Ann: Results of Annual General Meeting , page-11

gday pete

slowly getting more information and the new directors look switched on. (re preso)

i don't think i have the patience next year to sit on this stock. see how we go but if they can get a decent corner stone investor i might have a look .

gl all



Alchemy in hunt for strategic investor
Kate Emery, The West Australian
December 16, 2011, 6:36 am


The newly installed board of Alchemy Resources will today outline plans to secure a strategic investor to help bankroll the acquisition of a string of tenements in the Bryah Basin near Sandfire Resources' DeGrussa deposit.

Shareholders in the copper-gold explorer are already scheduled to vote at today's meeting on the acquisition of the tenements from Grosvenor Gold as well as a share placement to fund the cash component of the deal.

However, Alchemy is expected to use the meeting to reveal it has drawn up a shortlist of would-be strategic investors to take a cornerstone stake in the junior. In the process the investor would both provide the cash for the acquisition and become Alchemy's biggest shareholder.

WestBusiness understands that Alchemy is looking to established mining companies in Australia and potentially overseas, as opposed to Asian interests in search of offtake. It is also confident of being able to place shares at a premium to its last traded price of 13.5¢.

Shareholder concerns about the dilutive effect of the placement associated with the Grosvenor acquisition are understood to have contributed to last month's shake-up at Alchemy, when the bulk of the board resigned before the group's annual meeting.

Meanwhile Sandfire Resources has signed a second offtake deal over its DeGrussa copper-gold project, this time with a Chinese group.

The agreement with Yunnan Copper Corporation covers 70,000t of direct-shipping ore between April next year and March 2013, accounting for the remaining 50 per cent of DSO. It comes on the heels of a similar contract signed with MRI Trading last month.

Sandfire shares rose 13¢ to $6.72.