Mill Bay Ventures
Ceo: Bill Glasier
Juan Costello: Good day from Wall Street. This is Juan Costello, senior analyst with The Wall Street Reporter. Joining us today is Bill Glasier, CEO for Mill Bay Ventures. The company trades on the TSX Venture and their ticker symbol is MBV. Thanks for joining us today Bill.
Bill Glasier: Well thank you for having me.
Juan Costello: Great, anytime. Now starting off, give us a brief history and overview of Mill Bay Ventures for some of our listeners here who may be new to the story.
Bill Glasier: Okay. I’ve been President and CEO of the company for the last 18 years. I’ve put together seven projects in the company: Two gold properties in British Columbia, Canada and three gold properties in Nevada. We’ve done a lot of work on all these properties.
We just did a deal with another company to option the property of the Golden Repeat by Midas, Nevada. That just was completed last Friday. So we’re pretty happy with that one. In other words, we kind of put that one to bed and another company will be working on that. Over the next four years, they will pay us 2.475 million dollars to earn a 70% interest. And Mill Bay will retain a 3% NSR, that’s net [indiscernible][0:01:36] of a return. And they will have to spend 1.5 million dollars on development work. And we also will receive 2.5 million shares of their company. So it’s a good deal for both of us. So we’re happy with that one.
For the other properties, we have two other gold potential properties in Nevada. One is pretty close to Battle Mountain and the other one is on the trend from Barrick’s open pit mine. That’s at Crescent Valley. And both of these properties we have sent a quite a bit of money but they need to be drilled some more. We’ve done quite a bit of money but they need to be drilled some more. We’ve done quite a bit of drilling on the Crescent Valley Mountain, Crescent Valley property. So we just need to concentrate a little more on that one or do another joint venture or option which on that thought we are looking into it.
The very interesting situation here in Canada, in British Columbia, we have Valentine Mountain which is about 40 miles out of Victoria, British Columbia. And we have a drilled-out reserve there of 30,000 tons of .473 ounces per ton. In other words, there’s 20 million dollars sitting there starting at the surface. It covers like a half of a football field but the zone runs for seven miles. So it’s a huge potential.
It’s a vein structure and we just finished drilling another 6,000 feet. We’re waiting for assays to come in and we hope that this will expand the known reserve that we have sitting there like 20 million dollars sitting there starting at the surface. That’s an exciting property.
And then we also have at Bralorne which is a known huge gold-producing area. They’ve produced 4.2 million ounces from 1928 to 1972. And the company that has taken that over will be in production this coming year. And we have a property right next to them, it’s a three minute truck haul. We drilled and we found out of the nine holes, we hit an excellent vein and we started a decline. We’ve sent about a half a million dollars in going after this property and we want to start producing ore from it. And we will ship it to the Bralorne mill for processing which is a three minute truck haul.
So that’s a really quick overview. One of the nice things about it is that we only have 12.186 million shares issued so 12.2 million shares issued. And we’re trading at 30 cents a share.
Well you know you take our property at, here close to Victoria. We call it Valentine Mountain. You take that property and say my goodness, they have 20 million dollars blocked out there and we just finished doing a 6,000 drilling program to expand that. Hopefully we’ll expand it. We don’t know yet. We won’t have results until after Christmas but you’re looking at a 20 million dollar known reserve and our stock is trading at 30 cents with 12 million shares issued. So what more can I say?
Juan Costello: Well certainly. And so what else would you say makes Mill Bay Ventures unique from some of the other players in the sector?
Bill Glasier: Well, we’re really concentrating on gold. But I think a lot of companies, they’re doing that. Gold is up there, 1,400 dollars an ounce now. It certainly makes it very attractive. We have very few shares issued like 12.2 million shares issued. We don’t have any debt. We raise money as we need it like we decided to do some drilling on Valentine Mountain and we raised a million and a half dollars for that project and we’re spending that money as we speak.
I think it’s a very good investment that we have lots of potential. We have properties that may or may not be a very commercial gold-bearing formation but we hope they are especially in Nevada. We’re right in the midst of known areas that are producers and it’s quite exciting for us right now.
Juan Costello: Well great. So perhaps you can walk us through your background Bill and talk a little bit about the management team there at MBV for some of the listeners here who are new to this story again.
Bill Glasier: Sure. First of all, anybody that is interested in looking up and following through on Mill Bay Ventures should go into our website. We have an excellent website. You can Google it. www.millbayventures.com and they’ll take you to all of our projects and you just click on to them. All of the reports are there. The 43-101 reports are there. The pictures are there etc., etc.
My background is I was a stock broker for 12 years. I left Prudential Bache in 1987, retired. I couldn’t stand retirement so I decided to go and get my own company. I named the company after the town I lived in. I live at a town called Mill Bay on Vancouver Island.
I have excellent directors. They’re all experienced, educated, and just really do a lot of work to make sure that we’re going in the right direction. And all that information is on the website if anybody really wants to dig into it and you’re welcome to send me an email anytime they want to, firstname.lastname@example.org and take it from there.
Juan Costello: Certainly. So what are some of the goals that you’re looking to accomplish over the course of the next year?
Bill Glasier: Well if our current drilling pans out to be expanding our known reserve on Valentine Mountain, the one that we have 20 million dollars sitting there starting at the surface. If we can expand that to two or three times what we currently know, we would like to take that to production.
The property at Bralorne, we’ve already started the decline tunnel. We’ll finish that off, we plan to finish that off this coming year. We spent about 600,000 dollars on driving the decline tunnel to get to the property where we can mine it and then ship the ore to the Bralorne Mill. That’s a three minute truck haul.
Those are our main ones. And we will continue to option our US properties if we can find a company that is interested in optioning our properties in Nevada, the one at Battle Mountain, the AC claims, and also the Crescent Valley, the E&E DH claims. We have those properties yet to either to drill ourselves or option them on some kind of deal.
Right now we don’t have the money to go in there and drill but I’m not worried about hanging on to these properties because it doesn’t cost that much to hang on to them for a year. And with gold going the way it is going, it’s probably a great investment just to sit on them even.
Juan Costello: Certainly. And when it comes to investors and the financial community Bill, do you believe that the Mill Bay Ventures message and your story and the company’s full upside are completely understood and appreciated by the financial community?
Bill Glasier: Well, I don’t know whether we’re really fully understood or appreciated. I think that we probably have a long way to go to get our information out in front of the public but unless we have something concrete, drilling results etc., etc. that is concrete, factual information, that’s what I want to do to put out there in front of the public. Once we do that, then the public will better understand what I’m doing.
Juan Costello: Certainly. And so once again, joining us today is Bill Glasier, the CEO for Mill Bay Ventures. The company trades on the TSX Venture, ticker symbol MBV, is trading currently 26 cents a share. The market cap is 1.7 million. We were just discussing the LOI on Golden Repeat as well as Valentine Mountain exploration program update.
And so before we conclude Bill, to recap some of your key points here, why do you believe investors should consider the company as a good long-term investment opportunity?
Bill Glasier: Well, number one, we don’t have very many shares issued. Number two, we have gold properties and in the way gold is trading 1,400 dollars an ounce, it makes it very attractive. These properties, I’ve been working on this company for 18 years. It’s not something that’s going to go away tomorrow. We only spend the money as we see fit to spend it, raise the money. We’re debt free. And we have lots of potential. It just takes one haul in one of those private properties in Nevada to make a very exciting situation. But you have to do that first before you can brag about it.
Juan Costello: Well we look forward to continue to track the company’s growth as well as report on the upcoming progress. I like to thank you for taking the time to join us today Bill and update our investors on MBV.
Bill Glasier: Well it’s my pleasure and thank you very much for having us.