More AGM NotesJust returned to my computer after another AGM in town after CD. (Although they served beer & wine afterward)
Anyway, a lot has been covered already but to me a key point was that CF said the Suwar projet is rated by Vale's best geologists as "in the top 2 deposits in the world right now" Also that it is the Vale guys who have the most expertise in this type of mineral exploration, extraction .... and actual mining. We only have to wait till end of July or possibly sooner to see what Vale thinks. Mgt. seemed confident that Vale will confirm what CD beleives to be a rich deposit. We may IMO get a bit of a bump up on SP at that time. If Vale walks (which I kinda doubt) then we may have an issue with this areas viability. If Vale goes to pre-feas. then we wait till 2010 for results. This is long term stuff (not that it hasn't been long enough as I am now waiting since 1997) as we don't have the money to move any faster!!! I was tempted to ask CF why he dosesn't just fund this thing into high gear but I know the answer ..... he is not a developer nor miner & he has funded a lot so far. But even further to this I know first hand that CF is really really cheap ... I don't mean that in a totally negative sense but it is true & it is in his bones. Besides he knows no sub-contract miner could do as good a job or in the same time-frame as Vale. He would rather use OPM every chance he gets and his ego is too large to have Vale come in & not prove up his findings IMHO.
Point two for me would be that the sulfide nickel type is much easier & economical to mine then the other type (forgot the name) & again Vale people are well versed in this type of mining.
Another point is they say that the Yemen working environment is quite positive which to me is the very biggest risk we take & why I am hesitant to go over the 1 mil share mark ..... This is such a wild card but Vale seems comfortable????
I know a lot of it was same old from last AGM's but I still came away feeling ok. Remember Mgt. wants an increase in SP as much as we do (I mean Chad mostly & CF for ego reasons). I for one am tired & disappoited in IR people pumping smoke up my
a@# in other plays only to find it doesn't last. These guys tell you only what they know for sure & what is material ... end of story. I guess we have a choice to take it or leave it. I think I'll stick with it for at least another year .... depending on Vale results & gold stuff to come of course.
Anyway that's it for me after possibly a little too much wine.
Best To All The Longs!