Arianne Phosphate (DAN.V)

This has an igneous phosphate deposit, as opposed to the sedimentary type of deposit that comes from Morocco. They have a positive feasibility study and a very high CapX, and are working through the permitting cycle. What they need is one of the big agricultural companies to do a buyout and develop it. It’s not something that a Junior can develop. Kind of in a holding pattern.

Phosphates? There is a lot of uncertainty right now as to the demand coming out of China and India. Also, the pricing pressures within it all. Because of the uncertainty, he would wait until we get a full definition as to what the market is going to do.

Has a phosphate/titanium deposit in Québec so this is the right geographic region. The grades are nice and the continuity is nice. However, it is a small company that needs to do more work to get their deposit developed. They have to go through studies. There is a feasibility study that is coming in the 3^rd quarter. There will be news. Stock has held up fairly well. If they keep plugging away there is potential, but in this market nobody cares.