agm 30 nov, page-3

I did not take notes, so this is my recollection:
Sol was pleased that some shareholders (8?)turned up.
He initially provided an explanation as to the lack of progress due to the passing of Mr Clemen. He was driving a lot of the work in Namibia. The resolutions were passed, including a possible 10% capital raising over and above the allowable 15%.
Vince then provided a description of the progress at Mile 72. There is no issue with seal colonies, the problems have been securing aircraft and clearances for South African pilots to conduct the detailed radiometrics over the tenement. I understand that this has virtually been completed and that the data analysis should commence in mid-December. The current radiometrics are spaced at about 200 m so the geologists are interested to determine the missing data to select the optimal drilling sites. The presence of uranium bearing alaskites at depth should show up in the form of "dead zones" i.e. no magnetics. If these correlate with the RadonX study and the surface sampling then the confidence in subsurface uranium increases. They are expecting that the uranium will be in the range of 300-500 ppm. It could be viable if this is defined over a large area. A smaller deposit could be of interest to third parties who operate nearby(?)
Drilling should begin early next year (I told you so). The company has adequate funding for the initial drill program. There is no issue with access to drilling rigs (plenty available 100 km away in Swakomund). There is no issue with the terrain and the drilling program is expected to be completed quite quickly. In contrast the Engo Valley tenement is remote and requires about a week round trip to get there.
The government is supportive of development and mining. The legal system is very good and the country is stable.
Sol then gave a brief description of the progress with the zinc deposist (not viable in its current form and more resources need to be defined). The Victorian tenements were mentioned.
Probably nothing came up that we didn't know already...