Daniel F. Hachey, B.Sc., MBA President and CEO
Company Profile:
http://www.majescor.com
Majescor is a junior explorer focusing on emerging mineral districts. Majescor's project portfolio includes the SOMINE copper-gold property in Haiti (majority-held by SIMACT Alliance Copper-Gold Inc., a wholly-owned subsidiary of Majescor), the Mistassini uranium exploration project in Quebec (under joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.) and the Besakoa gold and base metal property in Madagascar (100%-owned; under option to Sunridge Gold Corp.).
Resources
Uranium, Copper and Gold Exploration
(MJX-TSXV)
Majescor Resources Inc.
c/o Me Frank Mariage
1155 Rene-Levesque Blvd. West, Suite 3100
Montreal QC H3B 3S6 Canada
Phone: 613-241-5333
http://www.majescor.com
CEOCFO: Mr. Hachey, would you tell us about Majescor?
Mr. Hachey: Majescor is a junior exploration company focused on emerging markets. Our flagship project is our SOMINE project in Haiti, which is a copper-gold project. Recently we had significant silver results as well.
CEOCFO: What are the challenges of working in Haiti, and what is the general mining atmosphere there?
Mr. Hachey: A terrible earthquake occurred in Haiti in January of 2010. The bad news was that this was a terrible occurrence for the people of Haiti, but perhaps the silver lining in the cloud is that there is a renewed focus on business and getting the economy going. In essence, the need for companies to come in and hire people to get work done, which is exactly what we are doing. We have noticed considerable change in the government’s attitude and the openness to mining. That was brought to light during a Club de Madrid meeting, where we presented in Port au Prince, Haiti, in February of this year. The Club de Madrid is a club of ex-presidents of many countries around the world, including Bill Clinton, the two Bushes and many other presidents. One president in particular was the ex-president of Bolivia, who stated that Haiti resembled Bolivia before they opened the doors to mining, which completely changed their country. Therefore, they went from a recipient of funds, from the IMF, to a contributor of funds. That resonated well with the government officials. Therefore, we have seen a lot of renewed interest in the mining sector. In addition, we are surrounded by Newmont, who have spent in excess of $26 million around us in the past several years. Further, there are other majors knocking at the door as well as Newmont already being there.
CEOCFO: What is happening on the ground today?
Mr. Hachey: We have drilled over 5,000 meters in our work program to date. We started last October and we have had very good results with respect to copper and gold. Recently, we have also had some good results on the silver front. We have two drills turning right now and we are very much looking forward to completing this next stage of our 10,000 meter drill program. We are aiming for a 43-101 resource estimate to be ready before the end of this year.
CEOCFO: Do you own the project 100%
Mr. Hachey: No, we do not. We have approximately 72% currently. The balance is held by individual Haitians who are all small shareholders.
CEOCFO: Is it difficult to get personnel and equipment that you would need in Haiti?
Mr. Hachey: Actually, it is not, because of the way we are situated. Going back to the earthquake that was in Port au Prince, we are pretty much as far away as you can get on the island from there.
We are up in the northeast corner near the Dominican border, so in terms of supplies and equipment, much of it comes in from the Dominican Republic. Therefore, being right near the border is a great benefit to us.
CEOCFO: What is the financial picture for Majescor Resources today?
Mr. Hachey: Right now, we have over $2 million in cash in the till and things are looking good. We may come to market in the next several months but right now, we are in pretty good shape.
CEOCFO: Is there investor interest in Haiti or is it still below the radar?
Mr. Hachey: Actually, we have noticed an increasing acceptance of what is going on in Haiti. Much of it is due to the success that we have had. We have worked hard at raising the awareness of what is going on there. We are seeing that there are people that in the past have said they were not interested in investing or looking at it. However, some are now actually talking about visiting, so we are seeing a very marked change in people’s attitude.
CEOCFO: How did you manage to carve out a piece that Newmont missed?
Mr. Hachey: It was not really something that they had missed. We were there first. This was a very attractive, mineralized belt of the Americas that has not been well explored, so they took all the land they could get around us. We are pleased to have them as our neighbor and we work quite well with them on various fronts.
The other thing too is that aside from Newmont, there is another major across the border in the Dominican Republic, not that far away. It is one of the world’s largest gold projects called Pueblo Viejo, which is owned by Barrick and Goldcorp. There are approximately 30 million ounces of gold there in reserves, 173 million ounces of silver and 500 million lbs. of copper and zin
