The COO of Grizzly Discoveries Inc., (TSX: GZD; OTC: GZDIF), Ian Lambert, recently spent some time with Metals News at the Metals & Mining Investment Conference in Vancouver and shared the updated development strategy that the company is currently pursing.
Ian Lambert, the COO of Grizzly Discoveries, has recently joined the company to assist the management team in developing a comprehensive strategy that will take their projects and assets to the next level. Lambert said, “After operating Trade Winds, and after it was bought by Detour Gold, I was interested in finding a new group to work with.” An opportunity arose to join the Grizzly Discoveries team to work with the management team in developing strategies and obtaining funding. Said Lambert, “The management team was looking for someone to help them get some focus and help them raise some money so I joined them as COO.” This partnership has led Lambert to work closely with the CEO and founder of the company, Brian ("Griz") Testo. Said Lambert, “I’m involved with the CEO closely now.” One immediate change has been that the company now has both Eastern and Western Canadian exposure. Lambert said, “Grizzly is an Alberta based company. Brian Testo works in Alberta and works closely with Apex Geoscience, based in Edmonton, where they share office space. I am located in Toronto.”
Grizzly Discoveries has been developing quickly. Said Lambert, “Prior to my involvement, the company initially had some diamond interests and ended up getting some gold claims.” These claims are located in the southeast portion of the province of British Columbia, Canada, an area well-known for historic mines and production. Lambert said, “The claims are along the USA border, covering over 70 kilometers of strike length over many historic mines.” The Grizzly Discoveries team has been working to ascertain the level of the resources that are available on these claims. Lambert said, “We have done 9,000 meters of drilling, soil sampling and testing.” The work has continued despite the challenges of the market. Said Lambert, “The management team did this work and then the gold market fell somewhat out of favor.”
With the changes in the market, Grizzly Discoveries looked for additional opportunities. Said Lambert, “We had the opportunity to get involved in some potash claims located along the border between Alberta and Saskatchewan.”
The result is that the company has now found new opportunities in the potash sector. The initial claims have shown some positive results that the management team believes necessitate additional exploration. Lambert said, “We have done some drilling and have found 31% potash as a result. Now, we are going to raise more money and do some more drilling.” The goal of the additional drilling project would be to get the data needed in order to produce a resource report on the holding. Said Lambert, “Once funded, we will drill that off to develop a resource and finalize a 43-101 report.”
Eventually, Lambert and the Grizzly Discoveries team would like to manage the potash holdings under a separate business model to protect shareholder interests and to develop both the precious metals and potash opportunities better. Lambert said, “We are currently planning to spin off the potash claims as a separate company.” The company will need to gain some additional financing in order to realign the company into two separate entities. Lambert said, “We will need three to four million dollars to spin that off.” There are good reasons for the team to create two different companies that will each handle a different type of resource. Said Lambert, “We don’t want to keep that as part of Grizzly because of the dilution.” They are optimistic that creating another company is something that can be done with relative ease. Said Lambert, “We feel we can raise that capital in a separate vehicle to manage the potash assets. That is our focus right now – a parallel focus on potash and precious metals.” In addition to working on the potash resources, the company is poised to do additional drilling in the precious metals arena. Lambert said, “We will do diamond drilling in a precious metals area that has the potential to develop a resource.”
With the assets they have, Lambert and the Grizzly Discoveries team believe they are in an excellent financial position. He said, “There are few companies that have only 48 million shares outstanding and nearly a million dollars in the bank. In the state we are in, we are in a good situation.” In addition, the company is looking for partners to work with them to help them develop the claims. Lambert said, “We are talking to another company near us about a joint venture partnership, where they would do some work for us and pay us.” All of these decisions are designed to protect shareholder value. Said Lambert, “That is some of the strategy that we are using without diluting our company. We are not looking for more money for Grizzly at these levels. We want three to four million dollars for another vehicle. We believe that when the recovery comes, it will come quickly for our company. We’d like to get our stock quite a bit higher. That will give us the ability to raise some money for drilling.”
Why should investors take a close look at Grizzly Discoveries? Lambert believes there are many reasons that the company warrants a thorough analysis. He said, “I think that the fact that we have a low share count – there aren’t hundreds of millions of shares out there – is one reason. I believe that the fact that the resource is there, and could increase the value of the stock by three to four times. And, all of the management team has a track record of success in the past. Management holds over 25% of the company and that we have money in the bank to survive these times makes it a really good investment for anyone.”
http://www.grizzlydiscoveries.com/
Grizzly Discoveries Inc.
100 9797 45 Avenue NW
Edmonton, Alberta T6E 5V8
Telephone: 1-780-693-2242
Fax: 1-780-439-7308
Email: info@grizzlydiscoveries.com
Brian ("Griz") Testo, President & CEO
Telephone: 1-780-693-2365
Ian Lambert, COO
Telephone: 1-416-840-9843