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Constantine Metal Resources Is Focused On
Their Palmer Project In Southeast Alaska, Which Is A Rich Mineralized
Copper/Zinc Massive Sulphide Project With A Precious Metal Component To It
Constantine Metal Resources Inc.
Suite 201, 15225 Thrift Avenue
White Rock BC Canada V4B 2K9
J. Garfield MacVeigh
President, CEO and Director
Interview conducted by:
Lynn Fosse, Senior Editor
Published – December 21, 2007
J. Garfield MacVeigh, President, C.E.O. and Director
B.Sc. (Hons). Mr MacVeigh received his B.Sc. from Queen's University at
Kingston in 1972. He has 35 years of experience in gold and base metal
exploration in Canada, U.S.A. and Central America. He was a participant in
the discovery of the Hoyle Pond Gold Deposit in Timmins, Ontario, and
contributed to the exploration and discovery of the HW Deposit and several
new zones at Westmin Resources Ltd.’s Buttle Lake massive sulphide ore
deposits on Vancouver Island, British Columbia. As District Manager for Lac
Minerals Ltd. in western Canada and Alaska in 1991 - 1995, was involved in
the exploration of the Red Mountain gold deposit near Stewart, B.C.,
Canada. Mr. MacVeigh was a founding member and past President and CEO and
Chairman of the Board of Rubicon Minerals Corporation. He is currently a
director and Chief Geologist for Paragon Minerals Corporation, a
Newfoundland focused company that was formed through the spinout of
Rubicon’s Newfoundland property assets.
The Company is currently exploring
its 100% controlled Palmer project, a world class base metal exploration
opportunity in a very accessible part of southeast Alaska and has recently
signed the definitive agreement to acquire a 100% interest, subject to a 2%
NSR production royalty, in the high-grade Croesus Gold Mine property located
in the prolific gold-producing southern Abitibi greenstone belt in Northern
Ontario. The closing of the Croesus property acquisition to transfer the
100% interest to Constantine is pending. (subsequently completed).
CEOCFO: Mr. MacVeigh, what is your vision
Mr. MacVeigh: “My vision for Constantine
is to advance and develop a significant discovery that we made on the Palmer
project in northeast Alaska. The company was originally set up a year ago
specifically to focus on the exploration of the Palmer property. With the
original initial public offering funds that we raised, we have been
fortunate enough to have two significant drill discoveries on the property
and that will now provide a focus to really develop shareholder value for
the company in the future.”
What do you like about the property?
Mr. MacVeigh: “It is a base metal
property of rich copper/zinc mineralization with a precious metal component
to it. It is a class of deposit that is referred to as volcanogenic massive
sulfide (VMS) deposit, which sounds like a big name, but tells you that it
is a type of base metal deposit, usually copper/zinc rich with associated
precious metals, that occurs within volcanic rocks, usually stratiform to
slightly cross-cutting in form. I have a lot of experience in these types of
deposits from my past work and the former project is a classic example of
this type of project in very favorable rocks where there is a world-class
deposit known as Greens Creek, which is in the same geological environment.
I have had a long association with the property since 1993. It is a property
that I have followed and worked on with other companies and now ultimately
have a chance to focus on it with Constantine.”
it 100% owned?
Mr. MacVeigh: “It is 100% owned through
a lease. We have a lease with the original owner of the property for a
99-year term subject to making certain payments and maintaining the property
in good standing. It is also subject to a 2.5% Net Smelter Return (NSR) to
the lease holder.”
Will you continue with the property as 100% owned by Constantine or do you
see the need to bring partners down the road?
Mr. MacVeigh: “I think that is always
something you have to keep in mind, but with the success that we have had we
feel that we are in the early stages of recognizing the exploration
potential and value of the property. We see significant upside for
shareholders by continuing to advance the discoveries that we have made at
the area where you are active easy to work with, is the infrastructure in
place, or is it a difficult area to navigate?
Mr. MacVeigh: “Southeast Alaska, where
our Palmer Project is located, is actually an extremely favorable place for
the type of deposit that we are looking for. It is very close to Haines,
Alaska, which is a deep-sea port only 33 miles by road from the project
outside of Haines. We are within two miles of an existing gravel road that
allows you to get that close to the property with a two-wheel drive vehicle.
There is power and accommodation and things that make it a very convenient
place to work. The exploration area itself is quite rugged and we need to
use a helicopter to really access the area and for moving our drills to do
exploration. Other than that it is actually a perfect spot to work and the
fact that there is a deep-sea port nearby is particularly favorable. When
you ultimately achieve production, a concentrate is produced and that
concentrate requires shipping overseas to a smelter.”
What is the plan going forward?
Mr. MacVeigh: “The plan for 2008 was
determined by the results that we had this year. We have two very high-grade
massive sulfide intercepts that we encountered at the latter part of our
2007 programs. In 2008 the focus will be to expand on those intersections
and demonstrate the opportunity to develop a viable resource down the road.”
you have a recent acquisition?
Mr. MacVeigh: “As part of the
Constantine plan, one of the things about the Palmer Project at this time is
that it is a seasonal project in a way because of its rugged terrain and
deep snowfall in the wintertime. Our drill season is from early June until
sometime in October. To overcome the seasonality of exploring the Palmer
project, Constantine went out and acquired another project that allows us to
continue to produce results on another high profile gold project in northern
Ontario. We have acquired a small but past-producing gold mine that is
extremely high-grade. We have 100% of that project subject to 2% NSR.
Because I have worked on this project in the 1970’s and I am very familiar
with it, our immediate target there is to try and locate the very high-grade
extension of the ore that was mined in the past that was faulted off. It is
a project that we have 100% of and we will be able to pursue exploration
through the winter months when Palmer is idle and continue to produce and
provide opportunities for our shareholders to see ongoing results from our
What is the financial picture of the company?
Mr. MacVeigh: “Constantine at the start
of the Palmer project this season had about $2.5 million in the bank and
since that time we probably spent a little over $1 million. We are probably
sitting between one and $1.5 million.”
There are many exploration companies to choose from; why should investors
pick Constantine out of the crowd?
Mr. MacVeigh: “There are several
reasons. Management is really important and Constantine has very experienced
management, lots of experience with major companies in the past, experience
with producing mines and a discovery track record. I think the management is
a critical aspect. A lot of my attention, not only administrative but
technically goes toward these projects so I spent a lot of technical time on
them myself. A second reason is that with the use of our initial public
offering funds, we have been successful in doing what we planned and we have
made two significant drill hole discoveries which we consider to have an
excellent opportunity to expand and develop into a resource. There are a lot
of things for our shareholders and potential investors to look forward to in
the near future and in 2008. Over and above that, because we have been
successful early on in our exploration, we also have a great share structure
to continue to build Constantine on the excellent results that we have had
to date. To me these are three very good reasons to look at Constantine.”
What should readers take away from this interview about Constantine?
Mr. MacVeigh: “I think they should
remember that Constantine has an experienced management, a great new
discovery to expand on and a good share structure. If the readers take this
away from this interview and look into Constantine, I think they should
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