During the most recent market downturn, when many of his peers were running for cover and trying to preserve cash, French Canadian geologist Philippe Cloutier went on a shopping spree.
The founder, president and CEO of Cartier Resources (TSXV: ECR) bought three key assets at fire sale prices – all of them in the Abitibi Greenstone Belt, one of the world’s most prolific gold producing regions.
Since then Cartier has attracted investments from Agnico Eagle Mines (TSX: AEM; NYSE: AEM), JP Morgan UK and Quebec funds.
“Our strategy was to focus on small, high grade historical resources that had been delineated in the pre-Bre-X days,” Cloutier says, describing the period leading up to the salting scandal in 1997 as a time when “companies were raising cash, coming up with showings and drilling them off down to 250 or 300 metres.”
Many of these projects were shelved after the Bre-X fiasco undermined confidence and decimated investment in the mining industry.
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