Ann: Quarterly Activities Report, page-29

Dugsab. Quite frankly I am not going to get involved in a splitting hairs exercise with anyone that does not address the real problem with this company. That is it's relationship with its ordinary shareholders. Nobody can tell me that shareholders shouldn't be totally pissed off after receiving that last QR.
SB is the ONLY executive Director, in effect, the OWNER of Laneway, so,whatever you want to call him, HE dominates the company and all of its other shareholders.
And how much he has poured into the company has absolutely no bearing on whether or not he will or can pull the plug. He HAS absolute control as a result of what he has poured into the company and that's the problem. He is exercising that control and treating ordinary shareholders with contempt because he knows that he has got that control.
I was once a very staunch supporter of S.B. particularly for not walking away with the lot after Renison was transformed into LNY, but, he received full repayment of his loans to Renison with the share conversion that necessitated the 1:300 consolidation and from that dilution existing shareholders who transferred to LNY from Renison are down over 98% in capital losses from their original investments.
You will not find me gilding the lily on HC while being insulted by LNY management's total disregard for its shareholders.
IMO, no one can justify to shareholders why Agate Creek, a supposedly simple shallow mining operation, has not become a producing mining operation within the last three years.

I'll sit it out until the next ann. GLTA.