XL: David, thanks for talking with us today. It’s an honor.

DL: My pleasure.

XL: We understand that, like many of the X-League honorees, you had an early start in geology. Your father was a mining engineer and you were sorting ore at age 7?

DL: That’s right. I thought, “It can’t get any better than this.” And I never really changed my mind afterward.

XL: Had rocks always been an interest for you? Or was it something that developed as you spent more and more time with a pile of ore?

DL: My bachelors degree was in mining engineering, and I worked a couple of years as an engineer, then later as shift boss and night foreman in a large underground mine. But I finished my engineering course in four years in 1949, and during the last year I began to think that it might be more fun to learn more about the geology side and work in mineral exploration.

XL: What was it like finding work in the exploration industry back then?

DL: Those were good times. My first job was in Mexico at an Asarco camp in the state of Chihuahua. After two years with Asarco, I resigned and got a job as an exploration geologist with the U.S. Atomic Energy Commission looking for uranium in the Four Corners area of the southwest U.S. I held that job for three years during the uranium boom.

XL: Then what?

DL: I managed to get accepted to graduate school at Stanford University. So, I went back for a year, and that year, plus work on my own thesis, completed my Masters degree. I’d originally planned to apply for a PhD, but ran out of money and enthusiasm and settled for a Masters. I finished my work at Stanford in 1955; I didn’t get my degree until 1957. I was doing the thesis on evenings and weekends because I was working during the week.

XL: Was that out of fiscal need or just a desire to be in the field?

DL: I guess you could say it was fiscal need. I had a job as exploration manager for a small Canadian company and had lots to do.

XL: Which company?

DL: Ventures Limited. It was funded by Thayer Lindsley and I worked for two or three subsidiaries of the company. The first one was called Ranrick Inc. and the second was Southwest Ventures. I had the title of Vice-President of Southwest – it was a very small staff and I was basically in charge of exploration.

XL: Really? Just a few years out of school and you were running the exploration program?

DL: That’s right.

XL: Did your work at this time involve copper porphyry deposits, or was this prior to your interest in that type of ore developing?

DL: I think it developed during that period. I had become something of a porphyry specialist by the time I left Ventures. I then worked two years for Utah Construction Company, which became Utah International and later the copper arm of BHP. They had an exploration staff of about a dozen geologists and I was their copper specialist.

XL: Was your expertise a function of having gone to school in Arizona and seen the copper deposits there, or did it come about more through your subsequent work?

DL: I think it came mainly from the other work. I had done copper work in British Columbia and the Yukon, and even Saskatchewan and Manitoba.

XL: And was there the same level of interest in porphyry deposits at that time as there is today?

DL: I think it was generally understood that most of the big copper deposits of the world are of porphyry origin. But the understanding of the geology of these deposits was poor.

XL: Why?

DL: It’s a little bit like the story of the blind men and the elephant. Porphyry copper deposits can be very large and it took those in the exploration business a long time to catch onto the fact that these ores often have consistently identifiable geological zones that can aid in field identification. That is, the minerals present change as you go from the center outward, and the metals also change from center outward and from the bottom to the top. That said, there were several companies that were doing academic work on porphyries around the time that I was. Anaconda had a lab in Butte, Montana and Kennecott had a large group in Salt Lake City. Kennecott actually had more people in the research department than they did in the exploration department. There was also work going on at several universities. There was sort of an informal geochemistry group, largely professors, that I was a member of for several years. We’d have a conference every couple of years and swap ideas on ore deposits. My interest in porphyry copper deposits developed over several years, and John Guilbert and I were eventually the first ones to publish a geological model of these ores. But there were other people thinking along the same lines.

XL: And when you went to Stanford, did you do your Masters degree on porphyries?

DL: No. I used a uranium exploration project that we were working on in Utah for my thesis.

XL: So, it was after you graduated and became a consulting geologist that your porphyry work really got going?

DL: That’s right. I did a lot of drilling on a porphyry copper project called Copper Basin in Arizona. That was probably the first significant effort to understand porphyry copper geology.

XL: Did you become a consultant in order to have the freedom to work on projects in line with your interests?

DL: Partly. Although it was more just to have a job. I wasn’t by any means in an affluent financial condition.

XL: And as you began to develop your expertise on porphyries, was it easy to find consulting work?

DL: Well, when I began, I managed exploration projects. In Arizona at that time, the way claims were staked required the digging of a four-by-six-by-eight foot pit for each claim. It was called the discovery shaft. A large claim group might involve digging two hundred of these, and they had to be drilled and blasted and mucked out. I organized crews to do that. Probably eighty percent of that work was for major companies. I also worked as an expert witness in mining lawsuits for the Arizona Highway Department. They had a series of contracts with prospectors on right-of-way conflicts between roads and mining claims.

XL: Interesting. So, much of your work during this period led up to the publishing of the seminal Lowell-Guilbert porphyry model in 1970. Can you tell us a bit about why that was so groundbreaking and how it changed the thinking on these deposits?

DL: The paper was really based on my work at San Manuel, Kalamazoo. The original discovery – which was about 500 million tons at 0.7% copper, with a molybdenum credit – resulted directly from our interpretation of the zoning of porphyry copper deposits. At the time it was a unique project because we had some old churn-drill holes that had intersected mineralization – primarily pyrite. But when we re-logged the drill cuttings, I was able to identify when the drill passed from propylitic into phyllic alteration and the attendant changes in mineralization from sparse pyrite to abundant pyrite to traces of copper-bearing chalcopyrite coming in, which fit with our porphyry deposit model.

XL: And that aided you in making a new discovery there?

DL: Yes. This deposit had in fact been split by a fault, cutting it in two. The known half that had been found was San Manuel. The missing half turned out to be Kalamazoo, which had been carried downward along a major fault. But by looking at the San Manuel half, and the geology of the old drill holes – one of which was three thousand feet deep – suddenly the light bulb went off and it became fairly obvious as to where the missing half would be and even what the tons and grade and shape of it would be.

XL: And when you published the model that had led to this success, was it well received by the industry?

DL: I think that paper’s been quoted at least a hundred times in other publications. It may be getting somewhat obsolete now.

XL: One of our editors graduated from geology school only a few years back and told us your model is still one of the definitive teachings.

DL: It seems to have been useful. It’s been translated into Japanese and Chinese and a number of European languages.

XL: But often in science when this kind of work comes along that changes the whole paradigm, there’s a lot of resistance from people with other ideas. Did you encounter any of that?

DL: A bit. We actually encountered more argument a few years later from various competing models. But in reality there isn’t that much difference between the various porphyry copper models.

XL: Interesting. So, after your work helped locate the Kalamazoo ore body, how big did the deposit turn out to be?

DL: Kalamazoo was about 500 million tons of 0.7% copper and 0.015% molybdenum. Maybe two-thirds of that has been mined now. During the last downturn in the copper market, BHP shut the mine down. The remaining ore probably will never be mined.

XL: After you’d proved the value of your geological theories in finding ore at Kalamazoo, you must have looked at the world kind of like a kid in a candy store. Suddenly you had the understanding to go out and find deposits that everyone else had missed.

DL: That’s right. I was the prettiest girl at the prom for a few years.

XL: It sounds like you were extremely busy for the next few years.

DL: Yes. I worked a lot in Highland Valley in British Columbia. I also worked for most of the large companies in the Philippines. I had a retainer for a number of years with Placer Development Company to act as their in-house consultant on mining geology. I worked at four different mines for them, visiting the facilities once or twice a year. I did a lot of work at Marcopper on Marinduque Island in the Philippines, which was just coming into production. I also may have made the definitive decision in regard to the Benguet Dizon mine. It went into production and is now mined out.

XL: Had there been a lot of work done on porphyries in the Philippines at that time?

DL: Not a lot. But there had been a recent rash of copper deposits put into production. Marcopper, Atlas Consolidated, Philex, Black Mountain, and then Dizon. I worked on Dizon from the very first visit until the inauguration ceremony.

XL: How many years was that?

DL: About three or four.

XL: And how big did Dizon turn out to be?

DL: I think it was around 200 million tons, in production at something like twenty-five thousand tons a day. It had a gold credit, too.

XL: And at the same time, you participated in several other discoveries. FarSoutheast, J A, Casa Grande.

DL: That’s right. The president of Lepanto told me that I wasn’t the father of FarSoutheast, but rather the godfather. It had been found by Lepanto, who had drilled several deep holes. They had an ore reserves study done by a geostatistical company and it told them that they were barking up the wrong tree. The data indicated that the ore grade was decreasing at depth and Roger Concepcion and I, who were directing the drilling, were outraged at this. Roger was chief engineer for Lepanto and he couldn’t afford to be as emphatic about it as I was, but I told them they were absolutely wrong. You could see that the mineralization was changing, and on that basis Lepanto decided to drill some more deep holes. They found the main ore body at depth. That’s how I became the godfather.

XL: Wow. So, you were focused in the Philippines and a bit in Canada, and then in 1974 you started working in South America?

DL: Yes. I had a previous project in Argentina for Kaiser Aluminum Company that lasted about six months. A reconnaissance of Argentina for porphyry copper deposits. We identified several sub-marginal occurrences and we actually obtained a signed option agreement on Bajo Alumbrera, after reviewing the work that had been done. I think there were only four drill holes. Kaiser ended up deciding that they didn’t want to go into a big project in Argentina, and so that ended. [Editor’s note: Alumbrera did end up being developed… by none other than X-League honoree Lukas Lundin, who later sold the project to major Rio Algom for $500 million.]

XL: Then what happened?

DL: In 1974, the Allende gang was thrown out of Chile, and the large copper mines – owned mainly by Codelco – were in a shambles. The production had gone down to just a fraction of what it had been when the communist government took over. The military government brought in a number of contractors and consultants to rebuild these things. I remember being in the guest house at Chuquicamata and there were people from six different countries staying there.

XL: And you were helping refurbish the industry.

DL: Yes. I worked for Codelco – I was their primary geological consultant from 1974 to 1979. Then in 1979, I organized what we called the Atacama project, which found the Escondida and Zaldivar deposits in 1981.

XL: Right. Escondida may be the project for which you’re most well-known. It turned out to be the world’s biggest copper project, right?

DL: Yes.

XL: How did the work go there? Did you know it was huge right from the beginning?

DL: Well, yes and no. The whole Atacama project was also based on the porphyry copper model and on a theory whereby we tried to pick a number of targets where there was some indication of a large porphyry system. Not necessarily an ore body, but just a geological system. The model was that the central part would be covered, but the outer parts would be visible at surface and could be sampled and mapped. Then we would drill to identify the hidden part, which hopefully would be a large copper deposit. All of our projects were along a straight line between El Salvador and Chuquicamata. We did mapping and geochemical work over an area of five hundred kilometers by thirty-five kilometers. A lot of the work was done by Chilean university professors that we hired on a moonlighting basis.

XL: And one of those projects was Escondida?

DL: It was the fifth one that we drilled. The first one was the El Tesoro project, part of which we were able to stake. We drilled some holes and got some long intersections of 0.25% copper, but no significant enrichment. That later became a
mineable ore body, and I was involved in drilling out the Leonore ore body, which became the core of the El Tesoro mine. It’s now in production. But that was a number of years later.

XL: So, when you finally came to Escondida, what made you think that it might be something special?

DL: First of all, the zone of hydrothermal alteration around the deposit was gigantic. It probably had a long dimension of fifty kilometers. There was also some porphyry copper skarn mineralization that cropped out in one place and peripheral small vein deposits. One contained lead and zinc, which is diagnostic of porphyry copper systems. Most of what became the Escondida pit – I was just there last month – was covered. But there were two hills that outcropped, and they had the kind of alteration that we were looking for, but kind of a weird leached surface texture. They were anomalously high in molybdenum, but had weaker copper values. A Chilean geologist who worked for Anglo American, Hans Langerfelt, had done some work a few years before studying some of the geological features that tend to develop in the Atacama Desert. There, strangely, water in the ground tends to move from depth toward surface, rather than flowing downward. The rock is actually almost totally replaced by salt – my friend coined the term “super-leaching” for the phenomenon. And when this happens, it actually removes many of the normal geologic signs you would look for to signal the presence of copper mineralization. At that time, I had only a hazy understanding of how this worked, but it did provide an explanation as to why the rock had molybdenum but little copper and may have been the key to the discovery. The prospect had been staked by five previous companies, but never drilled probably because of the superleaching interpretation.

XL: Interesting. So, the rock was altered at surface, hiding the mineralization that lay beneath.

DL: Right.

XL: What happened when you started drilling?

DL: There was phyllic alteration and superleached capping in a few outcrops over Escondida and similar outcrops near Zaldivar a couple of kilometers to the west. These were separated by a covered llano where we drilled our first wide-spaced holes. I reasoned that there might be a potassic zone under the cover, but that turned out to be incorrect. We got mineralization there, but it was a pyritic zone with up to 0.25% Cu. Three of the first four holes in the leached area over Escondida had strong chalcocite intersections, and because the holes were five hundred meters apart, we could immediately estimate 230 million tonnes of 1.5% copper.

XL: After only four holes?

DL: Right off the bat.

XL: So you knew at that point this was something significant.

DL: Yes.

XL: And then how much work did it take to delineate the rest of the deposit?

DL: The drilling went on for about two years after that. At the time we staked Escondida, it had previously been held by five different companies. But they hadn’t drilled a hole.

XL: No one had put a single hole?

DL: That’s right. It was by no means obvious that there was a major deposit there.

XL: Were you just more persistent than others had been? Or did you know something they didn’t?

DL: Our whole project was built around the porphyry copper model and wide-spaced drilling. We had a high-pressure air rotary drilling rig that ran twenty-four hours a day for eighteen months. The whole idea of the program was to drill a large number of scout holes. Usually on a one-kilometer spacing. We were the first ones to do that in Chile. A similar approach had been used by Asarco in Arizona.

XL: Seems like a sound plan. Had other companies not had the money to drill? Or didn’t think it was worthwhile?

DL: There were several factors. Chile had previously been the site of expropriation of the Kennecott and Anaconda mines, so the country had a bad reputation as a place to invest money in mining. People didn’t really understand that it had gone from communist to ultra-capitalist overnight when the military government took over. We were actually somewhat of pioneers – at the time we did this project, there was almost no exploration going on in the Atacama Desert.

XL: Were you at all worried that the government might reverse its thinking and start repossessing deposits?

DL: Well, I wasn’t planning to invest my own money in developing the mine, but I did think it was worth investing time and effort in exploration. Expropriation was really not a worry for me. The other thing that was pioneering about this work was the fact that all of the known copper deposits fell on a straight line on the map. They were related to some kind of a major geological structure. So, I built our regional program along this line, and in fact that’s exactly where Escondida was found.

XL: And was it in the same area that some of your other deposits like San Cristobal and Leonore were found?

DL: More or less. San Cristobal was sort of a fluke. I was at a cocktail party in Santiago, talking to a couple of friends – this was just as interest in gold in Chile was picking up – and I mentioned that we should start a little gold company. My friends thought it sounded like a great idea. One of them was a very dynamic lady named Julia Aspillaga, and she took me at my word and came back the next day and said, “Okay, when do we get started on this gold company?” So, I talked to Chuck Croft, who’s a friend of mine in Vancouver and an entrepreneur in the oil business and real estate among other things. We asked him if he’d like to participate and he ended up putting in $96,000, which became our total budget. With that we found San Cristobal.

XL: Not a bad find for a side project. Didn’t it turn out to be a million ounces of gold?

DL: Yes.

XL: Was that your first venture into the more entrepreneurial side of mining? Running your own company rather than working as a consultant?

DL: Yes, it was. After that, I went more that way and moved into Peru. I’d done some consulting work there and I had a contact who kept me informed on the political situation. After Fujimori was elected, he felt that Peru was going to become a reasonably attractive place for exploration.

XL: So you decided to get in early?

DL: Yes. I went in January 1991, and the first year I paid for the project myself, and then a friend contributed some money. After that, Catherine McLeod-Seltzer, whom I had known in Santiago, left her job at Yorkton Securities and decided that I would be a good person to start a mining company with. She watched what I was doing for several months and then finally made a trip to Peru. She talked me into a different mode of financing, which wasn’t too hard because we were running out of the money we had personally contributed. Things weren’t really expensive, but it added up after a couple of years.

XL: Had a lot of work been done in Peru at that point, or were things fairly wide open?

DL: No, that was the whole idea behind my project. This was more or less virgin territory because for the previous 15 years or more, there had been crooked military leftist governments that scared away investment. The leader before Fujimori was Alan Garcia, who was probably the worst president Peru has ever had. Then there were the terrorist groups, the Sendero Luminoso and the Tupac Amaru… it was really a horrible place. Even when I started working there, there was considerable danger to life and limb when you got out into the countryside. There was a car bomb every few weeks in Lima during the first year of our project. But on the other hand, everything was open for exploration.

XL: Were you ever personally threatened?

DL: We had some people come into one of our camps and demand dynamite. But we didn’t have any, so they went away. We were working in one district where a geologist of mine came to me and said, “You know, I have bad vibes about working here.” We left the next day, and a few months later another company in the area had a geologist murdered.

XL: How did you enjoy being in charge of decisions like that as head of the company rather than a consultant?

DL: I think I actually preferred not having to worry about where the budget was coming from. But on the other hand, I had a little more freedom. So I guess it kind of balanced out.

XL: Tell us a bit about how your work during this time led to the discovery of Pierina, another of the deposits you’re most known for.

DL: That project came about after Catherine organized a reverse takeover of a junior company. It was a low-profile, low-budget project. We had small, cheap offices and a lot of people didn’t even know that we were in Peru.

XL: You didn’t want to attract attention to the area?

DL: Well, there were still a few groups with rifles wandering around, so that was once reason to stay under the radar. And I’ve always felt there’s very little to be gained by comparing notes with other geologists. I work more or less as a loner.

XL: Fair enough. How did the project proceed?

DL: We were doing regional work, mainly a library search for information about a gold belt in northern Peru, which we had identified. We first laid out the belt based on known mineral occurrences that matched some of the major deposits in the area. Then we moved on to reconnaissance geological and geochemical mapping with the goal of zeroing in on a target. And through a big dose of good luck. We first looked at a prospect called Paron that had some indications of being an epithermal gold deposit. Then we found two additional showings further south along the same side of the same geological structure. It became obvious that there was some easily recognizable alteration along this structure, and I made the decision to stake these rocks. We filed about twenty-five claim groups.

XL: What made you think this might be a find?

DL: I thought that the alteration was probably related to the presence of disseminated pyrite, which was in turn related to an epithermal mineralizing system. Most of the claim staking was done when I hadn’t even been out personally to see the alteration zones.

XL: Really? That’s quite unusual.

DL: Well, a few months later we went back in the helicopter and collected a few samples from each alteration zone. And two samples from near the Pierina deposit came back as anomalous, not in gold, but in zinc and silver. Then we went back and did a widely spaced geochemical sampling program in the area, and that grid picked up several elevated gold values on the order of five hundred parts per billion. So we went back and did more sampling, and we found what looked like a very non-descript outcrop – at least from a distance – which turned out to be vuggy silica. An area there of four hundred by six hundred meters averaged 1.6 grams per ton gold. Based on my experience in Chile, I had developed the strong prejudice that the outcrop is usually either lower, but sometimes higher than the actual deposit grade, and so I asked for sixteen pits to be dug to two meters depth. This was an isolated area, so most of the work was hand labor. Shovels and picks and crowbars. So it was close to Christmas 1995 when we finally sampled the bottoms of these pits and sent the rocks to the lab. Then, on December 28 – I was the only one working on the project – I received the assay results, and lo and behold, 1.6 grams had turned into six grams gold.

XL: Wow. A couple of meters depth made that much difference.

DL: Yes. We did sixty-two pits altogether and I think only one was less than one gram. The odds were high at that point – even without drill holes – that this was a relatively high-grade ore body.

XL: What happened after that?

DL: Results on the rest of the pits took until the end of January. This was during the rainy season when access is difficult. We had to build a road. We also decided to drive two adits, so we found a contractor who had a little air compressor. He brought the thing in from the nearest road on sleds pulled by forty local people and used it to drive the adits. One reached 176 meters and the other went in something like 45 meters. That supplied a third dimension to the project without drilling during the rains. The grade turned out to be uniformly high in the two adits, and that made us even surer we were onto something. It also allowed us to raise money in the markets. We essentially built the road in by hand – we only had a bulldozer for the very end of it. That allowed us to provide jobs for a lot of the local people. After that, we drilled nine holes and got a hostile takeover bid from Barrick. So we frantically drilled thirty-three additional holes during the period of the takeover, which was about a month.

XL: In order to prove up the deposit and get a bigger buyout?

DL: Right. We came up with an estimate of seven million ounces of gold.

XL: And what did Barrick end up paying?

DL: Over a billion dollars Canadian.

XL: Very nice. So you must have been happy at that point about making the move to run your own company.

DL: Yes, although there were a lot of headaches along the way.

XL: Was it worth the effort in the end?

DL: Oh, sure.

XL: Did you stay in Peru after that?

DL: I also had a project at that time in Ecuador. From about 1998 to 2001, I managed a project that was a joint venture between Billiton, Corriente Resources and me along the porphyry copper belt in the southeastern part of the country. I’m still involved with that, working on a project we found, called Warintz. Around that time I also began working on what would become Bear Creek Mining.

XL: What did that involve?

DL: I was more involved as an investor and a consultant in that company. I resigned a couple of months ago as a director, but I’m still doing some consulting work on some of the prospects in Peru.

XL: Were you involved with the Corani and Pichacani Norte projects now being drilled by the company?

DL: I looked over the original data and discussed it with president Andy Swarthout, but he’s the one who’s really responsible for the discoveries. More of my focus by that time was on Peru Copper and the Toromocho project in Peru. That was another one that started like the cocktail party. As I said, I’d been involved off and on in mineral ventures with Catherine McLeod-Seltzer, and we talked on the phone and I suggested that there might be a sleeper in South America.

XL: You thought there was a giant deposit left to be found?

DL: Yes.

XL: How come?

DL: Well, I knew quite a bit about the deposits in Peru, Chile, Ecuador and Argentina at this time. And I knew that copper-rich “chalcocite enrichment blankets” had been found at several of these. Now, the technology for leaching chalcocite has only really been around for about fifteen years. I thought that there might be one such deposit out there with a hundred million tons of one percent copper that would present a nice mining situation. I was thinking more like a mining engineer or metallurgist.

XL: Those ores would have been passed over because previous miners weren’t able to produce them?

DL: Right. The technology didn’t exist to produce them. So I looked at probably a dozen deposits, some just through library research papers, and the one that stood out as most interesting was Toromocho. That was because they had underestimated the chalcocite content by fifty percent – the old drilling had been done with poor core recoveries that caused a disproportionate loss of ore.

XL: Interesting. So, you went out and bid for the deposit?

DL: Yes. We were the only ones who ended up bidding, although we didn’t know that until the last minute. We came to the bidding wondering if we were going to have competitors. Several major companies had looked like they would put in offers.

XL: Why did they end up not bidding?

DL: Toromocho had a reputation as being a bit doggy because of the poor exploration work that had originally been done. The first drilling there started in 1965, and the porphyry copper model wasn’t really understood until the 1970s. So, people thought the deposit was only three hundred million tons and kind of marginal grade, and that it had poor metallurgy. But we’ve now expanded it to a core ore body of 818 million tons with much better copper equivalent grade and significantly better metallurgy. There are 1.8 billion tonnes that may be mineable.

XL: How did you do that?

DL: We looked deeper and further out laterally. There’s a significant amount of peripheral skarn ore, much of which isn’t included in the announced ore reserves. And we also found that the grade increased below the bottom of the old drilling. We found that the primary ore control for the central core zone was a large, cylindrical breccia mass that had been totally unrecognized. The previous interpretation had been that there were some more or less flat skarn beds separated by intrusives, with the skarns being somewhat higher grade and the intrusives somewhat lower grade. But that wasn’t a very attractive mining situation – you would have to be selective about what rock you extracted. But the resource that we’ve identified is in fact a big mass of relatively homogeneous material with more of a vertical fabric.

XL: So, easier to mine.

DL: That’s right. Our stripping ratios on the resource we have now in the central higher-grade zone vary from 0.35 to 0.5 waste-to-ore. Really, everything has come up roses for the project.

XL: What’s the plan going forward? Is there room to expand the resource?

DL: We’ve completed between 70,000 and 80,000 meters of drilling, mostly large-diameter coring. That’s in addition to 42,000 meters of old drillings. We plan to finish the infill drilling in October, at which point we should have a drill grid spacing of about seventy meters. Hopefully that will allow us to raise the category of the entire resource to “Measured”. We also have several peripheral exploration targets that we’re going to begin concentrating on at this point, which could be higher grade and will probably add to the overall ore resource. This is an unusual project because if you get to, say, 1.8 billion tons of ore, there’s not much to be gained from another hundred million tons, but we are hopeful about discovering more higher-grade ore.

XL: Interesting.

DL: We also looked last week at another project that is a fair distance away from Toromocho, but in a similar setting. And we have several others that we hope to do some work on over the next few months. But at this point we haven’t done very much exploration.

XL: Excellent. As a final note, is there anywhere in the world that you still hope to get to in search of new porphyry deposits?

DL: No. Even now, people are always asking me why in the world I’m out climbing mountains and worrying about corporate budgets when there’s no financial reason to do so. The real reason is that I can’t think of anything that’s more fun to do than try to find a new deposit.

XL: We’ve read about the sign you have behind your desk that says, “Ore bodies are found in the field, not in the office.”

DL: That’s one of my basic exploration tenets. I expect to keep doing fieldwork for some time.

XL: We’ll be watching closely. Thanks for talking with us, David – it was a pleasure.

DL: Thank you.