Ann: Significant shallow high-grade gold at Mon Ami Gold Project, page-177

As You know, GSN has many irons in the fire. I view the gold deposits as things to monetize via a toll treat or out right sale (refer to preso) the results are well within line with expectations and they are surrounded by mills treating lower grade material. They also have enough money to keep going there if they want imo. They could drill QLD this year regardless. (in preso).

The real gorilla in the room is QLD. Those targets are fantastic and there is enough work done on them to get very excited. I dont think the market has any clue as yet but that will come in due course. They are after tier 1 assets and those targets are the ducks guts to potentially find one. Management own most of the stock so we don't need worry about dodgy directors milking shareholders and diluting us into the ground. They also own a lot of options and i would also consider paying some up when the time is right. If these guys find something in QLD (dozens of excellent targets with several monster signatures to be drilled) then the stock could be worth many times the current price. I remember MAG announcing it was going to drill a large porphyry target along strike from another large discovery and the stock ran 10 x. I think GSN can easily move over 20c as we get closer to drilling on that alone. How do we value it? We will have to wait but if EVN dont do a JV on the ground, they will risk having to pay a great deal more over time on success imo. Thanks and good luck.