The AGM Reporter

Petromin Resources (V-PTR) AGM June 30/09

2009-07-13T02:21:00.000-07:00

The skinny on PTR's AGM on June 30/09 -

1) Revenues have increased every year since 2004 to $3.1 M in 2008.

2) June 29/09 Private Placement news release - Proceeds to be used for increasing PTR's holding in TWE (TerraWest). Right now, PTR owns 31% of TWE, this will increase it by a few percentage points. EE owns 54% of TWE. About 10% is owned by a group seeded by the likes of Sprott and Mersch. Gorrell is CEO of TWE and Downing COO.

Also, proceeds allows for opportunity to bid on more crown lands in Canada as competition has been reduced due to recession.

3) New game is shale gas. Payoff is 10x more than other options.
Key Metrics - In BC, $2B US spent on exploration rights in 2008.
Shell Canada paid $5.9B for Duvernay in Aug 08.
BP bought Chesapeake for $1.9B.
The shale play is transferable to China, where there is a huge appetite for gas and shortfall in supply. That means TWE, will the big boys be kicking tires at TWE? If so, TWE value increases sharply and that's what we want.

4) PTR's interest in TWE was a result of tire-kicking phone calls in summer 2007. There are still tire-kicking phone calls. They are always on the lookout for new opportunities, until the swallows come home, as they say.

Redstar Gold Corp (V.RGC) AGM - Sept 25/07

2007-09-28T01:10:00.000-07:00

Redstar Gold Corp (v.RGC) AGM – Sept 25/07
Scott Weekes, CEO

The same four directors were re-elected – Weekes, Fulcher, Nicol, McInnis.

They have extended the Anglogold/Ashanti database deal for one more year.

Last private placement saw Pinetree take the majority of the units.

Drilling in Nevada – JV with International Tower Hill Resources, who are very aggressive drillers. They will be drilling their 4th hole at Painted Hills. Assays from the earlier holes will be forthcoming in the next few weeks.
At North Bullfrog – they will start drilling in January 2008, testing 3/8 targets, about $1M program.
Also discussing with 3 other groups, who are quite interested in some of the projects.

Drilling program at Red Lake – likely to be drilling before November. Budget is about $800,000 to $1M. They will follow up on the high grade intercept that yielded great results previously at Newman-Todd. Fairly shallow drilling but will be going deeper on 2-3 holes.
Cash in hand - $1.6M

Canalaska Uranium Ltd (V.CVV) Sept 19/07 AGM

2007-09-21T02:36:00.000-07:00

Canalaska Uranium Ltd (V.CVV) Sept 19/07 AGM
Peter Dasler – CEO

The AGM was held in their corporate boardroom in the heart of Kerrisdale in Vancouver.

Briefly, in the last year or so, CVV has seen their shares held by institutions increase from 5% to 42% and outside group commitments to financing from $5M to $45M.

CVV has the third largest land holdings in the Athabaska Basin and have 19 areas of exploration in the Basin. And they have been working the land. In 2005, their field crew logged 2360 man-days of work, in 2006, they increased it to 5050 and in 2007, they have worked 11850 man-days so far.

Mitsubishi (Japan) and Hanwha (South Korea) are two foreign conglomerates, which have committed to spending millions ($11M and $19M, respectively) to drill on CVV projects.

Nuggets –

Apparently, In their 2Q report, Cameco, the big dog in the Basin, has made some new discoveries (eg. some zones had 27% Uranium oxide). They haven’t said where they are. As Cameco is so big, the amounts are not material enough to report. There’s a good chance with the 19 projects, CVV is close to the new discoveries.

The value of an uranium mine in the Basin is much greater than a similar-sized gold mine in Red Lake.

Drilling season for CVV – June to Oct, Jan to May.

Drills will be turning in 3-4 weeks at northern part of Basin – Helmer Lake, Cree Lake, Johnson Island. Their McArthur Lake property will be drilled starting in Jan 1/08.

Pace of drilling – 1.5 holes per month.

10-12 weeks wait for drill results. That’s the reality of the situation. Labs in Saskatoon, where CVV has a office.

Lots of news releases coming.

Check out this video-

http://www.canalaska.com/s/Presentations.asp?ReportID=207343

Victoria Resource Corp AGM - July 31/07

2007-08-06T03:56:00.000-07:00

July 31/07

Victoria Resources Corporation AGM

Hyatt Regency Hotel, Cypress Room

Present: Dr Raoul Madrid, Manager, Nevada Operations

Chad Williams, director

John McConnell, director

Dr Marcus Johnson, Dr Mike Russel plus 5 other geologists

The skinny: Your AGM reporter has been to 20-30 AGMs over the last 2-3 yrs and this was absolutely the most informative session I’ve ever seen. We were there for 3 hours.

Bottom line- expect new marketing, new website (approx 2 weeks), expecting larger drill rig in about 3 weeks to end of month at Cove-McCoy, probably working on NW-5 – it’s being set up for re-entry, being 300 ft from their target. You can see VIT is being set up to fly. Higher gold prices, better marketing, lots of targets. 8 shareholders this year at the AGM, up from the 2 last yr. – a 400% increase.

In the formal part of the meeting, exiting exec Roger Richer presided. 4 new directors were elected – Chad Williams, Hugh Agro, Sean Harvey, John McConnell.

Formal meeting over, the room was given over to Dr Raoul Madrid. Looking svelte after trimming 80 lbs from same time last year, Dr Madrid looked to be taking on the leadership mantle with aplomb. He spoke for much of that time, (there were 2 breaks). And there was much to talk about. VIT is awash in projects. He explained the what, when and why of VIT’s methodology in working their projects.

You have to remember that Dr Madrid headed a group with the US Geological Survey so he is used to guiding geologists. He will be the Obi-Wan to the other 9 geologists, which include two other Phds – Drs. Marcus Johnson and Mike Russel. It appears the legendary Dr Ralph J Roberts, who is 96 years old, has been retained as a consultant. So you have 4 Phds working for Victoria.

Dr Madrid was very professorial in tone and he noted that VIT is a company known for the care they take in mapping out the geological structural systems in detail so that they can plan where to drill with laser-like accuracy.

The first thing he talked about were all the gold belts in the world, focusing on Witwaterand in South Africa, where 1.5 B tonnes of gold has been mined. His theory is that there are 1.5B tonnes of gold in the various belts in Nevada and Utah. That’s a lot of gold.

In looking for the gold, VIT choses properties based on the following –

1-all represent old gold districts

2- they are present within known or recently mapped gold belts; some by VIT personnel

3-previous drilling with good gold results or well-defined as high grade gold districts

4-close to or includes older gold mines or recently exploited gold mines such as Cove-McCoy;

5-some contain gold inventories, defined by previous company, which can be significantly expanded

6-gold bearing structural systems > 55 metres width to 655 m with multiple orientations; useful for deep exploration

7-have high potential for large gold system development > 2 M oz/property.

These are, in essence, the rules VIT follows in determining whether gold projects are worthwhile or not.

Cove-McCoy

Cove-McCoy can be drilled year-round.

NW5 is set for re-entry. Only bad news was one drill rig right now, but the larger drill will be arriving in 3 weeks to end of the month. (It sounded like there may be drill rigs available in Vancouver.)

The $2 M from PP needs to make an impact, but that can come from the many targets that can easily cause a sensation. NW5 is 300 metres away from their target, Summit holes can be twinned to meet 43-101 standards, etc.

VIT spends their money for quality diamond drills at $100/ft, not $30/ft as with reverse circulation drills.

If I heard correctly, the scramble for more land to the west was due to Newmont NOT also transferring rights to land within a mile(?) of the JV land, which is apparently how things are handled normally. This subtle difference led VIT to speculate that Newmont may have discovered a new gold belt going from NE to SW.

There was a graphic showing the following but it went by so quickly I only got this: Drilling to define down and up plunge portion, shaped like upside down smiley face/cigar.

Similar to deep systems within the Carlin/Battle Mountain gold belt and Cortez Hills (same geometries).

-deep drilling revitalized McCoy district – large number of targets NOT found by previous companies.

(But don’t worry, I’m assuming that graphic will be on the website when it goes live in about 2 weeks. The website will be a great marketing tool).

Black Canyon -

Management Discussion and Analysis in the Report to Shareholders mentioned completion of a drill access road. All permits have been approved.

The drill rig that was at Relief Canyon is likely here right now.

It’s high up 5000ft, so needs to be drilled in the summer.

Grades up to 3699 g/t have been found by Victoria.

From one of the rock samples in the room, I could see visible gold. The gold specks show up when the sample is tilted.

Black Canyon has never been drilled before.

A potential problem might be the actress Sandra Bullock, as she owns land in the area.

Mill Canyon

Same as last year when I reported - only 4 out of 26 targets have been drilled.

Higher Open Cut and RJR are the areas of interest.

Drilling could be problematic as they need a dry winter.

How Raoul Madrid described the drilling at Mill Canyon:

Imagine the system looking like an open hand. They have found 3 fingers, but they want to find the palm (as represented by RJR) and they know it’s there as mapping has revealed a significant offset target for the larger RJR gold system. It’s an area dominated by fluidized breccias and they plan to drill it this year.

Mapping also indicated that Higher Open Cut contains a high grade gold system and is an excellent candidate for step out drilling.

Next time they drill, there will be tighter spacing between holes and not the wider spacing that was done previously.

Summit

Can be drilled all year round.

Awaiting permit in about 3 month

High grade nature determined by previous drilling, demonstrating it to be a Carlin-type gold system with excellent potential.

Incomplete drilling

Hilltop – drill maybe next spring, instead of drilling at a slant, they intend to drill straight down.

Relief Canyon – difficult drilling – but mapping continues.

Other tidbits

Victoria holds 106,531 acres of land of which 39,462 acres are 100% Victoria’s while

they hold 67,109 acres with Newmont, for which they incur no fees.

Cortez Trend may be a misnomer as it is rootless and the land below falls off and may have shifted.

After the AGM, the following questions are swirling in my head -

Why can’t VIT have US Gold’s market cap? $50 M vs $373 M

Robert McEwen has a solid reputation and is a brand name. He has done it before and can probably do it again.

But has he been involved in 12 major discoveries like Raoul Madrid has?

How many Ph.Ds do they have? VIT has 4, including the legendary Dr Ralph J Roberts, whose autobiography Passion for Gold, is still available at Amazon and Chapters.

How many other companies do as many detailed mapping as Victoria?

Strathmore Minerals (STM) AGM - June 19/07

2007-06-21T22:53:00.000-07:00

Strathmore Minerals Corp (STM) AGM – June 19/07

Metropolitan Hotel
Davinder Randhawa, CEO/Chairman
David Miller, President /COO
Jody Dahrouge, Fission Energy

This was the Annual and Special Meeting to vote on the arrangement involving Strathmore and Fission Energy Corp, where if approved, one old STM share could be exchanged for one new STM share and 1/3 shares of Fission Energy.

Before the formal meeting is over, there is a dissenting shareholder who doesn’t like the 14.5% Fission stock option plan. He asked why it isn’t the normal rolling 10% stock option plan. He went on quite a bit and made a lot of assumptions about management making millions with this plan, which management refuted. They say the plan was structured that way for flexibility purposes. They will likely increase their workforce from 20 to 100 employees. They have also been poached by other companies. When you go from 3 uranium companies to 500, that’s bound to happen. A starting salary for a young geologist can be as high as $250,000. However, the discussion also forced Mr Randhawa to shed light on future plans.

There will likely be a $25-50M funding so they can bring in some quality people.
A flow-thru is likely to take place with Fission.

Fission will hold all the Canadian assets plus Macusani in Peru, representing a blue sky opportunity. By making this arrangement, it will unlock hidden shareholder value, allow for flow-thru financing, which would not be dilutive to the US development assets. Right now, they have the most land in the Athabaska Basin. They also have Dieter Lake in Quebec – 24 M lbs and increasing, 43-101.

STM will hold all the US uranium assets and what assets they are: Roca Honda, Gas Hills, Church Rock, Nose Rock plus lots of non-core assets, which they will try to find JV partners. (Already started, see latest News Release re Nu-Mex). STM will also apply for an Amex listing.

Roca Honda is in the permitting stage, cash operating cost will be about $20 US/lb. Expect a news release in July re a JV with a foreign entity.

Gas Hills in Wyoming, where permitting is faster, is part of the 2nd largest uranium district in the US. Shallow open pit operation will result in quick production. The amount of dirt dug out there was more than that at the Panama Canal. They mentioned the Abandon Mine Lands program, in which some mining companies pay into. So it is likely the US government will pay them to move the dirt back in.

Nose Rock – 20M lbs, mill is on STM property, recent NR about JV.

A word about STM – Sprott owns 19.9%. They have experience in ISR/open pit and underground.

A word about Fission – 24 M shares o/s, Davy Lake, Waterbury, South Shore, Midwest in the Athabaska, Dieter Lake in Quebec, Sprott owns 19.9%, 200 man-years experience plus flow-thru opportunities.

They are looking closer at the Midwest area, ever since 2 months ago, another company found 20% grade uranium.

They also thanked Sprott, Raymond James and Coremark(?), presumably their financing guys.

Consolidated Puma Minerals (CPW) AGM - June 14/07

2007-06-18T00:16:00.000-07:00

Stanley Room, Hyatt Regency
June 14, 2007
Mark Ward, VP of Exploration
Anne-Marie Johnson
Gene Mass, Drector

As usual, I'm the only retail shareholder here. Nothing earth shattering to report. CPW completed 56 drill holes totaling 13,898 meters in 2006. In 2007, they have budgeted $3M US to drill 10,000 meters.

This is in the Report to Shareholders as is this last paragraph - 'with the merger of Bema Gold Corporation and Kinross Gold Corporation, the newly formed B2Gold Corp has obtained from Kinross a one year option to acquire Bema Gold's share position in Puma, which totals approx. 17.9 million (or 36% of the currently issued and outstanding Puma shares). With the same management team as Bema Gold, B2Gold will provide management and technical support to Puma and obviously remains committed to the company's PGM exploration activities in Russia.'

I asked if a similar structure could exist over at the other former subsidiary of Bema - Victoria Resources - they replied that they didn't know.

I asked why 7 directors were elected to the board of a company that doesn't seem to be doing all that much, they replied that they added one more than last year. Timothy McCutcheon, a partner at DBM Capital Partners Limited, an investment boutique based in Moscow, Russia joins the board, which also includes Roger Richer, Clive Johnson, Tom Garagan, Gene Mass, Steve Kay, Jerry Korpan. It seems CPW has many Russian investors and Mr McCutcheon would be representing their interests.

I asked about Federova, which Barrick owns and which is close to CPW's East Pansky project what they have heard about a pending Fedrova feasibilty study. Apparently, one is expected this year. That event would likely impact on CPW's share price.

Going off-topic, I asked about the pending IPO of B2Gold. They gave me a 4-page insert showing their major assets which include a 37.5% indirect interest in a JV in the Kupol East and West licenses, interests in a Colombian JV arrangement with AngloGold Ashanti plus the Puma option. It appears the Petrex albatross is gone. Apparently, the company that now owns it trades separately on the Johannesburg Stock Exchange.

Silver Standard (SSO) AGM - May 4/07

2007-05-06T21:34:00.000-07:00

The following AGM was attended by a friend of the AGM Reporter and this is his report (he did tell me to include this little tidbit - Rick Rule was in attendance - google him).

Robert Quartermain, President and Director, chaired the meeting. The number of Directors was fixed at 6 and Price Waterhouse Coopers was retained as the auditors. Robert Quartermain has been with the company for 22 years.

It was the last meeting for Ross Mitchell who has been a Director for 10 years. Absent from the meeting was Sarbanes and Oxley (Joke!). Jonathan Singh was brought into the company to handle the reporting requirements under the Sarbanes Oxley Act under US laws.

Following the formal portion of the meeting was a slide show.

The theme of the meeting was:LEVERAGE

Silver Standard controls the world's largest public in-ground silver resources of any publicly-traded silver company. Silver Standard has just recently celebrated its 60th anniversary and the company gave a lot of silver souvenirs. Silver Standard has 30 subsidiary companies.

Silver Uses

-Best electrical & thermal conducts
-Natural biocide
-Strength & fluidity
-Highly reflective
-Reactive

SSO's revenues are:

57% Silver
10% Gold
7% Tin
18% Zinc

Comparing SSO with its peers, SSO is undervalued when looking at the Market Cap/Reserves & Resources

Core Asset Property Highlights

Pirquitas, Argentina Property

Silver (million oz.)
Proven 20.5
Probable 86.6
Measured 2.5

Annual production of 9.6 million oz. over 8.8 years with capital costs of about $146 million and construction expected to take 21 to 24 months.

Open pit and infrastructure includes a nearby air strip. A lot of locals are employed and 200 to 300 individuals are housed on-site. The project's energy requirements are met by gas fire co-generation. The project is located 850 km by road from port of Antofagasta in Chile and about 2,000 km by road from the port of buenos Aires in Argentina. Selling Indium as a by-product.

San Luis, Peru Property

San Luis is 55% joint venture with Esperanza Silver Corp. and potential 80% interest. Paid 1 to 5 cents per oz. for this high-grade gold-silver prospect and is the property is located within 20 km of Barrick's Pierina Mine. The main vein is the Ayelen vein. There is 1 drill on the property and another is coming. This is the next project to fast track. Gold is a by-product and forward selling of gold is being considered.

Pitarilla, Mexico Property

Open pit and property covers 29,680 hectares. There have been five zones of economically significatn silver mineralization have been identified. Throughout 2006, drilling has been focused on the Breccia Ridge and South Ridge deposits and massive sulphide mineralization has been discovered. The 2007 exploration program will continue agressive drilling on the Breccia Ridge and South Ridge zones with five diamond drills.

Diablillos, Argentina Property

Paid $3,000,000 for this property which was discovered in the 70's. There are 7 mineralized zones and the Oculto Zone is the largest. Metallurgical testwork done by Barrick indicated a open pit mine with approximately 7.0 million oz of silver and 70,000 oz. of gold per year.

Snowfield, BC Property

27 drill holes have been completed mineralization indicates gold and silver near surface and copper and moly at further depth. In 2007, 15,000 meter drill program is planned to expand the known mineralization.

The slide show had a lot of "Google Earth" shots of the different properties with zooming-in special effects.

The goal of the SSO is 30 million oz annual production by 2012.

There was 229.6 million in CASH on the Balance Sheet as of December 31, 2006.

Q & A:
SSO Shareholder: Are you having problems finding quality geologists?
Quartermain: Are you looking for a job?
SSO Shareholder: No, a general question.
Quartermain: We are not having any problems finding quality geologists. We have been very lucky since we have a very good portfolio of properties.

AGM lasted about 45 minutes and people in attendance were over 80% SSO people with a handful of retail shareholders and broker/analyst. Total attendance was about 30. Coffee, tea and water was served as refreshments.

Goldcorp (G) AGM - May 2/07

2007-05-03T01:09:00.000-07:00

Goldcorp AGM May 2/07

You know this AGM would be different when you sign in and get the once over by the no-neck-with-buds-in-ear brigade. Huge security presence. Maybe they’re expecting their arch enemy shoe-bomber-Osama-McEwen to show up. After all, this is the Hyatt, where a few years ago, protesters dumped a load of manure at a forest company’s AGM.

Chairman Ian Telfer presides but before he finishes his official spiel, a lady raises her hand to asked if he would tell the truth about Goldcorp’s (inherited from Glamis) poor social record in Guatemala and Honduras. Apparently, there are land issues and blockades at Marlin in Guatemala. The lady protester brought along two of the indigenous people to the AGM to talk about the conditions there. At San Martin in Honduras, there are contamination and health problems. They asked if the town will ever have clean water - will they make things right before Goldcorp leaves.

CEO Kevin McArthur responded, in his opinion, they have a great relationship with the community. He said they have talked with all the stakeholders but you can’t please 100% of the people 100% of the time.

McArthur talked about Goldcorp’s 5-year plan of having 50% or better production growth and cash cost of under $200. Currently, they are 100% unhedged for gold but they do hedge copper and silver. Matter of fact, they have sold 25% of their silver to Silver Wheaton, a company in which they hold 49%.

During the Q&A session, the impassioned plea by the protesters must have made an impression as most of the shareholders’ questions referred to the protesters plight. Looked like they won the hearts and minds of some of the shareholders (unless they were plants) and of course, the silent majority who just wants to make money sat there quietly, taking it all in.

Goldcorp’s powerpoint presentation was just about the numbers. Contrast this with the Pan American Silver (PAA) AGM two days earlier where Ross Beatty went out of his way to tell how much a safety record award meant to him. And at the safety award event, PAA gave each mining employee a special silver coin. They also did a lot for the community around the mine.

Listening to all that made me hungry. Lucky for me, there was a reception in the next room where sushi, brushetta, shish-kebab, dessert, beer and wine were served. Same time next year.

Pan American Silver (PAA) AGM April 30/07

2007-05-01T02:17:00.000-07:00

Amid the packed ballroom at the Met Hotel, Ross Beatty presents a gift to fellow co-founder John Wright. Wright is leaving the board while Beatty is to become a non-executive chairman.
Eight directors are voted in - including John Wilson (ex-CEO of Placer Dome) and I believe three from Seattle including Bill Fleckenstein (MSN Money writer, with his own investment company) & Michael Larson of Cascades LLC (looking after the Gates interest, I suppose?)

A slide show of 4 different celebrations (ribbon cutting, presentation of safety awards, etc) at 4 different mines in Mexico, Peru, Argentina and Bolivia is presented. At the Mexico site, a local archbishop is blessing the problematic filter system. (At least, they'll have the NGOs on their side). In Bolivia, where the government is increasing the tax, their local managers have been successful in getting the tax stalled.

The slide shows do show the isolation and poverty of these places. Kudos to PAA for attempting to change the people's situations.

On the production side, they will produce 17M oz of silver this year, hoping to hit 25M next year. The meeting was short and sweet, but I wonder about the Wright departure and the Beatty switch to non-executive chairman. The last non-exec chairman noted in our AGM reports was Ian Telfer at UUU and we know what happened afterwards.

Petromin Resources AGM April 3, 2007

2007-04-05T02:30:00.000-07:00

The PTR AGM was held at the law offices of Maitland & Company. (Looks like they switched law firms from last year). There was an overflow crowd of at least 20 people in the boardroom.

After the short formalities, Peter Ho was given the task of updating the Canadian operations and also on the future course of the company. He’s a very smart guy. He’s got the vision, the knowledge and the contacts. Coming from the Alberta Research Council, a non-profit entity, he has done a lot of work with CO2 sequestration that 8-9 years ago fell upon deaf ears in Alberta.

The Canadian operations have been the bread & butter plays – Frog Lake producing 300 barrels/day, Redwater 100b/d - but it’s getting more expensive to drill wells in Canada. They likely will have another well in Frog Lake. It’s your basic conventional oil & gas story. Some substance but no sizzle.

The sizzle or blue sky, will come from the enviro-energy (a term coined by Peter Ho) area. For instance, in Kuwait, there’s about 40 producing wells generating about 500,000 b/d – they’re elephants. There’s 20 Billion barrels that they cannot recover. However, if they use CO2 injection, it can add another 7-8% recovery, which equates to a very big number. So, there would be room for a technical service agreement here and a chance to make ‘damn good money’.

In China, there’s an abundance of coal but every year, miners are getting killed in the thousands. The government is trying to get rid of the CBM. Lots of pollution, hence, lots of opportunities here. Just wait for the Climate Change Statement from the Chinese Government later this month. They have to do something about it but they don’t have the expertise. This technology transfer gap can be supplied by companies like PTR, which appears to have a first mover advantage in this enviro-energy space.

In Indonesia, little PTR lost out in their bid for a project there to a much larger entity. The fact they made it into the final two speaks volumes. They beat out a lot of bigger companies including PetroChina.

PTR now has a presence in Mexico and Algeria due to their alliance with GTSSI, whose area of expertise is carbon capturing and monitoring, leaving the carbon storage part to PTR. (Check out recent news release).

A lot of things are dovetailing into PTR’s strategy. They are riding the sweet spot of a large wave. Kyoto 2008, Climate Change statement from China, both Harper & Bush developing a CO2 strategy, mainly because the electorate demands it. The environment, esp. after Gore’s An Inconvenient Truth movie, will be a major issue in any future elections.

What Petromin has is a unique vision and they appear to have done a lot of homework. I asked whether PTR will be a player if there‘s an exchange for emission credits in the post-Kyoto world, ie selling emission credits to the heavy polluters. Looks like they will be. They will likely receive emission credits for storing the CO2. Kenny Chan and Peter Ho have already gone to seminars dealing with carbon trading. I believe they said that the administration of it is being handled by the UN.

Prepare for lots of news releases in 2007.

UUU AGM - Jan 26, 2007

2007-01-29T08:17:00.000-08:00

The following is a report from the UUU AGM, which was attended by a friend of the AGM Reporter. (Note: as UUU is a producer, they would be benefiting from the $72/lb price of U.)

Ian Telfer, Non Executive Chairman, handled the formal portion of the meeting. The number of Directors was fixed at 6 and Deloitte & Touche was retained as the auditors.

The podium was passed to Phillip Shirvington, President and Chief Executive Officer. Shirvington discussed the company bio and members of senior management. Gordon Keep, Robin Merrifield, Dr. Sally Eyre, Vitaly Melnikov, and Susan Speight were present at the meeting.

Kazakh is the third largest producer of uranium in the world. Kazakh host to approx. 20% of the world's recoverable uranium resources and current production represents ~10% of global production.

Kazakh production is forecast to increase to approx. 39 million lbs U3O8 by 2010. Deposits are typically large-scale, roll fronts, amenable to low cost, ISL Operations.

Production: Akdala ISL Mine commenced commercial production January 2004 and has production of 2.6 million U3O8. Akdala is the largest operating ISL mine in the world has a life of approx. 12 years and operating cost of US $11.76/lb U3O8. 2.2% royalty, depth ore zone 165 to 170 m and average grade of 0.057%.

Mines in Development:

1) South Inkai has initial production in 2008. 0.5% royalty, depth ore zone 450 to 510 m and average grade of 0.043%. NI43-101 resource base supports 1.6 million lbs U3O8.

2) Kharassan has initial production in 2008. 0.5% royalty, depth ore zone 550 to 650 m and average grade of 0.07 - 0.2%. NI43-101 resource base supports 2.0 million lbs u3O8.

Akdala and South Inkai are operated by Betpak Dala JV. Unhedged production means higher leverage to uranium price. Agreement for sales reached with 14 new customers. Customers include largest European and US Nuclear Fuel Buyers. More than half long term contracts include floor price and all long term contracts linked to published market price indicators. Approx. 30% of projected production from Betpak Dala JV is committed through 2020. Contracts represent approx. 16% of total, global, long term business transacted in sector during 2006.

Q & A: UUU shareholder: Will UUU will be listed on TSX?
Shirvington: Yes, once UUU satisfies all reporting requirements.

UUU shareholder: How about Nasdaq?
Shirvington: NO.

AGM lasted about 30 minutes and people in attendance were over 75% UUU people with a handful of retail shareholder and broker/analysts. Total attendance was about 30. I know there was at least 3 retail shareholders and David Zadak, Investment Advisor at Nesbitt Burns.

Santoy Resources AGM January 17 2007

2007-01-18T01:31:00.000-08:00

Santoy Resources Ltd AGM
January 17, 2007
Renaissance Hotel

As per usual, I am the only 'disinterested' shareholder at the AGM. There are 8 insiders in the ballroom - management, staff, directors.
CEO/President Ron Netolitzkly got through the formal part of the meeting.

Now the meat -

Management has the credentials - Mr Netolitzkly was involved in 3 previous gold mines (Eskay Creek, Snip, Brewery Creek).

SAN has 73M shares o/s, 84.4M fully diluted with $6M in cash of which $3M is flow-through.
They like to do JVs, so to spread the risk.

In BC, they have the Blizzard property, which was well-defined in the 1970s and sold to a Korean company. Then 3 Mile Island happened and U tanked.
There's 10 M lbs of U308 defined but will be subject to permitting issues. There appears to have been a 3-party dispute but looks to be resolved.
The entity to watch is Boss Gold International (BOG.H) which has been halted and will be reorganized, refinanced and renamed with Santoy owning 40%.

In Sask (Athabasca Basin), they have an advanced JV with IUC/Dennison and have almost 1M acres of land.
Santoy Chairman Ron F Hochstein is also president and CEO of IUC.
They also have another JV with Shore Gold/Westcan Goldfield. Also active in the Wollaston area at Burbridge Lake.

In Labrador in the Central Mining Belt, they have 2 sets of property with Monster Copper - Mustang Lake, which will be drilling in mid-March and Bruce River, which shares a border with Crosshair Exploration's developed prospect (C Zone(?)). SAN also has Anomaly #7, which appear to be drill ready.

In Quebec, SAN has land in the Otish Basin, an area that was promising in the 1970s and where most of the work was started 18 months before 3 Mile Island.
Last week, a Robert McEwen company Lexam Explorations optioned into a U project in the Otish Basin. SAN intends to expand significantly into the area.

SAN will be at the Gold Show this coming weekend. Tony Perri is the manager of IR.

Redstar Gold Corp - AGM - Sept 28/06

2006-09-29T03:10:00.000-07:00

Spoke with Scott Weekes, President

1) Drilling results at Pine Nut completed. NR in 2-3 weeks.

2) Dry Gulch should get permit approval this week.They'll be drilling 2 holes only, which should take 2 weeks. Of course, they will have to secure a rig first. Worst case scenario, they'll get the rigs by the end of October. Winter comes around end of November.

3) North Bullfrog, started permitting process, should take only 2 weeks to get approval - mid Oct. They can drill year round here.

4) Painted Hills - Anglo was targeting this property as it was drill ready. However, Bullion River got hold of it, but did nothing. RGC then picked it up. Never been drilled.- zero holes. Low-grade at surface. Potentially, Midas or Sleeper-like.

5) Eagle Basin - huge alteration system, low gold mineralization, but found mercury and arsenic.

Red Lake - A program of 15-20 holes would cost about $1M. They have $100,000 in bank. Financing or take in partners. They're talking with 4 potential partners. Recently, they gave a tour of the property to one of mid-sized companies. If there's drilling, it'll be this fall before the end of the year.

The model they could follow would be like Southern Star or Exall where they retain 50% of their stake, but which has worked relatively well for those companies. That model looks attractive.

They were at the Toronto gold show last week. Met many holders of larger positions. They have a following in the US, who tend to be longer term holders, buying RGC despite not being on Amex.

Chance they might use an IR firm out of NY.

VIT AGM Aug 4/06

2006-08-07T00:30:00.000-07:00

Victoria Resource Corporation (VIT) AGM Aug 3/06
Ian McLean, VP, Investor Relations (BGO & VIT)
Raoul Madrid, VIT geologist

VIT office in Reno – close to facilities – labs, permit dept, etc / 12 employees

8 mining properties including a new one – Fourth of July property
Virtually all leased from Newmont, who has back in rights for half the action.
Newmont needs a property to yield 4M ozs and 46% IRR before they will back in.

Started with 2 rigs - 1 at Hilltop; 1 left to drill Romarco’s Nevada property (by process of elimination - must be from Preble); will be back in Sept.

3 rigs on VIT properties by mid Sept, maybe 4. (2 of them sourced from Alaska)
They are core rigs, not reverse circulation rigs.

Hilltop - one drill, right now at 1765m, intends to drill to 3000m. Their theory is that the gold could be found there, beyond the breccia zone.

Mill Canyon – target-rich. VIT has drilled 4 out of 26 targets. Good results on 3 of 4 but will relook at target #4 (something about intrusives), leaving 22 targets left to drill.
RJR – proposed holes not in budget for 2006 / ‘zone displacement’ to RJR West, which appears to be a theme (to be discussed later).

Cove-McCoy – Newmont reluctant to give this property up at first; reclamation issues to be addressed by Newmont; all exploration stopped by Newmont; 2.0M gold oz already there, no reclamation issues for VIT. VIT is looking at Cove South. (Previously, I spoke to Tom Garagan at the last BGO AGM, he mentioned this property looked interesting.)

Black Canyon- visible gold – vug / drilling needs to be done before Nov as property is 10,000 ft high.

Relief Canyon –NewGold is there (NGLD – OTC/Mkt cap:$25M), they spent only $50k in 1999, now worth much more. NewGold’s mine will be in production by June 07. VIT has all the surrounding area.

Fourth of July – a new property – an old silver district, gold was never mined here. Midway Gold’s (MDW.v – market cap: $75M) nearby property at Spring Valley will have a resource calculation soon. (I remember looking into Midway a few years ago – they had a similar arrangement with Newmont that VIT has. Only a multi-million oz gold resource would bring back in Newmont).

Rigs –1) Once Hilltop is finished drilling, the rig likely will go to Relief Canyon.
2) Rig from Alaska will go to Cove-McCoy in August
3) A second rig from Alaska will likely go to Black Canyon (drilling before Nov)
4) Return of the rig from Romarco
Thus, by mid September, they might have 4 rigs going.

Other tidbits – PDG had a policy of no step-out drilling. Some of the data for Cortez area, they‘ve had for 30 years but they did nothing. Cortez Hills was a condemnation hole.
I took that to be a comment on the slowness of large-cap companies, like turning the Titanic 180 degrees.

Another comment was the ‘zone displacement’ occurring at RJR and elsewhere. I asked a lot of questions regarding White Knight Resources (WKR) since I have some – like where were WKR properties in relation to VIT’s. I asked where the Cortez Trend was. It was interesting to note that Mr Madrid never called the area VIT is in as part of the ‘Cortez Trend’. He always called the area as part of the Battle Mountain goldbelt.

My opinion: Perhaps the Cortez Trend is all marketing and the current fiasco with USGold/ WKR/Coral/Nevada Pacific/regulation problems, etc is all smoke to cover up the fact that not much gold has shown up on the Trend because of ‘zone displacement’. Looks like I won’t be able to ask any questions at WKR’s next AGM because I will be out of WKR. My prediction is that the market caps of WKR(~$140M) and VIT (~$32M) will reverse.

McEwen is not unfamiliar with VIT as they have chatted.

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Bema Gold AGM June 21/06

2006-06-26T02:11:00.000-07:00

BGO AGM June 21/06
McKenzie Room/Waterfront Hotel

The biggest nugget culled from the AGM was that Bema will start trading on the NYSE. At 6am on July 14/06, Clive Johnson will ring the opening bell at the NYSE. Bema will then be in the big leagues.

Nugget #2 was that fast tracking at Kupol will make Bema almost twice as fast as the avg mining co in building a mine. According to Mr Johnson, the average mining co takes about 10 years to build a mine – Kupol is projected to be built by 2008. BGO started working on Kupol in 2003.

Nugget #3 was the JV with Anglogold in Colombia. Over 120M oz have been mined there throughout the centuries. President Uribe was elected recently and he is rightist, unlike Colombia’s neighbours – Venezuela, Bolivia, Peru and he is very keen on mining.

(Greystar Resources is already there – they have an inferred resource there of 4.4M oz of gold. Their June5/06 news release headline says it all - Step-out hole yields 74.16 g/t over 3 metres at Angostura in NE Colombia. Greystar was the co that had a worker kidnapped in 1999, forcing them to leave the country. The fact they’re back indicates that the FARC/para-military groups/drug cartel/guerillas situation has improved. BHP also has a nickel mine in the area.)

Colombia fits in with Bema’s risk plays in Chile in the 80s and Russia in the late 90s. They’re getting in early.

But the big news in my opinion is that Bema has now established relationships with the big boys – Newmont with Victoria resources, Anglogold Ashanti with the Colombia projects, Barrick with CC, Kinross with Refugio. Just need a JV with GoldFields.

There were other nuggets but it’s hard remembering all of them but I will try to update as much as possible.

Consolidated Puma Minerals AGM June 15/06

2006-06-20T00:55:00.000-07:00

CPW Agm June 15/06

I’ve been to quite a few AGMs of the Bema Group in the last few years. Nothing could match the fireworks at the Arizona Star AGM a couple of years ago when the Friedberg group attempted their initial takeover maneuver.

This is my second CPW AGM where I’m the only retail shareholder.

Directors present: Tom Garagan, Jerry Korpan, Steven Kay,
Geologist present: Mark Ward – 3 years with CPW

6 directors voted in.

Asked about the $12.3 M financing in 2005 & 15,000 metres of drilling to done in 2006, this compares to $2-4M spent on drilling 14,500 metres in 2004 and 2005.
The total amount of financing certainly raised my eyebrows when I first heard it. That's a lot of money raised for such a sleeper of a company. (Per financial statements, they have about $8M in the bank.)

Mr Garagan replied that previously they were taking baby steps, now they have the money to really do some drilling this year.

There was a News Release on the day of the AGM.
Asked about the interpretation of the NR, what is the Pd/Pt ratio all about?
Example: Hole #P-456 has Pt graded at 3.70 g/t, while Pd is at 8.01 g/t giving a Pd/Pt ratio of 2.2. Apparently the higher the ratio the better it is, although I might have heard wrong. Checking Kitco, I see Platinum is at $1152 and Palladium at $292. So I’m a bit confused, don’t you want more Pt than Pd – implying a lower Pd/Pt ratio? I’ll query further at the BGO AGM this week.

Here’s a nugget tossed in by IR (Mr McLean) – On the latest Barrick MD&A (Management Discussion and Analysis), they mention Federova in the Kola for the first time. Federova is 50 km from the Puma properties and a feasibility study is possible in 2006. Check out ABX MD&A pdf (p.11) on Sedar.

CPW hopes to have converted their present exploration license to a production license by 2008.

AGM Strathmore Minerals Corp May 29/06

2006-06-01T00:51:00.000-07:00

AGM Strathmore Minerals Corp (STM) (Disclaimer : subject to further editing)

Met with Steve Khan, director, Bob Hemmerling, secretary of Strathmore and about 8-10 other shareholders at a large dining table at the Metropolitan Hotel. Everyone else from the company was out in the field.

An AGM at the Met conjured up visions of a nice breakfast spread. Then reality intruded. Only muffins, coffee and juice were available. This certainly wasn’t anything like a meal at Diva at the Met.

The meat was in the informal Q & A with Mr Khan. He had lots of good insight to share.

First things first – I opened up the press kit. The first article I saw was a Stock Interview.com headline that asked the question ‘uranium to head north of $500/pound?’

Sprott analyst Kevin Bambrough made a hypothetical case for $500 spot uranium, under an extraordinary emergency supply crunch, by answering the question: ‘How much would people pay before they shut it (a nuclear plant) down if there is a shortage of uranium?’ His point was that the cost of uranium in the nuclear fuel cycle is minimal and would not register any concern on the man-in-the-streets’ radar until uranium gets to such a price as $500.

The second article was a Washington Post article ’Going Nuclear’ written by former Greenpeace co-founder Patrick Moore. Leading greens are now embracing nuclear. You can already see the pro-nuclear ads on ROB-TV, trying to educate the public about nuclear energy.

Updates –

STM will spend between $6-8M in expenditures this year.

Dieter Lake, Quebec - Drill program to begin June 2006. Updated 43-101 compliant resource calculation to be completed soon. 90% done but the geologist writing it is out working in the field. Basically, they need to be in the office to finish writing it up.

Church Rock, New Mexico – continue permitting process.
Roca Honda, New Mexico – 43-101 compliant resource calculation completed. Prefeasibility studies underway. Permit application to follow.

The New Mexico projects are a production profile play – application is a 3 year process
-there are a dozen sub-contractors there already, but they have to go through studies for water, archaeology, reclamation, environmental, stream settlement. Then it’s another 3 years for the submission process to the NRC & EPA.

This process could be expedited with
1) a greater push from President Bush for alternative energy sources and
2) URX (?-nothing in google) has passed through hurdle already. It took 6 years but precedent is set and there are now public records of the submission process. Companies following URX might get a more positive reception.

Production possible in 2011.

Wyoming – lots of data with a few junior geologists going through it. (President of STM, Mr. Miller was a member of the Wyoming legislature.)

Waterbury Lake, Saskatchewan – 3000 meter drill program underway. Results expected mid-summer 2006.

Davy Lake, Saskatchewan – Summer ground geophysics program to identify drill targets.
(Dr. Franz Dahlkamp, a professor at the University of Bonn, identified this area as potential target.)

Other Athabasca properties – complete airborne geophysical programs on Western Athabasca properties; JV non-core properties.

Other insights –

Mr Khan said that utilities played a big role in the late 70s. In the near future, he foresees companies (ie Japanese trading companies) that sell to the utilities might be making deals with companies like STM to secure long-term supply of U. Apparently, a Japanese trading co has such a deal with URX.

I asked if there was an equally onerous oversight process in Canada. Mr Khan answered yes and no. Saskatchewan is very pro-mining, Feds also, but what could hold back things would be environmental and maybe, aboriginal issues.

Sprott Asset Management holds 19.9% of STM. Other European and hedge funds are involved. Other institutional holders include Mavrix Fund Management, International Value Management (IVM) BV, BluMont Capital Corp, Raiffeisenbank Kleinwalsertal AG and AFIMa. (Aside – What is the Canada Alt Monthly Report? It was the source for Sprott’s Jan 05 holdings).

There seems to be a lot on the plate for STM, but they appear to have the management and geological experience to pull it off. There may now be over 200 uranium companies but the barrier to entry is high as there is a lack of qualified geologists. The bad uranium years bought its toll - there are not that many geologists graduating. The old pros are locked away with plays like STM but newbies face a large learning curve.

AGM Copper Creek Ventures May 26/06

2006-05-30T01:41:00.000-07:00

AGM Copper Creek Ventures May 26/06 (disclaimer - subject to edit as I will be adding/deleting items as I see fit.)

Met Bing Jung - CEO, Dale Paulson - director, Dave Bissett – IR.

Missed the formal part of the meeting. Lucky me. The scrutineer had already left after 5 minutes. In Vancouver, how many scrutineers do you need to attend the various junior’s AGMs? How’s that for a cushy job? Half the AGMs are gatherings of company guys and no one else.

On to the informal meeting with only 2 or 3 non-company shareholders.
First off, CPV now has $1.1M cash in the bank, thanks to a recent financing.

Per Form 51-102F1 Management’s Discussion & Analysis which all shareholders should have received, it mentions that on Dec 9/05, Prairie Schooner Petroleum Ltd (PSL.T, market cap $258M) advised CPV that they had assumed the 50% interest in an oil & gas lease, section 3-20-3W5 in Turner Valley, Alberta, formerly held by Purcell Energy Ltd. CPV holds a 12.5% interest in this lease.

It was mentioned at the AGM that PSL has a budget of $85M for Alberta. Apparently, an AFE (Authorization For Expenditure) is close at hand. Sometimes in July, there should be some drilling happening.

Mr Bisset spreads out a map showing 10-36-20-4W5 & 10-3-20-3W5.
Talisman has purchased surrounding land sections and it’s rumoured that TLM is getting 600 barrels per day. Talisman’s success ratio is like 98% in Alberta.

I ask - are there institutional funds involved? Mr Jung says he crossed some shares to a fund recently. That was during the multi-million volume days a couple of weeks ago. (If it’s Sprott as rumoured then one can check out Sprott’s fund holdings at the next quarter end.)

New director Mr. Paulson joined the board recently. News Release was in early May. He was a co-founder and vice-president of Panterra Resources and is currently president of Lions Petroleum.

And that was basically the meeting. Personally, I like to place a face to a name and overall, it was a good meeting. My one suggestion would be to change its name to something else. I made a faux pas and called it Copper Kettle, while someone else later called it Copper Valley.

Follow up on PTR AGM

2006-03-28T19:37:00.000-08:00

Looks like Signal Energy is being taken over by Pearl (PXX).
Was the private company a front for PXX or was it an entirely different company?
If so, can we expect a bidding war?
Will they be talking to PTR re Redwater?

Rough back of envelope calculation -

SGI boe = 600; PTR boe = 245 (just counting Frog Lake, RW)
SGI mkt cap = $70M (per Stockhouse); PTR mkt cap = $11M. PTR 38M shares o/s.

(245/600*70M)/38M shares = 75 cents.
Of course, they are other factors - cash, other assets, etc.

Another metric per Mr Curr at the AGM - it was mentioned that companies-in-play are being valued at between $50-75K per barrel of production -

so $50K*245 boe = $0.32;
$75K*245 boe = $0.48.

Things are fluid right now. I'll certainly be using the edit button.
Disclaimer - These are my figures and calculations - I could be way off the mark.

PTR AGM - Mar 10/06

2006-03-13T00:24:00.000-08:00

PTR AGM – Mar 10/06

Stepping into the board room at Lang Michener, I shake hands with Dr Ross Gorrell, president and Mr Robert Curr, geologist. There are a couple of insiders and a couple shareholders there – about 10 people. Dr Gorrell mentions that Mr. Kenny Chan is in Indonesia and Mr. J. Chan is in China working on deals and will not be able to make it to the AGM.

Formal AGM starts and is over within minutes.

Updates on PTR’s bread and butter but prosaic plays –

Redwater - 4 successful oil wells producing, the 5th one next week. 3 more new locations t/b drilled. However, their JV partner Signal Energy appears t/b in play, on the verge of being taken over by a private company. One thing that has happened over the last couple of years is that the operator continues to be taken over. Last year it was GRR, then Signal bought them out, now a private company is kicking the tires. Apparently, they are valuing a barrel of production between $50-75K/barrel of production. RW is producing about 100 b/d.

By this valuation, if RW is producing 100 b/d valued at $50K/barrel of production, then RW alone should be valued at $5M/37M shares o/s = 13.5 cents. Caveat – this is my take, I might be missing an important factor here.

Morningside - 1st royalty chq next couple weeks. G2 Resources bringing in rig this week to drill Basal Belly River. 1 producing well, 1 t/b drilled & 1 to follow up on.

Gilby – operator is Highpine Resources , something about payout Oct 2/05 or Dec 05.
Took them 8 months to get drilling cost back. Additional zones. End result - cost to PTR $0.00, but get 16 2/3 working interest.

Calmar – farm out – marginal gas well, but potential in the glaconite zone.
Bottom line – Cash flow built in, will get better.

Frog Lake – LSD7. heavy oil. 3 wells plus 4th one in the next year. 130 b/d.

There is a comment from a shareholder re exit 2006 barrels/day figures. Mgmt mentions that they should have a clearer idea of the figures in about a month or so.

These are the bread and butter plays, the elephant plays have to do with China and Indonesia. That’s where Mr. Peter Ho gets involved. Has good credentials. (see NR). Although there are lots of CBM plays in China, play likely to be in North America. It’s the technology transfers that’ll be important as China is still employing ancient practices in extracting minerals.

Remember CNOOC/Unocal fiasco and the controversy that erupted – headline generating, lost of face – things anathema to the Chinese mindset. Is there another way to accomplish the sourcing of energy/technology without headlines? Is the LLC far enough removed from the parent (so that any embarrassment will not be reflected upwards)? Apparently, this LLC has the money to spend. (Think federal government spending spree at fiscal ear end.)

The MOU is to be clarified within 60 days. There’ll be presentations to a China group here or in Calgary. Apparently, PTR was feted to a state dinner in China (= higher ranking officials). Reciprocation? Bottom line: Chinese co with money to spend to be matched with some NA plays by an under the radar middleman.

Gold mine written off to $1, but can always restart. Property in Indonesia is surrounded by Barrick, Inco, Newmont. Perhaps, it gets revived and if so, gets spun off. The big money investors are probably there.

These guys are ambitious dealmakers. They’ve done quite a bit of homework, made their contacts and they’ll be swinging for the fences.

My opinion: bread and butter PTR should be more than 31 cents (230 b/d * $50K/bop divided by 37M shares). Elephant PTR doubles that to 62 cents at least.

Gitennes May 2005 AGM

2006-02-27T23:43:00.000-08:00

As per usual, when I attend these AGMs, I feel like the Lone Ranger. There was probably one other investor or broker, everyone else was GIT staff, directors, auditor, etc. Mr. Blackwell spoke for half an hour, the geologist at Tucumachay the other half.

These are my impressions and tidbits -

-the main focus is Tucumachay; not much happening elsewhere; Buffalo working Red.

- Talked a lot about the geology etc, way over my head, jasperoid, breccia, mentioned Carlin once. My take: It's no Kupol.

- GIT has applied for Permit C, a 100 page tome to satisfy the government, the environmentalist, the anthropologist, et al. The Peruvian people has 20 days to look at it, then the govt has 20 days and GIT has 10 days, but this is Peru, so it can take anywhere from 2-4 months.

- Once permit is out of the way, GIT wants to drill approx. 30 holes, core drilling, likely last 2 Qtrs, end of July the earliest.

- there's snow in the morning there, but it melts within hours, right now. Apparently, no seasonality so can drill anytime, but this is the Andes.

- GIT has spent $150K so far, needs to spend $1.6 M by 2008.

- after 12000 meters drilled, Inmet can look at the database and can clawback in for 60%.

- deal done that way because Inmet does not want to look bad should there be a multi-million oz there. Inmet has a large office in Peru, but they are like the Maytag repairman, not much to do.

- Tucum. has potentially lots of zinc. Inmet would be interested but only if huge amount. Apparently, they passed on another area close by, so may pass at T if it's not huge.

- geochem testing turnaround time for gold samples is 4 days. Other minerals will take longer.

- Re Urumalqui - nothing much happening there. When I was at the gold show in January, I stopped by Meridian's booth. Their map showed the JV but their rep knew nothing about it. I mentioned this to Mr Blackwell, he said companies like Meridian, being a producer, don't want to be cluster in with exploration companies with their speculative cycles. Supposedly, Meridian haven't mentioned U in their annual reports since 1999

Petromin March 2005 AGM

2006-02-27T23:27:00.000-08:00

While I did go to the AGM on Friday at the offices of Lang Michener, I haven’t had time to post until now. I’ve been playing in a hockey tournament over the weekend.

I wasn’t totally satisfied with my stock, so I did something about it. Instead of whining and complaining, I went to the source of the information. You can do it too.

So there they were, Dr Gorrell and Mr Chan plus a tableful of what I take to be insiders. Was I the only small time retail investor there? People were calling each other by first names. Also, there was Mr Curr, the company geologist with all his charts and maps. For this first meeting, I tend to look at the big picture rather than the tiny details. Are these guys trustworthy, credible? Do they have a vision? Etc.

I was impressed, esp with Mr Curr. He knows his geology, has been around a long time and has his network of people to rely on. I’ve talked to Tom Garagan at BGO before and got the same sense of willingness to share knowledge with newbies. I’m not talking about secrets but just geology.

Now to the good stuff – first, a caveat - I made lousy notes, this is what I wrote down. I’m still a relative newbie to oil and gas and the significance of certain details escape me.

Morningside – Mustang Resources is waiting for a drill rig, which should be available during spring break. According to Mr Kerr, the first drill should have hit a good hole but Dick Cheney’s old company Haliburton screwed up by shooting down 10x the amount of sand or something like that. PTR couldn’t really sue them big time. Legal fees would’ve killed PTR.

Redwater – it’s been muddy, maybe have to wait until May for more drilling. Operator is GRR and they have a market cap of $14M vs PTR’s $7M. 80% of GRR’s Redwater results come from the PTR land. Look at the Press Release language of GRR vs PTR. Guess who’s more conservative? An example of PTR’s strategy – land picked up for $43,000 generated $2M worth of drilling and they still get a share of the payout.

Gilby- expecting a cheque in April, something about MGV (operator?) .

Frog Lake – producing a little bit but lots of politics being played. My feeling is that blue sky is not here.

Calmar – I asked my coalbed methane question about Horseshoe Canyon being the hot area today but next year, will it be Manville? They mentioned that land prices in the former area was getting astronomical, so maybe their strategy should be to pick off the land where the CBM formation is deeper but the land is still cheap.

Speaking of CBM, the blue sky play is a CBM play in China which Mr Curr is quite excited about. And this is where Mr Chan’s contacts should come to the fore. There are also other CBM projects but will have to be quiet here as the last thing I want to do is to cause certain land prices to skyrocket and defeat PTR’s strategy of picking up cheap land.

Mr Chan’s trip back east was to drum up money, establishing contacts and that’s where the big volume in December came from. Can institutional money or maybe a TSE listing be around the corner? Still, it’s one step at a time.

I like these guys. They’re trying to build a company. There’ll be lots of brilliant plans that won’t come to fruition, but that’s business. And there’ll be projects that fall into their lap. They’re building a network of contacts. I don’t understand why people call them a pump and dump operation. Pump and dump for pennies? This is a great time to be in commodities.

I feel they are credible people with good vision. Their goal basically is to combine projects with blue sky with projects that yield reliable and conservative cashflow.

Now I know, what I gave you guys was mainly my impressions, with not much details and numbers, it’s up to you to fill in the gaps.