Not Promoting other stocks: The skinny:On Monday, March 07, 2011 at about 1:45 P.M. I personally attended at the offices of ANX at: 130 King Street W., which is NOT the First Canadian Place or the Exchange Tower but actually a building and a half west on the same side of the street. I came without announcement or appointment. The office(s) is on the top floor of this building and also holds several other offices of related holding companies. The place was a literal beehive of activity with groups of PDAC attendees coming and going and groups huddled around tables in separate rooms all over the place. It seemed to be mainstreet in that place, it was so busy. Mr. Wiley spotted me and recognized me from the Nov. AGM and managed to find Dustin Angelo who was exceptionally cordial and personally saw me in his personal office for a visit which lasted at least 20-25 minutes.
I saw or heard nothing to suggest to me that this Company was giving up or about to fail. He explained that the Pine Cove staff are fully trained and now able to handle all aspects of the Mill operation as professionally as any and that these rumours of chaos and inexperienced townsfolk working the circuit was point blank B.S., which he emphasized dramatically without hesitation. I believe he was honest and forthright. He explained that the problem was purely a mechanical one up-front in the circuit due to the slugginess or sliminess of the contents in the ore which is continually blocking up the filtration screen. He said that for less than 100,000$ the entire problem will be resolved and with a different fitering screen and a regular cleaning programme, the circuit will finally have all parts working in unison instead of one part screwing up another. All parts of the circuit must be working optimally for the others to work properly. He said that the next report will surprise shareholders by the improvement of the throughput. He was adamant that there is nothing wrong with the ore body; the grade or the mineralization except for this one component of slugginess which will be dealt with by installing a different filtering system. He was positive that the Pine Cove Mine will produce for 7 years minimum with potential for some additional development of possible reserves.
He is proceeding with the rights offering and the price and conditions, as he emphasized, are all governed by the rules of the Ont. Securities Comm. He foresees the Company becoming cash-flow positive well before the end of this year and he also reiterated the plan to spin-off the gold and iron assets into separate companies and it did not matter which one gets spun-off. When this happens, all existing ANX shareholders will receive a proportionate number of new shares in the new company, the ratio to be decided when this happens.
He was very disturbed by all of the rumours and B.S. being spread on the internet, as I described to him and he adamantly denied all of their credibility. We discussed some other personal matters as well.
As far as toll-milling is concerned vis-a-vis Rambler's Nugget Pond Mill, this is a "no go". Dustin indicated that it would not be cost-effective to toll-mill considering the transportation costs; the royalty and the condition of some portions of the road system.
He further emphasized that ANX is being grossly undervalued by the market and once the market sees results, i.e. cash-flow, it will respond positively and start buying into ANX's story, which as he told it, was quite compelling. Staff are busy going back and forth from the office to the PDAC and speaking to interested parties. He has been letting these people know that Pine Cove will hit target and produce as promised and that the Chilean portfolio will soon be in motion starting with the SBX partnership.
So for all of the B.S.er's who come on this Board to talk their heads off and blow out B.S. from their rear ends, take some time off and do what I did...you might learn something by going straight to the source. Everyone was very cordial and I was treated very very well. NO phones are off the hook and it is business as usual. This investment just requires some patience and faith. And if you don't buy that either, pick-up the phone and ask to speak with Dustin, you'll hear the same thing from him directly. One last thing, Dustin pointed out that every single member of the Management team of ANX is personally heavily invested in this Company, including those people in the associated holding companies there. He emphasized that they were not prepared to lose this money and if needed, they can be counted on to continue supporting the Company until the Company's operations start generating positive cash flow. He asked me how many NIS insiders or Board members held any of their own stock of any significance? We know the answer to that one ZERO, except for Wareham through his holding companies.
If you want to continue exchanging nonsense and rumours on this Board, then go ahead, but I for one accept what I heard and saw on Monday at the office of ANX and I believe that these people are fully committed to making a success of this Company. They are not in this to blow their brains out and Pine Cove will hit its targets as promised and the partnerships with the Chilean interests will soon take off once the rights offering is completed and once P.Cove reaches cash flow positivity, something we can except to see before the end of this year.
You can always reach me through my inbox for further comment. Or you can call Dustin yourself to verify my office visit with him on Monday afternoon. Otherwise, stick to the facts please...just the facts and don't promote other companies on this Board. Thanks.