may 2014 presentation
TRANSCRIPT
North Shore Mining Group
Combined Company Presentation, May 2014 VMS OWNS 23.9% OF NAN
TSX.V:VMS TSX.V:NAN
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TSX-V : VMS
Forward Looking Statements:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. and North American Nickel undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
TSX-V : NAN
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Typical Exploration Stock Price Cycle
NAN
May 2014?
VMS
Oct.2007
VMS
May 2014?
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VMS Ventures owns
~23.9% of
North American Nickel
VMS Ventures: Overview
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Reed Copper Deposit discovered 2007
June 2010: Joint Venture signed with HudBay
Minerals as operator (NYSE:HBM); 70% HBM &
30% VMS carried to production.
Reed Copper Deposit Probable Mineral Reserves
(January 1, 2014): 2.12M tonnes of 3.80% Cu, 0.42
g/t Au, 5.28 g/t Ag
Underground development continues; Full
production to begin 2014; cash flow expected in
2015
Well funded; $5M in the treasury
Market Cap: ~ $35M
Other assets :
Owns 23.9% of North American Nickel
(NAN.TSX.V) (current value ~ $10M)
Large 100% owned land package in the
Snow Lake-Flin Flon Greenstone Belt in
Manitoba, Canada;
www.vmsventures.com
CAPITAL STRUCTURE
(as at May, 2014)
Issued & Outstanding: 129,730,899
Options: 8,017,500
Fully Diluted: 137,748,399
52 Week high/low $0.31/$0.15
Current Price $0.285
Year to Date Performance 42.5%
Market Cap $35 million
Reed Project: Discovery to Production
www.vmsventures.com 5
Reed Copper Mine
VMS owns 30% of the project and is financed to production
Borehole Pulse Electromagnetic targets indicate the deposit remains open at depth.
First production of 8,235 tonnes completed in September 2013
43,829 tonnes of ore mined by the end of February 2014.
Commercial production to begin in Q2-2014
Cash flow expected in 2015
Open Down Plunge
VMS-HudBay Reed Mine
www.vmsventures.com 6
Reed Copper Mine: Cash Flow Expected In 2015
The high grade nature of the Reed Copper deposit gives the project strong leverage to
copper prices.
The following table shows a copper price sensitivity analysis based on the operating parameters
set out in the Prefeasibility Study Published in May 2012:
www.vmsventures.com 7
PFS VMS Ventures VMS Ventures Inc. VMS Ventures Inc. VMS Ventures Inc. VMS Ventures Inc.
Cu = $3.25/lb USD Cu = $3.00/lb USD Cu = $3.30/lb USD Cu = $3.50/lb USD Cu = $4.00/lb USD
Prices and Exchange Rate
Copper (USS/lb) $3.25 $3.00 $3.30 $3.50 $4.00
Gold (US$/oz) $1,500.00 $1,300.00 $1,300.00 $1,300.00 $1,300.00
Silver (US$/oz) $30.00 $22.00 $22.00 $22.00 $22.00
US$/CDN$ 1 1 1 1 1
Pre-tax
VMS Reed Cash Flow $43,228,000 $29,530,000 $44,278,000 $54,110,000 $78,691,000
Assets and Opportunities
The Reed Copper Mine
Cash flow expected to commence 2015
Underground drill stations will explore for additional ore bodies and further define the size of the deposit.
Full production expected in Q2, 2014.
$5M and cash flow coming = New Opportunities
We are actively seeking an advanced stage project and are continuously reviewing prospective projects. The
current business climate is favorable for high value acquisitions as many companies are struggling to raise money
and finance existing projects.
North American Nickel (VMS owns 23.9% of NAN Shares)
The world’s next nickel sulphide camp?
NAN is exploring a 75 km long, camp scale property near Maniitsoq, on the S.W coast of Greenland.
Why Own VMS ?
www.vmsventures.com 8
TSX-V : NAN
Maniitsoq Project
Sulphide Hosted Nickel Copper Cobalt & Precious Group Metals
Southwest Greenland
100% Owned
www.northamericannickel.com 9
Acquired the (Sudbury Basin sized) Maniitsoq
property in Greenland in August, 2011; 100% owned
High grade nickel sulphide mineralization (locally
over 7% nickel at Imiak Hill) intersected in 2013
drilling
Over +200 conductive target zones identified
through Helicopter EM (VTEM) geophysical surveys
Extensive prospective belt (15km x 75km) hosting
mineralized intrusions within a large meteor impact
structure
$11M invested to date; Cash position today $5.8M
VMS Ventures holds 23.9% of NAN shares
Sentient Group holds 41% of NAN shares
(the Sentient Group manages over $2.7B in quality
metal, mineral and energy assets across the globe.)
www.northamericannickel.com
North American Nickel: Overview
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CAPITAL STRUCTURE
(as at May, 2014)
Issued & Outstanding: 141,070,701
Warrants: ($0.21 - $1.00) 25,137,027
Options: 7,887,500
Fully Diluted: 174,095,228
53 Week High/Low $0.47/$0.12
YTD Performance 106%
Current Price $0.36
Market Cap $50 million
Nickel Supply/Demand: In Our Favor
The Nickel market is likely to face large deficits in 2nd half of this decade – only a doubling of NPI output could
balance it (difficult given Indonesian ore constraints combined with Chinese cost pressures) Nickel prices, as in
2005‐2007, will likely have to rise to force demand in line with available supply.
China is going to need 1+ MILLION tonnes more nickel annually during this decade and ROW will
also need more.
Supply response will be structurally insufficient as current projects under construction only
provide half this requirement (at best, as many are struggling) and “project cupboard” is largely
empty ‐ underpinned by 35+ years of underdevelopment.
www.northamericannickel.com 11
Courtesy of Royal Nickel
Presentation, Jakarta
Location
Maniitsoq harbour looking east towards the Maniitsoq project on the mainland
Located on the southwest coast of Greenland, which is pack ice free year-round.
Maniitsoq’s mild climate allows for all year round mining & shipping of concentrate.
Greenland is a democratic, pro-mining country with a transparent regulatory system, competitive mining tax regime and no land claims issues.
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
www.northamericannickel.com 12
Property
Greenland’s capital, Nuuk, is 30 minutes by helicopter and provides European standard coastal re-supply and logistics facilities 4 to 6 hours shipping time to Maniitsoq coastline.
Maniitsoq is a greenfields nickel sulphide exploration project with valuable by-products.
NAN owns 100% of Maniitsoq via two contiguous exclusive mineral exploration licences covering 3,601 km2.
Maniitsoq has the scale and the potential metal endowment to be the world’s next nickel sulphide province.
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
www.northamericannickel.com 13
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Project Geology
Nickeliferous Noritic Intrusions
Concentrated in a 75 x 15 km curvilinear belt known as the Greenland Norite Belt.
Range in size from small dykes and plugs to elongated bodies covering up to 8 km2. (Fossilik intrusion, new discovery Sept. 26, 2013).
Hybridized margins and xenoliths of partially resorbed country rock are common.
Believed to represent open ended magma conduits.
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Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Distinct Appearance
Rounded hills covered with brownish-grey, often rusty, coarse gravel.
Multi-phase: compositions range from quartz diorite, through norite, to lherzolite. Gabbronorite is most common.
Magmatic and cumulus textures often well preserved. Locally pyroxenes are partially or completely replaced by hornblende.
Post Kinematic
Massive, little or no foliation except at margins.
Contacts often crosscut country rock foliation.
Norite Intrusions
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Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Consists of monoclinic pyrrhotite, pentlandite, chalcopyrite and pyrite.
Often coarse-grained.
Likely to produce a clean concentrate.
Inclusion-bearing sulphide (i.e. solid sulphide matrix with fragments of host rock) is a common texture.
Disseminated, blebby, net texture and vein sulphides are also common.
Sulphide
Mineralization
www.northamericannickel.com 16
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Mantle melting in response to a giant impact.
Hot ultramafic magma flows to surface through a
“conduit system” comprised of restricted conduits
and larger magma chambers.
Hot magma assimilates country rock (locally sulphidic)
resulting in sulphur saturation and production of a
sulphide liquid.
Ni+Cu+Co±PGE sulphide collects in zones of lower
velocity within the conduit system.
Continual magma flow upgrades the nickel tenor of
sulphide already deposited.
Magmatism eventually ceases and conduit system is
preserved as noritic rock.
Over time, uplift and erosion expose parts of the
magma conduit system and some of the
Ni+Cu+Co±PGE sulphides.
Modified after Maier et al., 2001
Deposit Model
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J. Mungall, Ni Short Course Fig 4
Potential Sulphide
Accumulation Sites
in a Magma Conduit
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Historical Work
Kryolitselskabet Øresund, 1962 to 1973: extensive mapping, prospecting defining the trend and shallow diamond drilling (average hole length <55 m), no subsurface geophysical modelling to orientate drilling but some success: Fossilik II: 12.89 m @ 2.24% Ni and 0.63% Cu
Cominco & Falconbridge, 1993 to 2000: Cominco flies extensive fixed wing time domain EM unsuited to undulating terrain and hampered by flight path.
Falconbridge completed surface magnetic and EM surveys, plus extensive high quality re-analysis of historical core that confirmed historical high-grade assays and establish Maniitsoq nickel tenor.
Neither Cominco nor Falconbridge did any drilling.
www.northamericannickel.com 18
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Ni vs. S for Historical GNB Drill Core
Nickel tenor is the amount of nickel in pure sulphide and it tends to be consistent on a deposit scale.
Falconbridge studied core from 119 drill holes around the entire 75km Greenland Norite Belt.
The norite hosted sulphides have a remarkably consistent nickel tenor of 6 to 8% Ni recalculated to 100% sulphide.
Nickel Tenor
The Nickel Calculator
www.northamericannickel.com 19
www.northamericannickel.com 20 www.northamericannickel.com
Maniitsoq Project
2011 / 2012: Laying the Groundwork
North American Nickel Inc. TSX-V: NAN
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Total of 5,746 line-kilometers of helicopter borne SkyTEM / VTEM covering approximately 860km2 mainly focused on the Greenland Norite Belt (GNB) but small survey also flown over the Pingo showing (about 15 km to the northwest of the GNB).
Nominal flight line spacing of 200 to 100 meters.
+ 200 conductive zones recognized to date.
Map shows total magnetic intensity reduced to pole and electromagnetic anomaly picks over the GNB.
The resulting identified conductors are 3 dimensionally modeled, providing low risk sub surface drill targets that returned significant drill intercepts.
Helicopter TDEM
New Technology in an Old Camp
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Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
2012 Drill Program
1,551 METERS in 9 HOLES in 3 AREAS
Spotty Hill VTEM conductor P-55 tested intercepts:
123.94 m at 0.81% Ni, 0.21% Cu and 0.03% Co
incl. 24.20 m at 1.75% Ni, 0.34% Cu and 0.06% Co
Imiak Hill VTEM Conductor P-54 tested intercepts:
26.98 m at 0.98% Ni, 0.44% Cu and 0.04% Co
incl. 16.64 m at 1.36% Ni, 0.52% Cu and 0.05% Co
Fossilik II VTEM conductors P-58 & P-59 tested:
Anomalous mineralization and off hole BHEM conductors (future drill
target: see Sept. 26, 2013 results)
www.northamericannickel.com 22
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Nickel Deportment - QEMSCAN
Mass (
% N
i)
Legend
Pentlandite is the main nickel-
bearing mineral and contains 95.5
to 96.3% of all the nickel in the
samples.
Total potentially floatable
pentlandite ranges from 96.3 to
97.6%.
Pyrrhotite hosts 2.71 to 4.03% of
the nickel.
Silicates host < 1% of the nickel.
Sample
www.northamericannickel.com 23
Elemental Deportment (Mass % Ni)
www.northamericannickel.com 24 www.northamericannickel.com North American Nickel Inc. TSX-V: NAN
Maniitsoq Project
2013: Confirmation and Discovery
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
2013 Drill Program
25 holes totaling 4,266 meters completed.
Four significant intersections at Imiak Hill
(Aug 23, Sept 4 and Nov 5 news releases).
New zone of near solid to solid sulphides
intersected at Imiak North
(Sept 12 and Oct 23 news releases).
Fossilik: Potential for tonnage, 9km from Imiak
Hill (Sept 26, 2013 news release).
Spotty Hill: additional disseminated
mineralization intersected (October 23 news
release).
Recognition of the Imiak Hill Conduit Complex
Results released to date:
www.northamericannickel.com 25
IMIAK HILL
IMIAK NORTH
SPOTTY HILL
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Imiak Hill Conduit Complex (IHCC)
www.northamericannickel.com 26
12 km2 area at north end
of the Greenland Norite
Belt.
Three mineralized
norites within a 2 km
radius
Imiak Hill
Imiak North
Spotty Hill
Only 25 km from nearest
tide water at Kangia
Fjord.
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Imiak Hill Conduit Complex: 3 Mineralized Intrusions
www.northamericannickel.com 27
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Imiak Hill Longitudinal Section
NAN’s 2013 drilling has intersected Zones 10 and 30 at
depth. Deepest intersection is 185m vertically below
surface.
Zone 30 sulphide mineralization is increasing in intensity
with depth.
2013: Oct. 10, 2013 News
www.northamericannickel.com 28
MQ-13-023 (Zone 10) 10.33m (5.94m) @ 1.10% Ni, 0.38% Cu
MQ-13-028 (Zone 30) 24.75m (11.08m) @ 3.19% Ni, 1.14% Cu
MQ-13-026 (Zone 30) 25.51m (11.94m) @ 3.25% Ni, 0.48% Cu
MQ-13-019 (Zone 30) 8.68m (5.58m) @ 1.53% Ni, 0.43% Cu
MQ-13-024 (Zone 30) 14.90m (8.33m) @ 2.67% Ni, 0.39% Cu
MQ-13-019: 8.68m (5.58m)* @ 1.53% Ni, 0.43% Cu, 0.06% Co
MQ-13-024: 14.90m (8.33m)* @ 2.67% Ni, 0.39% Cu, 0.09% Co
MQ-13-026: 25.51m (11.94m)* @ 3.25% Ni, 0.48% Cu, 0.11% Co
Incl. 18.62m (8.70m)* @ 4.31% Ni, 0.62% Cu, 0.14% Co
MQ-13-028: 24.75 m (11.08m)* @ 3.19% Ni, 1.14% Cu, 0.11% Co
Incl. 17.91m (8.10m)* @ 3.80% Ni, 1.42% Cu, 0.13% Co
And 2.40 m (1.10m)* @ 4.44% Ni, 1.13% Cu, 0.15% Co
BHEM response is also increasing with depth.
Open at depth.
*Estimated true width is shown in brackets
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
55.75 m @ 1.28% Ni, 0.36% Cu, 0.04%Co, 0.06 g/t TPM
Incl. 9.99 m @ 4.65% Ni, 0.33% Cu, 0.13% Co, 0.14 g/t TPM
Imiak North Discovery – Assay Results
www.northamericannickel.com 29
64.11 m @ 0.44% Ni, 0.20% Cu, 0.01%Co, 0.04 g/t TPM
Incl. 24.98 m @ 0.71% Ni, 0.31% Cu, 0.01% Co, 0.07 g/t TPM
2013 ADDITIONAL DRILLING:
2012 DISCOVERY:
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Spotty Hill
123.94 m of high grade sulphides in hole MQ-12-005.
119 m of anomalous mineralization in MQ-12-009.
Significant 2012 Drill intersections from Spotty Hill
www.northamericannickel.com
123.94 m @ 0.81% Ni, 0.21% Cu, 0.03% Co, 0.26 g/t PGM
Incl. 24.20 m @ 1.75% Ni, 0.34% Cu, 0.06% Co, 0.52 g/t PGM
Incl. 8.20 m @ 2.39% Ni, 0.21% Cu, 0.07% Co, 0.60 g/t PGM
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MQ-13-022
Collared 53 m southeast of MQ-12-005.
Intersected 20.07 m grading 0.68% Ni, 0.28% Cu,
0.02% Co and 0.32 g/t TPM.
Including 2.07 m assaying 2.03% Ni, 0.11% Cu,
0.07% Co and 0.78 g/t TPM.
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
Fossilik Area: Additional Tonnage Potential for IHCC
www.northamericannickel.com 31
Within 10 km of the IHCC
New discovery: MQ-13-018
Two historical occurrences with
grades up to 2.24% Ni and 0.63%
Cu plus a new discovery in hole
MQ-13-018
Hole MQ-13-018
3 zones of disseminated mineralization:
32.19m @ 0.59% Ni, 0.18% Cu, 0.21 g/t TPM*
Incl. 4.53m @ 1.06% Ni, 0.23% Cu, 0.33 g/t TPM*
26.00m @ 0.24% Ni, 0.11% Cu, 0.16 g/t TPM*
Incl. 9.00m @ 0.42% Ni, 0.15% Cu, 0.27 g/t TPM*
8.71m @ 0.26% Ni, 0.15% Cu, 0.12 g/t TPM*
*TPM = total precious metals (Pt+Pd+Au)
www.northamericannickel.com 32 www.northamericannickel.com North American Nickel Inc. TSX-V: NAN
Maniitsoq Project
2014 Plan:
Surface Geophysics,
Outlining Tonnage at IHCC,
Exploration Drilling of Priority Targets
Maniitsoq Ni-Cu-Co-PGM Project
South West Greenland
NAN holds exclusive rights to explore the area containing the Greenland Norite Belt and Maniitsoq Impact Structure and all significant associated nickel sulphide occurrences and significant occurrences of nickel mineralization in the area.
Three intrusions, comprising the Imiak Hill Conduit Complex (IHCC) with significant, high grade sulphide mineralization now identified.
Additional mineralized norites within 10 km of the IHCC creating the potential for an initial mining complex.
Sudbury camp sized,100% owned property with many unexplored and underexplored areas creating the potential for multiple deposits.
Summary Of Work To Date: What’s Possible
www.northamericannickel.com 33
2014 Program Mid-April: Ground geophysical crews commence surveying the IHCC area for deep conductors to target with
drilling.
June 2014: Focused drilling to build tonnage and further define mineralized zones at IHCC.
Drill test priority regional targets across the belt.
VMS/NAN Management
www.vmsventures.com 34
Rick Mark, M.Ed (Admin) CEO & Chairman NAN: Rick has over 25 years experience in the public market place. He
is also CEO & Chairman of VMS Ventures Inc. (VMS-TSX.V). Over the last eight years, Rick and the group have
raised more than $75 million for exploration and development activities.
Neil Richardson P. Geo. COO, NAN: Neil has a long history of mineral exploration and mining experience with
Hudbay Minerals and others. As the COO of both companies, Neil is responsible for creating and implementing
exploration and development programs.
Mark Fedikow, HBSc., M.Sc., Ph.D., P.Eng., P. Geo., C.P.G. President & Director NAN: Mark has 35 years of
industry and government experience, including Chief Geologist of the Mineral Deposits Section in Manitoba. He is a
recipient of the Canadian national award for outstanding geoscientific achievement.
John Pattison, P. Geo., B.Sc. Chief Geologist NAN: John worked with Falconbridge Limited and associated
companies for 19 years managing base metal, PGE and gold exploration projects throughout Canada and southern
Africa. He has led the Maniitsoq Project since its inception at NAN in 2011.
Jim Sparling, P. Geo., B.Sc., MBA Project Manager NAN: Jim has worked for over 25 years in the exploration
industry, most recently as COO for Skyline Gold and Exploration Manager for StrataGold, He is the principal geologist
for the Maniitsoq Project in Greenland.
John Roozendaal B.Sc, President of VMS Ventures; Director of NAN: John was the founding director of VMS
Ventures Inc. He has 20 years of Mineral Exploration experience and was directly involved in the Reed Copper
discovery.
Independent Directors & Advisory Boards Independent Directors
Gilbert Clark, Director, NAN: Mr. Clark is a European based Geologist with more than 13 years of industry experience; principally in mining
and international resource developments. He is currently an Investment Advisor with The Sentient Group, an independent private equity
investment firm specializing in the global resources industry.
Jim Clucas, Director & Audit Committee Member, NAN: Jim was Chief Financial Officer of Inco’s Canadian operations and has been
involved in the development of several mineral deposits, including the Snow Lake Mine (High River Gold Mines), Montana Tunnels (Pegasus
Mining) and the Fenix Project in Guatemala. He was the founder of International Nickel Ventures Inc. which acquired and developed the Santa
Fe/Ipora Nickel Laterite deposit in Brazil. Jim is currently President and CEO of Search Minerals.
Don Whalen, Director & Audit Committee Chair, VMS: Don was Executive Chairman and Director of High River Gold Mines. Before
joining High River, he held numerous marketing, technical and management positions over a 29 year career with IBM Canada Ltd.
Advisory Board
Dr. Tony Naldrett: Tony is an internationally recognized expert in the field of nickel sulphide mineralization and was Professor of
Geology at the University of Toronto from 1967 to 1998. He has authored or co-authored over 240 refereed papers and 8 books and has
supervised 15 M.Sc. and 16 Ph.D. students and 15 Postdoctoral Fellows with focus on magmatic nickel, copper and platinum-group element
sulphide deposits, worldwide.
Mr. Alex Balogh: Alex is the former Chairman and CEO of Falconbridge Ltd., Deputy Chairman of Noranda Inc. and CEO of Noranda
Minerals Inc. He has served as Chairman and Director for various mining organizations, sits on The Sentient Council and is a current member
of the Advisory Board of Hatch Associates. Mr. Balogh is a metallurgical engineer and has more than 40 years of experience in the mining and
metallurgical industry.
Dr. James M. Patterson , P.Geo., Ph.D. , Technical Advisor: James is the former Geological Consultant, Vice President Exploration
and VP & Executive Consultant with FNX Mining Company Inc. He was instrumental in the revival and building of the company from a
market capitalization of $20 million to $2.5 billion. Dr. Patterson has over 40 years experience in mineral exploration globally. Dr. Patterson
received his Ph.D. Mining Geology from the University of London, England, Diploma of Imperial College from Imperial College, London,
England, BA (Honours) in Natural Sciences – Geology from Trinity College, University of Dublin, Ireland, and has over 25 publications on
mineral exploration.
www.vmsventures.com 35
Why Own NAN?: Is It The World’s Next Nickel Sulphide Camp?
Investor Risk Mitigation: These “boxes” are already ticked Greenland is a secure political jurisdiction supported by pro-mining government;
Access to ice free tide water, 12 month of the year: Moderate climate
Significant historic exploration data and drill core analyzed and interpreted by NAN
Maniitsoq’s geology is exemplary for district scale nickel potential:
Abundance of Ni-Cu sulphide occurrences at surface & in drilling;
High Nickel tenor – consistent across 75KM belt
Major, long lived structures
Large-scale mafic igneous event
QEMSCAN testing suggests excellent recoveries expected
Modern helicopter “terrain hugging” surveys optimal for Maniitsoq’s topography and mineralization immediate success >200 EM anomalies
Low cost power potential, (hydro electricity generation) and near by access to deep water shipping
Management has a discovery track record;
NAN has a strategic investor: The Sentient Group; owns 41% (VMS Owns 23.9%)
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