SGR – AGM December 3, 2007 – Part 5

What is the condition of the equipment?  Someone keeps hearing bad stories about breakdowns.   Answer:  there is no story to be told when everything is working fine – you won’t hear about that!  In general, things do break from time-to-time in any operation.  The equipment is generally okay; there are some places where upgrades are needed and they are being planned for.  For example, they have plans to move to a solid-state system for the hoist motor as the current system is susceptible to power surges (e.g. associated with lightning strikes).  They also have plans for a new jaw crusher and plan to replace the genset on the hoist.  

What condition is the camp in now?   The main camp now has new roofs and the insides have been refurbished.  A second camp has now been added for the contract workers, and it too has had roofs and insides redone.  There are up to 70 people in the camp at a time now.  They would like to add about 30 more miners.

D Shaft – there are plans to depen D shaft so that it will be accessible directly from the 5500-5700 foot levels.  That would reduce the trucking time for ore from as much as 1 hour per load presently to as little as 10 minutes.

That pretty much concluded the main part of the meeting.  Hugh Wynne then added a few closing remarks, including a comment that he expects the share price of SGR to be moving up to $5.00!  (I didn’t catch the time frame he had in mind for that).

After the meeting, people stayed behind to ask further questions of the management and to talk amongst themselves for quite awhile.
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As you can see, there was a lot of information to record from this meeting.  I hope I have created a reasonably accurate summary of it.  If you happen to notice something which is not correct, please post a correction on this forum.

NorthLion