I too was at the meeting today although only half awake after 25...

I too was at the meeting today although only half awake after 25 hours of flying. If the info below has been covered previously excuse me doubling up as I?ve been in Europe for a couple of months and refused to be subjected to depressing news hence a lack of updates.
As someone else has already mentioned this is the first time I?ve ever heard a company executive admit they read HC.
Briefly this is what I can garner from the almost indescipherable notes I made.
Expect a new reserve update in the middle of July. Some might be disappointed with the number of projects covered but further updates will come in within the next financial year. An example was Lucky Bay being outside the coming reserve. I can?t read the others I wrote down.
As mentioned previously I?ve not been in touch for a while. I did not realise that the Maxwells underground project is a trial to establish the grade and the future profitability of a full scale undertaking. I had not realised that the gold in this field is of a nugget nature and so it is very difficult to establish an accurate grade from surface drilling. By actively exploring with this trial underground project more accurate information can be gained. At this stage they are very confident. Personally I quickly approved of this conservative strategy. I?m one of many that followed the search for nuggets under regional Victorian cities.
They believe the gold bearing material is of sufficient width to allow jumbo mining as compared to the narrow seams of Silver Lakes where hand mining is necessary.
Salt Creek is proving highly successful. The mining fleet can gain enough ore in ten days that they?re able to move off to working on the strip at Majestic for the other days in the month.
Questions were asked as to when the company became profitable. Rather than try to decipher the detailed explanation we were given a key fact and that was THE LAST THREE MONTHS.
I attend quite a few meetings and get to see how directors react to questions from the floor. I was impressed with both Chris Cairns and Rowan Johnston. Both are as open as they can be to direct questioning and RJ seems to be on top of mining operation detail. His answers were from memory and included detailed info. CC comes over as someone I would have confidence in when making decisions in the shareholders interests.
When asked when a dividend might come he was quite open in saying that this was unlikely. They see their roll in growing the company profitably and hopefully the share market will respond.
One last comment. When asked whether any directors had purchased shares in the company recently one director mentioned he had made a two hundred thousand purchase at something like fifty cents and another said he had purchased shares at a price in the late forty cent range.
And I nearly forgot. I have seen mention of listing in Toronto. CC gave a lengthy explanation as to why it is not in the shareholders interest the chief one being the cost to do it properly.
Came away impressed with what management are doing but depressed at where my fifty two cent entry is sitting.
Micam
I remember one other point. I asked about mergers. Have they been approached. CC became almost coy in saying that some interest has been shown. Not by other miners but banks fund managers and the like. They will not be interested in anything that is not in the interest of shareholders and the company profitability.