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

Jourdan Resources Inc. (JOR.V)
Recorded Interview

With Mr. Michael Dehn

CEO & President
March 20, 2012

Jourdan Resources Inc.
Price 7 cents
52 week price range 5.5 cents – 16 cents
Shares outstanding 44,070,742
Market cap $3,085,000
Andrew: The first question I ask is – who are you? What is your description; your corporate history?
Michael: I started my career in 1994 as a geologist working with Goldcorp. I was one of the first hires of Goldcorp, which was formed as the amalgamation of Dickinson Mines, Goldcorp Investments and several other junior companies. I spent 12 years at Goldcorp right through the discovery of high grade zone to the production of the high grade zone, and when Goldcorp merged with Wheaton River Resources, I felt it was time to move on to something more interesting.
Andrew I hope you don’t mind my asking these questions as a diversion – but what memories do you have of Robert McEwen?
Michael Robert used to really challenge us, give us opportunities to put our necks on the line. It was never easy, but it was always fun. Some nights we were in the office to 2 or 3 in the morning getting ready for a presentation …
Andrew When you say the office, which office?
Michael I worked with Rob in the Toronto office.
Andrew What impression did you have of Robert McEwen?
Michael When I was there he was always encouraging us and challenging us – he gave us lots of opportunity but we always had to deliver when he gave us that opportunity; and he was very entrepreneurial – quick to make decisions, fast moving. I mean I’ve learned my sort of aggressive and fast moving style from working around him. You can’t wait for everyone else; you’ve got to move forward.
Andrew Did he really understand the theory of gold?
Michael He’s a gold bug, he understands the stock market very well and he understands geology enough that when you explain something to him, he understands the theory of faulting, shearing, you know intrusive gold – so when we came to him with a proposal, his typical question was how much is it going to cost and how many ounces do you think I can eventually find? If you could say, reasonably I expect a 50% chance of finding 100 ounces and it will cost a half million dollars, he would say that’s a worthwhile exercise – let’s test it.
Andrew How did he acquire so much money?
Michael His family ran Goldcorp Investments and CSA Management Ltd. which had two gold funds called Gold Trust and Gold Fund. Rob’s background I think prior to working in the family business was working for Merrill Lynch Canada, if I am not mistaken.
Andrew He admitted he started as a broker.
Michael Yeah – and even before that I think he had a summer where he went up to Sudbury and drilled underground as a driller. In his university days I believe.
Andrew I am working on a major paper with him now; I mean I’m writing – he looks at it – it’s about gold index bonds and the change financial system. I hope to finish this weekend, but it took me several months to convince that – but what I have worked out is real. Actually the IMF contacted me and if we present the paper, which shows how gold prices will not only go up, but you have to now create gold index bonds to cope with the amount of cash that changes civilization and I told him only he has the personality to deliver it and sell it to the world. So, I’ve been working with him – we made a presentation to President Bush together and actually Bush took more interest in him than me, but that’s alright. I like him. Now – you learned from Robert – a very aggressive but professional attitude; correct?
Michael Sure, and also, Rob will talk to any shareholder who asks a question. Many CEOs – especially in the junior companies –only want to talk to the big shareholders. They’ll have investor relations to talk to many of the smaller shareholders. When you call Jourdan Resources or any other company I’ve worked with, if you want to talk to the CEO, the CEO is here to talk to the shareholder.
Andrew What is it that you had in mind in setting up alone or with partners, Jourdan Resources?
Michael Our goal for Jourdan Resources is ultimately to be a Canadian based, not necessarily only Canadian focused, but truly Canadian-based phosphate explorer.
Andrew So you want to set up a Canadian-based phosphate manufacturer?
Michael Producer. Yes. Our goal is to go into production, and not be bought out before we get there by Agrium, Mosaic or CF Industries. We are committed to going forward as far as it has to go to extract the best value for our shareholders. If somewhere along the line, somebody makes a bid for the company, we’ll deal with that when that comes along, but we don’t have this anticipation just to sell the company after we’ve made the feasibility study.
Andrew You analyzed the importance of phosphate in the fertilizer field?
Michael Yes, and that’s why I approached Jourdan. I had been working in the Titanium field with a little Vanadium and Iron most recently, and you know, the industrial minerals are typically quite tied to global GDP. As GDP increases globally, so does the demand for the industrial minerals and I think the near term and in fact the 20 year term, I don’t see global GDP doing as well as it did 10 years ago. I was trying to figure out where are there the best opportunities for a small company to get started? So I looked at the phosphate industry, as a sector of the fertilizer industry, where the growth is really not just tied to GDP but also to population growth. With Africa having – expected to have the largest population growth and by far being the lowest per capita fertilizer user, that there is a great opportunity to feed the world, primarily through feeding Africa.
Andrew To talk of Africa – Africa had no fertilizer usage probably 15 years ago.
Michael Well yeah you know – certain places in Africa there are lots of fertilizer “miners” , but the cost at this point is prohibitive for the domestic African market to purchase fertilizer. We’re looking for opportunities where we may be able to source fertilizer or phosphate in Africa and look at the domestic African market as well as the export market And there’s a lot of benefit to that; some of them are socioeconomic but other ones are purely economic and capitalistic in that there is no one else doing it so if you’re first to the door and you prove a good track record, your customers will be happy, your shareholders will be happy, and if you continue to do this, you’ll be paying your shareholders nice dividends. I look at long term goals for Jourdan shareholders. I’d like to see some good capital gains for our shareholders, but I think the biggest benefit for shareholders should always be dividends. So I’d like to be able to pay our shareholders a healthy dividend; monthly, quarterly, annually depending on the position the company is in at the time.
Andrew You have a theory. Okay – I mean I remember when I first – when was it – 1974 fertilizer first came into the stock market play and we did illustrate that phosphate is phosphate but also phosphate is needed for nitrogen and the whole gamut of fertilizers all depend on phosphate.
Michael Sure. When you go to the garden center for your lawn or for your roses, there’s three numbers on the bag of fertilizer – 10/10/10 or some combination, that is the ratio of nitrogen to potassium to phosphorus. The three key elements …
Andrew At the moment are you producing or just planning the future.
Michael At this point, we’re an exploration company.
Andrew Which means that you try to find phosphate where?
Michael We’ve identified a large historical resource on the north shore of the St. Lawrence River in Quebec near Baie-Comeau – that is the Dissimieux Lake property, and we’ve also acquired the Jazz Phosphate properties from a group of prospectors which is contiguous with area and resources.
Andrew You own these places?
Michael We own 100% of Dissimieux Lake and 100% interest in the Jazz property subject to another $275,000 in property payments over the next two years.
Andrew You have an exploration play at the moment except that it is an enormous future and lack of not too much competition – not so much like in silver mines.
Michael That’s right – there are very few Canadian companies active in phosphate exploration in Canada. There are probably half a dozen with almost all the very advanced being in the same region as we are.
Andrew Okay – let me ask you this question. If you had to swear in writing, how much are the two deposits worth to you?
Michael How much is the property to us today?
Andrew If you had to make a guess.
Michael The only guess that I am comfortable making is what the market is paying for it, and the market is not giving us very much value for it. The market says we’re worth about $3 million today. Do I think that’s a fair assessment of where we should be? No.
Andrew Now you have what – 45 million shares?
Michael We have about 45 million shares outstanding.
Andrew And the price is 8 cents?
Michael Today it might have even been 7 cents, yes.
Andrew Now – you have a $3 ½ million market cap – some small amount of money correct?
Michael Correct.

And you have deposits in a field which you researched and I’m sure you are right, which is undetermined – where the market value is $3 million but – put it this way – do you have offers from people to buy the properties?

Michael At this point, no.
Andrew Okay, then what it is that you have to do – let’s say this year to make …
Michael In an ideal situation, we spend $6 million to complete drilling, engineering work, some environmental permitting and we have a preliminary economic assessment.
Andrew So you would need another $6 million?
Michael We need at least another $5 million, because we have approximately $1 million to spend on exploration.
Andrew Okay, suppose you got a $5 million check. What would you do?
Michael I’d advance – I’d have the drilling done as quickly as possible. Complete the engineering as quickly as possible and then have the economic assessment completed by the end of the year.
Andrew And what happens then?
Michael Then you should be able to come up with a valuation of the company based on what we call National Instrument 43-101 Resource and a 43-101 Engineering Study that will allow you a net present value and internal rate of return on the company in a Preliminary Economic assessment.
Andrew So now – and that time – the current position, $5 million, one year of hard work, 43101 – that will be a different valuation on the whole situation.
Michael Absolutely.
Andrew And a year later from here, the world needs more phosphate or less phosphate.
Michael The population is growing, North American supply is decreasing, we’ll need more phosphate.
Andrew And is it possible in the next 12 months you could make various deals which liquefy the reserves and the company and therefore you could look beyond 2012 to develop the two properties?
Michael Sure – we are currently evaluating other opportunities that are more advanced and closer to production – just not in Canada. But, we are staying focused on phosphates.
Andrew Okay, just as an example – going back to Africa okay – that suppose rich Tanzanian or a Tanzanian public company which has money would approach you and make a deal for 20%
Michael Of the company or the property?
Andrew Either the company or the property?
Michael I would say for the company probably more likely than for the property; but that would be reasonable.
Andrew There are lots of people in Africa and African corporations who are getting very intelligent about the needs of people. I mean after all, Africa has a billion people. It has the best climate. It has the most mineral resources and you have a population which really wants to advance and is un advanced at the moment. So in other words, it is a very good combination for the African company to go into business with you. Because they have the marketing.
Michael Sure. A local company will do value added in country so where our expertise comes from mining and exploration …
Andrew So in other words, you have two angles. One is the traditional conventional business – okay? Future business. And you may have enormous opening inside Africa when there is an incredible need for phosphates and many people there and many companies have plenty of money.
Michael We’re looking at other opportunities even, not so much for Hong Kong or for China as a market to buy from, but more for Hong Kong and Singapore as a trading partners to help establish a customer base so that we can have more customers sooner. The one thing that has come out of here is that it is a traded commodity, it doesn’t have a spot price, it’s contract traded, so you want to really establish a good trading business as soon as possible so that you have your customers lined up when you are in production and you know that may establish even off-takes ahead of time.
Andrew Now let me come to a different theory. Suppose you were a small gold company – exploration and compare it with your current company phosphate also exploration – if you take – anybody would take a 3/5 year viewpoint, wouldn’t it be fair to say that you could eventually produce much more money than the gold company?
Michael Absolutely. And this is an example from the last industrial minerals company I was working with, For a capital investment of $100 million, they were going to generate on their economics, more than $200 million of annual cash flow and that just grows because they can just increase production easily by adding new production facilities. When you’re talking industrial minerals of phosphates or potash, it’s not necessarily the mine itself that is the bottleneck, it’s the mineral processing. When you’re talking gold mines – it’s typically the other way around. You have to build a large mill but then you have to keep feeding that mill. when you get into a large phosphate belt, hundreds of millions of tons of ore is very reasonable and realistic and may be event to the point of being like an iron ore deposit where you have billions of tons of ore. That’s not quite as typical as when you come to a gold or silver mine – you’ve got the Grasberg’s of the world (Freeport-McMoRan’s mine in Indonesia) which are these mega deposits and Yanacocha in Peru (Newmont and Buenaventura) but that is atypical. When you look at a gold mine in Canada, it’s looking to process one or two thousand tons of ore per day in a nice healthy underground mine. And when you look at the open pit mines you have to move many more tons, but their cost to process each time is very expensive. And there’s not so much value when you are only mining one gram per ton.
Andrew So what we are talking here is an industrial product which is well described and in various parts of the world has enormous new potential for regular development of the world – look recently – two years ago sugar went up three-fold very simply because the Indians and the Chinese started to take sugar into their tea and that’s a natural development. phosphate is really more agricultural and agriculture is probably the most rapidly growing economic space in the world and various segments and agriculture ,rightly or wrongly, tied to phosphate and fertilizers and therefore what you are saying is that you have an exploration company; there are exploration companies in gold, silver, copper, whatever it is – however, agriculture is different because the market is bigger and growing much more rapidly, the margins eventually higher and all your company needs is some friends and money.
Michael That is exactly right. It was with the agricultural products fertilizer related – corn yields are higher and there’s this competition now for fertilizer for the biofuels. If you’re looking at ethanol from corn or from other plants, there’s this incentive for North American companies to start producing high yield in corn; not so much for agricultural or for human consumption or animal consumption anymore, but for the fuel business. So there is even more competition for fertilizer for high yielding land than there was 20 years ago because of the push toward biofuels.
Andrew The issue is if you succeed with your company, the way you described, $5 million, building something – get a partner – 2, 3 years from now, the numbers can be very, very big because we are starting with a $3 ½, $4 million market cap and you’re going into fields where 10 or hundreds of millions of products are changing hands. I mean …
Michael if you look at some of our peers the comparison of type of deposit, the grades are much higher for our competition than ours are, d’Arianne Resources went from 18 cents to $2.50 in a couple less than a year
Andrew Which one?
Michael DAN is the ticker – d’Arianne, TSX Venture, and they are currently trading at $1.10 but if we go back to December of 2010 – they were trading around 20 cents. They hit a high of just under $2.50 in September 2011 –not that long ago –in a period of less 12 months they increased their market capitalization by more than 10 times.



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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