Ann: March 2014 Quarterly Activities Report , page-29

Plough,

If I get a sniff of some grandiose scheme, I am away.

I hold simply on the greater fool theory. The analyst of the less than startling dress sense suggested 70 c, so maybe that is the go, but really that target gets back to about where they were only some months ago.

Now the die is cast, they are stably mining and decision makers hopefully do no decision making at all, which is something they may be eminently suited for because even in their words, the girls at guys are doing a great job mining. I will be happy to let the boys and girls continue doing so.

The worry is when decision makers come out of hibernation no later than two years from now.

I take the opportunity to correct a number I typed earlier. Late night and post-wine and dinner at restaurant, not a good time to remember a number relevant to a different stock. I quoted wrong ounces.

Just simple calcs show they have free cash about the same as market cap p.a., so it should lift itself back up so long as they limit expenditure somewhat and store some cash, and maybe better, store a proportion as gold 50/50 gold/cash maybe. Why not. They must believe gold has a future? Right?

I will be right annoyed if they blow everything they earn.