other snippets from agm today

A few other points from the AGM today, on top of the resource upgrade, none of which are too earth-shattering, for those who are interested:

1. They are definitely pulling back a bit from the diamond exploration expenditure - $$ spend reduced to $400k in the current quarter.
2. Re Hamersley IO they will be completing drilling & assays in Q1 2009 but they will not be in a position to finalise the JORC compliant resource definition until Q4 2009 (ie moving from inferred to indicated resource).
3. They currently have $16m in the bank and this will be adequate to get them through the current project phase (ie to end of Q4 2009).
4. After all assays complete they will consider the best way forward - may include further drilling, or may just be working on converting knowledge from all completed assays to define JORC resource. I really don't think their plans are any more concrete than that at this stage.
5. If they were to move towards a mining operation, that would be at least 2 years from now.
6. Re MXR rights issue, this will be voted on by inependent directors only, this Friday, total amount involved will be $260k - I got the feeling that this was a done deal ie it will happen.
7. Future capital raising spoken about as if it is likely to be required after considering their position at end of Q4 2009.
8. Beneficiation considered to be relatively easy and inexpensive. Exploration manager was aware of HC posts re level of contaminants and had a wry smile.

Anyone else who was there feel free to add to/edit/contradict these points, I won't be offended.

Cheers.