(Corrects the company's corporate office to Sudbury in the
* Company to spend up to C$5 mln on exploration in 2011
* Says well-funded to develop assets without JV, deals
* Focused on gold projects, sees strong demand from Asia
By Julie Gordon
TORONTO, March 8 Northern Superior (SUP.V) will
be less dependent on deals this year as it uses its strong cash
position to move its projects further along the development
path, the company's chief executive said on Tuesday.
"Instead of having to rush out and seek somebody to help us
JV these projects early on, we can take them a little bit
further," said Chief Executive Thomas Morris in a interview
with Reuters on the sidelines of the PDAC prospectors and
The Sudbury, Ontario-based exploration company saw its
market capitalization rise from C$10 million ($10.3 million) to
C$130 million last year, boosted by positive drilling at its
Ti-pa-haa-kaa-ning (TPK) gold project in Ontario.
"We certainly now have much better leverage in terms of
getting better deals," said Morris.
TSX Venture top mining explorers:
For more stories on PDAC convention: [ID:nN02153893]
Last year, Northern Superior sold a 51 percent stake in the
promising eastern half of the TPK project to Rainy River
Resources RR.V for C$11 million.
The company still owns the western block of TPK, along with
numerous gold exploration projects in Ontario and Quebec.
"With all these other properties, we've got money in the
bank, we've got the staff," said Morris. "We can certainly take
them right through."
The company has C$25 million and is well funded for the
next two years, said Morris. While the company will spend up to
$5 million on advanced exploration, it is not looking to become
a producer, he said.
"We can take a project to a certain point," he said. "But
we're not miners."
With spot gold price near record highs, Northern Superior
is focused on developing its gold assets, but Morris noted that
the climate could be right for diversification.
"We have a number of other projects we can spin out, not
just in gold, but in base metals and diamonds," said Morris.
"With these emerging middle classes in China, India, Brazil and
elsewhere, I see a huge appetite for commodities across the
(Edited by Frank McGurty)