exploration hyperbole and agm director options

Getting tired of the hyperbole in these announcements.

Today's announcement contained three references to something "exceptional", as well as the always ubiquitous term "company making", which seems to get pulled out for most announcements now.

Anyway, there is no doubt that on a comparable basis (as far as the limited drilling has indicated so far), that the results are reasonably good, and indicate the likelihood of a positive future.

However, the quasi-marketing tone of this announcement almost reads like a plea from a used car dealership (at times).

Perhaps it was an attempt to get everyone enthused, so they will vote FOR all of the awarding of FREE "Director Options" (180 million of them - a potential ~13% shareholder dilution if all are exercised) at the upcoming AGM.

And who read RESOLUTION 12 in today's Notice of AGM.
(Amendment to the terms of existing Director Options).

The directors are asking the shareholders to allow them to change the term "gold" to "gold equivalent" with respect to the EXISTING 2009 Director Options.

WITHOUT THIS CHANGE, the directors will NOT be able to EXERCISE their EXISTING (30 million) Options, most of which are at 2 cents (because, more-than-likely, VOR will NOT achieve a 1 million ounce GOLD specific JORC classification ).

So the director's want voted their 30 million 2009 options.
And their new 180 million, 2012 and 2014 options.
This gets me to thinking about corporate greed, since it has been in the news so much recently, with the "Occupy Wall St", and "Occupy Melbourne" and other rallies around the world.

Don't get me wrong, I think Options are a good thing to grant Directors, as an incentive, I just question the excessive numbers of them and the prices at which they can be exercised.

Going forward however, there may need to be some positive changes at VOR.
They need to cut the hyperbole, and the gushing effusion.
They need to restructure the way they report.
They need to cut the granting of excessive director options.
And for that matter, they need to cut the number of directors by 1 or 2, there may be a couple who sit in Perth, minding all their other companies.
They need to stop dishing out shares and options like free cups of water, otherwise in the not too distant future this stock will have 2 or 3 billion issued, and be continually growing, in order to fund more drilling.
They may also need to modify their future drilling strategies, perhaps to a more traditional pattern that would better suit a large porphyry type system. For instance, it would be interesting for the Copper geologists from VOR and RIO/IVA, and perhaps MNC to sit down and discuss strategies.

It is time for VOR to get back to the basics, for some directors to start considering shareholder welfare, and not just their own financial fortunes.

Someone (or some company or brokerage) dumped a lot of stock today, high volume, and others followed, but it looked like a big player was taking profits. Watch for future announcements.

I am a long time holder, with a reasonable holding (for me), who will see this one through to stumps (whenever it may be).

In my opinion, there are a couple of good geologists at this company, who are sometimes swayed by businessmen and financiers to do things in a way they probably may not normally do. The desire for financial reward may sometimes get in the way of allowing good men to simply get on with the science. I will be voting FOR our geologist directors to get their options, I believe them to be hard working and conscientious geos. There are some other resolutions at the AGM I will be voting against.

The journey continues.
The road goes ever on.

It looks like VOR has the Copper, but whether they eventually find the Source and the Motherload still remains problematic, but here is hoping.


Gw

Sic gorgiamus allos subjectatos nunc.
(The Addams Family credo).