Two months ago, Ian Ball, the president of Abitibi Royalties (TSXV: RZZ), called up the chief executive of a junior exploration company, who had staked ground with interesting mineralization about 1.6 km away from Barrick Gold’s Cortez gold mine in Nevada.
Ball was hoping to strike a royalty deal, but it turned out that his call was one week too late. With just $3,000 on the junior's balance sheet, the CEO had been unable to pay the claim fees and was forced to relinquish the property.
That phone call sparked an idea.
“I realized that if he had to drop projects like that, there must be others out there like him,” Ball says, “and I wondered how I could get access to them.”
The young mining executive decided that the Internet offered the best and fastest route to dig up new royalty deals, and hatched a plan, backed by his board of directors, to create an online platform where junior mining companies and prospectors could pitch their properties to Abitibi Royalties.
Read the complete article at NorthernMiner.com/news/abitibi-royalties