annual general meeting

I attended the AGM. there was only a handful of people there. But the presentation that was given by Hugh Herbert was very informative, and gave the people there a greater understanding of what AXT are all about.

There is more than meets the eye with this company. As far as I am concerned they appear to be delivering on everything that they put out to do in the prospectus.

The detailed reports that AXT gave out during the year, were explained in full, and for non technical investors, it was a great insight into what they were trying to achieve.

I felt like I was sitting in on a university lecture.

The key points i took of it were:

the drilling is not going to be one big hit, they are setting out to get a resource.

200,000 to 250,000 million tonnes is the resource is the goal. This would be economic according to hugh herbert.

- Xstrata is currently in a joing venture exploring with Gunson. Gunson's and AXT's tenemant ajoins, and if Xstrata abandons the join venture, AXT will be first to make an approach to Gunson, as AXT land would create a bigger resource.

- AXT have not found anything economic, but the drilling thus far was not set out to get one big hit. Thus far everything drilled has confirmed what the geophysical model was telling them.

I am not a geologist, but there was a lot of talk about the iron-oxide system in place, and the comparisons to carapeentna and olympic damn.

The actual rocks they are finding down there are the same. And there was an indepth view discussion that i can;t recall, about how when oxidesed liquid is applied to the intersects, the grades of copper which are currently no economic, would then increase to 2-3 % grades of copper.

The view of hugh herbert is that this is how CArapateena is going about it. Using oxidised liquid to increase copper grades.

Something of this description, it was a long presentation and i didnt take notes.

As far as anything else goes, the general theme was just about what they were doing, and how they were drilling, where, and why.

I am happy to be holding, accumulating.

The company is well funded now, due to the 30 cent capital raising, and they are sit out for a world class deposit as said by huugh herbert himself.

He is very encouraged thus far, and very excited about the upcoming 2008 year.

The only other notable piece of information i can give, is that they plan to raise more funds at a much higher price than current levels, as to fund further drilling, thus the ratification of 10 million shares was approved..... Raitfication meaning they can raise further capital i am lead to beleive.

This would be done at higher prices as to not dilute shareholder value at lower levels, but also to fund the project further.

there is more to AXT than Intercept hill, there are also, toonduyla, and a uranium deposit, that apparently went off the scale when tested, but testing on the uranium is a dream at present, and is at the back of the to do list. it is paleo-channel, not the yellow cake stuff....

I think i have said enough

everything state is to my recollection of the aGM, and I am not out to trick, or entice people of buying. I hold 103,000 shares. So I do have an interest. They are an explorer so there are no guarantees, I can see what they I trying to do, and I think it looks promosing.