Ann: TGN: Watershed Acquisition Terms Agreed, page-159

Well, I suppose at this moment none of VML's other assets hold much current value. The Burkina Faso permits have been disappointing; the Saxony venture is still pie in the sky; and Bella Tondi requires another $5M to be spent on exploration over the next 2 years in order for VML to acquire any ownership (50%). So really Watershed was probably seen by the market as the only solid asset the company owned. Of course if Bella Tondi continually delivers great assays then VML will indeed commit the $5M and gain joint ownership. For now, though, it frankly has no value that can be validated by the market.