Mestengo's post re drilling etc.
posted on
Jan 07, 2010 08:26AM
A junior gold exploration company
The following is a cut and paste of Mestengo's post from the "other board". It is based on his notes from the general meeting last month.
Regards, Muffles
Hi board,
This article is following the one I wrote last night about the general assembly that was held last
december 2009, I have waited to this hour to write so everyone will get an equal chance to read it while the
stock exchange is closed.....we should all remember that we have readers from many country UK, Australia,
USA, from Vancouver and Sailor in Halifax, all these peoples live in different time frame.....writing at this hour
is the best I think I could do.....
Second subject: The assembly....
Aproximately fifty persons were sitting in the room, Mark Billing and his secratary sat at the main desk!
Then Mark said while he was knocking on his table: " I now declare this assembly open......
First item; Presentation of the report from last year finance and management...It was accepted as read...
Second item: The vote for the management....Jacques Levesques rose to present a motion that would bring him
back in the management, il was seconded by many peoples, there was a vote taken and he won his point.he is back
Third item: Nomination of the firm that do the surveillance of the company, it was accepted as suggested.....
Fourth item: Modification of the bonus regime for the peoples(options etc)in the management, I rose to say that
this should be reported to a couples of years from now, that the system whe had was good for now
and that it shoud stay like that for now until we operate a mine.as I started speaking I felt a big pressure from all of
the members of the boards, this said to me that some of the things that were said before the assembly were true!
There was a vote held and they won their point.....I lost....
Fift item: General deliberation.....My brother lifted his hand and asked to Mark:" Is there somebody from Osisko in
this room".....Mark presented Mr Robert Warres as Vice-President executive from Osisko, and asked him if he would
speak to the assembly.....He said yes and rose....in the first time he said that there was a committee being formed
from four peoples(two from Orex, two from Osisko) and that they would have a budget of $8.1millions for the cost of
drilling etc for the year 2010.....He then said that they plan to spend $2.8 millions in the first phase going to mid june
To this Mark added:" depending on what we find in the first drilling this amount could go up to $5millions for the
spending done until mid-june, to that Warres said:"This is correct"....After that Mr Warres said that the drilling will
start slowly(one or two drills)in january but that it will rapidly pick up speed as time and results comes....this is done
this way to find the best place to do the drilling.....My brother asked another question to Mr Warres....he said;" To
your company we are totally invisible, you have other projets and they are all on your company's website, is there
anything that you could do about that"....He wrote something in his little note book and then said:" I will see that our
project with Orex in on our company's website in january.....To that Mark added:"As far as visibility is concerned with
Orex, we are now preparing a publicity campain that will very soon be under way.....
As there were no other questions Mr Warres sat and Mark went on with explaining(with photos etc)the propriety
and the surrounding in Goldboro county
When the assembly was completed we were all invited for a very good diner....
I will say "Good by" for now and I will come back in a couples of days(maybe in the week end) to tell you what
was said and discussed before and after the assembly..........Truly yours
Mestengo from Saguenay....