Welcome To The Apex Resources HUB On AGORACOM
Sultan's business strategy acquires quality, under explored, precious metal properties with undiscovered potential in established mining camps. The company then advances the projects until they can be joint ventured or sold with a retained NSR royalty.
Message: E-mail response from Sultan IR
I understand your frustration as it has not been a very positive mood for investors in the Junior Mining Exploration sector of late. This is something that is not specific to our company but to our peers as well.
We've been doing many constructive things in the past few months. We have completed a Spring Drill Program (Underground Drilling) of which we will have the assay results for the remaining 7 or so holes shortly. We have also started drilling from surface on the Jersey Emerald property and have contracted Giroux Consultants to update our resource estimate. We have drilled in excess of 55000 ft since our last resource estimate and if the resouce esimate upgrade is good (which we believe it will be), we will be in a position to go to the next step which is a pre feasibility study. We are also almost done with some metallurgical studies on the historical tailings pile and should also complete the first phase of environmental studies this Fall.
Work on the Kena gold property should commence soon as well. We have outlined a program for trenching and drilling to further expand on our findings from our drill program last year. We put in a deep hole in December and came up with over 400 meters of mineralization!
Meanwhile, we have been out there talking to analysts and brokers as well as advertising. What we are hearing is that the investment community likes our projects and assets. Unfortunately, the sentiment for investment right now is weak and many investors are nervous because of the subprime crisis, housing situation, inflation etc. We still have about $3 million in the treasury so we are not looking for new financing in this difficult market.
At these stock price levels, the market cap of Sultan is only $11 million. Considering our properties, the infrastructure that exists and the work we are doing to try to put this historic mine back into production, my personal opinion is that we are way oversold.
I feel bad that the stock price is where it is, but it certainly isn't from a lack of effort from management and the dedicated staff out in the field. However, if you have any suggestions, I would be more than happy to listen and discuss and see if we can try something different or convey your concerns to management.
regards,
Marc Lee
Marc Lee
Corporate Communications
Sultan Minerals
1-888-267-1400
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