Good evening. Haven't posted for awhile but had a chance to attend the AGM.
Further to Big Buck's report which was fairly representative of today's AGM, I'd like to relay a couple of points that were stressed by Elmer that I felt were relevant.
-Teck is fully capable of saying NO to joint ventures. Examples given were juniors named "Pebble" and "Dynasty" I.e.Teck was out within 3 weeks with those companies but chose to say YES to our joint venture almost immediately even with our BFS.
-by renegotiating the Salazar agreement, we are "protected" cash flow wise for up to $220 million of pre-mine expenditures and anything over and above will be financed thru Teck at prime plus 2% thus protecting us from further dilution. When queried if pre- mine expenditures could reach $220 million, Elmer's reply was pre-mine expenses could reach $400million and he gave some egs of how it could get there.
-last year apparently Elmer was off 80% with his portfolio and CUU was substantially higher than it currently is now
-in regards to Arizona, in situ mining process was explained vs open pit and how it was less invasive and substantially not as expensive as open pit thus profit potential was enhanced there
-two of the guys at my table have been shareholders for 10-12 years and were very comfortable with where we are at today in spite of our roller coaster share price ride
-Ernesto was in attendance and while he made no comments, he seemed very supportive of Elmer and the current course of events
As I was trying to watch and concentrate on Elmer's message and Ernesto's body language, I made minimal notes, so the above points are made from memory because they struck a chord with me.
While I am not happy where we are currently share price wise, I remain quietly optimistic of where we will wind up in this area.
GLTALongs. hkahka
