Denver Gold Forum, page-37

johny, I cant answer a question you have just put to Peter.

Let me ask you a question in return. In a recent annoucement, Pete gave guidance then said meeting that guidance would create a large postive cash position by year end. Yet a few of us here took out the calculators and worked out if Pete met guidance he would just be able to pay the debt payments and his $1 mill salary, and the 500 to 800k salaries of the lessors on the board and management, and do some exploration.

Here is my question to you... did Pete mislead when he gave guidance that can only just cover costs, then say meeting guidance would provide significant cash reserves?

You see, to Pete, if he paid off $20 mill in debt as it came due, he would consider that $20 mill a cash reserve. Because he can borrow it again, if he needs.

johny, Pete is a Tafe Farmer. He does not understand finance. I caught him in an announcement where he does not understand the difference between secured and unsecured debt. If you have been reading me here for about 3 years, you will find Pete always tells very strange things. He tells such a story. And many things are just fantasy. All the while managing to make a share price go from $1.10 to 10 cents.

Pete is a Tafe farmer who pays himself a $mill a year. He will hang on for dear life to that salary. If he announces one week the AISC guidance is 'x', then the next week he decide to look good in the limelight he will redue the 'x' by $100, he will do it.

Only last year he gave an announcement the BRL weakness would add $25 mill to the bottom line. He did not say how... just dropped $25 mill. Well, I never saw the $25 mill. Pete 'oopsied' it away.

Heck, it could be true BDR works out fine. But it will be IN SPITE of Pete, not because of him. He is a bad, bad, bad, tricky leader.