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schmoove

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30/11/16

17:03

Post #: 21003632
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Originally posted by wazzooo1 ↑

Key points from the AGM which I attended

Cash
1. SPP oversubscribed and they are cashed up to implement the forward plan announced so far
2. Focus on cost control continues.
3. 10% placement reserve agreed to. The board are keen to see future placements where possible focusing on rewarding shareholders.
4. Have discussed consolidation over the last 6 months and it remains something that they will continue to review
5. For now focus is on cashing up where they need to in order to get a mine happening.
6. In summary they are better placed from a cash perspective than most if not all of their peers and have never been in a better position.

Africa
1. Remaining Mali permits to be let go as they expire
2. In discussions with potential partners to partner Burkino Faso continued drilling and expansion.

Some of the potential partners have and are doing onsite diligence. Expect an update in the not too distant future but not an agreement.
3. They are confident booked resource can be at least doubled at an average grade of 2

Chile
1. They looked at over 30 projects before selecting this one
2. The intel they have goes to a previous insider and is highly favorable
3. Their on the ground specialist is excited about the project and happy to work for far less than he would normally get in return for options. circa 140k plus options instead of 200k plus from competitors
4. Samples have to travel 2000km for grading and grading takes approx 2 weeks
5. Just waiting for one permit (change of land purpose) before drilling commences. This is the last hurdle and is due anytime soon.
6. Work stops at xmas for 2 weeks. Before and after it will be pedal to the metal (pardon the pun)
7. Aiming to significantly increase Zinc and Silver resource and there is exists high hopes that good gold and copper grades and tonnage are there to be had. Suggest you read the relevant slide in the preso. It tells a strong story.
8. Roads are in good shape including the 20k of road they had to setup themselves.
9. Government are favorable
10. office set up in town with a port is complete
11. weather conditions are favorable all year round. !!!

I asked a number of questions and my take out is Chile could finally be the company maker without the local politics and war climate to worry about.

Looking forward to the many updates that Craig told me would be coming from as soon as next week and over the next 6 months through to booking the new resource quontum in mid 17.

GLTAH

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Thank you wazzooo1.
I very very much appreciate you taking the time to write up a very informative report on the key points of the AGM.

I'm really looking forward to the next 12 months with GMR.
Cheers!

GMR Price at posting: 1.0¢ Sentiment: Buy Disclosure: Held
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