Some Info to add about our dedicated CEO
posted on
Jul 11, 2010 09:44PM
Focused on exploration and advancement of mineral projects in Peru
This message was posted on another site back in the start of June. I forgot to post on the Agoracom site. Jeff has brought some key personel to the DRV team which will get our property to where we need it to be. I definately think Jeff is headed in the right direction and we will be rewarded soon.
I too had the previlage of meeting with Jeff for well over an hour this past March when I was in Toronto. He is a very knowledgeable person and has a solid direction for our company, but he wants to make sure everything is done right to maximize shareholder value. I know it has been a long wait for many of us longs, but the reward is coming! Not to sure, but I think the cheap shares may be running out soon!!
Here is the post from June:
I was talking to a senior broker buddy of mine and we both agreed that Jeff R. is absolutely going to do right by shareholders. Here's why:
1. Jeff R. has been with the company since 1994 (when it was MacMillan Gold) in various capacities and was an Ouside Director prior to taking over the reins last year.
2. Jeff R. has an extremely long focus. He was instrumental in finding the Aguila Property in 1996 and the Ichuna Property in 2006.
3. Double Jack, Jeff R.'s private company operating in Peru (which has four properties, including the Ichuna) was optioned to Duran last year for $1.2 million worth of Duran shares when Jeff agreed to become President. As $800k had been spent on the properties, along with a LOT of sweat equity, it's clear that it is a fair deal and the TSX will agree with the vend-in price tag.
Since the deal was struck, Buenevantura has made inquiries to Double Jack about whether the Ichuna was for sale - and found out it was optioned to Duran. We now know that Buenaventura and Goldfields are planning on putting a mine adjacent to the Ichuna and will have to buy them out - so it's worth much, much more than what Duran agreed to pay.
4. Upon becoming President, Jeff found out that there was a lot more debt on the books than was thought - ie. about $800k. He stuck with it, did financings - and got the debt to zero.
5. This is very important:
At this point, the weasel thing to do would be to roll back the shares in the company. And then (remember, you can't roll back debt), after the roll-back he'd and his friends would receive their shares for the Double Jack - the acquisition is being voted on at the AGM shortly. This would have given him a LOT more percentage in DRV. He absolutely will/would not do this.
When my broker friend asked Jeff why he didn't do the above to get himself a better position, Jeff told him that, "I'd never do that, as I've been on the receiving end of that kind of roll-back and I didn't like it."
This is definitely a salt of the earth guy, who is, refreshingly, looking out for shareholders. I can't wait to for the warrants to be exercised and to see have the drill turning.
Cheers.
Jim