Ann: St George Opens Share Purchase Plan, page-14

"have no shame".

It's an exploration play. I'm not sure what you expected. Yes, it's very sad for shareholders who were involved years ago and have seen their investment diluted or evaporate after successive capital raisings and hundreds of holes.

But that's the risk you take with an exploration play - timing is everything.

John Prineas has made the effort but the drill bit has done the talking, he hasn't been able to uncover the system. It's been like a needle in a haystack.

However, the fact that he's putting in $200k and the new general manager $100k, is suggestive of optimism.

Julian Hanna is an employee and not on the board. How many employees you know invest $100k into their new role? Not only that, he is a geologist with three major nickel discoveries to his name.

If Julian can't figure it out, no one can and we'll know soon enough. People of his standing typically won't lend their name nor their funds to a lost cause. Reputation is everything in this industry.