Ann: GRR Quarterly Report for the 3 Months Ending, page-27

re: Ann: GRR Quarterly Report for the 3 Month... I understand why you disagree given they are break even at this point in time. The reason it is breakeven is due to over the last 12 months they have been producing 60% of normal capacity due to mining low grade ore which has increased their cash costs of production. It appears they are getting back to normal production so they should be generating some good profits going forward. If they wait until cash is accumulating again and do a buyback they will be buying between 40 & 50c whereas if they do it now they can purchase 10% in the 20 -30c range. Based on current market cap less cash they are being valued at $100 million which I think is heavily undervalued given in normal times they should produce turnover > $300 million with profit at about $50 million. instead the cash is earning probably 2-3% so if they buyback now they will make a 100% return within 12 months by using this cash for better purposes. This will also result in a higher EPS. I dont think their price will remain this low going forward unless the ass falls out of iron ore prices for the long term.