Summary of Shareholders MeetingHey guys, hope all is well.
Since there was a news release yesterday, i will try NOT to overlap the same INFO.
First of all,IVW put on A GREAT presentation.Once we got over the intial usual voting process Alan D. and Ken S. were superb in explaining IVW's plans, goals going foreward.Ken taught me more about rocks and how they form in 30minutes then i could have learned in 1 month on my own.
Their summary on what a 'great" property we have down under was beyond my own expectations.So to give you as much info as i can, i will proceed in point form:
---Anglo deal to close BEFORE Sept 30th, at which point IVW should
have $2 Mill$USD in bank and a clean strong balance sheet.
---Standard Life, Cambrian, Anglo,Sentient combine to hold over 50%
of all O/S of IVW.
--- ANGLO has NO interest in selling there shares because they fully
realize the great cash flow maker Magallan will be.
---Construction to begin late 2003,very early 2004 and be in "full"
producing mode late 2004/early 2005.
---Unlike Lisheen, IVW will retain MANAGEMENT CONTROL of Mag mine.
That is crucial point i was looking for.
---Sentient has put aside $US 20 million for Mag.
---Total cost of mine to be around $US 35 million
---At a price of .05cents and market cap of under $CDN 10 million
"Magallan PROJECT HAS NOT BEEN REFLECTED IN THE STOCK PRICE"
of IVW by the market , YET.
--Without any further work whats so ever,the Mag mine has a 12 year
life, with 11.2mill tonnes of resources that ARE already proven
and banked.
---The above resouces number will more then likley double when the other 5 areas are drilled. Drake, Gamma , Pinzon,Pizarro and Yandil.
---- As we speak, the 11.2mill tonnes of proven Researves are ONLY from Magallan and Canno sites.
---******************PLEASE READ WITH CAUTION THE FOLLOWING$$$$$$$$$$
-----THE NAV of Canno and Magallan is A$ 100 000 000 AFTER TAX or
about $CDN 91 000 000 after tax.So the returns without any
more finds are going to be excellent.
--- The lead/ore on the properety is of high concentrate(70%)and will
"be EASY" to mine and will produce lead that is 99% pure.
--- A lead trader has already put in a bid TO BUY ALL OF THE LEAD THAT WILL BE PRODUCED BY IVW OVER THE YEARS.
--- IVW will change their name in the new year( Ivernia is old news)
---Right now, the most important issue is raising the money to pay
their share of the mine.This will be done between now and December.I got the feeling that they are closer then they are letting on, which is prudent.
---They will issue more shares if they have to inorder to raise the
funds if they have to.
---They are making presentations to brokerage houses to update them
on IVW'S new direction.
Conclusion---
-When assessing ANY company, the most important info
that i try to find is about the quality of management.
-Alan De 'ath and Ken Sangster have over 50 years of
combined experince working for Rio Tinto( big cap).
-These gentleman along with the rest of the team,NOT
only know what they are doing, BUT they ALSO have
a property that is next none and Partners who are
willing to put their MONEY where it counts.
.For those who are willing to wait the extra few month
to see IVW become a producer, they will be paid back,
BIG.
.For those that bought,when the stock was at .025-.03cts
you have already made 100%.
.For those that buy at current levels, you still buying
at bargain prices.
.If somebody else was at the meeting and i missed something , please post.
My arm is ready to have an out of body experince.
Ok. boys , that is it.
cheers
sami