my thoughts from todays agm

Afternoon Folks(well, afternoon in Perth anyway). Below is my take on today's AGM. It will probably be a tad disjointed as I go from one thought to another, but it will be as honest as I can be.

Our Chairman JJ started off with a comment that we were well poised insofar as our Gold Exploration. We have a drill on site. Said that Koongie had received interest from China and also from metal dealers. Also said we were looking for third parties for VRD.

FEYSVILLE - Peter K. in regard to RC Drilling at Rogan Josh said "I think we are on to something". From what I could gather, it seems as though there is probably another two or three drilling programs still required to sure up more precisely just indeed what we actually have. Peter spoke of the Supergene in positive terms, but was not overly forthcoming with estimates re. the amount of ounces, nor did he give us anything more than a rough time-line as to when he would know just how much we have.

I found unquestionable positives in what both Peter, Angus Pilmer and also what Dennis Clark said about Feysville, but at the end of the day, I expected to hear something more definitive. IMHO, promotion, or the lack therof, continues to remain more a of worry than our assets. We have them (the assets), we just don't tell enough people about them! More on this issue later.

KOONGIE - Sandiego keeps getting better and continues to remain open at depth. We appear far from finished in regard to follow up drilling campaigns. Other potential new targets, Gosford, Rockhole and Onedin South were spoken of, as was Atlantis and a new tenement application called Black Rock, which is approx. 30km S/W of Koongie.
Peter said contractors have been slow and not kept to the timelines previously espoused by management, hence updates have been a little slower than expected. Dr Clark indicated that whilst not a "fait accompli" to get to production, Koongie "was one of three Copper sites in WA that had the most likelyhood of going into production". (Wouldn't say that last quote is absolutely word for word, but it's very close. In otherwords, he won't sue me for being inaccurate:). I could tell that Dr Clark is a glass half-full man in regard to making bullish comments and I took his words and his tone to be another man's - 'we'll almost certainly be mining Koongie'!

Like Feysville, it sounded quite promising from the geological standpoint, but I began to see a common theme in the apparent lack of understanding from management that shareholders and the market at large needed to be kept well informed as to what is going on with our leases.

A perfect example of this came about when a gentleman questioned the need for the increase in director numbers and renumeration for said directors. Angus Pilmer in part replied to the query from the floor with the following, which I will put in upper case as I think it deserves to be highlighted - "KOONGIE IS BEGINNING TO PROPEL ITSELF FORWARD INTO A PROJECT OF SOME SIGNIFICANCE".

At this point I will tell you I did something I never envisaged doing. I spoke, made comments and asked about 90% of the questions from the floor! Thought I'd be too scared to! :)

I made it very clear to our leaders (quite politely I might add:) that I considered Mr Pilmer's quote to be something that should/must be included in future releases. Telling 15 people at our AGM does nothing for your, mine or his shareprice, so why just tell those at the AGM? Tell the market at large! How else does the market know what our company thinks of our projects if they/we don't tell everyone?!?

I will add that Mr Pilmer's quote came not only without notice, it came from the heart. No reading something. The question was asked and the eloquent and highly promising response was not scripted. Of this I am certain.

VICTORIA RIVER DOWNS - was described by Peter K as an "elephant", but not of the white variety:). More work is being done but we will definitely need a third party investor at some stage. Spoke of the helicopter-supported gravity survey. I got the impression that there were several points of interest, but I'm not switched on enough with the 'lingo' to be more specific. Sounded quite promising and areas of anomaly interest are there to be followed up on.

PROJECT ACQUISTION - always on the lookout for compatible projects. Wouldn't say what I heard re. this was good, bad or indifferent. Only time will tell if we do anything in this area.

OTHER THOUGHTS - Chris Fyson was there in body but took no audible part in the meeting. Dr Clark struck me like an excellent geologist, but not a person with much, if any, marketing knowledge or expertise. Came away thinking management are 100% correct to be looking for 'fresh blood'. We unquestionably need folk with more marketing savvy. This is close to the single most important aspect that I gleaned from today's AGM.

TALKING TO SOME OF OUR TEAM - I spoke at length, both during the meeting and after the meeting to both Angus and Peter. Angus knew who I was and as a result of speaking to him face to face, I now think far more of him than I did prior to today. I made the point to both Angus and Peter that I believed had we handled the promotion of our company better over the past six or so months, our share price would likely be closer to 6c than the current 3.3c that it is.
I made the point to Angus that given the amount of shares he has, it was in his best interests to ensure that we become far more pro-active with the promotion of our company, especially, as at some time in the future, we will need an injection of funds. And as Angus said to me, we can't allow ourselves to be in a position where we have to say to 'the Chinese' or whoever that our company is worth three times more than what the shareprice is when we get into discussions re. a funds injection. I think/hope this point hit home.

THE BOTTOM LINE - I am more than comfortable with the technical quality of our people. I would say they are at least above-average, if not outstanding in this area. I's are dotted, T's are crossed and pennies are spent wisely. Of this I have little doubt.
What I am certain needs to be improved upon, is our approach to marketing. To use an analogy of another company that I know of and I think a few other AAR holders know of, if we had PEN's management, we would highly likely have a significantly higher shareprice than we currently have.
Being fully understanding that employee numbers don't currently see us having a full-time marketing and promotion person, I suggested they give consideration to employing someone on a part-time/casual basis to continue to produce updates, not just for us, but for the market at large. Management then sign off on said releases, but with someone on hand to 'push' our companies barrow, for a small cost, a large benefit should ensue.

FINAL THOUGHT - if I came away with one thought more than any other, it is this. We are unquestionably a chance to make money, but we need our fellow shareholders in their droves, to ring or email angus and inform him of the important need and benefit that comes from being on the front foot re. the promotion and marketing of our company.
Unlike other companies, we don't need to inaccurately 'ramp'. We only need to let the masses in on our ever-evolving bigger picture. Then, we just might all succeed in 'increasing our wealth'.

Regards to all
RM