Ann: Press Release - Year End Results, page-10

JID

See some of my previous posts.

Some of the issues I see are crappy management, high grading their deposit, very poor past exploration success despite spending heaps, error in estimating the amount of high grade ore in the company's tenements they most recently acquired - the Masto? deposit (this was only established after FN got their royalty program in place, slow progress, always promising but underdelivering. Inclusive of the FN royalty their costs would be around USD1000/ounce (much higher should they not be able to get access to enough high grade ore).

I think TGZ is safe at the current low gold price so long as they can access high grade ore to reduce costs, which is for another 2-4 years. After that they would probably become severely stressed, just as was Semafo was before it got access to much higher grade ore near its mine in Burkina Faso.

At a higher gold price there is value here just like in so many other goldies.

loki