cash flow report on the nose., page-2

Hi RONRAINE

Both Albert and CFO Godfrey are experienced accountants and I expect the financial statement is spot on to the dollar. That said, the one item in the financial statement that I have difficulty with is the $400k from tenement sales. I can't find reference to this sale in the quarterly at all. I've checked the St George Mining fin statement too and it has nothing to indicate a $400k payment. Mostly I would like to know which of their tenements has been onsold.

Debt position would have improved but I expect the company still owes big biccies to the mining contractor. Watpac and A1 appear to have an amicable arangement atm but watch this space. Watpac does want to further its interests in contract mining so are unlikely to pull the pin ...but they could and it is another risk factor in the mix.

BWJ, I am a bit micturated that Albert didn't fulfil what I see as his fiduciary duty and let us know when A1 chose to start treating the low grade. This would have been the opportunity to forewarn the market and avoid or at least spread out the current round of bloodletting. I still don't regret buying in but I am glad I restricted the buy to just one HIN. I forked out a little under $20k and if the price drops further I will consider picking up a few more. If you are offended that I may have implied you are a professional downramper that is regrettable but your posts have been hitting the AAM threads for a long while. You are spending lots of time being altruistic if there is no back story.

There is a back story to AAM and part of it is about JORCed resources/reserves. The company is rerviewing what has been published for the Delta deposit. Prudently targeted drilling should provide some ground truthing of the Delta JORC. I do not think any of the previous JORCs have been falsified but the Delta drilling should be telling.

Folks, the company is in profit. It isn't huge but neither is the present market cap. The gold room is coming along and the scalable plant is achieving beyond expectations. Even though the grades are not high enough, the operation is still profitable. Grades are expected to improve, but this company gets judged on results, not expectations (and with good reason).

Cheers. (Pfeiffer Riesling 2009)