Ann: Syama Underground Achieves Commercial Production Rates, page-65

Yes if DCN had have played out like I was expecting or even just bumped along with below average performance I would still be holding RSG, ie wearing the current ongoing development risk of the stock. Unfortunately DCN was a "black swan" event for the balance of my over all investment portfolio and I had to take radical action to bring everything back into an appropriate risk balance. I put too much weighting on DCN and never expected such a harsh sell off by the funds in the wake of the second guidance miss. I was prepared for the pain that was inevitably going to happen with a June guidance miss but I underestimated the market reaction. I think much of the fall was/is still being driven by the fear that the the GCY example set, going into voluntary administration in the same week.

I find it kind of ironic that the price of that stock remains pretty stable at the new level it seems to have found. One would imagine that with greater uncertainty about the status of the company's operations the price would be far more volatile but it seems that the same system of funds that valued DCN at over $1.50/share for about 3.5 years during development and mine construction and got the valuation so horribly (apparently) wrong now can value the company with so much apparent certainty (lack of volatility). The values of all these companies are contrived and there is no relativity to the valuations, it comes down to faceless funds that are in control of other people's money coming to consensus valuations that have no bearing on the long term risk weighted profit generating capacity of these companies and some people say the sector and markets aren't basket cases. Esh