Smokin gun!

From yesterdays Q and A .

Q Who made the disastrous decision to get involved
with the Coyote plant and why? Many investors joined the company on the grounds that they were in a very financially secure position & cashflow would be generated internally. Why did this change & why were shareholders not informed until after the deal had been done. A Fait Accompli comes to mind.

A BL: This again happened well before my time, but according to records I have seen, the Technical Steering Committee recommended that ABM not proceed with the acquisition of Coyote, and instead continue with the construction of a modular gravity gold plant at Old Pirate. However the board at the suggestion of Andrew Ferguson, ultimately decided that the coyote plant should be leased from Tanami Gold with the option for ABM to buy it at a later stage, and instructed management to make an offer to Tanami to lease the plant with an option to buy coyote and the surrounding leases.'

I'm surprised that this hasn't been discussed more today particularly when the steering committee has taken all the flax over the last few months.

Only one board member who made that decision against the steering committees recommendation remains (AF)

How APAC must regret that this Q was submitted.

Jim.