agm

Just some points i noted down during the AGM. Struggling to read them! With writing like this I could make it as a doctor!

-The options that were passed, have an 84c strike price.

-Resolution 9, Amendment to constitution, has been put in place as a safety net for shareholders. It is in regard to offmarket takeover bids. In short, it maximises the voting power of any takeover party at 19.9%. ie: party A offers price Z, and continues to purchase on market after the announcement of takeover. they reach 30% of shares held. When a vote is put to shareholders regarding takeover, only 19.9% of their stock will be counted in the vote. Makes me wonder if their have been some rumblings.........

-The JORC used a 4,000ppm cutoff which is the market norm, to counter for outliers. Brett said that it was a bit tough, as it really discounts the 20% hit, which equates to 200,000ppm. Effectively 98% of that hit becomes ignored at 4,000ppm cutoff. ?ver the whole JORC, 69% of uranium found is ignored due to the 4,000ppm cutoff. SRK was tough on this as there hadnt been work up on uranium in this area before.

-They are looking for 2-3 more Thunderballs in the area, and they are confident of finding more. There is a dolerite layer which is associated with being a good host for uranium. So the aim for the area is to do infill drilling in upper layers and add deeper drilling.

-Brett showed a picture from 50s/60s of miners standing around a boulder of Uranite(U2O???)Its documented in the area, and uranite equates to about 70% uranium. It is a bit hit and miss with these though. If you drill through it you will know about it, but could just as easily miss it.

-NGALIA, Hole 6 is paleochannel type mineralisation. First time this has been found in the NT! NT mines minister was excited about the find. Interpretation of the Afghan Swan area, shows around 300km of channel identified.

-Basically less than 1% of the channel has been tested. While it was initially challenging to decide where to drill, it has now been made a lot easier due to identifying the channel. They will now continue to follow it with the drill. NOT likely to have found the best hits so far. POTENTIALLY HUGE were Bretts words. Similar paleochannel find in Aus, has produced a 72million pound resource at 3,300ppm.

-They have set up a Mess/Office/Demountable accomodation out there, as opposed to tents and caravans last year. I take it from that they are going to spend a bit of time out there in the area.

-They will have 1 drill going out at NGALIA, for the season, with a 2nd drill out there for part of the year.

-They have had drilling problems at NGALIA also, with the drill hole collapsing. Theya are going to use gamma logging, to try and counter this. It is recognised as a better technique anyway as it measures every 50mm.

- RED BORE, has taken SFR 6 years to get where they are, with a bit of luck as well. THX have only been there 6 months.Ultimately they will drill deeper.

-Weather/environment issues are tough out there at the moment. A drill that had left the area last week, has got bogged, and is still sitting there in the mud.

-Currara was due to commence drilling end of March - probably later now, due to the soft grounds causing access problems.

-Phil Crabb stood up at the end of the presentation and said he doesnt believe the market hasnt cottoned on yet to THX. They will be doing theior level best to deliver the goods this year though.

-COPERNICUS. As said by a few others, we are the minor party in the venture. Without going into details, it was basically put that Panoramic has/had internal issues to deal with, as a reason why copernicus hasnt/couldnt start up. If things work out it could be decided to start up again by mid year????

-EXPLORATION BUDGET!!!!!!!!!!!!!1
$2m for NGALIA, however, when head geo asked what he would like! a sum around $3.4m was offered. This will be discussed in coming board meetings.

Pine creek approx $3m.

Rosewood MIGHT get drilling(after yestedays rockchip results, you would assume it will get a little for sure now)

Overall, this year will involve less geophysics and more drilling!


Thats all I have. Probably a bit long winded, and also some stuff we already know. Hope you havent fallen asleep!