Ann: Gold Road Enters New Exploration Area, page-17

Lots of junior exploration companies spread themselves too thin. You see it often.
But Gold Road is not a junior exploration company.
They are a well funded mid tier exploration company. Give them 18 months and they will have 80-100m a year of revenues to spend. Unlike other Gold companies, they want to focus on exploration. If they make more discoveries, they will enter other joint ventures rather than developing them in house. There is a clause in the JV with Goldfields that states that Goldfields has first dibs on negotiating a JV to build a plant in North Yamana if Gold Road makes another discovery.
So this is a new model of Gold company. We focus on exploration. And we partner with others for development and production. We therefore only tackle exploration of tenements that have prospects large enough for a major to be interested in taking on a JV. And we have the exploration budget of a company the size of EVN or NST. Such a company can handle more ground to explore. Indeed it requires more ground to explore.
I like this model of exploration company. It removes the risk of becoming capital starved and having to do CRs to continue to exist. It allows Gold Road to develop a reputation as the best explorer in the business which should attract the best geologists to work for them.
Cheers,
Tim.