Ms. Claudia Tornquist reports
UPDATE FROM DUNNEDIN VENTURES CEO CLAUDIA TORNQUIST
Dunnedin Ventures Inc. chief executive officer Claudia Tornquist has provided an update in a shareholder letter.
COVID-19 presents unprecedented challenges for all of us in our personal and professional lives. The safety and well-being of our families and colleagues is absolute priority, as we all work together through this difficult situation. I believe open and frequent communication is important in times of uncertainty and I am writing to you with an update on Dunnedin's activities and how the current events impact our company.
The future for Dunnedin remains bright and I am confident we are in a very good position to weather this storm. Our balance sheet is strong and I would like to express my gratitude to our investors whose support enabled us to close a $2.8-million private placement recently in incredibly challenging market conditions. We will work hard to spend every single dollar entrusted to us wisely and our most important objective is, and will always be, to create value for our shareholders.
The essence of our exploration strategy remains unchanged. No virus will take away from the quality of our copper porphyry portfolio. We believe as strongly as ever in the discovery potential of our projects and will continue to unlock their value through exploration. Our priority in the near term will be to build on the discovery success of our first drill program at the MPD copper gold project in Southern British Columbia. Working remotely, our team is currently analyzing the data and knowledge we gained through the recent drilling to identify the most exciting targets for a follow-up program in summer. Prior to drilling we are also planning an airborne geophysical survey and will commence as soon as provincial and regional health authorities lift restrictions and it is safe to do the work. At our Mohave project in Arizona we have completed a thorough analysis and reinterpretation of the historic data and are ready to embark on our first drill program later this year. As we move forward, we will judge the COVID-19 situation as well as the market and investor sentiment very carefully at every decision point and adjust our plans flexibly as required.
An important milestone for our company will be the name change to Kodiak Copper Corp. on April 1. We chose the Kodiak bear for our name to honour our company's founder and chairman, Chris Taylor, and his fantastic exploration success with our sister company, Great Bear Resources. It symbolizes that we are applying the strategy that made Great Bear successful in the gold space to the copper space: focusing on historically drilled brownfield assets that have been underappreciated, in producing belts, with excellent infrastructure and year-round accessibility. We re-evaluate holistically using new methods and technologies and establish new theories and models for exploration. This has already proven highly successful on our first drill program at MPD, where our team achieved the best hole in the 50-year history of the property.
In normal times a big part of my work as chief executive officer of the company is liaising with shareholders and capital market participants at road shows, conferences and events around the globe. Unfortunately, the coronavirus will make this impossible for the foreseeable future. At the same time this creates an opportunity to connect on a more personal, one-on-one basis and I am looking forward to reaching out to our shareholders and supporters for individual updates. We will also keep you up to date with videos and webinars as we progress our work. And of course, please feel free to call me or our team any time.
A very big thank you to our shareholders and stakeholders for believing in the opportunity ahead of us and for reaching out with kind words and messages. I am proud of our team, which remains focused on our strategy. On behalf of all of us at Dunnedin/Kodiak I wish you much health and success in what is certainly a trying time for everyone.
Claudia Tornquist, president and chief executive officer
About Dunnedin Ventures Inc.
Dunnedin is focused on its portfolio of 100-per-cent-owned copper porphyry projects in Canada and the United States. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel trough in south-central British Columbia, Canada, where the company made a discovery of high-grade mineralization in 2020.
We seek Safe Harbor.
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