Ann: Commissioning of Old Pirate Mine Reaches Major Milestone, page-23

Very much understand where you are coming from Bruce. I have only invested in ABU recently, but realise that for the majority of holders, the current SP is very unexciting. Most would be in the red, and many will most likely sell of some of their shares as the SP rises, because history has darkened your view on ABU. Been there many times with stocks.

While I agree that the 'market' in general does not have a lot of interest in gold stocks, the beauty of the current situation (world financial situation, low rates, money printing etc) means that it will only take a very very small portion of the market to again become interested in gold stocks. Then the biggers will move a little bit, the mid tiers a bit more, and the small producers (and some explorers who by pure luck time it right) will see the kind of gains that we deserve (for all a bloody waiting! ha).

I think stocks like GOR, show that there is appetite for gold stocks when their story is well told. With an MC of $275 million.. and no plant, no production etc etc... I see no reason why ABU cannot reach such levels especially if they have some exploration success. Plus I am hopeful that NST will quickly show that their Tanami J/V project is worth much more with ABUs assets included. Anyway, I hope this does not come off as preaching, you most likely hold many more shares than I and have held for a long time, so know very well why you hold the stock.

The only thing I disagree with you about, is the SP possible movement in the short term. If ABU finds a new deposit, or proves that Buccaneer has the ability to easily (and cheaply) add to Coyotes production for FY16 and onwards (realistically, I think that would not be possible until next year, but the deposit is in a granted mining lease... so paperwork would not be an issue). The plant could go from producing perhaps 50-60k with the 150k tpa potential, to perhaps another 200k tpa at 2.5g/t which would push the total production up to 66k-76k (again, I am hopeful this is quite conservative). Anyway, as you say, optimism is nice, but cold hard production numbers are better plus some high grade cores.

Out of interest, perhaps for Helm or Bob and others, if Buccaneer did have shallow, medium grade ore to supplement Coyote, how quickly could ABU get it into production?