The Opportunity Show November 20,

2007

Hosted By Troy Duran



Troy Duran:
"The story of silver is playing an ever increasing role in commodities and resources especially in light of the fact that typically there is
ten times the amount of silver as there is in gold however silver is
not trading near that ratio. To shed some light on the story and talk
about how his company is poised to take advantage of the trend we are
going to talk to Paul Gill, the President and CEO of Grenville Gold
Corporation. They are trading on the TSX Venture Exchange symbol GVG.V
[...] Good to talk to you again Paul.";

Paul Gill: "Thanks very much Troy, thanks for having me on."

Troy Duran:
"Paul what I am really interested in is the way that silver is trading
against gold these days. It is trading pretty low isn't it?"

Paul Gill:
"Yes it is, in fact I think it is at an operative discount of about 70
to 1, meaning that one oz of gold is worth 70 oz of silver [...] In any
bull market and this has happened just recently, we have had huge
runups all at once because someone big is buying in a large fund, a
large group of people. You saw gold go from $ 770 oz or $780 oz go to
$850 oz in the space of two or three weeks. So we know that there was
likely a large buyer that came in. Then the markets came off and when
that buying stopped people who were speculating on that price were the
ones ending up selling back and perhaps losing a bit of money. That is
what happens in these markets, you see these markets get a shine on and
just charge and then they get overbought and they drop back. That is
the way the market operates it is a fluid market in both gold and
silver, it trades like currency and it is in fact going to be
considered a currency."

Troy Duran:
"Especially historically it has been the currency between silver, gold
and copper. That has been the standard of currency, and it looks like
it is trending more towards that as the dollar goes down and the
resources become more valuable?"

Paul Gill:
"Yes and I think that what you see is that in countries around the
World people are shying away from the US dollar for the moment and
generally speaking moving towards some other currencies and in fact
perhaps even some physical metals as well. Warren Buffet interestingly
enough is one of the ones that have a long term view of silver [...]";

Troy Duran:
"With that in mind and of course with this tremendous opportunity that
comes with every correction, we should talk about some of the numbers
on your property right now."

Paul Gill:
"Absolutely, what we have been finding is that in the recent records of
production we have found samples in the mines and in the waste dumps
right outside the mines, meaning they had carted it out up to 2200 gr.
per ton silver. The average over all the grab samples that we took was
about 212 gr. per ton silver. That is not a really representative
scientific survey simply because it incorporates different samples from
different veins. In each of the various veins that run thru the rock
are of silver, gold, etc. or of a different composite. What you're
going to have to understand is that this is a huge area, a huge
project. To just take your first few samples and not even have to look
far, look at the mouth of the vein or the mouth of the tunnel that goes
into the mountain and find this kind of stuff lying around... This
means there was a pretty high grade system there if they could afford
to drop off a few of these big chunks of silver bearing rock. The main
thing to remember is that once you have high grade silver, for every
ton of rock that you move, allot of it is not going to be silver
bearing. For every ton you move, the portion that you get out of it and
you can turn into cash is very high. So you do not have to move as many
tons of waste rock and waste gas and equipment on taking that stuff out
of the ground because every time that you're taking your shovel in so
to speak you're hitting pay dirt and that is the main thing about
mining. You want to be able to make money every time that you are
expending money."

Troy Duran:
"That makes sense, I just figured out what pay dirt means and probably
where it came from. Yes that is a bit of knowledge and of course you
have never seen a package put together of the size of the land that you
have put together at the Silveria property either?"

Paul Gill:
"That is absolutely true, no one has owned as much land as we have or
mineral titles or in fact the surface rights in this area. These were
four separate producing mines and we have been able to gather up a good
portion of that area and it is huge [...] we want to find a large scale
mine in this area. In order to do that we have to do the exploration,
in order to do the exploration on this huge project we need to fund it
and that is what we are going about now. The last news release we put
out is all about getting a production facility started so that we can
fund the exploration for the rest of the project."

Troy Duran: "[...] Thanks for your time Paul.";

Paul Gill: "Thanks very much for having me on."


Disclaimer: the
transcript above was written by me.


I_Luv_GVG