RE: RE: close your eyes....................Hi to all the members of this board. I have not posted on Stockhouse for ages but it is time I was at the AGM. There were fifty four seats in the room, most were for directors, secretaries etc etc. There were probably only twenty or twenty five 'regular' investors such as myself I am guessing at that). I sat at the back of the room beside the head geologist from Tanzania, Denis Dillip. After the preliminary business part of the meeting, we heard from the CEO Andrew Smith who outlined basically where we were a year ago and how far we had come and the plan that would be developed this year. Talk about potential!!! Wow! We were at 36 cents one year ago and closed at near 6 dollars a week ago. Why? Well, at this point Dr David Groves stepped up to the mike and told us about the large mines to the west of Can. They are massive..Geita, 23 million ounces, Bulyanhulu, 19 million ounces and now us in a region known as Handeni with all the same characteristics as the other areas. Because geologists thought this area was a 'newer' rock area it was never explored until Dr Groves had a new theory and went on site to prove his theory. When they found gold and lots of it CAN was able to stake a ton of the land with the best anomalies. So Dr Groves is happy, his theory was proving correct.
Now Andrew Smith takes the mike again and tells us what he is so pumped about. They drilled holes, dozens of them so far and of all the results back so far they hit at least 1 gram per ton of rock in 88% of the holes drilled, almost no duds! Unbelievable.
So what is our 'game plan'? They have the theory and staked the land, found excellent drill results so it drill, drill, drill. Of a budget of about 14 million dollars, 10 million will be spent on drilling. They have 3 drills now but come Jan 5th, 5 drills will be doing full out.
Also we are waiting for the TSX listing.
After some questions from the floor re poison pills etc and questions that had to do with the drill program, we had a chance to speak to each of the directors, CEO, geologists etc. This was fabulous as well. I asked Denis how long it took to get a core assayed from the time it left the camp...two weeks was the reply.
I asked if all the results were back yet.. no, plenty of results still coming in.
I mentioned a stock I had followed a couple or three years ago ARU and watched it go from 90cents to 40 dollars in just six months. Because we have a much larger float than ARU but gold is way more expensive now than three years ago I mentioned I thought we might get to $20 or $30 depending on future drill results. He agreed.
Next I spoke to Andrew. When I mentioned the same numbers all he would say is 'some people have mentioned those numbers!!!'
I was, and am stoked about this company. I am putting most of my eggs in the CAN basket. Why not. This company will be a game changer and we won't have to wait two years.
30% if the company is owned by the Chinese Company, Sino Tech. Believe me, they have done their homework and were in attendance at the meeting.
I had to leave to catch the ferry back to Victoria and didn't know about the dinner afterward but I was armed with some great information and will definately attend the next AGM and stay for the party afterward. I think we will some big reasons to celebrate!! Cheers.
Pharmgirlsam