Ann: Option to Purchase Mantos Tenements, page-7

They spent $200K on an option. That is less than what they are earning in interest alone. They can drill the land into swiss cheese, if they want. If there is nothing worth exploring after a year they can walk away.

None of these activities preclude another capital return. Returning,say, $15m (3.75c) will still leave the company as a well funded junior explorer.

The catalysts for appreciation going forward will be:

First Capital Return - $50m hitting bank accounts this week and will be looking for a new home - how much will flow back into AGS?

Quarterly Report - some investors like to see the bank balances in black and white. It is then they move.

Exploration Plan - a clear path to exploration will change sentiment from cash box to explorer with the premium deserved.

Another Capital Return - always a possibility. The fact they did the first one (and many other companies have not in similar circumstances) shows they aren't interested in being a cash box.