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Ann: Letter to Shareholders - KalGold Priority Entitlement, page-5

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    I think GRL has good ground but have not made best of it for one reason or another, I guess some uncontrollable but some of mgmt making. Hopefully back on track now. As for KAL it's in the right place, has better mgmt and is close to ARL mgmt and "influence" so have high hopes...the best outcome is they both roar down the drag strip...
 
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