TGR: What are some countries where investment risk is actually lower than it was and why?
TL: In Europe, I would say Serbia and Bulgaria. The war ended in Serbia about 15 years ago and since then the country has dramatically changed. It is completely open for foreign investment now, has a favorable tax rate and has great potential for new discoveries. As a country that is a candidate to join the European Union, the political risk has decreased tremendously. There have been several finds there recently such as Reservoir Minerals Inc. (RMC:TSX.V), which discovered an exciting drill hole. EurOmax Resources Ltd. (EOX:TSX.V) and Columbus Copper Corp. (CCU:TSX.V) also have properties that look promising. Reservoir and Columbus are in Serbia and EurOmax is in Serbia and Bulgaria, so maybe EurOmax is the better example for both countries.
TGR: Which one of those is furthest along the development chart?
TL: I would say EurOmax. Its main project is in Macedonia, but it has a gold project in Bulgaria with about 2 million ounces (2 Moz) gold. It will define an NI 43-101 resource this year on its Serbian copper-gold project.
TGR: What are some other European countries that are worthy of a look?
TL: The most surprising country is France. It has an overseas department, French Guiana, which borders Brazil and Suriname. Because it is part of France, the political risk is almost zero. A company there called Columbus Gold Corp. (CGT:TSX.V) recently outlined a resource estimate of 5.4 Moz gold. It is open pittable and the average grade is 1.4 grams/ton (1.4 g/t). The company plans to drill more holes this year. I am certain it will come up with a resource that contains in excess of 7 Moz.
TGR: Is Columbus Gold any relation to Columbus Copper Corp.?
TL: They are both part of the Columbus group. There are three Columbus companies: Columbus Gold that focuses on gold in Nevada and French Guiana. Columbus Copper focuses on copper mainly in Turkey where it has a joint venture with First Quantum Minerals Ltd. (FM:TSX). Then there is Columbus Exploration Corp. (CLX:TSX.V), whose properties are less exciting than the properties of the other two Columbus companies.