Ann: TNG Shareholder Newsletter, page-121

then their average cost is likely still well above the recent prices! If we look up the volume turned over below the current price over the last couple of years even, I think there's pretty much sweet FA carried at that cost level, so therefore firmly believe there should be solid support for 11c, if not a couple perhaps a couple cents more than that even. Sure, many of us have costs down as low as 4c from years ago, but I think the long termers have proved they are in it for the long haul by never providing much of any supply below 10c.