AGM - Chairman`s Address
Sydney, Nov 24, 2011 AEST (ABN Newswire) - Indochine Mining Limited (
ASX:IDC) Address to Shareholders of Indochine Mining Limited: Annual General Meeting, 24 November 2011.
I extend a warm welcome to fellow shareholders at this, the second Annual General Meeting (AGM) of Indochine Mining Limited (the Company). This AGM will consider the Annual Financial Report to 30 June 2011.
I would at this stage like to make a few opening remarks before moving to the formal part of the proceedings. After the formal part of the meeting Stephen Promnitz, the Chief Executive Officer will make a presentation, before taking questions.
The year under review, and in the months subsequent to year end, have been of significant change for your Company, and entailed a great deal of effort from all concerned. I would like to pay tribute to those who have contributed to this effort. I would also like to acknowledge the role played by David Evans and Jeremy Snaith, who were involved with the Company from its early formative days in Cambodia. David and Jeremy resigned from the Board earlier in the year to dedicate more time to their personal interests.
The Company completed its Initial Public Offering and was admitted to the ASX in December 2010.
I recognise the many long hours contributed by the Directors, executives and advisers to make this possible. To those not familiar with the listing requirements the process is of necessity long and arduous, and a test of stamina for all concerned. To add to the required effort, the 11 months since listing have continued to be challenging as a result of the operating environment in which your Company operates as well as the continuing volatility of the world financial and commodity markets.
The gold price has held up very well in this period.
Despite the volatility, the Company has been able to attract sufficient funding to embark on its exploration initiatives in Cambodia to advance and safeguard the Company's tenements. The Company has also finalised the opportunity to purchase the Mt Kare gold property in Papua New Guinea and is now embarking on a drilling campaign. The Mt Kare acquisition offers a significant opportunity for the Company to make the quantum leap from explorer to producer, and with this an opportunity to achieve positive market traction and a re-rating in the market.
I would like to pay tribute to my fellow Directors Gavan Farley and Steve Gemell who have contributed many hours of hard work and counsel as we position the Company to move forward from the exploration phase. We are in the process of approaching potential candidates to broaden the appropriate skills base of the Board.
Finally I must thank all shareholders for their ongoing support as we seek to position the Company to provide the true share value that we believe the Company warrants.
Ian Ross
Chairman
Contact
Stephen Promnitz
Chief Executive Officer
Indochine Mining Limited
Stephen Promnitz, CEO
info@indochinemining.com
TEL: +61-2-8246-7007
FCR
Rob Williams / Anthony Tregoning
TEL: +61-2-8264-1003 / +61-468-999-369
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