Shareholder meeting Mar. 4 Good posts on the private board. I am not a member and I can't post there. I want to make some observations. So my apologies to the regulars on this board.
Rdesmarais and vwig made good posts.
Some additional observations.
We should consider ourselves lucky to have Dr. Shihab and Qatar Mining on board. In my opinion without them we would be dead in the water now. Maybe not dead but almost. Why do you think SA is in the top 400 application for review of the MOF? Just my opinion of course.
Regarding Qatar Mining, I did talk to them last year. They were not at the March 4 session( Dr. Shihab was). It is my opinion that Qatar will maintain 9.9% share equity , no more. They are prepared to invest further in SA without share dilution. How?? 100% debt financing, no further equity. Key is that Qatar wants gold, as Rdesmarais said in his post. Therefore there has to be a mine to get gold. How do we get gold? Drill in the right spots.
This gets me to Steve Garwin's presentation. Excellent technical presentation but it only focusses drill target locations as Rdesmarais said. Some of you may recall I asked Steve about confidence levels. I had assumed that further drilling the epithermals would focuss and narrow down potential locations of porphyries. In discussions with Steve afterwards this is not so. There isn't necessarily any corrolation between finding gold in veins and location of porphyries. This gets me to discussions with John Proust afterwards. How do we avoid further share dilution. You may think $31 million cash is a lot of money. In reality it is not given the large land area in West Lombok and fast number of epithermals and porphyry targets. So Vwig, John Proust & Co have some decisions to make and not blow the $31MM. SA cannot afford to go to the market to raise money if the share price stays under $5. Wouldn't you agree with me Don?
As to the writedown of Oil&Gas, I am not surprised. The flows reported at the time where not that good and I said so on this board. Maybe some body can call me on that. Given the marginal flow and current sustained low gas prices it is best to kiss the $5MM goodbye. Just my opinion. I look forward to Don's further views on the "new company".
Time passes, again apologies to the regulars here.
Harmony305