PROFILE (September 23, 1991)

As most miners have shelved their exploration plans during this recession, Crown Resources remains steadfast in its search for gold. Rain or shine, field geologists, who hold stock options in the company, aggressively look for the next deposit.

“We believe the best method of increasing shareholder value is by discovery,” President Christopher Herald, 37, told The Northern Miner. Half of Crown’s 20 employees are geologists, to whom headquarters gives support rather than orders.

Crown’s impressive record as an exploration-oriented junior for the past few years has helped it complete a 5.75% convertible debenture issue in Europe recently to raise US$15 million.

A U.S. citizen, Herald graduated with a B.Sc. in earth sciences from the University of Notre Dame in 1976 and with a M.Sc. in geology from the Colorado School of Mines in 1981. When employed at Anaconda Copper (1978-84), he spent three years in Canada. His wife, Marion, was born in Canada. From 1984 to 1987, he was Echo Bay Mines’ first U.S.-based geologist. Upon his recommendation in late 1985, Echo Bay acquired from Crown the Kettle River project in northeastern Washington state, which was brought into production in

early 1990.

Crown has retained a 30% interest in Kettle River. During the transaction Herald met Crown Chairman Mark Jones and became the company’s vice-president of exploration in 1987.

Herald is often identified with the Crown Jewel discovery, into which Battle Mountain Gold is earning a 51% interest. So far it has paid Crown $10 million in cash and must bring the property into production by July, 1993, at a minimum rate of 3,000 tons per day.

The cash will allow Crown to explore areas extending from southern British Columbia and Washington state to Utah and the Carlin Trend in Nevada. Herald thinks Crown will probably locate its next Jewel deposit at either the Kings Canyon discovery in Utah or the Cord Ranch property in Nevada. Asked if Crown’s “one-company staking rush” with 40% joint venture partner Centurion Mines earlier this year in Utah has rekindled a gold fever, Herald says the current gold price chills most companies. “North American mining has a history of holding back on exploration when metal prices are soft,” he adds. Herald thinks Canadian mining companies by and large are more aggressive and entrepreneurial than their American counterparts. “American Barrick Resources, for example, has caught up with well established U.S. companies,” he adds. “The U.S. companies take a more cautious approach. They score less spectacular successes and suffer from less severe failures.”