Orex Exploration Inc. V.OX

Annual and Special Meeting of Shareholders Report

[DoumDiDoum]

Hi, here is my report about the Annual and Special Meeting of Shareholders.

Administrators 

• Present: William Felderhof, David Felderhof, Jacques Levesque, Marcel Faucher, Claude Poulin, Julie Godard
• Not present : Mark Billings (official reason: his daugther is hospitalized) 
• Jacques Levesque presided the assembly in the absence of Mark Billings but  Mr. William Felderhof was helping him regarding English communications and questions.

Some numbers

• 31.63% of the shares were represented at the meeting.
• All adminstrators were (re)elected with 97% to 99.8% of support
• All resolutions were approved
• We were 8 or 9 non-administrator shareholders present

Matters discussed during the question period

• Mr. McLucas assignment was not renewed because he did not meet the objectives (find financing).  It was also mentionned that the BOD was not really happy with the fact that Mr. McLucs did not buy any shares of the company.

• There was rellay nothing accomplished during the last year.  When I asked a status about the collaboration with the Nova-Scotia government, they repeated that they want to help.  When I asked more details about the type of help, they answered that the Nova-Scotia government put in place a single window comittee to facilitate the work for corporation with promising projetcs.  When I specifically asked if the government would be interrested in injecting some kind of money in the project, the reactions were not so positive.  In conclusion, no accomplishement was realized on this matter as the corporation needs to have the proper permits to pass to the next step.

• The administrators are currently not getting paid by the corporation.  I asked them if they defined the conditions or the objectives to be met in order to get back their salary, they answered that these conditions will be settled down by the appropriate committee.

• It was difficult to have an answer to my question about the participants in the last financing.  They answered that all this information is public.  I insisted to know what the name of the participants outside of the current BOD members and I finally got the answer that the rest of the money was coming from the CFO's friends circle (with one of them providing $100k).  I have the names but I will not disclosed them here.

• At the current burn rate, we have 6 months ahead of us.  When I asked what will happen after all the cash is spent, The CFO did not want to answer me.  He told me that it would not happen.  I asked him why, he told me that they will find money.  I asked him how?  He told me that he has friends.  It was pretty clear that he did not want to talk about this issue... in fact, he just emphasized that it was a non-issue for him.

• They said that they are currently in discussions with interrested groups from Toronto, New-York and Australia.  They will meet them at the next PDAC in Toronto (starting Sunday).

• They need $300k to $400k to get the necessary permits to pursue the development of the project.   From what I understand, they will try to raise about $1.5 million for starting up the project before trying to raise the other $25 million they need to reach production.  They said that getting financing in the venture market is really difficult nowadays and they are looking at several scenarios to make things happen.  They are open to any ideas coming from the shareholders that could help the BOD to get in touch with interrested partys, and I witnessed at least one "serious" proposition to help in this matter from a long time shareholder.  I myself asked if Osisko, which is now a royalty company searching for projects, could help in this regard.  I asked if Osisko was still a shareholder and they said that they are still owning 8 millions of share.  They told me that Osisko is currently in the process of completing their arrangement with Virginia Mines and that they will wait until the arrangement is completed before talking with them.  The month of April came out when I asked when they plan to contact/meet them.  They said that they still have a couple of contact from Osisko's management.

• Someone asked if the ADA (Acadian Mining) mill could be used.  William Felderhof said that last time he inspected the mill, there were some parts that could be used but globally, the mill is not in good condition.

The BOD and the shareholders agreed about the quality of the Goldboro's project.  William Felderhof expressed his concerns about the difficulty of finding financing nowadays but he seemed convinced that someone somewhere will wake up and realize the potential of the project.  They will work hard in order to find that person or group of people.

GLTA

[lingots27]

Thank you for your report DoumDiDoum.Osisko and the names  of the participants of the last pp are two subjects that interests me.

[nic_jordan]

Thanks for the update Doum ! Did they give a hint as to when they should hire the new CEO ?

[DoumDiDoum]

I do not remember having heard anything about hiring a new CEO.

[WillieMcL]

Ordinarily I would not make a public comment about Bulletin Board publications but I cannot let this one go by unchallenged. During my time in office as the President of Orex I took a pride in the work that I did moving the project from a dream to a proper business after twenty years of the corporation achieving very little.  However, whilst Jacques Levesque remains firmly of the view that

[DoumDiDoum]

Thanks Mr. McLucas for your point of view.  It is great to have both sides of the story. I myself had to insist a lot when addressing my questions during the meeting in order to have answers to my questions.  Since I did not have the chance to thank you personnally for your involvment, please let me do it here.  When I met you last year at the meeting, it seems to me that you were

[just28]

That's just a confirmation that all longs were already well aware of..... JL is a pain in the a$$ to that company!!! No suprise that OX has done barely no progression in +20 years.....

[yhzsailor]

This thing has become a farce.  I should have sold at $0.15.  I firmly believe there is gold in this hill. I believe in the project as a Nova Scotian and from all of my own independent research. I have offered my services numerous times in previous years to introduce this company to members of the government involved in financing outside of the Department of Natural Resources. 

[GoldNHill]

Would it be too much to ask if the company could provide the starving OX shareholders with a PLAN for the near future. Something like this would be AWESOME start - Looking for some investment money to : a. Advance the Preliminary Economic Assessment (PEA) to a final EA b. Start the Environmental Assessment (EA) c. Then begin work on a preliminary mine plan d. Fix the website (better up to date

[just28]

In september, it would be a sad anniversary for me... The 10th year that I'm an OX shareholders, by far the worst investment I've made.... And I can tell you that in that timeframe, I've never seen / heard / read a business plan for this Company, so don't expect to have one now...... Even if the Clown who manage this Company has cut expenses, it's wayyyyyyyyy tooooooo late

[DoumDiDoum]

Here are excertps from my report on the last AGA at the end of February... do we still have cash or we are in bankruptcy?  Also, did they contact Osisko in April as they were suggesting?