 Today I have the pleasure speaking with Tom Meredith of West Red Lake Gold. How are you today, Tom? I'm well, thanks. How are you? I'm very good. I've had so many phone calls about West Red Lake Gold and how I need to get involved in it and I think it has to do with the resource. So for everybody out there interested in gold, can you start by giving us a good overview? Sure. The properties in Red Lake, close to Gold Corp, where Gold Corp was first founded and created much of its wealth for shareholders, Gold Corp is also a partner of ours in the project and we have three former producing mines on the property and at one of the mine sites we have a 1.1 million ounce resource and we're building from there. So I think in reviewing the West Red Lake, in addition to Gold Corp being a partner, how much do they own? They own 40% of the property and we own 60% and we are the operator. Of course, in doing the research, looks like there's a tremendous potential for an increase in this resource, can you talk a little bit about that? We see very good potential to increase the resource primarily to depth where the current resource is which is 1.1 million ounces and we have a plan to try and double that over the next two or three couple of years with some drilling programs. So Tom, of course, what's interesting about West Red Lake is that you have an incredible management team and you have an incredible background for doing deals in the gold industry. Can you give us a little bit of an overview of your background? Well I started in the industry about 30 years ago actually working with my uncle who would come back from Switzerland. He was a partner with Adolf Lundin in Switzerland, came back to Toronto and I learned the industry there and more recently I got involved in a company called VG Gold which was a similar condition to West Red Lake. It was a company that needed some help, had some good projects and we spent some money, invested some money in building a resource from about 60,000 ounces to a little over 2 million ounces. We took it from a 3 million market cap to 200 million market cap wherein it was taken over and our shareholders did well and they made good returns on that project. And of course that's something that you're well known for in the industry which is building shareholder value. So how do you plan on doing this with West Red Lake? We're going to do essentially the same thing. We're going to build the resource and in February we put out the initial resource of just over 1.1 million ounces of 7.6 grams. We see good potential to build that resource to 2 million ounces as our next step. We think the property has a lot more gold on it. So while we're building ounces the other thing we see happening is the actual revaluation of ounces in the ground from what would be a relatively low value upwards to a much higher value which we see in stronger bull markets. So right now our pro-rata share of the ounces, we have 60%, our pro-rata share of valuation is about $25 an ounce giving a full value of $40 an ounce for Gold Corp. share and in previous bull markets the ounces in Red Lake have been valued at $200. So we could see up to five times revaluation just in the market revaluing junior mining companies which obviously have been beaten down very badly and now starting to return back to form. The other thing we'll do is we'll build the resource and we can build the resource at a very low cost per ounce relative to value. So we're going to do both things, get revaluation and build the resource. And you've got three past producing mines in this project. Yes, we're focusing on the one in the center called the Rowan Mine. That's where the 1.1 million ounce resource is and we see that one as the easiest one to expand. And then next to that about a kilometer further to the east there's another interesting target which we call the structural intersection where there's very significant exploration potential which is where Gold Corp is most interested. And of course you have a track record of building exploration plays into acquisition targets. Can you tell us what we as shareholders should anticipate in the next couple of quarters? Well the next couple of quarters it'll primarily be drilling. We look at this sort of a project as a sort of a two to three year project to get it to a stage where there might be an acquisition and during the course of that time frame we can build a lot of value. So right now we have a 25 million market cap. If we could make that market cap several times higher over the next two to three years for the work we're doing and then get acquired we've done a good thing for our shareholders that are going to make great returns. And of course with your current estimates your market valuation is substantially lower than it should be. Well I mean one could argue that under today's market conditions we're fairly valued but what we see is a revaluation coming because the industry is undervalued right now and we think it will return to better values and also we can expand the size of the resource and we can upgrade the resource. So all of those things as well as start preliminary permitting work do preliminary economic studies so all of those layers of development in a rising market is going to give our shareholders a lot of leverage in our share price. You arguably know the gold industry better than many of the so-called gold experts so I'm going to ask you what's happening with the gold market right now and where do you see it heading here in the end of 2016. Well I'm going to give a broader answer to it first which is the gold market is being driven by the change in interest rates so interest rates we have declining interest rates we have negative real interest rates so when you have a combination of declining rates and negative real interest rates then you have money flowing in the gold and the interest rate market with a bond market is much larger than the gold market and that money is looking for somewhere to go and it's going to bring a lot of leverage in the gold market we're starting to see that now so by the end of this year we could I'd be surprised if we weren't above 1400 and 1500 I think is reasonable I would say two three four years out $2,500 $3,000 or more is a reasonable estimate. Well Tom thank you so much for joining us today. Oh thank you very much Tracy.