TO: Jason Kaye et al
Re: Hi Greg.
The annual report looks strong and YRI appears to be a solid team with
a drive and strategic plan for the companies success in the future.
One thing I'm curious about is in the length of time it took to release this report It's over 5 months since year end and 3 months since V. Bradley dated his report to the shareholders. I figure we should be looking at the 1Q report right now. Why the delay?
Is the delay related to BRE-X?
Also what can we expect in the way of news releases leading up to the
annual meeting? Drill reports, etc..
thanks
jk
Jason:
The delay with the annual report (4 1/2 months I think you'll find, since year end) is the result of regulatory requirements concerning release to shareholders of record as of July (whatever) through RM Trust etc with regard to the annual meeting. The report was completed five or six weeks ago but we were not allowed to release it until July 11. Vic's statement backdates to pre-production of the report -- i.e. it takes an incredible period of time to sign off on the blue-lines, photos, maps, proofs and to get the print run completed etc etc. Perhaps next year we should date it forward to better correspond with actual publication.
As for the quarterly, it is being completed now according to statutory requirements (i.e. the number of days following the completion of the quarter) and should be mailed out this week. I'll have it posted on the Web site soon as well.
As to results before the Annual Meeting, there are a few possibles but nothing is certain. We are drilling in Washington and PNG; continuing field work in Indonesia and Paraguay; and, working on possible JV deals in Argentina, Chile and Paraguay. We are also very busy preparing for the annual meeting, Dick is in South America doing a couple of things and I'm on my way to Vancouver - Papua New Guinea - Australia on business over the next two weeks. We are not holding anything back.
Jason, I know this market is a painful but, as you can see from our annual report, we are still plugging away at some highly prospective ground.
I hope this helps.
Greg |
