Ann: Quarterly Activities Report, page-94

I'm not sure I agree with the statement that I'm not understanding the point.

It is easy to say the company paid $xxxx per ounce because ounces of a "reserve" status can easily and accurately be calculated as having a value.

Is it known how many inferred ounces there are at Tropicana? I'm sure I could research and figure it out, but I can't be bothered for now.

The other thing to be mindful of is, as many have suggested, is these ounces represent more than gold in the ground. They represent immediacy of return on investment. They represent low risk as demonstrated by the long history and performance of the mine and resource. They represent potential for significant upside with little "forward" mental or captial investment (meaning they don't need to turn an under performing asset around, for example). It also offsets the impact of the hedge that they inherited.

The other thing is goodwill. In mining it could mean any number of things, but surely it must include all of the undiscovered ounces left in the ground.

It's easy to say they paid to much, but the last quarter would have been horrific if the company didn't have the ounces and low AISC of Tropicana.

I think the mine is a beauty, and it's a shame we don't own a larger portion of it.