Letter to Genesis Resources ASX:GES

[Risto the Great]

There should be a law in Macedonia that prevents companies operating in country (in any capacity, including joint venture) if they are to reffer to us as fyrom, either in Macedonia or outside.

You would think that would be the case. It is simply a matter of pride.

[Frank]

There should be a law in Macedonia that prevents companies operating in country (in any capacity, including joint venture) if they are to reffer to us as fyrom, either in Macedonia or outside.

You would think that would be the case. It is simply a matter of pride

Yes and Yes to that

[Rogi]

I remember posting the prospectus and the announcement of the recent Genesis Resources IPO on maknews not long ago.


Even most Greek companies refer to the Republic of Macedonia by its' rightful name, in fact that's a rather arrogant and dismissive response by them so much so that it is enough to irritate many Macedonians into action.

There are a few ways in which this matter can be taken further.

1. Lobby the Macedonian Government and pull all strings that can be pulled, to withdraw their exploration license for their projects in the Republic of Macedonia. Any indication by the Macedonian Government that it may even consider revoking exploration licenses, can have a substantial effect.

2. Release public statements to mainstream media and all social media and elsewhere announcing the intensive lobby campaign being prepared and acted upon, to have their exploration license revoked.

3. At the conclusion of their trading halt, when trading resumes, buy some shares in the company (any amount), which I will be doing, and in the same way that shareholder activist Stephen Mayne does, attend the next Annual General Meeting, raise the issue there and create a storm about this issue.

4. Failing that, there's the option of lobbying the Macedonian workers at the Plavica project, and assisting them in doing so in whatever way they may require, to strike and block all exploration and drilling at the Plavica site.

Inform the company, and its' major shareholders, of the intention to do all of the above three.

They may feel more 'compelled' to take the matter seriously when both their project is at risk and the share price begins to reflect that risk.

[Volk]

1. Lobby the Macedonian Government and pull all strings that can be pulled, to withdraw their exploration license for their projects in the Republic of Macedonia. Any indication by the Macedonian Government that it may even consider revoking exploration licenses, can have a substantial effect.

The ugly reality is the goverment wears the tag FYROM when present in EU structures...

[Rogi]

That's rather irrelevant, Volk. This has nothing to do with EU structures; in fact it is a joint-venture between an Australian company and a Macedonian company, with licenses and approvals granted by the Macedonian Government.

A project like the Plavica project, could end up delivering substantial rewards for Genesis Resources and subsequently for Australia.

That increase in Australian capital and investments in the Republic of Macedonia, could in future provide to be an important factor in any future Australian Government's decision to recognise the Republic of Macedonia by its' rightful name.

It is therefore of high importance that the company itself, refer to the Republic of Macedonia with that name.

[Prolet]

Ok Rogi, sounds good to me

[Volk]

That's rather irrelevant, Volk. This has nothing to do with EU structures; in fact it is a joint-venture between an Australian company and a Macedonian company, with licenses and approvals granted by the Macedonian Government.

A project like the Plavica project, could end up delivering substantial rewards for Genesis Resources and subsequently for Australia.

That increase in Australian capital and investments in the Republic of Macedonia, could in future provide to be an important factor in any future Australian Government's decision to recognise the Republic of Macedonia by its' rightful name.

It is therefore of high importance that the company itself, refer to the Republic of Macedonia with that name.

I am aware it has nothing to do with EU structures, however my point is to illustrate the fact that the government can wear a label FYROM, this shows the difficulty in lobbying them for something they have accepted under duress for so long.

The only difference in the situation than all others (EU, NATO, Sports Associations, ect) is that we are in the position of power, atleast in our view. Another angle is that the government will bend over backwards to bring in capital and this is just a small pill to take.

Best way to put pressure on the government is through the local media which may or may not find it news worthy.

[Volk]

PERTH (miningweekly.com) – ASX-listed minerals explorer Genesis Resources has declared a maiden resource of 1,6-million ounces of gold, and more than 28,2-million ounces of silver for its Plavica project, in Macedonia.

The project also contained an inferred copper resource estimate of more than 32,6-million pounds, at an average grade of 0,28%.

Genesis said in a statement on Tuesday that metallurgical test work and a scoping study on the project would now start.

Genesis MD Pedro Kastellorizos said that this was the first Joint Ore Reserve Committee-compliant resource estimate ever undertaken on the Plavica project.

“We are planning to conduct further exploration in the near term, which will include an extensive drilling programme undertaken by the company on behalf of the joint venture.”

Genesis and Macedonian conglomerate Sileks are jointly developing the Plavica project.

Kastellorizos added that the company was also planning a full exploration programme to focus on other previously identified prospects within the concession licence area.

The project is made up of two exploration licences covering over 200 km2 in the Carpathian volcanic arc, a major epithermal province running through eastern Europe, and is highly prospective for gold, copper and silver mineralisation.

“The company has a strong belief in the prospectivity and potential mining opportunities in this part of southern Europe and these results vindicate that belief,” commented Kastellorizos.

http://www.miningweekly.com/article/genesis-declares-maiden-goldsilver-resource-for-macedonia-project-2010-06-01

Genesis MD Pedro Kastellorizos here you have it, he is greek which explains everything... quick google search confirms this.

[machorot]

ASX ANNOUNCEMENT
12th Aug 2010

BOARD CHANGES

Genesis Resources Ltd(“Genesis” or the “Company”) (ASX:GES), wishes to advise that Mr Pedro Kastellorizos has resigned as Managing Director to explore other business opportunities.

Chairman,Mr Eddie Pang commented: “Pedro has been an invaluable member of the board and, as Managing Director, ensured the
listing of Genesis; spearheading funding initiatives and the development of the Company’s tenement assets and significantly its maiden gold inferred JORC Resource over the Plavica Project in Macedonia.”

I believe the board/investors pushed him to resign after word got around of action being taken to revoke the exploration license, and a subsequent drop in share price.

Either way, justice has been served.

[sf.]

justice has been served.

Profits have been preserved.

[MacoLionHeartSun]

I have to give you credit Machorot, you have been very persistent, to say the least!

Great result..hopefully all future public release's by the company can refer to ROM, as there willing to invest money in the region and mine there resources, the least they could do is act in the best interest of the ROM and its people.

[Rogi]

We can only speculate about the reasons for Pedro's departure, though as mentioned, even the slight indication of an exploration license being revoked will yield substantial results and this may indeed serve as a testament of this.