Ann: Four Mile Project - Completion of Sale to Quasar, page-57

After being a long term and loyal holder of AGS I reluctantly sold all of my holdings several weeks ago. Sadly I crystallised a big loss doing this.

I said at the time I was confident I could use the funds from my AGS sale to invest elsewhere, recover some losses and move forward. Much to my surprise this has happened much quicker and with a better result than I could possibly have imagined. After my AGS sale I did some research on a downtrodden gold producer that essentially had solid fundamentals but with a very depressed share price. So I took a punt and jumped in and in just a few weeks I've recovered my AGS losses in full and am now nicely into the green. Whilst I did my due diligence and I think my timing was very fortunate on this stock. Incredible really after all those wasted years invested in AGS.

So ironically after years of supporting AGS and continually increasing my holding in the hope they would maximise the potential of their once held, once in a lifetime asset they destroyed it through sheer incompetence. Thank heavens they destroyed it completely before my new investment took off.

It's amazing what can happen when you invest in a company that is well managed and works in their shareholders best interests. As opposed to a company that has a shrewd joint venture partner (complete with a dodgy JV agreement), isn't constantly using shareholders cash to pursue pointless court battles and paying some consultant a heap of money for bad advice! I could go on. So I have learnt some very valuable lessons from my AGS experience and have been fortunate enough to dodge a financial bullet and recover quickly.

I do keep an eye on AGS as I am curious but I am firmly of the opinion that unless management is changed completely that this company is done and dusted. The poor decision making and bewildering wastage of money over the years to the point that they had to sell their once in a lifetime asset at fire sale prices was unforgivable.

Trust only goes so far and past history tells us the remaining funds after the capital return won't go far...except into a hole in Chile.

I wish remaining long term holders all the very best and don't ever think there's not another opportunity around the corner. Good luck also to new investors but take notice of the long termers experience with this company. I genuinely hope AGS gives you what they couldn't give me.