re: Ann: Notice of Annual General Meeting/Pro... There is so...

re: Ann: Notice of Annual General Meeting/Pro... There is so much misinformation in this report that you have to read it carefully to make sure you understand it.

At first read the following statement from the report - "This year has also seen the achievement of the milestone of 50,000 ounces produced from the Imperial mine. We need to
build on this solid framework by replicating what we are already doing." reads as though it occurred this year, but it is since they commenced mining this particular area and they fail to indicate how many years this has taken AND I do not have the time to go back and determine it myself - nor am I interested in doing so.

It is an annoying report to read!

One of the interesting and most disgraceful pieces of information in this report is the MD's contract and salary:-

"Contract Term: 5 years, commenced January 2011
Base Salary: $450,000, inclusive of superannuation, to be reviewed annually by the Remuneration Committee
Termination Payments: Payment on early termination by the Group, other than for gross misconduct, equal to 3 years of employment."

To my mind this is 'gross misconduct' to tear these funds from shareholders. It is NOT a reflection of the performance of the mine!