Eurasian Minerals – A Multinational Gold and Copper Exploration Company
Overview
Eurasian Minerals (TSXV:EMX, NYSE:EMXX) is a prospect generation exploration and royalty company focused on the discovery of gold and copper. Often referred to as a “Junior company with a Major’s portfolio”, Eurasian has 145+ properties worldwide including property portfolios in Turkey, United States, Scandinavia, the Australia and Asia Pacific region, and Haiti.
Eurasian Minerals is based around the prospect generator business model which allows the Company to conserve capital, minimize shareholder dilution, reduce risk and dramatically increase the chances of discovery success by utilizing their partners funding of exploration. Current joint venture partners include Newmont Mining, Vale, Freeport McMoRan Copper and Gold, Antofagata, Entrée Gold, Inmet, Centerra Gold and more. The Company is proactively adding to its portfolio, is well funded and strategically positioned to fully participate in the current investment climate through technical advances, local expertise and joint venture partnerships.
Eurasian Minerals also enjoys an expanding royalty portfolio with holdings in the USA, Turkey, Sweden and Serbia with cash flows beginning in the 3rd quarter of 2012.
Investment Highlights
- Junior Company with a Major’s portfolio
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- Major shareholders include: Newmont Mining, Antofagasta, Sprott Asset Management, International Finance Corp. (the investment arm of the World Bank) and the Lundin Family
- Joint venture partners are expected to spend in excess $15 million in 2012 on advancing Eurasian’s projects.
- Management and Directors team have over 280 years of collective industry experience
- Expanding royalty portfolio
- A robust treasury with $39+ million, coupled with a low cash burn rate
Key Projects
The Akarca Gold-Silver Property, Turkey – Joint Venture with Centerra Gold Inc.
EMX geologists discovered the Akarca property during a 2006 follow-up of a regional MTA pan concentrate gold anomaly. The property is comprised of 135 square kms of EMX exploration licenses. Akarca is part of a larger joint venture agreement with Centerra Gold Inc. on the Akarca, and Elmali properties in Turkey. The geology at Akarca was formerly thought to be un-mineralized, but geologists discovered multiple zones of gold-silver vein mineralization that trend both northeast-southwest and northwest-southeast.
EMX ‘s exploration led to the identification of the mineralized zone named the Akarca Central Zone. The veins in this zone have massive textures characteristic of the upper levels of gold-silver vein deposits. Samples from these veins have assayed over 50 grams per ton (g/t) gold with hundreds of g/t silver. Within this zone, the Kucukhugla Tepe, Hugla Tepe and Fula Tepe mineralized vein systems also have been identified. In 2011, three new mineralized zones were identified; Percem Tepe, Sarikaya Tepe and Arap Tepe. Consequent drilling on the project has revealed many long, continuous intervals of solid mineralization, including multiple 100 gram/meters, a common hallmark of economically favorable gold systems.
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Drilling at Akarca commenced in 2007 and continues on an annual basis to delineate and confirm gold and silver mineralization. High-grade oxide gold and silver drill intercepts from multiple vein zones, coupled with broader low-grade envelopes of gold and silver mineralization over a twelve square km area, continues to confirm Akarca’s potential to host a bulk minable precious metals system.
Bronco Creek Exploration, Eurasian’s wholly owned US subsidiary with 20 gold and/or copper properties. JV partners include: Vale, Freeport-McMoRan, Inmet Mining, Geo Minerals, Entrée Gold, Golden Predator, Geo Minerals and Ashburton Ventures
Copper Basin, AZ, USA. The copper staining is obvious, as is the comprehensive stock works veining.
EMX’s U.S. projects are overseen by the Company’s wholly owned subsidiary, Bronco Creek Exploration (BCE). One of the most interesting properties in the portfolio is the Copper Basin Designated Project in Arizona with earn-in partner Vale SA. The project area is comprised of more than 4,800 acres and 239 unpatented lode-mining claims in Yavapai County, 80 kms north of Phoenix in the Bradshaw Mountains. Copper Basin was only partially drill tested in the 1960-1970’s. Torrential rainstorms in 2009 exposed previously unrecognized mineralization in streambeds. New regional geological work indicates the system has been tilted, leaving significant untested exploration potential.
Copper Basin is a large porphyry copper-molybdenum system containing several previously undrilled-tested supergene and hypogene targets. Previous historic drilling confirmed porphyry-style mineralization but was only tested within a relatively a small area. One core hole, CB-3 averaged 0.20 per cent copper and 0.025 per cent molybdenum over its entire 940 metre length and ended in mineralization according to a 1974 unpublished Asarco drill log report. The Company has identified several new targets outside of the confined area of historic drill testing as a focus for an initial drill program.
Haitian Properties: Designated Project status on all Haitian properties, program 100% funded by Newmont Mining Corp.
EMX’s exploration properties in Haiti are covered as six Designated Projects. The Company’s portfolio covers over 130 kms of strike length along northern Haiti’s Massif du Nord mineral belt, and includes properties with historic resources in addition to multiple early-stage gold and copper discoveries.
EMX and joint venture partner Newmont Mining are exploring an extensive property portfolio in what is gaining recognition as one of the world’s premier, early stage gold-copper exploration terrains. Newmont Mining Corp. funds 100% of EMX’s program on Haitian properties. The geology of Haiti is prospective exploration terrain for epithermal gold-silver as well as copper-gold porphyry deposits. Even though Haiti’s mineral potential is similar to that found in the Dominican Republic, it has remained relatively under-explored.
La Miel Designated Join Venture Project with Newmont Mining Corp.
The Grand Bois project
Vert de Gris Prospect
La Mine Designated Project
Northeast and North Central Haiti Designated Projects
Summary
Eurasian Minerals’ business model is sustainable and is reinforced through joint venture partnerships with industry leaders and near term royalty cash flows. As a responsible steward of shareholder investment the Company maintains a tight share structure. Drilling at chief properties continues on an annual basis to delineate and confirm gold, silver and copper mineralization, increasing the odds for exploration success. Capital operation requirements are minimal while EMX joint venture partners are expected to spend in excess of $15 million on the company’s properties. EMX will also receive $1.6 million in cash and share payments in 2012.
The company has a highly qualified management team with a track record of successful exploration, critical business expertise in local regions and a history of serial success in the execution of property sales, leases and joint ventures. EMX ‘s portfolio of more than 145+ properties and over 90 properties under agreement continues to grow and advance.
Management
David M. Cole – President, CEO, and Director
Mr. Cole has over 25 years of industry experience, coming to Eurasian Minerals from Newmont Mining Corporation. At Newmont, he held a number of management and senior geologic positions, gaining extensive global experience as a project, mine, and generative exploration geologist in Nevada, Southeast Asia, South America, Europe, and Central Asia. Mr. Cole’s success as part of Newmont’s exploration team includes contributions at the world class Carlin Trend, Yanacocha, and Minahasa mines. Subsequently, he established and managed Newmont’s exploration programs in Turkey while also identifying early-stage acquisition targets in Eastern Europe. Mr. Cole specializes in developing new exploration ideas and opportunities, based upon solid technical expertise coupled with a keen business sense. He studied under Dr. Tommy Thompson at Colorado State University, earning an M.S. in Geology.
Dr. M. Stephen Enders — Chief Operating Officer and Director
Dr. M. Stephen Enders has over 36 years of diversified executive leadership experience in mineral exploration, project startup, and mine development and operations. Dr. Enders has held the positions of senior vice president, worldwide exploration, Newmont Mining Corporation and president, Phelps Dodge Exploration Corporation. He has led discovery teams in mineral resources and expansion reserves for global mining projects.
Dr. Enders is a widely published public speaker on industry topics, and a leader in the Society of Economic Geologists and the Society for Mining, Metallurgy & Exploration. He is the recipient of several academic and industry awards, including the 2009 Distinguished Achievement Medal from the Colorado School of Mines. Dr. Enders holds a bachelor’s of science in geological engineering from the Colorado School of Mines and a master’s of science and a Ph.D. in geosciences from the University of Arizona.
Dr. Eric Jensen — General Manager of Exploration
Dr. Eric Jensen has more than 17 years of industry experience as mine geologist, mine-site exploration geologist, grassroots exploration geologist, and as a consultant to several major mining companies. Dr. Jensen is also a co-founder of Bronco Creek Exploration. He has played a pivotal role in the planning and implementation of regional-scale sampling programs and geologic evaluations of mining properties and prospective terranes.
Dr. Jensen has significant exploration, research and academic experience in mineral deposits related to alkaline magmatism, epithermal gold deposits, porphyry-style deposits, mesothermal lode gold systems, and iron-oxide-copper-gold systems. He holds a bachelor’s degree in Geology from Carleton College and a Ph.D. in Economic Geology from the Center for Mineral Resources at the University of Arizona.
Dr. David Johnson — Chief Geologist
Dr. David Johnson has more than 18 years experience in generative exploration and consulting for major mining companies. Dr. Johnson is a co-founder of Bronco Creek Exploration, where his responsibilities include business development, managing day-to-day operations, target generation, land acquisition, and overseeing project activities. He specializes in designing, implementing, and managing broad-based mineral exploration programs, ranging from region-selection to property evaluation. His research activities have focused on the application of ore genesis and mass-transfer to mineral exploration where he co-developed a new deposit model and co-authored review papers on porphyry and IOCG deposits for the Economic Geology 100th Anniversary Volume. Dr. Johnson graduated from Colorado College with a bachelor’s degree in geology, and holds a Ph.D. from the University of Arizona.
Jesper A.C. Kofoed — Exploration Manager of Scandinavia
Mr. Jasper Kofoed participated in the discovery of the Nalunaq gold deposit in Greenland as a geologist. He has extensive experience with remote operations with exploration companies in Greenland, the Americas, East and Southern Africa and Southeast Asia exploring for mainly for copper, gold, platinum group metals and uranium. Mr. Kofoed’s project experience spans from initial regional green field exploration, through feasibility studies, to actual mining operations.
Before joining Eurasian Minerals, he was chief geologist for the Malmbjerg Molybdenum project with Quadra Mining, where he participated in numerous project assessments, one ultimately leading to the merger between Quadra and FNX in 2010. He holds a master’s of geology from the University of Copenhagen.
David S. Boyer — Exploration Manager of the USA
Mr. David S. Boyer has 16 years of industry experience in mineral, oil and gas, and geothermal exploration. His projects have included exploration management, field oriented geological investigation, resource and property evaluation, resource modeling and definition, and historical resource compilations interpreting litho-geochemical statistics on regional and district scales. Mr. Boyer has worked in a variety of mineral deposit settings including porphyry copper and gold, precious metal narrow vein and epithermal, disseminated gold, base metal, and uranium deposits in North and South America and Africa. Mr. Boyer is a Certified Professional Geologist (AIPG) and has holds a master’s degree in Geology majoring in structure and geochemistry.
Allen R. Cockle — Senior Consulting Engineer
Mr. Allen R. Cockle is a professional engineer with over 40 years of worldwide exploration and mine development experience. His 33 years of service with Newmont Mining includes tenure as vice president of technical services. Mr. Cockle has provided consulting services to the international mining industry, has specialized in mine project valuation at stages ranging from exploration to pre-feasibility, feasibility and production since retiring from Newmont Mining in 2007. Recent consulting contracts include the valuation of precious metal, base metal and industrial mineral deposits; quality of resource and reserve estimates; crafting of requirements for project development; analysis of production royalties and assessment of organizational capabilities.
Dr. Duncan Large — Technical Advisor of Europe and Asia
Dr. Duncan Large is a Europe-based geologist with over 30 years of experience in the mineral exploration and mining industries. Dr. Large’s professional record includes six years with Rio Tinto Finance and Exploration Ltd., four years of applied exploration university research in Germany, and twenty years as an independent consulting geologist and precious-metals exploration and mining projects. Dr. Large is a chartered engineer registered by the Engineering Council of the UK and the European federation of geologists. He holds a bachelor’s degree in geology from the University of Oxford, a master’s of science from the Royal School of Mines, London and a Ph.D. from the Technical University of Braunschweig.
Dr. Pavel Reichl — Technical Advisor of Europe and Asia
Dr. Pavel Reichl has specialized in precious, base, and PGE metals exploration and production for over 15 years. Dr. Reichl joined Newmont Mining Corporation in 1991,initially focused on gold exploration in the western United States and mine geology on the Carlin Trend. He was selected to lead Newmont’s acquisition program in Eastern Europe, in 1996, and has served as Newmont’s exploration manager in Kyrgyzstan and Uzbekistan from 1997 to 2002. He has also served as an independent consultant assisting clients with exploration and resource evaluation in Europe and Central Asia. Dr Reichl received his Ph.D. from the University of Montana.
