I have talked yesterday to Karl Glackmeyer, the president of Fairstar. He phoned me back one day after I posted a request for some information about the current developments of the company in Fairstar web site. He told me that there will some news in the coming weeks about the programs in Ghana and Quebec. For the Casa Berardi project, the pre-feasability study will be released in July. Right now, the Bre-X saga, followed by the Golden Rule imbroglio, has affected all juniors and Mr Glackmeyer does not hide the fact that further financing will be harder to find. So, the strategy for the coming months will be to focus on the most advanced projets, leaving the others on the back burner. Also, Fairstar will try to raise some financing during the year, maybe in the fall, and probably by issuing what we call in french 'accreditive' shares. Talking about Golden Rule, Mr Glackmeyer thinks that Fairstar is more advanced in its project, which doesn't mean that there is no gold in Golden Rule. In fact, Mr Glackmeyer knows very well the geologist - a Mr Hawkins (he works also for Fairstar)- who has putted a bucket of cold water on Golden Rule. If you have read the Financial Post this week, you probably have seen that Mr Hawkins did say that the conclusions reached by the press regarding Golden Rule might have been wrong after all. Lesser gold with trench results like in Golden Rule does not mean no gold. The press has been quick to the conclusion and it has made a lot of damage to the industry. Let's hope that a few months of tranquility will put us all on track.
Marc |
