Turner

Randy Turner photograph by: Jason Payne , VANCOUVER SUN

Yesterday I had the opportunity to meet Vancouver mining entrepreneur Randy Turner. Mr. Turner has been involved with multiple mineral discoveries since the late 1970's, with the most notable being the Snap Lake diamond mine in Northwest Territories, taken over for a combined $478 million in 2000.

Mr. Turner splits his time as the CEO of two junior mining companies. Canterra Minerals is another diamond explorer backed by Mr. Turner and Vancouver business icon Jimmy Pattison. Mr. Turner is also the CEO of Independence Gold (TSXV:IGO), a company that has been the subject of high interest in our CEO.CA Chat platform of late.

Independence is an exploration company focused in the Yukon with a few things going for it. For one, the company is one of just a handful of explorers actually doing meaningful work this summer. Independence will drill about 20 holes in a $1.8 million program at their 100% owned Boulevard and Henderson projects in the White Gold Area south of Dawson City, less than 15kilometre's from Kaminak Gold's Coffee deposit.

Here's the work program news release: Independence Gold Announces 2015 Yukon Exploration Program

Last at 8 cents Monday, IGO has a $3.5 million market capitalization whilst having $7.8 million in its treasury (at Dec 31, ’14). You read that correctly, Mr. Turner's company is trading at less than half of its cash value. However, Mr. Turner has no intention of distributing that cash to shareholders. He's in the business to raise money and go and find new deposits, and that is his intention with the remainder of IGO's treasury.

Discoveries take time, money and talent, Turner says, three things Independence has. When asked why he’s not making more insider purchases, Turner said he’s seen too many junior miner CEOs go broke buying their own stock, and already has a sizeable position (2.032 million shares or roughly 4.64% s/o according to SEDI).

Independence has reviewed hundreds of other projects for possible joint venture, and Turner is not ruling out bringing other assets into IGO.

Mr. Turner was confident but not "pounding the table” or aggressively promoting the company, and says he fields most investor calls himself.

Independence is a unique under-cash exploration story with strong technical management and drilling excitement coming this summer.

Author holds no position yet but is tempted, always do your own due diligence.

Follow IGO at CEO.CA Chat: http://chat.ceo.ca/igo