the past and the future.

Hi guys,

I am a newcomer to APG but I am a friend of Williamllll and he has kindly permitted me to write on his base. I have had shares since 2000.

I have been following the contest or ideas between Tudor and EARNIE and others.

Historically, who can argue with Tudor?

Pragmatically, who can argue with Earnie?

Scientifically, very few correspondents know what is there with APG.

I attended the AGM and I buttonholed two of the directors. They were in the position that they either had to leave my company or answer. I am a courtroom lawyer of about 25 years practice. I was satisfied with the answers I got.

I have come to the conclusion that all Tudor is saying is that the promise of the SPECULATIVE shares, has been no good investment. The promise of the years has not been fulfilled. ANd he is right.

All Earnie is saying is that these speculative shares have signs being produced now which is evidence which can be acted upon, although he would probably not advise purchase OR sale of APG without heavy disclaimers and urgent advice to do your own research. AND he is NOT WRONG.

I take no sides in this but for what my opinion is worth (perhaps it is only worth what you are going to pay me for it) I pretty well make my living by the motto, "evidence wins cases - lack of it loses them." Here, the APG JURY IS NOT OUT. and that is because all of the evidence is not in.

BUt there is evidence which is getting stronger now than it ever was. (I know that is not saying a great dea , but it is there.)

I am staying.

unless the EMERGING evidence now takes a turn which palpably demonstrates that the existing advances in DRI etc, AND Sinogold is either WRONG, or so weak that it should be abandoned, it would seem to me that the continuing "value added" evidence supports a conclusion of staying the course.

APG may not be a pot of gold. but there is no evidence before me that it is a crock of .......

I am prepared to wait a bit longer. And then button hole the directors agaion in the new year. Maybe Feb.

if APG makes a Bomb, Fantastic. If not, well a speculation is a speculation is a speculation.

I expect to make enough in the next year to retire.

this will be my only letter so a happy Christmas to all.

Thank you to Will, and all the others for their entertaining and forthright views. I have enjoyed the ride.

Finn