Hi EDTV, I would have inboxd you but with the Beta conversion I no longer have use of my inbox/outbox option. I attended the GML/EML shareholder meeting dated October 1, 2007. Here is my summary - I hope this can provide assistance as to their current activities.
As you will see, drill results were anticipated at any time back in October. Website has been delayed due to aparnet domain issues. At the meeting, Francis Scola indicated that 3 drills are in constant operation on the Condor property.
Warm Greetings to the new poster from Germany. :)
Best of luck to all,
Permaflation
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Hi all, here is a summary of the Goldmarca Limited Shareholder Meeting date October 1, 2007. 3 shareholders including myself were there. I had the pleasure of meeting a regular poster here who goes by the tag line Spiderhab. Please keep in mind this summary was a combined effort; I recorded everything to the best of my memory then forwarded it to spiderhab, who then added his wisdom then forwarded it back to me.
Here it is:
CEO Francis Scola moderated the meeting and introduced the other 3 directors; William Lamarque Mark Kesselman and Keith Hulley (Chief Geologist).
Initially, resolutions were passed including the nomination of the 4 directors noted above; to change the company name from Goldmarca Limited to Ecometals Limited (EML); and a resolution passed for authorized capital.
A short presentation was made to update the shareholders;
-Eccometals Concession permitting was completed and filed (including positive environmental study), approval expected to take 3-4 months, drills to turn thereafter.
-Francis and Keith explained the complexities involved in the whole permitting process – Community meetings/forums, artesian miners (resolved), filing of said enviro and concession permits the Province, who then forward it to Quito.
-Keith Hulley was introduced and his career history was noted – he is one of the most successful explorers (former Geo w/ Apex Silver, Western Mining) South/Central America, period. He was exceptionally personable and down-to earth.
- Keith is currently living on-site at the Condor Project in the upgraded camp facilities originally built by TVX. He noted the camp has all of the amenities and it is a comfortable environment.
-Keith noted that the Condor staff is being prepared and briefed for eventual transfer to Eccometals once they are able to commence drilling.
-Eccometals Concession is to be re-licensed as the Sarza River Concession (named after the river the flows through Eccometals and FDN).
-Basic (management information) website to be launched in 2 weeks or less, full website to be launched in 6-8 weeks. Website will be ‘Ecometalslimited.com’.
-3 drills currently turning on the Condor Concession
-Condor assay results to be expected shortly
-Condor drilling data to be ready by year end – Keith and Francis noted that Condor is still the main objective at this time.
-Francis indicated the whole summer was spent reorganizing the company – he called it a ‘quiet phase’ where they were keeping their heads down reforming the corporate structure and functionality.
-The Ecometals/Sarza River Concession was discussed briefly, similarities were noted with FDN re the geology, structural controls, geochemical and geophysical signatures. Management was very excited about the prospects of this property.
*For anyone who questions the potential here, have a look at ARU’s last NR- they drilled west of the west fault right across from Ecometals (as per the drill target map), pulling 158 meters of 25.21 g/t gold and 19 g/t silver, including 11.15 meters of 193 g/t gold and 81.2 g/t silver, including .85 meters of 2090 g/t gold and 789 g/t silver!
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Francis then opened up the floor to questions; he was very personable of forthcoming in this regard, pushing us to ask more questions if there were any lulls. In not particular order, here is the info they gave;
-Francis did not see the positive referendum result as having any difference on their activities – he felt the government was facilitating and cooperative from the beginning (as an aside, DMM and ARU success to date confirms this).
-The Phrase ‘west of the west fault’ was brought up; Keith excitedly reiterated how pumped they were about the prospects of the concession and the similarities to Aurelian.
-The topic of information sharing between GML and ARU was discussed - Keith indicated that a Canadian company was contracted to do Aeromag and Radiometrics in the area and that this info would be shared between the 2 companies. Keith also noted that a GML geologist was a close friend of one of the main ARU geologist, and that they frequently liaised and shared info not bound by confidentiality/non-disclosure agreements.
- Unlocking shareholder value was discussed relating to Goldmarca’s 44% ownership in Atomaer Holdings. Francis addressed this issue and agreed that this isn’t recognized in Goldmarca’s share price. Spinning off these holdings to existing shareholders had been discussed by the previous management team. Francis and the board will be reviewing these assets and pursue whichever option is best for the company.
Conclusion
All in all, I came away with a great deal of confidence in this new management and where they are headed. Condor is ready for full-scale mine development, and the Sarza River Concession holds unlimited promise. Management has their collective nose to the grindstone, and I feel that the former lack of info/development will be a thing of the past.
If you have any further questions, please feel free to ask, I will respond to the best of my abilities; I’m sure spiderhab will do the same! J
All the best,
Permaflation