The AGM as with all AGM's present really nothing new.
Here are some points of interest.
The Share Option and Compensation Plan passed with 85% + votes.
The presentation was something that we have all seen with the addition of some small news on some trails and short roads that they are building within the camp to save on helicopter costs.
There were some good questions asked of Wes after his presentation.
One question asked was about how far along financing was. Wes explained that they are still evaluting options, which from my interpretation that nothing was coming along as of yet. His chart stated that financing was planned to be finished by this time next year. He stated that times are tough for financing at the moment but things will change. When asked what option they are leaning towards he said that depends on the details. Debt Financing and a JV with "for example XStrata" seemed to be what he was leaning towards. He used the phrase the "most non-dilutive possible" on a few occasions.
He also spoke about Baosteel for a short bit, calling them the perfect strategic partner.
Infrastructure official information is not yet available from the government and he mentioned that Noront has been asked if they are interested in fronting some of the capital costs which lead me to believe that nothing is solid yet.
Aside from staff and directors there was about 50 people at the AGM.
A good question that was asked was why so few shares are owned by the board. He explained that everyone has their own financial situation, and he can only comment personally. He referenced his two sons in school being a big expense, and once they are no longer so, he will be buying as much as he can over a period of time.
He was also very excited about what their new technology could find as far as nickel, but stressed that they would only be looking for new resources once their was cash flow from production.
Their burnrate of cash is currently 1 million per month but there are plans to improve the camp over the next few months so a burnrate of 1.5-2 million is expected. At this time there is 7 million in the bank account.
JDR
