Ann: Exploration success at Coyote Gold Mine , page-9

Meeting fuller than I and they anticipated.Got there 1.55 and standing room only and that became very cramped.

Shareholder mood angry and frustrated if floor questions were the indicator.

Chair stated Waddel sent apolgies and a message that he (Waddel) wishes all the best for the co and resigned only because he felt conflict on direction in the board was not good.

Also felt that age limited his own tenure as chair, and he would leave when suitable for the comp.
New directors had been sought with outside and independent guidance but he personally had encouraged Andy Czerw to "throw his hat in the ring"
He took umbrage to suggestions from the floor that because of his connections with major shareholder his judgement may be influenced-genuine controlled anger.

Stated whilst he was in charge the company policy would announced without certainty and the ability to deliver.

Cash available could take us to completion of BFS but more likely just short of it.Debt /equity solutions continue to be sought ahead of requiremnt and implications were one offer had been recieved but had too many caveats.

Either he or Andy pointed out that Kavanagh could be nearly as big as Coyote, and in Andys presentation he emphasised that he needs a decent mine life for planning of Coyote and to prevent the unreliability in production.With high overheads continued 12k /q oz production was essential to profitability.

Although generally matter of fact and phlegmatic Andys body language did indcate excitability when he mentioned the 4 (3?) visible gold hits beyond the prviously known extent of Kavanagh discovery.(See diagram of 400+ metre hole from surface))

Presentation covers most of what was important to me And I have just tried to add a bit of background