Ann: Chairman's Address to AGM, page-6

Hi tcf,

I wish I could answer the second part of your question, but I was unable to attend with work commitments.

It would have been interesting one would think. Noted that the remuneration report did not get through - where to from here on that front ?

I imagine that the rights issue price, actually at 25cents! would have been arrived at after some pressure from the financers and underwriters.

On a more positive spin (no point throwing the towel in at this stage!) is to note that all directors have put up their hands to take their full entitlements- thank you. I also agree with an earlier post that suggested it would be advisable to take up the offer rather than let the underwriters mop up ( and possibly sell at a much lower price than most shareholders would likely hold out for).

I would also have liked to find out what is happening structurally now that Steve is heading the Co.
Will there be a replacement for his general mine manager role or will it just be absorbed by the current mine manager (ie. consolidating the roles)? Will Steve stay in Adelaide to oversee all operations?

As I mentioned before, I can see a time sooner rather than later when I reckon the head office will be in Adelaide.
I think Steve McClare has done a great job at Kanmantoo and I am not unhappy that he will be running the show - I mentioned some time ago after both a previous AGM and a mine site visit, that this was the guy that impressed me the most. I don't think he will stand for anything but a focussed approach and a disdain for any money wasting. He would probably have more knowledge of what it takes to make a mining co. successful than the rest of the board combined. Best of all - he has significant "skin" invested in HGO .
Would also love to hear from anyone who attended .

cheers Foyt