AGM News Despite the AGM being in my home town I could not attend due to work meetings, however a close colleague did. After years of hoping to attend an OX meeting in person - I get screwed up by my own business.
Attending were Mark, Jacques, Claude, Will Felderhoff. Dave Hatchette in the audience.
The key development appears to be that the company has engaged JDS Mining (jdsmining.ca) to perform a bulk sample as well as begin developing a production plan to mine the resource. The planning is well underway. The company has about $1.2MM still in the bank, and will have to raise more to bring the project to full fruition. The goal is to do so in a non dilutive manner. The good news is that I feel they are engaging with reputable firms (both Mercator and JDS are full fledged real companies) and these companies will want to move the project forward with some urgency.
I am disappointed though because I'm not convinced the BOD has addressed the cash drain on the company by Mark or Jacques, or developed any real sense of urgency to bring this project to conclusion.
I expect that they will do what APP did and negotiate a deal to sell the gold in advance to a bullion bank who will advance them the cash at a discount to the value they could otherwise receive.
I may hear more later...