Ann: Response to Media Speculation, page-64

The Money of Mine guys nailed it in the video posted earlier...GOR Chairman Netscher and Co are milking shareholders way too hard. They manage no mine (all passive stakes), and their large exploration spend has all been wasted money...this management team have delivered nothing and couldn't manage their way out of a wet paper bag, yet the head office costs to feed them are huge. As the MoM guys pointed out, someone could take over GOR, sack the entire board and management, and be left with a much more profitable company that just owns the passive stakes/royalties. Why pay for a management team that has a long track record of value destruction when you don't actually need them.

As Rick Rule often says, mining is a poor quality industry where it's hard to make money through the cycle...so you have to back good management teams who create value, and GOR are demonstrably sub-par in this regard...glad I sold earlier this week.