Interview with Paul Sorbara of Golden Goliath
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By Dr. Allen M Alper
| Dr. Allen M Alper: |
We're talking to Paul Sorbara, CEO of Golden Goliath. Paul, could you tell us what's new, and what the future looks like? |
| Paul Sorbara: |
Sure. Thank you very much, Dr. Alper. We stopped our drill program in November of last fall, and now we're starting to compile all that information. We're working on mineral inventory calculations both in our Las Bolas property area and also in the San Timoteo area. The two areas are about five to six kilometers apart. | 
| Paul Sorbara: |
At Las Bolas we found a very interesting new zone, as well as a second site of mineralization. The drawings have shown in the old workings around Las Bolas that we have the mineralization we've been talking about for the last couple of years. Now, lower down stratigraphically, we're finding manto-style mineralization; horizontal or blanket-like sheets of sulfide mineralization that contain locally very high grades of silver and gold. In some of the holes we actually get more than one of these layers. We're trying to interpret the relationship of these underlying mantos with the overlying mineralization evolved in the old tunnel.
Additionally, to the north about 500 meters, we found another area on surface that exhibits a similar style of mineralization and lithology to what we see in the upper areas of Las Bolas. So, we're increasing Las Bolas both vertically downward and also horizontally to the north. So, we're very pleased with that. It will take us several months to work on the mineral inventory before we come up with hard numbers, but we're very pleased with the way it's going.
At San Timoteo we need to get into one of the underground tunnels and do some slashing and some underground drilling. We're waiting for better market conditions before we start bringing in the drills again. The company is in good financial condition with about $1.25 million in the bank today, and our burn rate right now is about $60,000.00 Canadian per month. So, that gives us sufficient funds to carry on well into 2010. Actually, we did turn down a private placement that was offered to us in December. We did not need the cash, it would have been overly dilutionary, and we are confident that we can finance later this year at a better price.
The work that's going on, on the ground right now in Uruachic, includes surface mapping and sampling, expanding these new zones. We're also going to carry out the Las Bolas work on the surface. Further to the west across the Rio Uruachi, where we've got preliminary work, shows some very high-grade surface samples. We're also opening up some other tunnels on Las Bolas area, one in particular called Papacho, which is historically one of the important ones in the camp, and we've got a crew down there now trying to open up that tunnel.
So, in summary, we're pleased with the way things have gone. We're in good shape to ride out current market downturns. We believe the price of gold and silver will come back well this year. Gold is already back up to $900.00 an ounce, and we also believe that the gold shares, the producers and the junior explorers will come back this year.
We're very fortunate that all of our properties are owned 100 percent. We don’t have to make any property payments or option payments, and that helps us keep down our costs. We have one joint venture in place right now with a group called Comstock Minerals on one of our properties. We are waiting for a confidentiality agreement with a major because they may be interested in doing some deals with us. So, we're in a good position where we can sit back and do some other joint venture agreements and let other people explore our properties and farm them.
So, in a nutshell, we have exciting work in progress and we're in good shape to ride out the current storm. |
For more information: http://www.goldengoliath.com
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