Ann: Quarterly Activities Report, page-52

keppleman good summary of the horrible set of numbers for SGI, and just to add to the quagmire, the CAD$5m bridging loan with Auramet was only given in coordination with CYL hence one of the key conditions of the loan was that its duration expires on the completion of the T/O transaction. Throw in the overdue production and cash flow reports with uncertainty whether the T/O will go ahead (I hope not) and you have IMO a cluster Kuck. Which leads me to my next observation: just like your brief summary on the SGI numbers unfortunately other shareholders (particularly the ones invested in the $22m CR) have also come to the same conclusion, CYL is paying way too much for SGI! This is why our current (CYL) share price is suffering. Proportional dilution of our share to the circular of $40m script for a company that is IMO technically bankrupt with a pitiful MC of $25m plus being a gold miner in T/O bid environment in a record gold price boom is to say the least very concerning!