Greetings all. Thanks Wil, Happy Chappy and Danebell for saving...

Greetings all.
Thanks Wil, Happy Chappy and Danebell for saving me some typing.

The following is my interpretation and I hope it is accurate (any other attendees please feel free to correct anything you feel I have misinterpreted)

All resolutions were passed.
There was discussion in particular regarding the re-election of Phillip Bruce however Alex advised things many are probably not aware of - he regards Phillip Bruce's geological input in the highest regard and even when he is not there he is on the phone every day and has played a major role in getting us where we are today. This input is also required in the due diligence and has been ongoing constantly.
Regarding the issue of performance rights Alex did say that the intent is to reward the 80 or so loyal employees in Senegal who have not had any pay increases for years (and when you look at how much it is, it is really a token amount). Pay increases instead would cost the company much more.

Regarding the Presidential Decree
Alex did not seem fazed about this at all. He said that it is part of the process but also said that when involved with Sabodala (correct me if I'm wrong) that $30Million was spent by the company before they received the Presidential Decree.
This then rolls on to Financing:
He indicated that rather than the decree the banks were mainly focused on proof that the quantity of contained gold was still present and the infill drilling program should satisfy that.
Of the 4 pits Pit 1 contains the most gold at the highest grade (110,000 ozs at 7.5 g/t)
So this is where the infill drilling has occurred first and Alex is discussing with the banks approval of the funding as soon as Pit 1 results are finalised - he leaves in a few days to spend the next 3 to 4 weeks there hoping to finalise it all (DON"T PUT TIMELINES ON WHETHER THIS WILL OR WON"T HAPPEN)
The frustration is that due to the downturn in the industry some assay labs have closed down or are operating with reduced manpower so instead of 7 days for assays it is taking up to 45 days - however the infill drilling has concentrated on Pit 1

One financier has provided a term sheet for the full amount required at a very good interest rate.
I believe there may be at least 6 other term sheets received and due diligence processes are underway with all (From around the globe - London, New York, Singapore)

All funds (the $12Million methinks) from financier/financiers will only go toward Makabingui so additional funds will be required for further drilling at Konkouto.
As has been advised by the company pre-development works are underway.

Alex did say that the intent is to get into production (and that once in production the cashflow will cover significant increase in the required drilling - and even though the 12Million could be paid back in about 3 months they would use the cashflow for growing the reserves and getting Konkouto - and then Makabingui South underway)

Konkouto
The consultant advises an expectation of a large gold deposit but more drilling required to define the resource and he has identified where drilling is required.

He did say that Konkouto really needs 20 to 30Million in drilling expended (100,000 metres of drilling)
Funds for drilling will be required within the next couple of months - though he hopes to have the funding locked away and get away from the low current share price by then.
The minimum number of shares will be issued and even though there is a large German institution who wants in (as well as others looking for a bargain) current shareholders will be offered an SPP or rights issue first- raising additional funds will only happen incrementally as required to preserve as much shareholder value as possible - unless there is a decent boost to the share price that justifies drawing in more funds.
Alex is already defending the company from bargain hunters and would prefer the loyal current shareholders are the ones that are rewarded.

Regarding Konkouto - Peter Spivey has suggested that one mineralised corridor at Konkouto which is about 1Km by 300 metres and very shallow could be mined as a heap leach process very quickly and cheaply and feed the existing processing plant to provide additional cashflow while the rest of the drilling and studies are carried out - this is not a guaranteed plan but has a lot of merit and is under consideration.
The longer term is likely to see Konkouto with a major Gold processing facility of its own

Operationally the other issue is that the crushing is now most likely to be done at the pit, not the processing plant. The mining contractor also looks likely to commence mining operations and wait for cashflow from production for payment.

Alex has a proven dedicated team and cites issues such as "Peter Spivey has been offered much higher rates to go elsewhere but is committed to Bassari - he has built and commissioned large scale gold operations and has the team necessary to get Bassari underway ready to go.

He may be a potential future CEO of Bassari

The artisinal worker issue is far more serious than many understand.
These are not just locals - there are thousands and thousands of artisinal workers from Mali, Ghana, South Africa and other places armed with machine guns - so the solution that Alex has agreed with the government is even more valuable than I had originally expected.

The new mining code
The new mining code is not conducive to companies investing in Senegal under the new rules
Bassari management have done outstanding work in achieving the conditions and concessions they have for the Makabingui permit. The value of the concessions has been put at around $30Million which will replace all of Bassari's investment costs to date.

Alex did say that Bassari is in a very strong position with a very bright future. The Birimian Gold belt is one of the least explored and major players are finding more large deposits all around the immediate area. Being able to operate under the old mining code conditions is incredibly good for Bassari shareholders.

There are probably many more snippets that I have overlooked but all I can say is that everyone knows it is taking longer than we had hoped to get there (though the actual time taken for Bassari to get from start to finish is 2 years less than the average there). If it's not going fast enough for you- don't buy shares in a company operating in Africa.

We really do have a management team who are striving to get everything done that needs to be done under trying circumstances while maximising shareholder wealth.

Happy Chappy
It's possible that Teranga Gold may be caught up in the GDXJ rebalancing where the GDXJ ETF is cutting the percentage of holdings they have to stay within constitutional limits - so they are cutting some and adding others (They had cash inflows of several Billion dollars which caused the problem)

Cheers and GLTAH