Catching up after being away. Discussion of Explor in April 12th The Gold Report.

http://www.theaureport.com/pub/na/6054

TGR: Michael, what are some of undervalued companies that you think fit into this good management/right properties model?

MB: I will use three different types of juniors in my examples: gold and base metals exploration, gold development and one silver explorer/developer. The one exploration junior that has met all the criteria above is Explor Resources Inc. (TSX.V:EXS). In the interest of fairness and full disclosure, I am a shareholder. Also, our firm and I have been corporate finance and investment banking representatives for this company since May 2007. Explor is in the heart of the Abitibi Greenstone belt, which is a geological environment that stretches from north of Duluth, Minnesota, right across the tops of the provinces of Ontario and into northern Quebec. The Abitibi Greenstone belt has produced 180 million ounces of gold and 450 million tons of copper-zinc ore over the last 120 years.

In Explor's exploration model they are searching for what can be called an "elephant." An elephant in the junior exploration game is an ore body that takes on just like it sounds—elephant status, elephant size. Explor's put together the biggest quality land package of any junior I've ever seen in and it is largely within the Abitibi Greenstone Belt.

The one that is the most exciting in the gold arena right now is an acquisition they made last year in the Timmins, Porcupine. It's actually west of the Mattagomi River in Timmins, Ontario. Over the last 100 years, 70 million ounces of gold have been produced out of Timmins.

Last June 25th, in an area west of Timmins, a junior called Lake Shore Gold Corp. (TSX:LSG) made a discovery at 83 meters of 12 ¾ grams at an elevation of 865 meters of depth, which was the first of its kind west of the Mattagami. In fact, it was one of the best drill holes in Canadian gold mining and exploration history. Explor has a 1,900-hectare parcel of ground called The Timmins Porcupine West Gold Property, which has had around $25 million of shallow exploration work completed over the years. Explor is executing a deep exploration program following the Hollinger-McIntyre model, which is significant because those two mines (located about ten kilometers to the east) produced over 30 million ounces and, like Explor's land, were associated with a major porphyry unit.