By Kevin Michael Grace

The Alphonso family is to Guyana what the Irvings and McCains were to New Brunswick. Only much more so. So when Ian Klassen, President and CEO of GMV Minerals Inc, was looking for a project to establish his fledgling company, he sat down with Alfro Alphonso, the patriarch of the family. Klassen emerged with an earn-in option of 1,000 square miles in one of the hottest gold fields in South America.

Klassen, formerly chief of staff to the Speaker of the House of Commons, recounts, "Alphonso sold Sandspring their asset. He sold Sacre-Coeur their asset in the Million Mountain. He used to have the Aurora deposit before it was proved by Guyana Goldfields. Really, every major hard rock deposit in that country in the last few years goes back to him." GMV bought the option for $1 million in cash, nine million shares and the promise of $5 million in development over three years.

Not long ago, foreign investment in Guyana would have been impossible, not that many would have been foolish enough to consider it. After gaining independence from Great Britain in 1966, Guyana was ruled by a charismatic madman called Forbes Burnham and its politics was dominated by ugly squabbles between its black and East Indian peoples. Guyana withdrew from the world, and the only news was bad news: the Jonestown Massacre of 1978.

Over the last decade, however, Guyana is a changed country. Ethnic tensions have declined; government control over the economy has diminished significantly; and foreign investment is now welcomed. For these reasons, Klassen is confident that GMVs investment in Guyana is sound. "The people Ive met in government and at the GGMC, which is the mining commission, are highly intelligent. They realize that theyve got an opportunity here, and theyre not interested in squandering it. When six or seven out of every 10 jobs in the country is tied indirectly or indirectly to the mining sector, mining is there to stay."

Traditionally, Guyana has been two countries: the capital, Georgetown, and everywhere else. This remains true, Klassen admits, but he believes that the government is committed to the infrastructure necessary to open up the country. "The biggest challenge for miners in Guyana has been getting from one part of the country to another. That coupled with ridiculous amounts of wet and overflowing rivers. From where they were five years ago, there has been great progress made, but theyve got so much more ahead of them."

Balancing the challenges against the opportunity, junior mining companies have flocked to Guyana. "Guyana Goldfields are the gorilla in the neighbourhood," Klassen says. "Theyve built a tremendous asset and have a $900-million market cap. Sandspring has unquestionably been a market darling over the last 18 to 24 months. We would like to emulate what theyve done. With eight million ounces in all categories they know how to identify a system, stay with it and expand upon it. Im not familiar with the folks at Sacre-Coeur, but theyre in the Million Mountain area, a very prolific gold belt. It probably puts out more gold than any region of the country, and it just so happens thats where youll see us drilling first."

Klassen continues, "Weve got 110 square miles of land that directly adjoins Guyana Goldfields properties. Weve got lots of land in the northwest around IAMGOLD, Guyana Frontier and Takara."

GMV has scheduled 34,000 kilometres of aerial survey, 31,000 completed. "That data is being gathered and interpreted now," Klassen says. "Were seeing structures within our land position that are screaming to be drilled in other areas of the country. Our property has had great alluvial success; its what the Alphonso family has kept for itself over the years. It gives us the largest contiguous land mass between Guyana Goldfields and Sandspring."

GMV begins drilling this week. Twenty-five holes are planned, but Klassen believes a three-year drilling program is likely. As for results, Klassen says, "Id be thrilled to have 80 to 140 meters of 1.5 grams and better. That would demonstrate clearly that were in a system, and we believe that weve got that system based on the information the Alphonso family has shared with us."

GMV has a market cap of $37.5 million. At press time, shares traded at $0.62. This is down from the 52-week high of $0.84, but up considerably from a March low of $0.45. Klassen notes that most juniors took a big hit in March, but he concedes, "Our story right now is a blue sky one. Unlike our rivals, our properties havent been drilled, and we dont have a 43-101. Were the new kids on the block." GMV does have the confidence of institutional investors; 80% of its shares are held by them. Klassen concludes that the upside will not be long in coming. "First and foremost, Guyana is a proven gold-enriched country. And we negotiated to obtain a dynamic land position thats certainly an envy of many. Weve been approached by no less than five different companies that have lined up to possibly joint venture some of this land. I certainly think its a hell of a story."

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