Ann: Date of AGM and Closing Date for Directors Nominations, page-8

Amigo, you make some good points. I have two opinions with regard to management holding shares in micro junior explorers. like GNM. On one hand, if you have a director with a great track record and plenty of skill, who has bought a good number of shares and ends up owning 5% or even 10% more of the stock, that is very good for shareholders, IMO. It means that the director can effectively block lowball take-overs, etc when a discovery is made or when a good JORC has developed. On the other hand, if directors have simply accumulated mostly 'free" shares and end up with a 5% to 10% holding, that can be a real danger for shareholders. Let's face it, if a person is a longterm shareholder in a company like GNM. they will be in the red by the time mining is on the agenda. It's not a phenomenon restricted to GNM - almost all junior explorers take time to discover a deposit then take a few years to drill it out and develop a JORC that is attractive for a JV & mining. That is to say, sharesholders who hold onto their shares in a company after it made a discovery, usually end up "underwater" while they wait for the minng studies (the orphan period). And the last thing you want is a group of directors with a big holding of free shares, who want an easy buck by selling the company out at a low ball figure - especially just when the investment looks like it could show a profit. I've seen it happen, and it is a bad result for the longterm holder. Having said that, IMO, GNM is still in the discovery stage and has plenty of scope for growth. The last round of drilling wasn't spectacular, but the geologists will have learned plenty. I expect that the next round of drilling will target the high grade zones and extensions (remember, there was an intercept of 150g/ ton in the previous round). A Fosterville-type system is not out of the question.