23-09-2015, 09:13 PM
SEDAR says the special meeting is now a month later, on Nov 03 at the same venue. Unsure what time the meeting is, that's not spelt out.
11-01-2016, 07:32 PM
All of the proposed motions at the AGM were passed, which means Antipodes Gold will provide a back-door listing on the TSX-V for CRP, while at the value end of the deal Oceana Gold will pay the old Glass Earth bills, and obtain 100% of what's left of the permits. These are under part of Waihi township, and to the Northeast of Waihi, up in the hills at and around WKP.
I also saw this snippet in the management information circular sent out before the AGM.
Of course at this juncture, the three people concerned are the most likely to know what's going on with the company business. But they also helped put the company in a very bad position, and lost a whole lot of shareholder cash. Some of this capital was apparently lost through a minority of untrained or unsupported staff who were being paid only around $25 an hour. Even then the staff did a lot better out of the deal than the shareholders, who actually paid good money to watch all of this unfold. Our return =NIL.
NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS
To be held on November 24, 2015
Management Information Circular
(Dated October 23, 2015)
The Company had employment contracts with Messrs. Henderson and Liddle but these have been cancelled by mutual agreement and replaced with a time based contractor rate of NZ$700/day (C$600/day). Mr. Rabone is also on a time based contractor rate of NZ$800/day (C$680/day) since his appointment as CEO in February 2014. Other management services for the Company are not, to any material degree, performed by persons other than the senior officers of the Company. No pension plan or retirement benefit plans have been instituted by the Company and none are proposed at this time.
Last edited by elZorro; 11-01-2016 at 08:56 PM.
12-01-2016, 07:41 AM
Oceana Gold is firing ahead with drilling into the Waihi West permit, where they have a new vein discovery called Quattro. Note that this didn't get 'discovered' while Glass Earth had any money or ability to do anything about it. It just sat there, while GEL shareholders helped cover the permit holding and overall mapping costs.
12-01-2016, 07:48 AM
NTL also seems to demonstrate a similar lack of action... Perhaps, as one poster mentioned, they also may not know how to drill.
12-01-2016, 05:57 PM
Yes, it all goes to show how goldmining is certainly a game for the big guys. Newmont just stalled Glass Earth on Waihi West (surely always a good bet), waited for them to run out of money. They were outfoxed in Otago by an older operator, but they were well and truly done up in Waihi. Drilling costs a heap, you have to drill a lot of holes to get good data reliable enough for mining. GEL only had to pay a smaller percentage, but that was always too much for their budget at WKP, and Waihi West was not really started. Then they lost the new capital Brent Cook brought along (or the potential for it) at Drybread, and they were sunk. Lots of the SI permits were probably never adequately checked out, they had too many permits for the funds available.
Originally Posted by youngatheart
I still think that they were unlucky not to find a rich spot in their few contracted drills, but when it came to alluvial mining, they were inept compared to people who had been doing it for a living. That's what finished off the game as far as shareholders were concerned.
12-01-2016, 08:36 PM
Yip, Yip and Yip.
Originally Posted by elZorro
Can't wait for this little thread and my AXG holding to disappear.
Thanks for your insight and your continual postings elZorro.
A lot of lessons have been learnt. My future cash will stay away from the directors involved in this failure.
12-01-2016, 09:16 PM
No problem Carpenterjoe, guess you were as optimistic as me for a long time. If I'd been a bit more informed by the company as to the true state of affairs, I'd have posted a lot less. Their carefully worded press releases remind me of that slug gun and motorcycle brand, BSA.
One outfit I will be keeping a good eye on is OGC, they could do very well around Waihi, as the gold grade appears to be close to 1 oz/tonne in parts of the Quattro vein alone.
19-01-2016, 06:39 AM
CRP put out a press release yesterday, in which AXG is carefully posed as a "cashed up" entity, ready to help CRP achieve all of its long-term goals.
All the best for that - looks like Simon will be going to another PDAC conference overseas.
31-01-2016, 08:04 PM
Nothing to report, except that an old November 2015 press release puts a new perception on the Quattro Vein in Waihi West. Remember GEL had a big chunk of that in the beginning, at the IPO. While they hooned all over the country looking for a pot of gold, it was probably sitting there under Waihi township all along. But I bet Newmont wouldn't allow them to drill it for several years.
The newly identified Quattro vein located west of the old Trio workings may be a potential strike extension of the Martha system. Its estimated to have a strike length in excess of 500m with thick vein widths up to 7.6m.
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