 Welcome back to Investor and Tell. I'm Peter Clausi with a new and extremely interesting story today. We're going to be talking with Anchor Gold about how to de-risk a project by engaging the community. Stephen Borrega, thank you for coming in today. Thanks, thanks for having me. Now Anchor Gold was new to me. You have five packages, almost a thousand square kilometers of land, but it's in Cambodia. So to a North American investor, the biggest question is, where's Cambodia? And then following that one, how do you de-risk a project in Cambodia? Well, Cambodia is located right between Vietnam and Thailand, and you have Laos along the top. Our properties are in the northeast quadrant, in a region called Ratanikiri and Mandelkiri. As a country, it's developed extremely well. Over the past 10 years, a lot of foreign direct investments come into the table. Anchor Wat is in Cambodia, isn't it? Sure it is. World Heritage UNESCO Heritage Site. That's right. That's where most people are familiar with Cambodia. What they're not familiar with is that the plumbing is amazing. They've got spectacular geology, and it was forgotten for 40-plus years. Why was that? Was that followed from the Vietnam War and that whole area being marginalized? Not necessarily. Vietnam War, of course, had a major impact, but it was more Pol Pot, the Khmer Rouge. I mean, there's some serious post-war issues that they've struggled with, but Cambodia now is a vibrant young country growing at an exceptional rate. English-speaking? English-speaking, growing at an average 7% GDP annually, and it's one of the youngest countries in the world as far as the average age is concerned. So they're hungry to grow, hungry to succeed, and we're fortunate to have been there now for nine years. We IPO'ed in 2011, but before that we were there as of 2009. So how do you de-risk a project by engaging the community? It's not only engaging the community, it's engaging all levels of government, all the way up from the Prime Minister's office down to the local community. So from the outset, we realized that our relationships with community leadership, all the way down through youth groups, etc., was going to be vital to the success of any project moving forward. Right. So Mike Weeks and Delane Weeks were the founders of the company, put a lot of effort into establishing those relationships, and we focus on corporate social responsibility programs at all levels. Specific, you want some specific ideas? Yeah, please. Some of the work that we do with the local communities include education programs, healthcare programs, water sanitation issues, latrines. Some of the basic things that we would take for granted are simply not available to the average community. So we work closely with them, but it's not simply a handout. The idea really has always been that it's a co-funding model. We'll provide all the materials, for example, to build a latrine, but each individual household who's receiving one, they have to put the labor and the time and the effort so that they own it. Like a habitat for humanity model. There's some similarities there for sure. But that also now allows us to then take it to the next level, which is we're an exploration company. We're not a social development company. So you must be hiring some of the local community members, training them, educating them, passing that knowledge through the community. I would say more than 90% of our staff, 95% of our staff in country are Camero, our local Cambodians. We train the staff exceptionally well, and so much so that often they end up working with the government at the end of the day. They'll come back and work with us at some points, but really what we do is we focus on trying to give the core skillsets needed so that we can run our exploration operation. How's your relationship with the Ministry of Mining? Exceptional. Absolutely exceptional. Often anchor gold is put on a bit of a pedestal and looked at by the Prime Minister's office all the way down as the gold standard, no pun intended. Really what they've done is they see that we've taken a new model of we've never played the bribe game. We've never looked at trying to acquire assets without the permitting and the appropriate steps taken. It's like the stereotypical Canadian way of doing business. We'll go in and be the good guys. We'll be the good guys, sure. Absolutely. And being one of the earliest players in country as of 2009, we set the bar extremely high. We really looked to bring that Canadian standard right from the outset and it's been appreciated and it's been respected and acknowledged all the way through. In the field then, what's the next big operational milestone? Well, we have two major partners. There's two sides to our business. We have our partnerships, one with Jobmech, for example. Out of Japan. Out of Japan. We are the operators on that project and that's a three million, three year deal that is specifically focused on the Halo prospect, which is a copper porphyry that we're very excited about. We're into our second round of funding. The second million dollars has just been announced and this next quarter will be focused on operating on that asset. We have another partnership with... Before you do the other partnership, what are you doing with that asset? Is that drilling boots and hammers? Drilling. We're at that drilling phase. So we did a lot of exploration work originally over the years and we wanted to find the best possible partner. We've identified Jobmech. It took us two years to solidify the deal. We brought them to the table. We've drilled four holes to date, four 400 meter holes. The very first hole we drilled was mineralized from surface down to 100 meters at 0.3 copper. Not bad for a first hole. First go round? Now, second round is going to be another additional three or four holes, 1200 meter small project. We're going to be shooting some more IP and we're going to step out from where we had success and we're going to see where else, what we've got there. Sorry, you were talking then about a second partnership? The second partnership is with a group called Emerald Resources. Emerald is an Australian listed, publicly listed company. They acquired Renaissance. Renaissance is another Australian listed company that has what's called the AUKVAL mining license, our mining tenement. They have a 1.2 million ounce deposit. Also in Cambodia? In Cambodia, about 80 kilometers south of the license that we partnered with them on. That's called the Cognac license. That's a two plus million dollar two year deal where we're not the operator, they're doing all the work. But at the end of the day, we end up with a 20% free carry through to production. Nice. It's a nice model. So the next big operational milestone then would be at which one of those two projects? The big one's going to be results out of the Halo prospect which is that copper porphy where we're partners with Jogmac and then we're going to be moving forward on working on our ban lung license. We have an unknown license where we have two key targets, Ocala East and Ocala West. Ocala East looks to be the same model as we see at Halo as far as a copper porphy, copper gold porphy. And then Ocala West is an epithermal gold system. Great. Thanks for coming in today and thank you for your time. Please leave comments below. An interesting story of de-risking with community social responsibility. Thanks very much for having me. Thanks for your time.