Ann: Investor Presentation - Resource Rising Stars Summer Series, page-13

Quite a lot of HRN's gold is refractory. I recall that PAN owned the resources and they tried in vein to sell it for a few years with limited interest. In the end they floated the gold resource and tenements off into the new company HRN. HRN's market cap of $45 million is very low considering it has a published gold resource of approx. 1.4 million ounces (market cap is $32 per resource oz) - the low market cap per resource oz is because some of the gold is refractory and this material is difficult/expensive to treat. That's why I'm keen to ascertain the status of GML's gold prior to investing.