Presidentâ€™s Message to Shareholders
January 15, 2013
I would like to take this opportunity to wish you all a Happy New Year and to thank all of our shareholders for their support during a turbulent time in the markets over the past twelve months. We have remained focused on exploring our projects within the Manitou Straits Deformation Zone and we have made substantial exploration progress in 2012.Â Â
In April we acquired the Elora property, which is contiguous to Manitouâ€™s Kenwest and Canamerica projects, consolidating these highly prospective properties under a single operator. The Kenwest and Elora properties encompass an 800 metre wide zone which contains a number of highly prospective gold bearing structures with a 4.5 kilometre long section hosting three past producing gold mines and nine other shafts.Â The high density of shafts and gold showings in the Kenwest/Elora area, as well as the shallow level of historical exploration and development, are very positive indicators of the exploration potential in this area.Â A diamond drilling program at Kenwest is planned for this winter and specific plans will be announced once they are finalized.
A diamond drill program (3,748 metres, 26 holes) was completed at Kenwest to follow up on the excellent results from the 2011 program.Â As a result, a 275 metre long zone of gold mineralization with a vertical depth of approximately 100 metres was delineated and remains open at depth.Â This new mineralization compliments the number of previously identified shoots of gold mineralization.Â
On the Elora property, thirty seven diamond drill holes from the previous Elora operators (2004, 2006 and 2008) have been re-logged and re-sampled, and a trenching program was completed.Â The data has been incorporated into a three dimensional model and establishes priority targets for the upcoming winter drill program.
The Gaffney Extension property is located 30 kilometres from Kenwest/Elora along a large scale regional structure. In 2012, a 5,032 metre diamond drilling program (17 holes) was completed.Â The program identified a gold bearing QFP dyke which cross cuts the stratigraphy and presents a very exciting new exploration target.Â The body appears to be 6 to 10 metres wide and contains several metres of the mineralized altered diorite along the contacts.Â QFP dykes often demonstrate considerable continuity along strike and at depth, which presents the potential for a sizeable target with exceptional predictability. The QFP Dyke has been intersected at a vertical depth of 250 metres and is open along strike.Â The relationship of QFP Dyke to the more common altered diorite style of gold mineralization is currently being evaluated with an updated 3-D Model underway.
The company is monitoring the weather conditions to determine if a winter ice based drill program is possible.
I am very excited about the exploration advances we have made on the projects this year and the potential of the Kenwest, Elora and Gaffney Extension Projects.Â We are well financed to pursue exploration on the three main projects in 2013.
The past year saw management changes at Manitou as I took on the role of President and Chief Executive Officer in July.Â My priority has been to ensure the ongoing exploration of the projects as well as ensuring sufficient cash is available to advance our exploration projects in 2013. Â As a result, significant reductions were made to the companyâ€™s G&A budget.Â I was very pleased to have Robert McEwen add an additional 4,000,000 shares to his Manitou shareholdings in September, with proceeds to the company of $600,000.Â As a result of spending reductions and the private placement by Mr. McEwen, we are entering 2013 with a treasury of $2.5 million.
During 2013 we will continue to grow the knowledge and understanding of the core projects though the application of well thought out exploration programs.Â I look forward to updating you on results as they become available.
I would like to thank all of our shareholders again for their support and the staff and management of Manitou wish you all the best for 2013.
Todd Keast, P.Geo
President & CEO