agm

Morning all

Well there was only a small handfull at the AGM and all resolutions were basically unanimously passed as would be expected.
What I guess you can get out of an AGM as opposed to just telephone calls and emails is the true 'feeling' that the directors have moving forward.
Once the formailities were over Mark took us through a PP presentation outling the scope and potential timing of 4 key projects moving forward.
In order of importance/timing
1. Ngualla
2. Three Rivers
3. West Geitia
4. New Gold project

The board believes that these will be the key drivers to shareholder wealth over 2010.

Ngualla has Alastair (a 40 year vet in mining exploration) champing at the bit. The potential of this area being a major world class find cannot be over looked however he is keen to point out that they won't promote thus as such until it can be proven. There are great indications and with his wealth of experience he is excited but he will not be spuiking it to the brokers until he is sure what is there. Phosphate still gets talked about and looks feasable but I get the feeling it is the other minerals that really have the guys really hopeful.
Assay results to date should be announced before year end with both phosphate and also REE's. There has been a slight delay as there were some question marks over the variations in some of the Tanzanian reports so Mark thought it best to have results verified in Oz.

Three Rivers has been elevated in priority due to all the things that have been mentioned in their last update. A comment from the board was that one of our neighbours has spent around $1m in VTEM with little results thus far. Peak have a Geo basically onsite who knows and has worked the area previously. They have a slightly different plan of attack in suring up drill targets but will be a priority over the next 6 months.

West Geitia remains an area of significant potential as we wait for that little piece of paper. The process is notoriously slow and the ground can't be disturbed until the paper is in hand. There is some other tenemants around the area that Peak is also attempting to secure and have indications from our adjacent neighbour that they wish to catch up late Jan/Early Feb. This is the logical way forward with a j/v however Mark has said that whilst preferable it is only preferable on our terms and we have a few other options.

New gold project. Basically this is a 'watch this space'.
It appears to be in late stage and the company is hopeful to announce prior to year end the details. If things go to plan it will be a near term cash producer.

So in summary it was an excellent presentation. The directors of Peak are as I thought quite conservative with their approach and as Alastair told me, he has a lot of brokers that listen to him and take note of what he says. He has earnt himself a strong believable reputation over 40 years in the industry. He will not put that at risk by 'flowering' up any info or by telling brokers anything that is not 100% accurate and verifiable.
He is an explorer that I liken with a treasure hunter. He isn't doing this for the riches. He is doing for the thrill of the find and at the moment he looks pretty thrilled but as he says in this game we still need luck.

So my take is that we will see a bit of info over the next few weeks that will set the scene.
The real value however may not be for 6 to 12 months but that is my view only. Hopefully I have got the above pretty correct as I was too busy listening and forgot to take notes.