Ann: Appointment of Joint Company Secetary, page-4

Yeah, joke all right...at our expense.

Need to get rid of these clowns ASAP, and get capable people in to do these projects justice (and not just draw fat salaries).

Another joke: Richardson is now MD and on the same salary as Adam was (and pretty much the same as Dean is, for those of you that know him), except most of us on HotCopper know (a lot) more about geology/mining than Richardson does.









Can't make this up!


But at least he's a pro at the Corporate side - doing JV's and CR's. Right?

For years, and years, and years that I've been here, there's always been talk of doing JV's, with Majors.

And what did we get in the end - a pretty crappy (nicest way I can say it) JV, which was led by Executive Chairman/current MD, Richardson.

Here are some images to show how "pretty crappy" it was, and everyone can judge for themselves just how crappy the JV was for MAG holders:






MAG:
- JV: $14M spend for 75%:









Inflection Resources, up the (not-as-prospective, and double-the-cover) road from Myall, who pegged their grounds a lot later than MAG:

- JV: $145M spend for 65% (yes, $145M, or more than 10 times what MAG got):










KCC, even they got a JV that's multiples of MAG's JV:
- JV: $50M spend for 80%







On top of the crappy JV, MAG Directors sold 19.9% of the Company for $3.71M, which values 100% of the Company at $18.6M!


Looking forward to some new Directors for MAG!


Cheers,

GB.