Thursday, September 17, 2009

Technical help? - this could be huge for us

“Maxim Finskiy and Fran Scola, in a joint comment, said, ‘……. Our plans are to support Century, both financially and technically, in order to enhance the value of our share position.’"

It looks like our new investors are willing to supply more than just money, but technical expertise also.

From EET’s Sept 2’09 NR: “Operations at Youga are under the direct supervision of Etruscan's Chief Operating Officer, Stephen Stine, who has been based at site since early May. Mr. Stine's mandate is to optimize operations at Youga to achieve steady state production, and in this regard he is also overseeing the strengthening of the mine management team.”

From EET’s April 23’09 NR: “Gerald J. McConnell, President of Etruscan stated: ‘We are delighted that our new strategic shareholder, Maxim Finskiy, introduced Steve to us and that Steve has agreed to join our senior management team.’”

“He was also recently appointed as a Director of Etruscan”

Stephen Stine appears to be Finskiy’s technical guy. I believe Stine has a consulting company and does consulting work for various companies. It appears as if Finskiy brought him in to clean up EET’s operation. He also occupies 1 of the 2 EET board seats assigned to Finskiy.

Stine appears to have done a great job in spearheading EET’s operational turn around, including overseeing the mine management team. He began working at the site in early May’09. Here is the mine production since then:

*May’09 – 3,626 ounces
*Jun’09 – 5,127
*Jul’09 – 6,093
*Aug’09 – 6,526

I can see Finskiy bringing Stine over to Century to provide his technical expertise on Lamaque, while continuing to support Etruscan also (he might afford to spend far less time with the Etruscan mine once everything is up and running, one he puts good supporting staff in place).

Century will take over Finskiy’s 2 positions on EET’s board. I can see Stine remaining in 1 of those 2 positions. I can also picture him being appointed to Century’s board, if he does indeed provide technical support to Century.

If Stine is not available then I’m sure Finskiy and Scola will find another A grade technical expert to drive Lamaque’s success. This might be why the GM position was never announced.

This could end up being the best part of the entire deal, if it comes to fruition.

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