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

North American Gem, Inc.

June 5, 2008

TSX VENTURE EXCHANGE: NAG

May 29, 2008

 

Last

0.24

High

0.245

Low

0.235

Volume

588,750

North American Gem Inc. Acquires Coal Property from Second Diamond Explorer to Hit Coal Northwest of Hudson Bay Saskatchewan Continues to add to its Coal permitting position in this new region.

May 14, 2008: North American Gem Inc. (TSX-V symbol: NAG) has signed an agreement with Adamas Minerals Corp. (Adamas) of Prince Alberta, Saskatchewan to grant North American Gem Inc. exclusive rights to coal, oil shale's and or all hydrocarbon discoveries on a land package on which coal permit applications have been submitted for, West of Hudson Bay, Saskatchewan. Included in this new potential land package acquired from Adamas, the Company has also submitted coal permit applications for another 578,234 acres, in addition to the previous acreage as stated in the Monday May 12, 2008 release. This now brings the current total land staking to approximately 927,613 acres, more than doubling our current application.

In 2007, Adamas was exploring a magnetic anomaly thought to be a kimberlite target in proximity to the most recent discovery by Goldsource Mines Inc. (TSX-V symbol: GXS) (Goldsource), in western Saskatchewan which has been recently shown to have a major potential for regional coal deposits. During this exploration program Adamas discovered a coal seam in the Cretaceous rock (Mannville Group Rocks) sequence containing coal similar to Goldsource. This 4 meter intercept is currently on a rush assay to Loring Laboratory out of Calgary, Alberta. This is same Laboratory that Goldsource had used and was chosen to maintain assay continuity.

Charles Desjardins, President of North American Gem Inc. said, "We are excited to be a part of this discovery to the Northwest of Hudson Bay, Saskatchewan. We believe that this intercept along with the Goldsource find represents the possibility of a much larger coal system."

The terms of the agreement are as follows:

North American Gem Inc. will pay $7,500 and 500,000 common shares of the Company to Adamas Mineral Corp. upon signing of the agreement. North American Gem Inc. will pay an additional 500,000 common shares of the Company once drilling has commenced.

Q:  Charles, if you go back let's say three or four months before any coal discovery was made in Saskatchewan, what did North American gems consist of?

A:  Well, we have several uranium exploration properties in the Northwest Territories in Alberta, as well as an advanced copper exploration project in British Columbia. By advanced I mean it has the 32101 resource estimate on it, and the property is fairly low-grade copper. However, the property contained 1.1 million ounces of gold, 800 million pounds of copper, 30 million pounds of molybdenum and 5 million pounds of silver. It's fairly low grade and it has arsenic in it.

Since then we've expanded that deposit a lot. We weren't getting much credit for the resource as it was, so we were much more aggressive in the exploration. Although it's not all drilled off. We probably extended the size of the property by 40 or 50 percent given the last program we did this spring, which we spent about $1.2 million on.

Q:  So the company had 80 million shares outstanding.

A:  Yes.

Q:  And three months ago, what was the price of the stock?

A:  Three months ago it was probably 15¢. It drifted down when things got really quiet.

Q:  It was about 10¢ earlier?

A:  Yes. A year ago it was 6½¢.

Q:  So in other words you had $8 million, let's say $10 million market cap, in the preceding year. How much cash do you have?

A:  When? A few months ago?

Q:  Yes.

A:  Well, I just spent $1.2 million on that other property, so we had a couple million at that time. We're back probably to $2.0 million cash as a couple million warrants getting exercised.

Q:  At that time, you entered the coal field, correct?

A:  Yes.

Q:  This was part of what you call the discovery by Goldsource.

Goldsource Confirms Saskatchewan Coal Discovery
Analytical Results and Coal Rankings Announced

Goldsource Mines, Inc., announces the results for 47 coal samples submitted from the Saskatchewan coal intercepts for two core holes representing 26 meters and 32.5 meters respectively of coal seam, including 22.6 meters of continues coal in each hole. On the basis of proximate analyses, most of the coal from the two intercepts is ranked, in accordance with standard ASTM-D388, as High Volatile Bituminous C and Sub-Bituminous A. The analyses and rankings confirm the "visual characteristics" reported in the company's news release dated April 28, 2008.

I. Scott Drever, President, stated: "In light of the apparent nature and quality of the coal, we are truly excited with this new coal discovery in Saskatchewan. The information to date suggests the potential to establish a significant resource tonnage in a relatively short time. We believe that the thickness of the seam, its apparent low geologic complexity and excellent thermal characteristics will make it unique, certainly to Saskatchewan and perhaps to Canada. Our next step will be to attempt to determine the aerial extent and thickness of the seam from our geophysical database. We will follow up with confirmation drilling in June or as soon as weather and permitting allow."

Q:  Was GSX the first one who hit coal?

A:  Yes.

Q:  But he was in the silver business.

A:  Actually, could I just clarify that. He wasn't actually the first one to hit coal. What happened was on the second day, May 6, 2008, was that I got a phone call from another diamond company that had hit coal. But they hit it a year ago March. And they didn't think it was that significant enough at the time with the Goldsource discovery on the other side of the basin. A friend of the directors knew me, and they told me about it. Then I did a deal with them and then acquired their property, which they got the coal right for and we staked all around it.

Q:  Now coal is becoming a more important issue because of the very rapid rise in oil prices, right?

A:  Yes. And even more important, this is high-grade coal.

Q:  It's high-grade coal and easy to mine, correct?

A:  Yes.

Q:  Let me just go through it, because not everybody understands mining. You have staked the territory where there are coal reserves, correct?

A:  We don't have reserves yet. We're going to have to go find them. But this coal is usually much like potash. It usually just kind of spills out and it's very uniform. So it's quite likely that if Goldsource has it where they are, it's all over the basin up where we are, especially since we have coal. It's on a little bit of an upper shelf. The other guy was looking for diamonds, too.

Q:  You have this territory and you applied for a license, correct?

A:  Yes.

Q:  Now, Goldsource applied for a license apparently. They got some license.

A:  I haven't heard that they've got anything yet. Have you heard that?

Q:  Well, I'm only reading from... "Goldsource received Ministry confirmation of priority status for coal application."

A:  I was just on the phone before you called. The guys at the Ministry is saying that next week we will have a comfort letter telling us what land we have. I don't know if it'll be all of it, because I don't know if we'll get all of it, and we might get more than one comfort letter.

Q:  So in other words, you are getting a comfort letter. In that case you can search for coal, or what is the practical step?

A:  That's going to tell us the basically our land is in the queue, to make sure that all the checks went through and things like that. It'll have a permit number on it. We'll get an official permit after that.

Q:  And what can you do with the permit?

A:  Really just start preparing, putting the plan in place.

Q:  And what comes after that?

A:  We're going to do electromag survey, Air-Borne. We already have a fair bit of geophysical data from the diamond company, especially Met North western part. Not in the southern part but up where we staked around the guy that discovered coal before. So we have his data and the only thing we're going to add to it is electromag. I'm also probably going to go in there and twin his holes. Because when we assayed for coal, the coal had been sitting out for 14 months. So coal deteriorates. Usually when they drill for coal, they basically feel it right away so it doesn't oxidize and they don't lose any of the value of it. So go in there right away, even though we're doing the electromag and doing another five or six holes, maybe a couple lower down, one up by where we know he hit.

Q:  Then you can ascertain that you have coal in the territory, correct?

A:  We have coal.

Q:  But when do you know that you have valuable size and minable coal?

A:  That probably depends on fast we get through the electromag surveys and things like that. But I don't think we would be in that phase until next fall. As far as doing some big step-out holes in hidden coal, it could take a while. It could take a year.

Q:  So that's ascertaining or identifying the territory and the reserves. Let's go to the end of the second part of 2008. At that time you would know roughly what the value at a certain price of your coal reserves? Or you are just still in the preliminary stage?

A:  Sorry?

Q:  Let's go to the second part of next year. Would you at that time now roughly whether you have minable coal reserves and what it would mean in terms of value to the company?

A:  We would certainly have a good idea. We staked over a million acres, so I can't say that it would all be explored. But we probably would have a good idea what we're chasing.

Q:  At that time would you also know how much money you would need to carry on mining?

A:  Probably.

Q:  What's the maximum amount you see that you may need?

A:  The numbers that I'm thinking right now just for the exploration phase is $10-20 million.

Q:  For the exploration?

A:  Yes. Not for the mining.

Q:  And for the mining?

A:  We'll probably get bought out, that somebody will come and buy this.

Q:  But to evaluate it, can you calculate it? What would it cost to mine the coal to bring it to the surface?

A:  I'm not exactly sure what that would be. I know that this coal is probably going to get $200-300 a ton on the market.

Q:  How much tonnage are you expecting?

A:  I couldn't say. You know, even if you look at the Goldsource scenario where they hit those two holes a mile apart, 21 meters of thickness, how many tons would that be? That would be crazy. That's why the stock went from 20¢ to $8. That's a lot of coal. I couldn't even fathom it. We've staked basically 1600 square kilometers.

Q:  So once the value and the size is established, it has become actually market value for a company?

The Projected History of a Coal Discovery

Staking

 

Government license:

Comfort Letter

 

$10M capital

Mining: Configuration of coal reserve

Validation of reserves and final products

e.g.

$10 per reserves/ton

 

$280/ton market sales

 

Evaluation of the region

A:  Yes.

Q:  And if it costs you let's say $10 per ton to mine, it would cost $10 for any public company of much bigger size. Therefore, for a bigger company it is worth paying more than $10, particularly for stock, to buy your stock, and they put in the money and they create a cash flow for themselves.

A:  Yes. Sure.

Q:  Is it impossible to ascertain that you have an annual production capability of let's say five million tons?

A:  I think it sounds quite high. The beauty of these properties is we have two major rail lines going right through them. We have High Joe, we have roads, and that's the biggest thing with coal deficits. You have to be able to transport it.

Q:  You have to have an infrastructure.

A:  Yes. And we have that.

Q:  If you mine one million tons, and it costs you $10 to mine it, the current price is over $100.

A:  Yes.

Q:  So you have $100 operating profit and on a million, it is $10 million. And $10 million profit for a company with 100,000,000 fully diluted shares is $10 per share. Correct?

A:  Yes.

Q:  But I don't know how much of it will be feasible to transport out of the gate. We still have to look at all that. But the coal is worth a lot more than $100 a ton, more like $300 a ton.

A:  $300 a ton? Then it's $30 per share.

Q:  Yes. But you've got to walk before you run.

Q:  I have done the same calculation once on Dimond field Resources in 1994. You have 100,000,000 shares. You have molybdenum and uranium assets which are worth 10¢ before. It's worth probably more than 10¢ now because prices have gone up. But out of your 25¢, 10¢ is for other products, other resources, so it's 15¢ a share. Now, 15¢ a share on 100,000,000 shares is only $15 million. So basically speaking, if for somebody, or for you if you raise all the money alone, you can bring in three years a million tons out of the ground and sell it for $200, we come up with a number which is maybe fifty to a hundred times bigger than the 13¢ per share which we are calculating today. Correct?

Potential Value of NAG

Shares outstanding:

100,000,000

Current price:

25¢

Original deposits/reserves:

10¢

Cash

 2¢

1 MT

$3.00

     
 

 -.10

   
 

$2.90

   

Cost

 .40

 

$2.50

 

$2.50

 

$2.62

Value as going concern:

$3 - $10*

(Estimate)

*Aspects of size of coal field

A:  Yes.

Q:  You are at the moment facing mainly regulatory issues and research, identification issues. If these issues are overcome, the value becomes bigger because it gets nearer to production, even if you are not Wilbur Ross or General Electric, which has the money to mine it.

A:  Yes.

Q:  Today resource is the most important item on the agenda, whether it's fertilizer, oil, coal or uranium, and therefore big buyers will come out and go after the resources that you have. Correct?

A:  Yes. The first phase is exploration. We've got t prove it's there. Coal is one of the simplest commodities to mine, and Saskatchewan is one of the most mining friendly provinces or places in the world. So once you know it's there, we are off to the races.

Q:  And at that time you may resort, as the stock goes up because the valuation becomes clearer, at that time you may be doing various smaller financings to have more cash in the company, which is important because if a company comes along which wants to buy your company, the more cash you have the better.

A:  Yeah.

Q:  It's very simple. You have 100,000,000 shares. If you have no cash or very little cash and they pay with stock for your stock, they have to put in all the cash. But if you raise some money and at least let's say half of their production expenses are already there, they are willing to pay a much higher price for your stock.

A:  Yes.

Q:  You follow?

A:  Yes.

Q:  The last question is how to convey the impression of the values in the company and how to market the company as well as its resources at a time when the world is hungry for resources like oil, uranium or coal. That's really the task ahead of you.

A:  Yes.

Q:  And if you make it credible that this is possible, that there is coal, it's minable coal, there is big profit, the valuation will follow.

A:  First, let me say that next week we're going to have some very credible mining people start coming on our advisory board. So I'm more like you, somebody that raises money, but I have some really cool people coming. So I think that will be really good for the market.

Q:  You really have to explain to the world what you have and eventually prove it.

A:  First we have to know what we have.

Q:  How long would it take you then where you can really tell a friend like me that we have so much minable coal?

A:  Well, it's going to take a bit of time. We need to start the exploration phase.

Q:  In six months will you have a better picture?

A:  In six months we'll have a lot better picture.

Q:  So it's only six months to get a much better picture?

A:  We're going to have a much clearer picture than we do now. We will probably have coal reserves by then is what I'm saying.

Q:  Listen, you are in a very enviable position. Incidentally, are there foreigners like the Far East, China or the Middle East, are there buyers like that circulating around you?

A:  I think the biggest interest is China and Japan in coal right now. There are all kinds of coal uses in Canada as well, but one of my friends was talking to Mitsubishi yesterday. They were in Vancouver for some natural gas thing, and he asked them about coal and they just went, Why are you asking that? They were very very interested in the coal.

Q:  Today I got a call from one of the companies I'm consulting with. I've been with them for a while, an African gold company. We tied up about $17 million in Chinese financing and we could be the biggest gold mining company in Tanzania. So these are the kinds of transactions today people are looking for, like you.

A:  I'm not dealing with [smoke]. I've been in this speculative business for a long time and this is just the first step. Now we've got to go prove it.

Q:  Listen, you shouldn't think that this is a speculative business. When I left Hungary, two and half billion people lived in this world. But out of the two and half billion, at least a billion didn't count. India, China, they didn't count in anything. Then today you have 7 billion people working in the world. And each and every one of them wants to eat steak or meat and wants to have a heated home and wants to have a car, and certainly a college education. So when you have 7 billion people working, which is the 21st century, the issue is becoming resources. We have to have the resources because without resources, life stops.

Now the demand for heat and electricity is so enormous and growing that a little company like yours may become a subject of a bidding war between China and Dubai because they both needs your assets. It's not that you are speculative. As a matter of fact, you were in the right area at the right time.

I envy your position. It's an interesting situation. It fulfills some ambition and uses intuition and I'm sure that you will succeed, and we'll stand behind you a hundred percent.

A: Thank you. Don't get me wrong. It's a guarded optimism, but I know how to proceed, I know how to pragmatically explore for this.

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Posted July 12, 2006

"Oil & Gas
Energy Crisis Solution"

Posted July 3, 2006

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

"Northern Star
Mining Corp."

Posted May 19, 2006 

"Gateway Gold:
It"s A Gold Story"

Posted May 15, 2006

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

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

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

"Pocketful Of
Miracles"

Posted April 8, 2006 

"Midway Gold
Corporation
"
Posted March 23, 2006 

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

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

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

Posted February 9, 2006

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

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

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

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

"Then And Now"
Posted November 9, 2005 

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

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

"Orezone"
Posted September 23, 2005

"Mr Clarke -
Call In The Boys"

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

Posted September 8, 2005

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

 "Near Hit"
Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005

 

 

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

Copyright © 2011 Andrew Racz. All Rights Reserved.

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