Ann: Press Release - Equity Offering-TGZ.TO, page-4

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PRU will be (relatively speaking) a cash cow in about 18 months, even at the current gold price.

TGZ management has always been low grade and grabs money wherever and whenever it can. The TGZ/GRY t/o was simply a marriage of low low grade teams coming together as one to perhaps have lots more mishaps in the African jungles. The worst of it was the money TGZ took from Franco Nevada to finance the takeover of a neighbouring company for its supposed high grade deposit (which turned out to be low grade on further inspection) so in the end they had to mine the high grade Gora deposit ahead of schedule) in order to survive. If they could average around 2g/t mill throughput then I think they could make some good money even at the current gold price.

I have posted my views about the past errors on the TGZ thread - take them for what they are worth.

Maybe I was too optimistic in thinking Bonfora was development ready and you could be right that more drilling to find other ore bodies is required to improve its economics.

I do not think the market will like this latest announcement, but we may be saved by a rising gold price when the company comes out of its trading halt.

TGZ is a smallish part of my goldie portfolio buts its still useful money that will not do a whole lot for a long time I suspect.

loki