TGR: When share prices aren't moving a lot, do you focus more on jurisdictions so that if there's one discovery in a given area, then that might raise the prices of a number of juniors operating near by?

BL: Yes, I do. A hot area is one of the things that can overcome other market trends, positive or negative. I think the Yukon, for example, is going to heat up again. There was a big rush into the Yukon last year and it was just a zoo. A lot of the companies anticipated that they would be able to do the necessary groundwork and soil sampling, and then still have time to drill some of their juicier targets before the end of the exploration season. What they didn't count on was the fact that the assay labs were just completely overloaded. Expected three-week turnarounds turned into three-month turnarounds and longer. There was very little drilling done on a lot of these projects, but now they're ready to go. There are some companies up there that have really exciting targets and discoveries. They're ready to drill—and some are drilling right now.

In particular, Golden Predator Corp. (GPD:TSX) has a bona fide discovery at its Brewery Creek project and has virtually year-round access to drill the project, so it has been producing results. This project is undoubtedly going to go into production. It's just a matter of when it has defined enough resource. It's been a past producer, so it has some of the permitting obstacles already cleared.

TGR: It recently did a deal with Alexco Resource Corp. (AXR:TSX; AXU:NYSE.A) that gives Golden Predator full ownership of Brewery Creek in exchange for a 2% net smelter return royalty. What does that mean for Golden Predator?

BL: Bill Sheriff, Golden Predator's chief executive, is an awfully smart guy. He's taken a ground floor, junior company to the New York Stock Exchange before, and he's pursuing a similar game plan here. It's a good deal. It fits Bill's mold. He has a better idea than anyone of what the upside potential of the project is. I think that's a sign that he thinks it's pretty significant.

TGR: Golden Predator says that commercial production and positive cash flow are possible inside of 14 months. Is that realistic?

BL: Absolutely. It's a past-producing project. The question remains how to do it efficiently. It does have to get some numbers in place, but capital is not going to be a problem. It is rapidly drilling and making new discoveries as it goes along.

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