Ann: Presentation at Resource Stocks, page-20

Yes surmans is the go-to lode for the big quarters ...also lost plenty money here ....but I thought this thing was amazing value up to a cent++ if promises delivered were kept but promises took an about turn and we had a board war (no idea what they fighting for lol) and equipment failures which should have been taken care of from previous raises however seems like they have the 'kit' now...surpise surprise after board now is loaded with stock...so can hopefully look foreword to money back ++ though it's still a little tender on current cash position hence 5B . My understanding is Tracy doesn't want dilution from this point if can be avoided, but I am inclined to think he may place some of those .002 remaining placement capacity to sophisticated investor or institutional if wants a buffer or sees strategic opportunity. But can't see an spp raise- he wouldn't want to dilute himself anymore imho or risk his controlling stake.

The ++ over a cent ....what this refers to is if production gets humming and they choose to finally explore their ground extensively with free cash, this is where it can come into play and big time. We know that May River half the mountain is potentially made of gold and copper (extension of Frieda River which the Chinese are angling for as well documented), and as for Edie creek there has to be so many massively high grade lodes that haven't been exposed in a drill core result. It really has the potential to hit a mother drill as Edie creek has the history, and mostly unexplored to modern technique. The old timers just pulled up to 240 oz a day (yes you read that right- made them all filthy rich before mining ceased prior to WW2)

So the summary here is many of us are waiting to see if he comes good, the signs are truly now there, newcomers get a gift, but knowing things are still tender on the balance sheet but the upside is immense from this level. And I might add the balance sheet has been cleaned up heaps after these previous raises. Pattos clients got set at .004 on this.