Interview with: E. Grayme Anthony, P.Geo. F.G.A.C. , M.B.A., President, CEO, CFO, Secretary-Treasurer and Director - featuring: the mining of their West Cedartree gold project.

Houston Lake Mining Inc. (HLM-TSXV)

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Houston Lake Mining Inc.
(HLM-TSXV)
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Houston Lake Mining Inc.
(HLM-TSXV)
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Given the amount of shares that are outstanding, the quality of our projects, the exploration successes that we have generated thus far, the strategic moves of the company in its recent acquisitions and the experience of the management team in developing projects through to production, we feel that Houston Lake has solid momentum for continued growth

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Mining
Exploration & Development
(HLM-TSXV)


Houston Lake Mining Inc.

2892 White Street
Val Caron ON Canada P3N 1B2
Phone: 705-897-7622

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E. Grayme Anthony, P.Geo. F.G.A.C.
M.B.A., President, CEO, CFO
Secretary-Treasurer and Director

Interview conducted by:
Lynn Fosse, Senior Editor
CEOCFOinterviews.com
Published – August 3, 2007

BIO:
E. Grayme Anthony
 

President, Chief Executive Officer, Chief Financial Officer, Secretary -Treasurer and Director, Houston Lake Mining Inc.

Mr. Anthony has been involved in the exploration for precious and base metal deposits in Canada, South America, Africa, and Asia since 1983.  He has experience with such companies as Amoco Petroleum Co. Ltd. - Mining Division, Echo Bay Mines Ltd., Canhorn Mining Ltd. and United Reef Petroleum Co. Ltd.  In 1990, Mr. Anthony formed his own geological consulting proprietorship, which has provided exploration project management services to such clientele as Ontario Geological Survey, Paterson Grant & Watson Ltd., Noramco Exploration Co. Ltd., Citadel Gold Mines Ltd., and Consolidated NRD Ltd.  In June of 1994 Mr. Anthony joined Norcan Resources Ltd. (Norcan) as Senior Geologist.  In September of 1994, he was promoted to the position of Vice President, Exploration where he was instrumental in setting up and directing Norcan’s business interests in West Africa and amassing a portfolio of properties in Ontario.  Mr. Anthony reestablished his exploration consulting business in October of 1996 and his clientele has included AMI Resources Inc., Norcan Resources Ltd., Quincunx Gold Exploration Ltd. and Namex Explorations Inc. Since 1997, his principal focus has been Houston Lake Mining Inc.

Mr. Anthony holds a Bachelor of Science Degree (Honours) in Geology obtained in 1983 at Concordia University in Montreal and a Masters of Business Administration obtained in 1986 at The University of Western Ontario. Mr. Anthony earned his Professional Geoscientist (P. Geo.) designation in British Columbia in 1995 (accredited in Ontario in 2003) and was awarded the designation of Fellow of the Geological Association of Canada (F.G.A.C.) in 1997. He is a member of the Canadian Institute of Mining and Metallurgy, and the Prospectors and Developers Association of Canada.

Company Profile:
Houston Lake's objective in the short term is to become a gold producer by surface mining our West Cedartree gold project. The Company has a total of 24,654,989 common shares issued and outstanding.

CEOCFO:
Mr. Anthony, why is Houston Lake positioned today for resources for tomorrow?
Mr. Anthony: “Firstly, we undertook economic studies of mineral trends and identified a number of commodity areas that seemed promising. We then went out with that in mind as the basis for our acquisition strategies. We positioned ourselves first in platinum and palladium with a high quality property in the same vicinity as the Canada’s only open-pit PGM producer, the Lac Des Iles mine of North American Palladium Ltd. (AMEX-NAP; TSX-PDL). PDL has since put in a fifteen thousand tonne per day mill. Our Tib PGM property covers the second largest PGM target in the area and the property that is now under option to an Australian company, Magma Metals Limited. Magma is spending $3 million over the next five years to earn a 70% interest in our property. Secondly, we moved into rare metals after identifying tantalum as a strategic metal. Tantalum is used in such things as micro-circuitry. The year after we acquired the Pakeagama Rare Metals property, tantalum prices ballooned ten-fold over the previous year.

However, despite their high quality these properties are not our primary focus. Our priority is the West Cedartree Gold Project near Kenora, Ontario. The area was Ontario’s principal center of gold mining at the turn of the nineteenth century. The area has largely been overlooked with subsequent gold rushes in the Timmins and Red Lake areas of Ontario. We positioned ourselves early by solidifying our land position before gold started to run up in 2003 and we have since added a number of properties culminating in an announcement earlier this month with the acquisition of the Dubenski property. Now we have assembled eight adjoining properties with gold resources on three of them. We are now seeking to prove-up and expand upon these resources to justify a mill on site.”

CEOCFO: Please tell us about the recent results of the West Cedartree
Mr. Anthony: “Earlier in April we completed an extensive drilling program targeting Dogpaw #1 Vein, which is a property we picked up last year. On April 10th (2007) we announced that we intersected 29.9 grams of gold over 7 meters, which is an extremely exciting intersection and the good results continued. Fourteen of the seventeen drill holes of the program intercepted values in excess of 3.3 grams of gold and our deepest drill hole of the program intercepted 7.3 meters grading 6.21 grams of gold, so lots of potential for further expansion to depth. With the addition of the Dubenski property in May and the three promising gold zones on the adjoining properties, there is great potential to develop more gold resources on the West Cedartree project.”

CEOCFO: How do you manage cost-effective exploration?
Mr. Anthony: “It goes right down to the fact that we acquire the properties for what we believe is an affordable price. We have subsequently earned into virtually every property that we have aimed at. We have therefore been highly efficient in building our property portfolio. We manage all aspects of our costs to keep our overhead low in the office and in the field. For instance when we look for a drilling company, we scour the earth to find those that are available and generate a number of quotes so that we are getting the best price at the right timing for us. It wasn’t until recently that we started spend dollars to increase awareness in the company. We only did so once Houston Lake’s asset base of properties has been established.”
 
CEOCFO: What is it that you and your team know that allows you to pick good potential properties and what is special about Houston Lake and your management?
Mr. Anthony: “First of all, we strive to identify promising commodity sectors before that commodity rises in price. By being early we can target and acquire properties with high potential before significant competition enters the sector. The other is persistence. To give you an example, the Dogpaw Lake property has been the focus of our recent exploration efforts and drilling. we negotiated to acquire this property for over four years before the deal fit what we perceived to be a good price for the ground. With Dubenski, we have been in negotiations for over a year so these things take time and, sometimes, innovative thinking. On the Dubenski property, we came up with an idea of structuring a $10.00 per ton cost allocation of any future mining as an alternative to future cash payments. This deal structure would minimize further dilution of our outstanding shares on an important property acquisition.”

CEOCFO: What is the financial picture like for the company today?
Mr. Anthony: “We are raising $2.5 million that was announced a week or so ago. We are in a fairly good spot at the moment with over $1 million in the till.”

CEOCFO: Are your projects 100% owned?
Mr. Anthony: “We have just recently obtained a 100% option on the Dubenski property. All the rest of the properties are now 100% owned or in the process of transfer to 100% ownership.”

CEOCFO: Why is that preferable for you?
Mr. Anthony: “It gives us a lot of flexibility down the road if we wish to bring in any partner. Our partnership with Magma Metals Limited of Australia is a good example. They are earning a 70% interest in our Tib Platinum Group Metals property. Our initial 100% ownership left us with a significant 30% carried interest at the end of the day.”

CEOCFO: You have a goal of production in the short-term; what should people be looking for?
Mr. Anthony: “Our strategy has adapted with the new acquisitions. Our key goals are to earn in to these projects, prove up the resources that already exist there and expand upon those with further exploration. Consequently, we have applied for a mining permit. While the permitting process is running its course, we continue to focus on expanding the existing gold resources. We are hopeful that should the resources prove up on these properties that we will be in the position to justify a mill. Near-term goals I would say is proving up of existing historic resources and expanding on the resource base we now hold.”

CEOCFO: With exploration going on worldwide why Canada?
Mr. Anthony: “My experience has been global and I’ve looked in Africa, Asia and South America as well as North America. To me the assurance of land title that you get in a first world country, the talent of people to staff your projects are important reasons. There is also good infrastructure and positive tax regimes in Canada. Ontario has tremendous mineral potential. We’ve identified regions of the province that are relatively under explored. The Kenora region where our West Cedartree Gold Project is located has not seen a lot of exploration since the turn of the last century, so that presents us with a tremendous opportunity.”

CEOCFO: Address potential investors; why should they be looking at Houston Lake and what makes it stand out from the many other companies in this sector?
Mr. Anthony: “There are a lot of good companies out there. Given the amount of shares that are outstanding, the quality of our projects, the exploration successes that we have generated thus far, the strategic moves of the company in its recent acquisitions and the experience of the management team in developing projects through to production, we feel that Houston Lake has solid momentum for continued growth. We are in the process of raising public awareness of the Company; it’s not a story that everyone has heard of. We like to think we are an undiscovered gem. There are many companies out there that are interested in identifying a property and then bringing in a major company to form a joint venture. However, Houston Lake has the full capability in our board of directors and in our management to bring a junior company from project concept through to open pit and underground production. We have a lot of strengths that other companies may not have.”


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“Our priority is the West Cedartree Gold Project near Kenora, Ontario. The area was Ontario’s principal center of gold mining at the turn of the nineteenth century. The area has largely been overlooked with subsequent gold rushes in the Timmins and Red Lake areas of Ontario. We positioned ourselves early by solidifying our land position before gold started to run up in 2003 and we have since added a number of properties culminating in an announcement earlier this month with the acquisition of the Dubenski property. Now we have assembled eight adjoining properties with gold resources on three of them. We are now seeking to prove-up and expand upon these resources to justify a mill on site.” - E. Grayme Anthony, P.Geo. F.G.A.C.

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