ABM Resources NL (ASX:ABU) Chairman Address and Managing Director Address to Shareholders at 2011 Annual General Meeting
Perth, Nov 30, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to release the following Chairman's address and Managing Director's address to shareholders at 2011 Annual General Meeting:
Following the intense activity of the previous year, mainly involving corporate and management restructure, substantial re-financing and the acquisition of two outstanding exploration portfolios, it was somewhat of a relief to get onto the ground and commence serious exploration during this year.
The Company set out in July with the following principle objectives, following its mantra of "drill deep, drill early".
- Complete an initial phase of deep drilling at the Buccaneer prospect that was commenced in July 2010, with a view to enabling an initial Resource (targeting > 1Moz) to be estimated.
- Undertake mapping, surface sampling and limited initial drilling at the Old Pirate prospect, with the initial goal of understanding the controls on the erratic but spectacular high-grade gold found there.
- Drilling the first deep (>200m) holes into a number of the other prospects defined by previous, mainly shallow drilling (Barrow Creek, Hyperion, Lake Mackay, and numerous targets within the Twin Bonanza Camp).
- Raise sufficient funds to enable our aggressive drilling program to be maintained into 2012, with at least some of the funds coming from one or more respected resource specialty funds.
I am very pleased to say that each of these objectives has been achieved, due mainly to the skill, enthusiasm and hard work of the whole ABM team. In the Annual Report, I summarised these achievements, and your CEO Darren Holden will provide some additional detail as well as some pointers to the future in his upcoming presentation this afternoon.
In my report last year, I said that "to achieve this amount of success and pace of progress everybody involved has to operate with great skill and at full capacity". Well, the demands on the whole team - senior management, the technical and field staff and the administrative support - have only increased, and everybody has just stepped up. It has been a pleasure working with all of the people, and you can be assured that the Company is in very good hands.
There have been two important developments during this year that I would like to particularly highlight. First, the management and the field team have put a great deal of effort into the development and implementation of robust OH&S systems and procedures. The board takes safety very seriously, and receives detailed reports of any incidents as well as having input into improvements of the systems and procedures.
Second, like all ASX-listed companies, ABM published its Diversity Policy during the year. However, unlike many of our peers, especially in the mining industry, we have been putting it into action. We are particularly proud of our gender diversity, which sees =50% women in each of our management, administrative and technical teams. We are only lagging at board level and I plan to address that during the current year.
During the year, Nick Archibald left the board, having played a crucial role in bringing both the Tanami Gold and the Newmont Mining exploration assets into the Company. I would like to thank Nick both personally and on behalf of the Company for his substantial contribution to where we are now. Also during the year, Graeme Sloan, CEO of Tanami Gold, joined the board, nominated by Tanami Gold under the agreement by which we acquired their NT exploration portfolio. Graeme brings substantial corporate and technical experience to the board, as well as an important 'engineers' perspective to balance the geologists' enthusiasm and optimism!
It has been another exciting and successful year, and 2011-12 has started very well. We look forward to continuing to bring positive results from the Company's aggressive drilling campaign, and to creating value for our shareholders. Despite the exploration success achieved to date, as our CEO Darren Holden emphasized in his recent presentation at the Diggers & Dealers 2011 conference - "we have only just begun".
The managing director's address is attached below:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-569505.pdf
About ABM Resources NL
ABM Resources (ASX:ABU) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
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