Hi Vectorians
I went to the general meeting today and this is what I got out of it......
a) Resolution 6a....................Issue of advisor shares to Blackstone Resources................majority voted YES
b) Resolution 6b....................Issue of advisor shares to Ntsu Mining.................................majority voted NO
c) Resolution 6c....................Issue od advisor shares to Pelesa & associates...................majority voted NO
It was a quick meeting, but I got to ask a few questions afterwards.......
The management have been as frustrated as the punters for the long delay, it should have been all wrapped up by last october or there abouts, but then along came the DRC elections and that delayed processes.
Management also said this process could have happened alot quicker if they paid " kick backs" to the relevant authorities ( par for the course in DRC) , VEC would not have a bar of that because
a) They had no money to give in the first place
b) They are an ethical company and wish to remain so....................the DRC actually respects that!!!
I asked about the new govt formed, does it pose a risk for Vec going forward?
Management said the govt is a mix of new and old and they very much want this project to not only go forward but flourish!
The DRC considers ADINGA to be one of the premium projects, in fact the signing off of the project was given the green light by the top dog of DRC himself......................very much a rarity in DRC.
I asked about Ashanti Gold and why they didnt follow thru with ADINGA, they said it was all about the economics, Ashanti had another gold project as well, the POG was low at the time, wrong place, wrong time, pure and simple.
Going forward, the DFS will be the main priority, lots of news flow ahead.
What got me really excited is the other tenements VEC has in DRC.
Management stated they will explore these vigourously at some point in time, the big stumbling block is the over burden, but he said the DRC is so rich in gold that the combined tenements could actually dwarf ADINGA!!
I asked about an opinion time frame to first production...................12 - 18 months give or take
Management also stated that they have not seen a project of that size and grade in all of their experience.............YUM!
They also cant believe that JB has pulled this off, he had to resign from the board because he literally has no time to do it justice.
Exciting times Vecs, keep your nose dry, going to be an interesting ride me thinks
GLTAH
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