They are running out of cash and have hinted at another capital raising. See the chairman's address released today.
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They are running out of cash and have hinted at another capital raising. See the chairman's address released today.
I went to the AGM after being greeted by the placard wavers. The Chinese were later discussed and basically the discussions are still taking place but the negotiations are difficult. I thought the presentations were every good from Wayne Chowles on the valuable resource now available with the old historic working drawings - much painstaking detail of the gold concentrations removed and extent of the underground workings which evidently align very well with the workings now being resurveyed. Also Ian Pringle gave us an upbeat on the recent exploration results from BPL (which NTL has 18%). They was quite a lot of discussion on the synergy potentially available with Oceania when they conclude the purchase of the Newmont mine in Waihi and the possible JV with Newcrest on the Rahu saddle. The bulk sampling is getting close but another $1.5 million is really needed to set it up properly and maximise production efficiency. I came away past the last placard waver content NTL is in very good hands and the rewards will eventually come.
Yes I was there and the one who asked about the Chinese investor. You have painted [PUN] it about right Paint it Black from what I took out of the meeting. I was also the first investor to arrive,[the further you are the sooner you arrive at a meeting] and had a pre run of things to come. Of interest to me is what happened to the 400,000 dollar investor. It appears that that investor took on a commentment to deliver on his promise and from the company It seems it is a legal responsibility to complete. Apparently this investor says he or she will but as yet no money has been forthcoming.
Another point brought up was that the falling NZ dollar is matching very well the falling gold price in US dollars. In fact at $1750 NZ you have to go back more than a decade to get a better NZ price. Before the meeting I was told that our cost to extract was about 1100 but During the meeting the report got down to about 800. Even at 1100 there is a good profit.
I also before or after the meeting talked about the promises made last AGM about where we would be by now. It seems to me we are still about somewhere going to bulk sample just like this time last year. This big delay was blamed on the court action but now the company have agreed that that is behind us and the greenies can take no more legal action to cause delays.Well it would be much more complicated in the legal world.
Our chairman and CEO will each buy 10 million shares each at the last issue rate and from what I can find must pay for them before the 90 days from july when the release was announced. This is very positive and makes me wonder if the RAHU discussions with Newcrest might be a little more advanced than we have been led to believe.
I am very hopeful that by this time next year we have advanced some of these projects.
Did anybody get a copy of this "important notice" before the AGM?
http://www.sunlive.co.nz/news/109045...-talisman.html
Interesting article. There is a saying that goes: "Any publicity is good publicity.". Though it is not strictly always true, in this instance I think its more likely to have a positive effect and free advertising. It raises the publicty of a start up gold mine operating in New Zealand under a very favourable exchange rate. So its an investment to consider for those who were not previously aware.
Talisman already have stated they have a water management plan that will recycle the water necessary for operations and it is separated from the river. So i only see some of the statements by the protesters in the article appear to be scaremongering.
That's my take.
The statement that NTL was going to use river water then place it back in the river after use was one of the court points that the protesters conceeded was just not true.Still if they keep trying on that one they could have action against them as it is a specific matter now dealt with.
Yes I've always known that the local water supplies wasn't going to be an issue as it was one of the key points on getting signoff from HDC.
I was curious to know if anybody who actually attended the AGM was supposedly given a copy of the letter by email?
I'm curious if it was somebody who posts in here who was involved in getting this fake letter out there?
I wonder if the letter could be considered as fraudulent activity, or something that could be scrutinised through legal avenues? (A case of libel action wanting perhaps)
Wouldn't want NTL to waste more time with legal action of course, rather they got on with the job.
If someone has used NTL letterhead for a fake letter it's fraud. The protest group say it came from a shareholder which is possible two ways. Some fool thinking they are helping by directing the protestors to the wrong building; or just as likely, I'm sure some of the protest group will be shareholders to make sure they get as much info on the company as they can.
Given the protest group's willingness to ignore points that they have already conceded (water quality) I wouldn't put it past them to be doing this as some sort of smear campaign.