investor presentation - 25th august 2011, page-6

Alex, I think that until you are pulling shiney stuff out of the ground the mkt discounts your ability to ever get around to actually getting that far, so they price you just as any other speculative startup. Difference here is that the company has been very specific on their timeframe and process that will take them through to production. This is an honest and hardworking management team and I have little doubt that they will meet their deadlines so in my opinion the fact that this share prices not more highly correlated to the gold price is a mistake.....however I would also note that gold stocks in general have lagged gold and I think that spread will contract....I would much rather own a gold stock a than gold at current valuations ......gold companies are notoriously badly managed (not this company) but with profit margins where they are it is only a matter of time before private equity come in a grab these companies and manage them to extract as much value out of them as possible and as quickly as possible rather than the traditional focus of lifting reserves.