay's Legacy"
Posted May 8, 2006

"The Principal Guest Was Missing"
Posted April 25, 2006

"J.P. Morgan Offers Advice To Ken Lay"
Posted April 11, 2006

"Pocketful Of
Miracles"

Posted April 8, 2006 

"Midway Gold
Corporation
"
Posted March 23, 2006 

"Harvest Gold"
Posted March 2, 2006 
 
"Sparton Resources"
Posted March 1, 2006 

"Interview with
Robert McEwen-
U.S. Gold Corporation
"
Posted February 22, 2006 

 
"A Tribute to
Rudy Giuliani
"
Posted February 15, 2006
 
"Your Money Is Not Yours"
-Enron & Martin Siegel, Esq.

Posted February 9, 2006

"Other People"s Money -Enron & Martin Siegel, Esq."
Posted January 28, 2006

"Northern Star Mining"
Posted January 16, 2006 
 
"Sonesta International Hotels Corporation"
Posted December 29, 2005 

"The Currency of Mass Destruction"
Posted December 5, 2005
 
"Bunker Hunt-Silver-China"
Posted November 28, 2005

"50 Relatives Worse Than Yours"
Posted November 14, 2005

"Then And Now"
Posted November 9, 2005 

"The Business of Hungary is Business!"
Posted October 31, 2005

"Mr. Prime Minister"
Posted October 13, 2005
 
"U.S. Gold Corp."
Posted September 29, 2005

"Orezone"
Posted September 23, 2005

"Mr Clarke -
Call In The Boys"

Posted September 12, 2005
 
"A Letter To
President Bush"

Posted September 8, 2005

"Mr. Smith Goes To Hungary"
Posted September 1, 2005
 
"Orko Gold"
Posted August 18, 2005

 "Near Hit"
Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005

 

 

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

Copyright © 2011 Andrew Racz. All Rights Reserved.

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