Ann: Change in substantial holding, page-78

Didn't hear a reason for your AJM "dead weight" reasoning. I've been following stocks since mid 1960's and owned stocks since 1970's. Beside my MBA, I have 4 more degrees, plus C.P.C.U., A.R.M., C.I.C. Professional Designations, as well as taught various Graduate level business courses at two universities.

Have written a book with a whole chapter on Financial Analysis titled "Risk Management for Public Entities" and pretty sure can run circles around any debate on any financial Ratios of interest.

Now as far as the Balance Sheet goes I only commented that AJM could fine $40M to begin STAGE TWO.

A challenge to this general comment was raised and I pointed to $108M+ in assets to draw from.

I pointed out that AJM had completed a DFS and STAGE TWO was being considered as soon as Market conditions allowed. To add to the confusion the "Challenger" confused the completion of the DFS with the subject of the DFS.

My overweight investment is in Altura Mining, by choice, with 648,742 shares. So I'm a little defensive when I read negative connotations calling AJM "dead weight" and thus asked for clarification.

BCNU