Ann: Gold Exploration Update, page-8

Hi,

I've been following HRZ for a number of years now and I don't have the slightest guesstimate as to when they may start producing. I will say, however, that there have been times in the past I have felt much more optimistic about this company and its production prospects. The reality has been quite different though and the timelines have been like a rubber band, which has been pulled in so many directions over the years. I don't think the market has any consensus about the timing either - hence the share price. In fact, any guesses are just that - guesses - and I would not take them overly seriously. Sometimes I feel that not even the management has any idea about the timelines, because they seem to be moving without a direction like headless chickens.

That said, I will continue holding a small position which won't break the bank or cause me any anxiety, but I certainly would not encourage anyone new to go fully in. I mean, any buy will probably pump the share price quite nicely because there is so little liquidity, but to be honest and fair, there are just too many question marks.

All the best!