"investor relations", page-24

Reiner,

with CRE T/O CR Risk was inherent and I think is priced in the SP hence SP has not wildly underperformed au gold sector as a whole even after the release of a bad quaterly.

FML is looking to increase it production profile from 100k to 200k+ in a year which is not a cheap feat to achieve. Mgmt figured t/o is a cheaper way to double our resourse/reserves/production then inhouse eploration.If gold holds and mgmt is able to bring cost down in a qtr or two, fml will be massively undervalued based on every valuation aspect. Ofcourse assumption is bull market in gold miners is very nearby.

I will continue to hold my core position as I think not much froth left and am still a believer in its potential.