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

Claude Resources

December 16, 2009

Price: $1.10

Interview with
Robert Buchan
Now owner of 11% of CGR

Mr. Buchan is an international industry veteran, and is expected to widen the audience with investors.


Shares of Claude Resources jumped 15.9% on the news that Robert Buchan, the former Chairman and CEO of Kinross Gold Corp. (KGC), has entered into a private placement financing with Claude and will join the company's Board of Directors once the transaction has closed. Under the terms of the financing, Mr. Buchan and/or a charitable family trust will purchase 5 million units of Claude at a price of C$0.72 per unit for proceeds of C$3.6 million, and 2 million common shares issued on a "flow-through" basis at a price of C$0.85 per common share for proceeds of C$1.7 million. The total gross proceeds of the offering will be C$5.3 million. According to the company each unit will consist of one common share and one common share purchase warrant, which will entitle the holder to acquire one common share of CGR at a price of C$0.90 per common share for a period of three years following the closing date. The transaction is expected to close on or about November 1, 2009.

The ability of Claude management to attract Mr. Buchan, a widely-known industry veteran, has the potential to widen the audience for the company. Buchan's investment may be seen as a stamp of approval on Claude and the future growth and profitability of the company.

ANDREW RACZ:  You have started in the mining business. You achieved considerable success at an early age. What you have created is now a legend. Recently you became the largest stockholder of another mining company, and you expressed in conversation that you have tremendous expectations from your current venture. But in any case, you have achieved fame in the gold mining industry in the North American continent. Are there many people like you?

A:  Are there many people like me? In what sense?

Q:  Well, people who obtain success, regroup, go back again, and aim for further success.

A:  I don't know, and to me it's not a game that you play against other people. You play it against yourself. I don't really follow what other people have done or are doing. So I don't know the answer to that.

Q:  But as an individual, you had an important and commendable life in a certain field. Do you feel that this is now continuing and further achievements are waiting for you?

A:  Absolutely. After I retired from Kinross, I was the chairman of a company called Katanga Copper, which grew to become one of the biggest copper producers in Congo. And when I left, the company had grown to over a billion dollars of market cap. Then I subsequently started another gold mining company called Allied Nevada in Nevada, which currently has a market cap of a billion. Again, both were started from scratch.

Q:  Which years were you in the Belgian Congo?

A:  I was in Congo from 2004 to 2007.


About Katanga Mining Ltd.
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The company has the potential to become Africa's largest copper producer and the world's largest cobalt producer. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.

Operations and Project summary for the quarter ended September 30, 2009
Underground (KTO)

During the quarter ended September 30, 2009, 315,679 tons of ore were mined with an average copper grade of 78% and cobalt grade of 0.46%. This represents a 24% increase over the previous quarter.

Open Pit (T17)
398,302 tons of ore were produced (a 6% decrease from the previous quarter) with a copper grade of 1.17% and a cobalt grade of 0.75%. The decrease in the amount of ore produced is consistent with the expected production in the mine plane in the Accelerated Development Plan.

Q:  Your copper company was the successor of a world-famous entity, the Union Minière.

A:  Yes, it was. Basically it was a restart of one of Union Minière's largest deposits. I think today it still would rank in the top five of copper deposits in the world.

Q:  You mean your company, Katanga?

A:  Yes, Katanga. But Katanga is now controlled by Glencar. I'm no longer involved.

Q:  What happened to the Union Minière after the Congo became independent?

A:  For a while, up till the mid-nineties, they operated many of the assets under a contract. But towards the early nineties, 1992-1993, the pressure was put on them to divert more and more funds to either the running of the operation to meet the needs of Mobutu, and pay for the equipment. They basically just said enough, we won't do this anymore, and they left. So I'm guessing they left in 1993 or 1994. I'm not a hundred percent sure.

Q:  How did your company come into the picture?

A:  The copper company was an opportunity that I'd looked at while I was at Kinross, when the price of gold was at $250 and looked like it was going to zero. But we looked at all sorts of other alternative investments, one of which was copper. It was a fortuitous situation where I ran into someone who had an interest in Congo and introduced me to Geca Mines, the state mining company. Anyway, we had just a lucky introduction and were invited to come and have a look. I sent some people to have a look, and they all came back just amazed at what was there. So we started looking at how we could get it. And as the gold price recovered, the board decided they didn't want to participate in a copper company, so it was spun out and I invested in it, and it was a very successful investment.

Q:  When you entered the Belgian Congo, did anybody remember the name of President Tshombe?


Economy - Overview
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly recovering from two decades of decline. Conflict that began in August 1998 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms, although progress has been slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from 2006-2008, however, renewed strife in the second half of 2008, combined with a fall in world market prices for the DRC's key mineral exports inflicted major damage on the economy and halted growth. Government reforms may lead to increased government revenues, outside budget assistance, and foreign direct investment, although an uncertain legal framework, corruption, a lack of transparency in government policy are long-term problems. The DRC government has applied to the IMF for an Exogenous Shock Facility in the amount of $200 million to help it deal with its deteriorating financial situation, and the World Bank will consider a separate $100 million in emergency funding. The global recession probably will cut economic growth in 2009 to half its 2008 level.

GDP - per capita (PPP)
$300 (2008 est.)
Country comparison to the world: 228

GDP - composition by sector
Agriculture: 55%
Industry: 11%
Services: 34% (2000 est.)

Revenues: $700 million
Expenditures: $2 billion (2006 est.)

Inflation rate (consumer prices)
16.7% (2007 est.)
Country comparison to the world: 198

A:  No. You deal with the realities of the day. It's very difficult to try and go back and look at all of the issues that exist in Katanga Province and the issue with Lumumba, and so on. You just don't go there. You accept the realities of where you're at and you make sure that you deal with it in a way that doesn't come back to haunt you, i.e. that you don't pay bribes, you deal with people properly, and try and build something you're proud of.

Q:  What happened when you left? What did you achieve with the copper for gold company?

A:  What did we achieve with Katanga?

Q:  Yes.

A:  In what sense?

Q:  Well, it is a very unusual part of the world, tremendous mineral resources, a great deal of political uncertainty lasting about fifty years, tragedy after tragedy.

A:  This was an asset that had been in production. It had been abused badly, but when we first got involved, the reserves were well over a hundred years. We committed to bring the operation back up to 150,000 tons of copper and 8,000 tons of cobalt. So what were doing is taking an old plant that had been abused and refurbishing it. The total cost of refurbishing, I don't remember exactly but it was north of $300 million. Phase one was maybe $150 million. So we entered into an agreement with the government privately, and then we took it to the market and financed it. And as I said, when I left we were finishing phase one and were starting to do phase two.

Q:  And what happened after this?


Last trade
Day's range
52-week range

8.84 - 8.84
2.75 - 9.01

The takeover of Glencar Mining PLC by Gold Fields Metals BV

An announcement was made on 24 July 2009 that the board of Gold Fields Metals BV and the board of Glencore Mining PLC had agreed the terms of a recommended cash offer to be made by Gold Fields, a wholly-owned subsidiary of Gold Fields for the entire issue and to be issued share capital of Glencore.

On 7 September 2009, Gold Fields announced that all the conditions of the offer had been satisfied or waived and that accordingly, the offer was declared unconditional in all respects.

Following the offer by Gold Fields becoming unconditional, the admission of Glencore's shares to trading on AIM and IEX has been cancelled with effect from 7.00 a.m. on Monday 5th October 2009 and Gold Fields is applying the provisions of section 204 of the Companies Act, 1963 to acquire compulsorily any Glencore Shares not acquired or agreed to be acquired pursuant to the offer or otherwise on the same terms as the offer.

A:  As far as I know, Glencore (Swiss company) maintained that commitment and I'm guessing that the 100,000 tons a year productive capacity will be heading towards 150,000 in the next year or two.

Q:  What happened to Union Minière? It was a Belgian company listed on the stock exchange.


Company History - Copper's travail
During its years of operation, the UMHK greatly contributed to the wealth of Belgium, and, to a lesser extent, Katanga — which developed more than the surrounding regions without similar mineral resources. The company could be considered harshly capitalistic, but its motto at the time, best expressing their opinion of development was "good health, good spirits, and high productivity." Possibly it was because of this approach, and in order to keep and placate the workforce, that the Union introduced an accident compensation scheme as early as 1928 along with full free health care, housing and a very large wage.) Katanga's mineral wealth led to the construction of railways (including the Benguela railway) to connect it with the Angolan coast which took place in 1911, other rail lines connected Katanga to Northern Rhodesia. Thereafter, mineral production, especially of copper, took off. For instance, in 1911, the Ruashi Mine, owned by the UMHK, began operation, supplying 997 metric tons of copper on its first year. By 1919, annual production had risen to 22,000 metric tons, produced by seven furnaces. In 1935, the Union was party to the World Copper Agreement[2][dead link] . In the 1950s, Congo was the world's fourth largest copper-producing country.

During its heyday, the UMHK operated schools, dispensaries, hospitals and sporting establishments, and had enjoyed virtually unlimited funds with the Banque de la Société Générale de Belgique. In 1959, Belgian profits from the Union Miniere were in excess of 3.5 billion Belgian francs, and export duties paid to the Congolese government constituted 50% of the government's revenue. There were times when the Belgian colony's tax on the UMHK accounted for up to 66% of its revenues. It is reported that in 1960, the UMHK had annual sales of $200 million USD, had produced 60 percent of the uranium in the West, 73 percent of the cobalt, and 10 percent of the copper, and had in the Congo 24 affiliates including hydroelectric plants, chemical factories and railways.

This eventually came to an end. Turbulence started in 1960, with the Congolese declaration of independence. In 1961, the UMHK supported the secession of the province of Katanga from the Congo and the murder of Patrice Lumumba, Congo's first prime minister after Belgian colonial rule. Upon the province's secession, the Union transferred 1.25 billion Belgian francs (35 million USD) into Moïse Tshombe's bank account, an advance on 1960 taxes which should in fact have been paid to Lumumba's government. On December 31, 1966, the Congolese government, under dictator Mobutu Sese Seko, took over the possessions and activities of the UMHK, transforming it into Gécamines (Société Générale des Carrières et des Mines), a state-owned mining company.

A:  I don't have any idea. I never did meet anybody from Union Minière.

Q:   So in other words, you went as an individual. You ventured into one of the worst complicated territories in the world, and you made a success out of it in terms of mineral deliveries and future mineralization.

A:  Yes.

Q:  Anybody who ventured into the Congo besides you deserves the Iron Cross, or something like that. So you leave the Belgian Congo, you successful put on its feet a most unbelievable mining disaster, and sold it and basically you have done a great job. Now what happened after this?

A:  Well, when I left Kenross, the new CEO, who I was very supportive of bringing in, started to redefine how the company was going to be run, which is quite normal. As a result, some of the people who were close to me weren't comfortable, and I said, okay, let's try and build a new company similar to Kinross. Scott Caldwell, my last COO at Kinross, left, and became the CEO of this new company, which we called Allied Nevada.

When we started it, the prime asset was an old mine called the Hycroft Mine in Nevada. The theory behind using that asset as the platform was that it had been in production at about 90,000 to 100,000 ounces of gold a year. But in a low gold price environment, it was barely marginal. So the thought was we can go back into production of 80,000 to 100,000 ounces a year, which we've done, and we could stand back and look for the high-grade feeder system. This is a classic epithermal deposit. You'd expect at about 1,000 to 1,500 feet below the surface to hit the high grade zone. So we'd use the cash flow from the low-grade open-pit heat leech to look for the high-grade deep target.

On my first visit to the operation in September of 2007, a geologist pointed out two holes to me, which were from surface, a thousand feet of a gram of gold, most of which is in the sulphides. Then that's when you stop and say, wait a minute, there's a lot of potential ore. And you look at the size of the event. So we changed our philosophy using this as a platform to build another Kinross to focus totally on this one deposit, because of the size of potential and most recently, we announced -- and I don't remember exact what the number is -- but on all categories about 17 million ounces of gold. We're now taking that to reserve category. We'll have a reserve update on the oxide component of the ore by the end of this year, and a reserve update on the sulphide by the middle of next year. We think we've got ourselves a world-class, half-million-ounces-a-year producer in a very acceptable political environment, being Nevada.


Business Summary
Allied Nevada Gold Corp. and its subsidiaries engage in the evaluation, acquisition, exploration, and development of gold projects in Nevada. It operates the Hycroft Mine, an open pit, heap leach gold mine containing silver as a byproduct of the gold recovery process, located 54 miles west of Winnemucca, Nevada. The company also has six properties Maverick Springs, Mountain View, Hasbrouck, Three Hills, Wildcat, and Pony Creek/Elliot Dome. The company was incorporated in 2006 and is based in Reno, Nevada.

Valuation Measures

Market cap (intraday)


Enterprise value ( 13 Dec. 2009)


Trailing P/E (intraday)


Forward P/E (fye 31 Dec. 2010)


PEG ratio (5-year expected)






Enterprise value/revenue


Enterprise value/EDITDA


So it was serendipitous that we found this. No one had ever thought about mining the sulfite. But we see the size of it. You can get an operation where you can get big enough equipment to make it work. So that's what we're doing. That's the focus and that's why we've been very successful in building that and it sent us up to a market cap now of a billion.

Q:  What is the hope with the company in the current commodity environment? In the commodity age, if I may say so.

A:  Allied Nevada is in production. It's tending towards 100,000 ounces a year. We think we can drive that up to 200,000 to 300,000 ounces a year by 2012. It's going to be a substantive cash flow generator, and we're going to build it until somebody buys it.

Q:  It is already a very meaningful company, if you take the whole North American continent. Two hundred or three hundred ounces a year is a big number. Now, how did you get to Claude Resources?

A:  As I said, the Katanga exercise is behind me. The Allied exercise is defined, and my role there is I'm Executive Chairman of Allied but I'm looking for other investments. Specifically what I've been looking for is an investment where you can see the potential for substantial gains that are unrelated to the gold price.

Q:  Specifically, what is it you see in Claude?

A:  The Madson Red Lake deposit.

Q:  The duplicate of the former Goldcorp?

A:  I don't know if it's a duplicate, but it's certainly got the same signature. The old Dickenson mine which is now--

Q:  But Claude is not recognized by the marketplace.

A:  No. Why would you buy it if it is? You don't buy things that are fully in the marketplace, fully valued in the marketplace. You buy them when they have the potential. I know Neil. I'm very comfortable with him. He's an honest, straightforward man. I got the opportunity to buy a good position at a good price. I visited the Seebeg mine last Saturday and it's fine. You can't build a company with it but--

Q:  So your concept is to find prime areas, prime deposits, and utilize your monetary assets to assure a place for yourself, and then help the company to develop the assets and create what you call a recognized value on the market.

A:  Right.

Q:  That's basically your concept.

A:  That's basically the concept.

Q:  I share one of your adventures. The Belgian Congo does represent strategic reserves, which most of the world doesn't have in the same quantity. And because of the cheap labor and the territory, it is very cheap. And it will be a very big event in the 21st century because now that the Chinese and the Russians are all going to Africa, they will develop countries. I must admit that you are the first person I've ever met who has the same recognition of Katanga that I had in 1961.

A:  Yes. It's an interesting place. The country that I'm most focused on today is Namibia, which is Africa for beginners.

Q:  You mean the former Southwest Africa.

A:  The former Southwest Africa. I was there a week or so ago looking at an investment there, and it's just an amazing opportunity.

Q:  They were under South African guardianship. It's a huge territory with very few people, I think only four million.

A:  1.7.

Q:  1.7?  That's where South Africa attacked Angola with American help in the 1970's. In other words, you are entering a North American company, namely Claude. You say potentially there is a world-class reserve in their possession.

A:  I'm going to be shocked if there isn't a world-class reserve at the bottom of the Madson deposition.

Q:  Now, in North America there aren't too many potential world-class reserves left, outside of Nevada perhaps.

A:  Well, I don't think that's the case. We're learning. I'll give you one example of a copper story. I used to own a company called BC Metals that owned a reserve in BC called Red Chris. We sold Red Chris to Imperial Metals, I don't know how many years ago, a bunch of years ago. Low-grade, high-cost. Nothing that exciting. And the company that bought it, to their credit, continued to drill it. They kept drilling it and drilled it deeper and deeper and then just a month or two ago, they pulled a drill hole 400 meters below surface that ran 160 meters of 4 and a half percent copper and ten grams of gold.

Q:  How many deals are you involved in at the moment?

A:  I don't kow. Five maybe.

Q:  There is only one person whom I knew who had your kind of personal desire in the business, and that's an Englishman, Tiny Rowland.

A:  That's amazing, to be compared to Tiny Rowland. He was quite an institution in his own right.

Q:  Well, he was buying and selling, traveling, Africa, the Middle East, United States. He was everywhere.

A:  I don't own any hotels though.

Q : He even owned Harrod's, the department store.

A:  He was in all kinds of stuff. Fascinating man. Never met him, unfortunately. I would loved to have.

Q:  Let me then finish with a comparison or a statement. You are a celebrated person in your business, more or less a public figure, and person whom the commodity age may bring actually much more success in terms of numbers than ever before, because the numbers are bigger. When Robert Friedland created Diamondfield, nickel was $3.00. When you were in Katanga, the price of gold was $200 or $250.

A:  The price of copper was less than a dollar.

Q:  Yes. Now we are going into the commodity age. I know they are knocking commodities for a few more days, but the point is that if everything is compared to the price of gold at let's say $1,300, then your venture will have much bigger numbers than before, and in your business with your contacts and knowledge, if you have cash and you can generate cash from one deal after another, you become so much bigger than your earlier life in terms of numbers will be comparatively very small.

A:  Right.

Q:  As a result, everybody, from myself and I'm sure Claude, wants you to have a long life. So the numbers Claude can provide will be nothing perhaps more than a spring board for another major even bigger venture.

A:  Well, I would hope that Claude Resources builds to the point where it becomes a useful company to build with.

Q:  I did know Tiny Rowland intimately. As a matter of fact, I brought his stock to America. We had a common interest in Rhodesia because he was related to Sir Roy Walenski and tried to help Rhodesia at the time. 1976 was when Kissinger really decided to kill the regime of Ian Smith. Tiny Rowland tried to contact Kissinger. But anyhow, he had no political power.

There is one sentence about Tiny Rowland made in the British House of Commons, where he said that Lonrho is an unacceptable, ugly face of capitalism. And Prime Minister Heath, who said hopefully it will be remembered that when he said this, he really made people like Tiny Rowland very famous and constructive figures who said the world was now five billion people and commodities have to be produced, and the old bureaucratic regimes pointed out governments like Belgium have failed and needs people like yourself to provide the commodities to five billion working and seven and a half billion living people, so they can live in peace before the first World War.


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.



Bunker Hunt Article
Posted October 27, 2014

Lamb Realty.
Posted October 15, 2014

Chiquita Brands International
Posted August 20, 2014

Emerson Radio
Posted August 24, 2014

Evercore Partners Inc.
Posted August 5, 2014

Moelis & Co.
Posted July 22, 2014

Torchlight Energy Resources, Inc.
Posted May 21, 2014

Andrew Racz
Posted May 19, 2014

Royal Nickel Corporation
Posted May 02, 2014

Recorded Interview Robert Schermer, CEO
Posted March 15, 2014

Cowen Group, Inc.
Posted March 5, 2014

Pacific Booker Minerals Inc.
Posted February 4, 2014

Sandstorm Gold Ltd
Posted January 24, 2014

Global X Gold Explorer ETF
Posted January 16, 2014

Bring Back Mr. Giuliani
Posted December 24, 2013

Gold Reserve Inc.
Posted October 15, 2013

Premier Diagnostics Health Services Inc.
Posted September 25, 2013

Almaden Minerals
Posted September 3, 2013

Electric Cars In New York City
Posted August 27, 2013

The World Without Gold
Posted July 2, 2013

Remembering Mr. Churchill
Posted June 10, 2013

Financial Transactions in the Digital Age
Posted May 15, 2013

Senator Chester Crandell ( R ) Arizona
Posted May 7, 2013

Explor Resources Exs V
Posted April 14, 2013

The Gathering Storm
Posted April 9, 2013

Vietnam - West of Hong Kong
Posted March 11, 2013

Vietnam – In Peace!
Posted February 26, 2013

Wisdomtree Investments Inc
Posted January 28, 2013

Explor Resources Inc.
Posted November 28, 2012

Oremex Silver Inc.
Posted September 18, 2012

Alphamin Resources Corp.
Posted July 26, 2012

Harvest Natural Resources
Posted July 20, 2012

The Man Who Was Created by Gold
Posted July 06, 2012

Recorded Interview With Zach Erdem, President
Posted June 20, 2012

Nortec Minerals Corp.
Posted May 01, 2012

The Fundamentals of Chesapeake Gold Corporation
Posted April 16, 2012

Jourdan Resources Inc. (JOR.V)
Posted March 20, 2012

Posted February 27, 2012

Gold Index Bonds - To Avoid the Money Traps
Posted February 2, 2012

Monarch Casino & Resort, Inc.
Posted February 01, 2012

QMC Quantum Minerals
Posted january 19, 2012

African Metals Corp.
Posted December 21, 2011

The Crisis That Almost Wasn’t
Posted December 7, 2011

Posted November 18, 2011

The Crisis That Almost Wasn't
Posted November 15, 2011

Ocean Power Technologies, Inc
Posted October 19, 2011

The Mongolian Economic Miracle
Posted October 12, 2011

H. Hunt
The Son of Bunker Hunt
Posted August 24,2011

Sandstorm Gold
Posted August 15, 2011

"Silver At $200
Posted July 29, 2011

"First Majestic Silver Corp
 Posted July 26, 2011

"Interview with Brian Kirwin,
American Bonanza Gold Corp"

Posted July 21, 2011

"Interview with Ian Foreman
Yale Resources Ltd."

Posted June 16,2011

"Interview with Brandon Mckee
Callinan Mines
By Andrew Racz "

Posted June 1, 2011

"Andrew Thompson Interview Soltoro Ltd."
Posted May 15, 2011

"Great Panther Silver Limited"
Posted March 29, 2011

"The 21st Century's Marshall Plan"
Posted March 17, 2011

"Interview With
Houston Hunt"

Posted February 23, 2011

"Esperanza Resources Corp."
Posted February 23, 2011 

"Douglas Lake Minerals"
Posted January 11, 2011 

"Do not bet against Casablanca"
Posted December 10, 2010 

Posted December 8, 2010 

"Full Circle"
Posted November 19, 2010 

Posted November 8, 2010 

SilverCrest Mines, Inc.
Posted October 26, 2010

Cache Exploration, Inc.
Posted October 22, 2010 

Silvore Fox Minerals Corp.
Posted September 29, 2010 

Almaden Minerals, Ltd.
Posted August 16, 2010 

"The Path Of A Hungarian Immigrant"
Posted August 12, 2010 

"Interview With
Mark Hazout -
Silver Dragon Resources

Posted June 24, 2010

"Who Owns Whom At The Final Tally"
Posted June 15, 2010 

"The World Needs
Bunker Hunt.

Posted May 24, 2010 

"Arafura Resources "
Posted April 15, 2010 

"MF Holdings LTD"
Posted April 7, 2010 

"Quest Uranium Corporation"
Posted April 5, 2010 

"Lynas Corporation, LTD"
Posted March 19, 2010 

"Rare Element Resources LTD"
Posted February 9, 2010 

"Mexco Energy Corporation"
Posted January 4, 2010 

"Claude Resources"
Posted December 16, 2009

"The Silver Spirit"
Posted November 25, 2009 

"... from Casablanca to Monte Carlo."
Posted November 20, 2009 

"Sutter Gold Mining, Inc."
Posted November 16, 2009 

"Whose Friends Are They Anyway?"
Posted November 4, 2009

"U.S. Energy Corporation"
Posted October 28, 2009 

"Harris & Harris"
Posted October 13, 2009

"They Made A Difference"
Posted September 30, 2009 

"Bridge Bancorp, Inc"
Posted September 22, 2009 

"Entree Gold - September 2009"
Posted September 3, 2009 

"Who Lost Mongolia"
Posted August 16, 2009 

"Mongolian Prime Minister Sanj Bayar -
A politician of the 21st century"

Posted July 16, 2009 

"Romios Gold"
Posted July 7, 2009 

"The Grand Alliance"
Posted July 6, 2009 

"Sandstorm Resources, Inc."
Posted June 22, 2009 

"Ireland, Inc."
Posted June 16, 2009 

"The Brave New World! - Gold at $1000"
Posted June 5, 2009 

"Claude Resources, Inc."
Posted May 28, 2009 

"Bullion Management Group"
Posted May 11, 2009

"Golden Hope Mines, Inc. - Retraction"
Posted May 4, 2009 

"Silvercrest Mines, Inc."
Posted April 1, 2009 

"Silver Dragon Resources"
Posted February 27, 2009

"In Gold We Trust"
Posted February 26, 2009

"Entree Gold: An Unusual Asset Accumulation"
Posted February 20, 2009 

"The Ultimate Colorful Fate of Edmond Safra, Bernie Madoff, and Governor Bill Richardson"
Posted January 12, 2009

"Silvermex Resources, LTD"
Posted December 13, 2008 

"Prime Minister of Mongolia"
Posted December 11, 2008 

"US Gold Corporation"
Posted December 1, 2008 

"Rubicon Minerals"
Posted November 5, 2008 

"Gold Coins & The Money Game"
Posted October 29, 2008 

"Gold and the Chinese Millennium"
Posted October 20, 2008

"JNR Resources, Inc."
Posted September 30, 2008

"Three Immigrants In Front Of The Court"
Posted September 24, 2008 

Walter J. Hickel Interview"

Posted September 11, 2008

"The Alaskan Queen"
Posted September 9, 2008 

"Evercore Partners, Inc."
Posted September 3, 2008 

"Stalin In The
White House"

Posted September 2, 2008 

"Cal-Maine Foods Inc."
Posted August 4, 2008 

"The Mongolian Revolution"
Posted July 10, 2008 

"Mongolian Newsletter, First Edition"
Posted July 2, 2008 

"Goldsource Mines, Inc."
Posted July 1, 2008

"The Douglas Lake Story In The Age Of Fear"
Posted June 25, 2008 

"Mongolia: The 10th Richest Country in the World"
Posted June 10, 2008 

"North American Gem, Inc."
Posted June 5, 2008 

"The Emergence of Tanzania"
Posted June 4, 2008

"Tanzania - An Up & Coming Mineral & Agricultural Producer In Africa"
Posted June 2, 2008

"Western Potash Corp.

Posted May 12, 2008 

"Judy Garland &
The Subprime Crisis"

Posted April 29, 2008 

"Altek Power Corp."
Posted April 27, 2008 

"Letter to Prime Minister of Mongolia"
Posted April 24, 2008 

"The Mongolian Manifesto"
Posted April 4, 2008 

"Prime Minister Sanj Bayar of Mongolia Receives The Nobel Peace Prize"
Posted March 17, 2008 

"Olympus Pacific Minerals, Inc."
Posted February 28, 2008 

"Tanzania Gold - Douglas Lake Minerals - Harp Sangha"
Posted February 21, 2008

"Warren Buffett Receives A Call From Franklin Roosevelt"
Posted February 19, 2008

"Gold At 2000!!"
Posted February 14, 2008

"Entrée Gold, Inc"
Posted February 11, 2008

"The Unexpected
Mongolian Dilemma"

Posted February 2, 2008 

"Mongolian Gold"
Posted January 8, 2008

"Sir, Do Not Abdicate"
Posted December 27, 2007

"No More Munich -
The Mongolian Version of 1938"

Posted December 11, 2007

"Watergate Saved Nixon's Life"
Posted November 28, 2007

"The Mongolian Wakeup Call"
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

Posted April 8, 2006 

"Midway Gold
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

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:

Copyright © 2011 Andrew Racz. All Rights Reserved.