OGX (ASX) Ann: Annual Report to Shareholders

Originally posted by sirjohnnyboy ↑

Hi Ram,

I think you will find that this is standard procedure for auditors who need to protect themselves against possible action from anyone who relied on their professional report and took legal action. It underlines the fact that OGX doesn't have a JORC and can't obtain a JORC without prohibitive cost. I still am optimistic for the company -but nothing is certain I guess.

Good find travisc -of course there will be no indemnity against gross misconduct or negligence -and the policy will not be back-dated I'm sure.

The way I see it, the actual mine was risky, because we were relying only on bulk samples for an indication of grade and drill results as an indication gold-bearing ore location. There was no way of knowing what part of the mine would yield the best grade without prohibitively expensive drilling. To my mind, the company made this clear -although I was greatly disappointed with the apparent gold grade in the northern section (we don't really know what this is -because of a lack of functional assay results).

There are no such excuses for the operation of the processing plant, which should have been thoroughly sorted out prior to kick-off. I just can't see any excuse for 4 g/t of gold to end up in the tailings. At least it is dry stacked and should be easy to re-feed when we get running (one would hope).

Hi Humphry,

I have to say I am leaning more towards your line of thinking. I sent Mark an email yesterday (prior to the Annual report) explaining what I am pissed off about.

I won't quote it verbatim, but in essence, the issues I am frustrated about are:

1. No apology
2. No one held to account
3. Share-price collapsing while positive news still being released (indicative of insider trading).
4. CSIRO XRF Assay technology not being investigated before being overlooked.

I told Mark that I didn't require a personal reply, as it was all shareholders who need appropriate action and communication.

I expressed confidence that Mark had the leadership to take appropriate action, however, I also said that I may join a shareholders action group.

Cheers,

SJB

Expand

Hi guys,

Here is the point that most shareholders are missing...

4 grams/tonne IN THE TAILINGS!!!!

The current management are so devoid from reality that they believe that this is low grade!!?

Our mine is actually high grade (that is why Anglo is sniffing about).

Let me repeat - 4 grams/tonne IN THE TAILINGS!!!

It is just that our COSTS are obviously too much.

It is a very simple solution - we just need someone that knows how to run an underground mine and we have ourselves a world class investment.

Lets get rid of this dreadful BOD and then the dancing can begin! Bring on the AGM!

Enough waffle.

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