Ann: Quarterly Activities Report , page-4

MikeM

TGZ did a naughty by saying they were fully funded when they completed their deal with France Nevada but have come back to the market again just a few months later to raise more funds at 83 cents share.

Have a look at my prior comments about the Masato deposit which they acquired from the OJVG takeover. This deposit was supposed to be 1m ounces grading at around 2 grams/tonne but is only around 1.1 grams/tonne. A key justification for the t/o was to access higher grade ore that would reduce their average costs and hence provide a lot of free cash flow.

This is a management that has underperformed for a long time (especially in terms of exploration success) and in my view can not be trusted.

Trade TGZ, but its seems best not to invest with a long term view - given their past performance. Perhaps this could be said about all the goldies!

I sold 75% of my TGZ holding some months ago and sold the balance a few weeks ago.

I may buy back in sometime for a trade, once I have had a close look at their quarterly report. In recent days TGZ has been getting a hiding on the TSX.

loki