Ann: Quarterly Activities and Cashflow Report-GCY.AX, page-10

With the exception of perhaps the one engineer on the board who is about 120 years old, these directors have not put a project into production. They are all of the exploration and turn-it-over mind set. Giralia went for decades without producing anything. Some shareholders made money when the Hartleys mob arranged the atlas takeover but those left holding atlas shares are stuffed.

No development track record. They will turn this project over which may not be such a bad thing. Basic procedural truths of mining economics apply her no matter how well the consultants present their reports. A 6.4 to 1 strip ratio at 1.4 g/t will barely recover the capital at 2Mtpa. It needs to have a mill twice that size and then the reserve is insufficient to warrant investment. It needs minimum 1MOz in ore reserves.

This recent CR may put some holes into the ground to add to the resource and reserve but more than likely the money will be used to mop up some moth-eaten tenements around the state as other companies fold. That's their track record and that can be every bit as effective as going into production. But this aint going to produce.