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

Explor Resources Inc.

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”.


Christian Dupont, CEO
Explor Resources
November 28, 2012


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?




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.




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




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




You mean the whole uncertainty in the world.




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.




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




Yes, that’s right.




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?




Yes they are.




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.




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.




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




With what?




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.




I agree 100% with that.


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




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




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



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




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.




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?




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.




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




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




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?




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.




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




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




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








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








Way below the $60 million.




Yes it is.




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.








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.




Well they don’t occur in the mining industry.








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.




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?




No we haven’t.




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?




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.




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




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




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




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


But you cannot change the price by registration.




I don’t think so.




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




I’ve never tried to do it.




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.




Yes, if somebody were to exercise the warrants….




Who has these warrants.




Various Investors




And what is the period – the exercise period?




It usually is 18 to 24 months.




And they expire soon?




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




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




Yes it is to buy the warrants.




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.








And what about the options?




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




And they are also short term?




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




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?




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.




The company or the assets?




Just the asset – just the Timmins Porcupine West property.




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




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.




When do you think you can reach 1.5 million?




I should have it by the end of December 2012.




This year?








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?




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.




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?




Yes, that’s right.




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




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.




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




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




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.








Roughly what would be the initial production?




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




100,000 a year is $100 million.




That’s right.




And you have a market cap of $15 million








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




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




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.








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




In the next six months probably 5 or 6 million.




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




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.




Have you ever heard of gold index bonds?








You have never heard of it?








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?




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.




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.




Oh yes, very much so.




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?




No – but – it can be done.



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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"Mr. Smith Goes To Hungary"
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"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:

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