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| | December 02, 2009
President's Message
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| | Dear Shareholders:
We are delighted to report that after years of hard work and investment in exploration activities that was not recognized by the market, we have reached a turning point. Our recent execution of two joint venture agreements with AngloGold Ashanti Limited, one of the world's biggest gold mining companies, is a tremendous endorsement of what we've been doing in Gabon, West Africa. Special thanks is owed to Mr. Tim Barry who has led all of our exploration activities in Gabon with efficiency and professionalism that has been recognized by AngloGold Ashanti with its offer to Tim to head up the joint ventures' exploration activities for a period of one year.
Under the terms of these two joint venture agreements, AngloGold Ashanti will spend a total of US $6.7 million prior to Dome being asked to contribute to the joint ventures.
Our remaining exploration license in Gabon, the Mitzic License, is most prospective for iron ore and while no direct exploration expenses are planned at this time, we are in the process of executing a plan to have this license grouped with three other exploration licenses prospective for iron ore to form a property package to be offered to international iron ore companies in the near future. We hope to publish a news release on these activities focused on iron ore exploration in the near future.
With the majority of our property in Gabon now farmed out to AngloGold Ashanti, our focus is now directed to the proposed merger of Dome with Metalline Mining Company. At the time of writing we are still undergoing due diligence and there are numerous conditions to be met prior to the closing of the merger, expected in or about April of next year. Mexico has a tremendous mining history and Metalline's Sierra Mojada project is located in a state that has historically been very active in the mining industry. The principal metals are zinc and silver, with the majority of analysts predicting a rosy future for both.
If the merger proceeds as planned, the merged company will have approximately US $20 million cash, no debt and will own both the Gabon assets and the Sierra Mojada project.
Our goals for 2010 are as follows:- Gabon - monitor the progress of our partner AngloGold Ashanti and move the Company's Mitzic license forward through a joint venture with a major mining company.
- Metalline Mining - close the merger, hopefully in April 2010, and rapidly move the Sierra Mojata project closer to feasibility.
The lifeblood of all junior exploration companies is information that truly moves a project forward and is recognized by the markets. Unfortunately such information has been lacking in Dome in the past years.
There is now a reasonable expectation that such information will be forthcoming from Gabon and in the event that the Metalline Mining merger closes, we can expect a steady flow of information from aggressive work programs to be carried out at Sierra Mojada.
Provided the capital and commodity markets remain stable in the near future, we expect that both 2010 and 2011 will be exciting years for Dome's shareholders. We would again like to thank all of our shareholders for their patience, which we feel confident at long last will be rewarded.
Yours truly,
DOME VENTURES CORPORATION
Brian D. Edgar
BRIAN D. EDGAR
President and Chief Executive Officer |
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