CEO’s Note to Shareholders and interested Investors
The time since new management was elected to the board as directors and completely changed this company, including the name, is now four months plus. With our new management team firmly in place we are committed to building shareholder wealth in Eskay Mining Corporation.
To date, our share price has not moved up much to reflect these important changes. However, in traveling to mining shows and talking with brokers and analyst, I’m reminded there are a lot of junior mining companies attempting to get investors attention? When one looks at the share price of the major mining firms, their share prices have not moved as much as one would have expected with the higher metal prices we have seen today. Nobody has a real crystal ball to look into and see what the future holds, so we have to invest based on our own due diligence and tolerance. I always like to say, it is what it is.
Eskay Mining Corp. is a pure exploration company with a massive land holding in a very prolific mining area (as outlined on our web site). To date, we do not have a 43-101 compliant report for reserves or resources. The Golden Triangle area is an expensive place to work and the window for that work is just over 4 months per annum. That is, until a mine is discovered and then it is as good as any in the world, except, it is in the safe part of the world with a mining history and rule of law. Our people can get to the site in hours from Vancouver, British Columbia.
The additions (outlined in the March 1st 2010 Press Release) to our Geological Advisory Board will complement the team at Cambria Geosciences. Paul McGuigan and his team have done a great job to date. The additions of Chet and David are meant to expand that knowledge and add to our chance of success.
They were the discovery group for the original Eskay Creek mine. As Chet has already been named “Mining Man of the Year”, he knows exactly what it feels like to find the big discovery. We now have the collective experience necessary to guide your company through all the necessary facets that we need on our property.
The big question everybody wants us to answer, “Will you find the second Eskay Creek?” As I outlined above, nobody has a crystal ball, but we now have the scientist in place to build on all the geological work completed up to this date on our properties. I urge you to read the History section on our web site about how the original Eskay Creek deposit was discovered.
Remember, If this were an easy process, your company would not have this property and the deposits potentially on our ground, (should they be there), would have been mined out by now. We are encouraged that the two companies to our east boundary, Seabridge Gold (SEA-T) and Silver Standard (SSO-T) who have announced reserves and resources of over 65 Million ounces of gold plus Silver and copper in sizeable amounts.
In sum, this is what makes this company so interesting from a speculative point of view. I mentioned, there are lots of junior exploration companies, but few with World class land packages in safe locals and oh yes, encompassing the site of the 2nd richest gold mine in North America, and 5th largest silver producer in the world.
Again, please look at the maps on our web site. Now, we have put together, experienced management, great geological people and this land package. Another important point for investors to consider, as CEO, I own almost 3.9 million shares purchased in the market. That represents over 5% of the outstanding stock. So you know that I and most of my management have “skin in the game”. We are aligned with everybody else in this quest.
Time will tell what the result is going forward, but we are moving as fast as we can with the goal of building shareholder wealth, which will mirror the 1989 experience at Eskay. The Golden Triangle in BC is a great place to focus.
Do your own Due Diligence to make sure you understand exactly what we are in relation to the risk of your capital. I was a former member of the Royal Canadian Mounted Police and I am fully aware of speculative deals which people invest their hard earned money. Let’s be clear from the offset. if it works, great, but most don’t work. I personally, am not anxious to take a tax loss on my investment, but I’m prepared for that eventuality.
In my second career (as a Financial Consultant for almost 25 years), I can tell you I see companies today, still in existence from when I started in the early 1980’s as a broker. They have never been highly successful, but somehow, they are still operating. Be fully cognizant of exactly what this company is and is trying to accomplish. In fact, your company in several forms has been in existence for over 20 years without success for shareholders. That is the reason it has a new group and focus. This is not a Guaranteed Investment item. It is not for widows and orphans as they say, except those with real risk capital. As CEO, I want everybody to be clear of the facts.
As in the past email sent out to this list, you are on our email list and we are trying to ascertain those whom are interested to be kept informed. If you no longer have interest, please reply by return email and we will take you off the email list.
Also, the Head Office is in the process of moving to Toronto and there is not a huge staff to answer minor questions. Everybody has the same information and all information is on the web site and on Sedar. If there are specific questions, please submit an email and the company will contact you directly.
Mac Balkam, President/CEO & Director