Brent Cook (BC): So, I’ve owned Lara for quite a while, we own it in the Exploration portfolio. I’m going to have a quick talk with Miles [Thompson] and see how it’s going and what the future looks like.
BC: Hey Miles, what’s going on with Lara?
Miles Thompson (MT): We’re basically just sticking to our guns and working away as we always do. Markets are tough so we have lost a few joint ventures but we’ve managed to get a few more. The stuff that’s fun right now is you can actually go out and buy things cheaply. We’re actually replenishing the portfolio and putting together the projects we’re going to joint venture in the next cycle.
BC: Have you got the cash to do that? I’m looking at your balance sheet, it’s tight, but as I recall you’ve got payments coming in. Are they coming in and what’s that look like?
MT: The premise with a prospect generator is you dilute with projects not your shareholders. We’ve optioned off or sold all of our non core projects. Each period we have a little money coming from this, from that. We were down to, middle of last year, $400,000, we ended the year with $800,000. We’ve still got a couple of million dollars in stocks in other companies. We’ve got payments coming in that are pretty certain this year that we know we can carry on business as usual for this year, and we’re figuring out we make that happen for next year as well. While we think the markets will improve over the next year or two, we’re not leaving it to chance. We’ll generate the income internally to make sure we can carry on. Not carrying on sitting in the bar, waiting for the market, actually carrying on, generating projects, generating targets on those projects.
BC: Where are you seeing actual projects open up that you’ve been watching?
MT: Primarily we’ve gone back to Peru and Brazil, where we have infrastructure. For us to now project out to a new country, with the lawyers and accounting companies, it’s money we don’t want to spend. We have a team in Peru and Brazil, we’re building on that for the most part. Again, stuff comes up, we’re working on this Morendo, a spectacular copper target in Colombia, that came up through a deal we did in Peru, so we’re opportunistic.
BC: So that was Lara, I’ve owned it for quite a while. The share price hasn’t done that well. I think what came across in that discussion is these guys know how to survive, right now, they will survive, they’ve got cash coming in on various projects, and they’re actually out there acquiring new things, at the right time. I’m happy to hold this stock and watch what happens.