Tuesday, June 20, 2006

Consolidated Puma Minerals AGM June 15/06

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.

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