ann: june q activities report, page-19

Hey JG,

Sold most of my KCN this week... still love Chartree and like the potential at Nueva Esperanza, Hate Challenger, Hate Bowdens and still hate management. The loss from the hedges has now ballooned to over $5 million dollars... they panicked to protect a meagre cashflow at Challenger... and I don't particularly like managers when their own interests are put ahead of the wishes of the company owners. Investors campaigned against the hedging strategy, Gavin took the middle road and hedged half the initial intention... The pay cuts now look miniscule compared to the extra losses shareholders are now suffering because Gavin wanted his own way AGAIN. My only wish is for KCN to stick with Chartree so we can enjoy its fruits, rather than trading in those fruits for rotten piles of crap.

I'm very bullish on the gold price. The Yield on the 10 year T-note is threatening the 3% mark now... extremely positive for gold... and extremely negative for fixed income instruments.

I love SLR and TRY for it's Casposo and acquisition of AZH (I think that'll come up with the goods).