Stanley Room, Hyatt Regency
June 14, 2007
Mark Ward, VP of Exploration
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.