RE:RE:RE:RE:RE:RE:RE:Anto chairman's comments at May 21 AGMHi Yoda, DM is indeed already downsizing in a big way.. quietly though, you have to read it in the MD&A posted on sedar.com (f.e. of May 14 and it's also in the MD&A from a quarter ealier):
"The Company’s management and board of directors have worked diligently to reduce expenses, and monitor these expenses against exploration activities. Duluth is continuing with its exploration program however at a reduced level and expects cash expenditures of approximately $1,000,000 for drilling, core analysis and exploration and $300,000 for land related expenses in 2014. General and administrative expenses to support the Company’s active investor relations, financing activities in Canada and abroad, the exploration activities in Minnesota, and other corporate initiatives have been greatly reduced and the Company expects cash expenditures of approximately $4,400,000 in 2014 comprised of payroll related expenses of $1,600,000, professional services fees of $1,800,000, facilities and supplies of $800,000 and travel expenses of $200,000."
This is of course very helpful in keeping dilution minimal and I greatly applaud this move.. there is no point from a shareholder perspective for DM to put any funds in exploration now. DM should just feed its dollars to TMM and keep expenses minimal.
Of course, with Kelly Osborne having replaced Dundas I think we now have a really capable CEO working for us to guard our interests and raise market awareness. And with one executive less on the board, this also saves $$.
I hope this is helpful..