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

Esperanza Resources Corp

February 23, 2011




52-week price range:

$3.10 - $1.07

Shares outstanding:

53,650,000 / 60.0 fully diluted

Market cap:


Total cash:


Book value:


Price per book:


Esperanza Resources is a rapidly emerging company committed to the development of its advanced stage, precious metals projects. Since startup in 2002 its geologists have discovered these two exceptional gold projects – San Luis, a joint venture in Peru and the 100% owned Cerro Jumil in Mexico.

In 2010 Esperanza made a strategic investment in Global Minerals Ltd by acquiring 37.8 percent of the outstanding shares. Its principal asset is the Strieborná silver copper deposit in Slovakia.

The Company's objective is to see its discoveries advance as quickly as possible to production. At the same time it continues to place emphasis on new discovery through its grass roots exploration programs which provides it with a new project pipeline.


March 6, 2011
PDAC 2011

April 12, 2011
European Gold Forum 2011

May 9, 2011
New York Hard Assets Investment Conference

September 18, 2011
Denver Gold Forum

October 26, 2011
New Orleans Investment Conference


Share Capital
(millions as of February 3, 2011)

Issued and outstanding


Options and warrants


Total, fully diluted




TSX Venture: EPZ


Share price

September 15, 2010
12-month high/low

$1.86 C.

Average daily volume

(3 months)


Market cap (FD)

September 15, 2010

$112.15 million


Fully diluted

$1.8 million
60.3 million

Current value


$110 million


(Scoping study)

$150 million



$150M - $400M

ANDREW RACZ: You are head of a company which is valued at $110 million on the market. You seem to be well capitalized. Very briefly, can you describe your business?

WILLIAM PINKUS [A]: We are a mineral exploration and development company, focusing on precious metals. We work in Peru, Mexico and indirectly now in Slovakia. Largely our business is to discover new precious metal deposits and move them forward from discovery to definition, quantification of the resource, and then the technical review of it, ultimately to either vend them out to third parties to put into production to do that ourselves.

Q: Have you gone on one or two occasions further in the process than exploration?

A: Yes. We have really three advanced projects right now. The first is a gold deposit in Mexico. Certainly we made the discovery there, and we are now in a pre-feasibility stage where we're actually taking it beyond the exploration of resources. We're now in the process of testing the metallurgical characteristics and designing a plant for the recovery of the gold, and then ultimately we'll come up with a feasibility study.

Q: If the feasibility generally is positive, then the value of the deposit goes up substantially.

A: Absolutely.

Q: It's like passing the exams.

A: Yes. Actually, there are interim steps prior to the feasibility study. The first step is what's routinely called the economic assessment, or what used to be known as a scoping study, which is still an engineering study.

Q: So you have three deposits where you have gone further than just exploration in trying to evaluate legally the potential value of the deposits.

A: Well, yes. The second deposit, San Luis, is a joint venture. We have the bankable feasibility study completed, the permits applications have been submitted, and we would hope that--

Q: That's the Mexican gold.


  • Focus on Peru and Mexico
  • Maintain Full Project Pipeline
  • Over 64 square miles in 11 separate prospects

Permitting for 2011 drilling:

  • Pucarana
  • Colqui Orcco
  • Pulcara
  • Gallos Blancos

A: No, this is the one in Peru. It's called San Luis, and that is in Peru. Once again, this was a new discovery by our geologist. We brought in a joint venture partner. This project has progressed to the point where we've done all the technical studies, we're beginning the detailed engineering to actually build it, and the permit applications have been submitted. We're waiting for the review period from the Peruvian government. That's on the cusp of actual construction.

Our third project, and this is an indirect interest that we have through our ownership of another company called Global Minerals, is a silver/copper deposit in Slovakia. This I would characterize as somewhere in the stage of advanced exploration, beginning the economic assessment.

So we have a fair amount of metallurgical data, mining data. The resource is already well defined, although we think we will expand upon the continued exploration work.

Q: I trust the exploration doesn't go through to the borders to Hungary.


  • Principal Asset is the Strieborna silver/copper deposit, Slovakia
  • EPZ owns 37.8% of Global Minerals.
  • Recapitalized Global and eliminated prior debt.
  • Esperanza appointees on Board of Directors and management.
  • Provides strategic foothold in expanding district.

A: No. Though it's close to Hungary. We're only about thirty or forty kilometers from the Hungarian border.

Q: If the value of the three properties, two advanced, one semi-advanced, were put together, would it be fair to assume that the value, if you wanted to sell each one of them, would be over $100 million.

A: I believe so. I strongly believe so.

Q: Many members of your country, if you take Vancouver, became famous in the 1960s and 1970s buying companies, breaking them into parts and selling them, and they came out with a much bigger valuation.

It was called: After the break-up the company is
worth more dead than alive.

A: Yes. We are certainly corporately are examining things such as that. In certain cases, for instance the San Luis project, at this point we have a minority interest. Our joint venture partner is earning a 70% interest. We would certainly entertain monetizing or divesting ourselves of our interest.

Q: All your activities must have been governed in the last five years so that the price of gold and silver is going up. Therefore, your work, which is the same amount of dollars in terms of labor, would be creating a valuation which can go up on a daily basis because of the price of the commodities.

A: Of course. Any resource company I think is driven by two primary factors. The first would be the validity or the quality of their resources, that you actually have resources. That's something that you control. Beyond that, the other major issue of course is the commodity price.

Q: Let me ask something which can highlight what I was saying. Every day now there are plenty of releases I get on the Internet about gold, silver, palladium, platinum, everything. Everybody has an opinion. I just told one of the most famous commentators, I said, look, you're very intelligent but you left out the most important factor. I said I'll give you a clue. Peter Sellers. And he was smart. He said you are talking about the Doomsday Machine of Dr. Strangelove. I said yes. He said look, there is every day the possibility that there is a doomsday machine which will put gold up to $2,000, silver to about $50, and the valuation of many companies will change overnight.

A: Certainly as the metal prices do that, and if you do believe that there's some doomsday scenario out there, then yes, absolutely.

Q: I was educated in many countries, mainly at Cambridge University, but also in Johannesburg, Munich and of course Budapest, but I sincerely believe that in this decade there will be a doomsday machine, that things will get so much out of hand that metals will go to... And you don't even have to justify this theory because if you watch on television, wheat is almost $8 instead of $5, soybeans $14.40. I remember $10 soybean was an incredible high number. Now it's $14.40. In other words, the agricultural commodities have already gone crazy. Add to the 7 billion world population, growing by 500 million a year, people demonstrate more that the Doomsday Machine scenario is a possibility.

A: I'm not going to argue yes or no on that. I think there are people far more intelligent and more observant than I who have made observations on it. Commodity prices clearly have been going up and are still going up.

Q: I understand you have almost $10 million. You are well capitalized for $100 million company in a few projects. You are doing your daily work properly. But suppose you are hit by or blessed by very high prices, which is only 50% more than it is today, and the value of your company would increase substantially. Being in the stock market with big numbers, what would you do with your company? I don't mind asking this question: What would you do with your life?

A: With my life? Like if gold goes to $2,000 or something like that?

Q: When I discovered the silver game thirty years ago, silver was about $9. We had a small brokerage firm that three of us owned, and four months later all three of us bought a very nice house on the beaches of Southampton. I still have mine.

A: I hope you put your surplus cash to explore for a silver mine in Hungary.

Q: To analyze a company conventionally, which is 90% of the time, I would say the number of shares, the cash, the territories, the exploration, the potential, I've spent the whole weekend with numbers and have said this company is not worth $100 million, it's worth $140 million, and the research analysis is complete. Now meanwhile, we are in a different climate where something big could happen. I presume when Occidental Petroleum discovered oil in Libya, something very big happened to Occidental. You may be in a position where you have to plan what you would do with your company and, if I may say so, what would you do with your own life if my Doomsday Scenario comes into being.

A: I guess my quick answer is I don't think I would do much different than what we're doing right now. We're trying to find an develop more deposits. Obviously, if prices go up, that would just make those deposits much more valuable. As a significant shareholder of my company personally, I have significant holdings.

Q: How many shares?

A: If you add up all the options and warrants and shares I own outright, it's probably 1.7 million.

Q: It's a few million dollars.

A: Yes, but if your Doomsday Scenario goes forward, that could be significantly higher. But from a company point of view, it's still the same thing. We go out, we find deposits, we develop deposits, we try to get them into production so we make money.

Q: Let's say in a three-year period, you may accumulate in the company something like $25-30 million in cash.

A: Yes.

Q: In other words, the composition of the company would change.

A: Yes, absolutely. We'd be a much stronger company, a much more valuable company. In terms of my personal life, how that would change, I don't think that would change much either. I very much enjoy what I'm doing, I'm comfortable in my life. I've been fortunate. I get to do the things I like to do, both business-wise as well as outside, my family and recreationally. I don't know that I would go out and buy a big mansion and fancy cars or anything. That's just not me. So if prices go to $2,000 gold or $5,000 gold, I honestly don't see things changing that significantly.

Q: You obviously know a number of heads of companies in the mining industry. The Doomsday Scenario will hit them the same as it hits you. So what would the whole community do if the price of gold went to over $2,000 and cash flow comes in? There will be a lot of acquisitions. As a matter of fact, there were two acquisitions since I started to talk to you. One was $2.3 billion by Newmont, Frontier, and there was another acquisition.

A: Newmont bought Frontier?

Q: Yes.

A: How about that. That's very interesting. I didn't catch that. I haven't been paying attention.

Q: And the price of gold is up 22 points.

A: You raise an interesting point, because if the Doomsday Scenario happens, people in our's sort of funny. It's a double-edged sword. If gold goes to $2,000, it probably means I will have more challenges. It is like General Eisenhower being appointed Supreme Commander. He landed in Normandy.

Q: I lived through this, you know.

A: Yeah, I know you have, with your background, but the point I was going to make is that in our little niche of the world, the gold mining business and the precious metal mining business, the Doomsday Scenario for us is to a certain degree like winning the lottery because we control the one thing that will be of great value. I think you will see a tremendous amount of consolidation. Companies like Newmont, they have a real problem. They produce two or three million ounces a year of gold, and they've got to replace two or three million ounces a year of gold just to stay even, just not be a wasting asset.

Q: But companies and individual lives change. I know two famous examples in your field, Mr. Monk, who is also Hungarian, built up Barrick and he built up this company in Tanzania. I have a major interest in Tanzania personally, Douglas Lake. He has done a lot of construction in Hungary and in the Balkans, in Montenegro. His life is very diversified and so is his company. The other friend I have is Robert McEwen who built up a big company and then is building other companies.

A: That's right. Individuals, basically when they win the's not fair to say winning the lottery here. These guys have worked very hard to capture success. My point is individuals respond differently. In my case, if I sold my company for a gazillion dollars and then was personally very wealthy, what would I do? Would I try and run a new company? Would I try and be more philanthropic? I think those are all alternatives, but I don't think anyone can predict how any individual will react.

Q: I tell you my prediction, that this world, as we saw particularly on television, is really run by the most incapable and arrogant individuals. Most of those politicians have no regard for people and they are not imaginative either. I knew many politicians in life, such as President Nixon, and I think that what's going on on the tape right now as we talk, a new generation of business leaders is going to be in the forefront. People like you, suddenly you will have power and the power will be yours effectively, not in an abusive manner. That is going to save to some extent the world. I don't want to name current politicians or the current cabinet or before, but they were not kind people, they were not imaginative people. They were average people who made decisions that had total disrespect for the world and people around them. That period is now going to end. In other words, when cotton is up, soybeans are $14.40, and gold is up 20 point and heading towards $2,000, there will be a new generation of individuals at the head of their companies who might be totally different and will make an impact to change the world and actually save the world from a disaster.

A: I'm not quite as cynical about the world. I'm not quite as cynical as you are on politicians. Some are good and some are bad. I would also say that I'm not quite as optimistic as you are about business leaders' capacities. Some are very good, very talented.

Q: Yes. But the opportunity now is being created for a number of businessmen, business leaders, to make their impact on the world around them. Then you add it up, and there will be a new generation of leadership in politics and business, and that is saving the world from the current disaster. Look, I had house in Southampton. Southampton is supposed to be the best place in America, the most expensive. When we drive through in he evening, every shop is empty, every restaurant is empty. We were in he best restaurant the other day in Bridgehampton, and we know the owner, and I swear we were the only customers. Shops are closing.

We have a crisis. America and the world has a problem, and I think this is the irony of what I said, that the increase of commodity prices will accelerate or create an opportunity for decent businessmen to take over the world as it is in February, 2011. We will, however, avoid the Doomsday Scenario. The world will not be handed over to Peter Sellers. People like you will be in power.

A: People like me already have a certain amount of authority. As I say, in all walks of life, in all professions, in all arenas, you'll find some very good and talented people. The world will be different. A $2,000 gold, a $50 silver, $10 wheat, $30 sugar will obviously increase the price of EPZ, but may build a more affluent world.


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:

Copyright © 2011 Andrew Racz. All Rights Reserved.