Ann: Notice of Annual General Meeting/Proxy Form, page-16

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Destria

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01/05/18

04:53

Post #: 32785939
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Originally posted by Aussieminer1 ↑

Hey Salt and All

I think if they find a good deposit and need to build a new mine they are going to need considerable money. They can do this as a seperate cr when and if needed.

Opting to be able to raise 10 percent without any share holder approval spells bad management practice to me. They have no financing available and perhaps they would use this to have an effective zero interest finance facility.

But let's say they have 40k tonne of tailings. Then they have meastre cuca and cuscavel. There is plenty of ore there. If they are acting they can get to can positive in May my take is they only need about 500-700 Oz a month at current Pog.

If the tailings have 10-15,000 Oz of gold in them at I assume a very low aisc they should get on with clearing that tailings out and having the funds avail from that.

Yes we saw a big jump in share price today but this is all on very low volumes relative to precious trading days. I think the tides can turn just as quickly and see it drop. There is not huge demand yet. I am hopeful but realistic that we will have the same usual hurdle and push down to get it past 10c. Then there is all those options, all the extra ones now that ogx management doled out at 11 cents... They have effectively imho ruined any chances of a share price run in the short term... Which is pretty frustrating imho.

If they can get hm4 churning 400 tonnes a day, 2500 tonnes a week and 10,000 a month with 40k tailings that still gives them 4 months flat out on the tailings and 10k ore a month at 6 g/t would give them 2000 Oz a month for 4 months.

I am fully supportive of a decent cr needed if it's to build a new mine or something major but not just because.
No explanation why they need it or what they would do with it. Where is the accountability?
Aimo

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1. Our MD said in an announcement this year that they will self fund for CIL for Setao from Cascavel.
2. Cascavel will be earnings positive very soon.
3. They are not looking for a deposit, the bulk of this area is economical to mine for a major....they just want the high grade bits to build share holder wealth so we get a fair deal from AGA.

OGX Price at posting: 9.2¢ Sentiment: Buy Disclosure: Held
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Ann: Notice of Annual General Meeting/Proxy Form, page-16

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