Ann: Letter to Shareholders, page-3

Have to agree, this has been a disappointment to all no doubt. There are a number of gold plays out there going cheap, any one who has followed that sector for a while knows how badly it has fared over the last 12 months. Come to think of it about as well as the coal plays have.

I don't feel as excited as IK does I am afraid, perhaps that type of hyperbole could be used to sell MNM's projects, rather than its funding model.

Good luck to you all, it has been a wild ride since 2008, and hopefully it has just about bottomed out, otherwise we have all done our money.

PRW is good example of talking the talk, hopefully MNM is not heading the same way!

cheers