i still have faith, page-2

It must be pretty hard for John who is new to the ship. In his correspondense to me he also mentioned some nasties the old management left for the new management to handle. I dont know what they are. I think unsuccessful managers (like the previous) simply prove there unworth by past performance, and the nasties are there for new management.

I note the widow of Frank Carr (I think it was his wife) sold 2 mill of her shares off market at 53.5 a while back. I think the share price was too low (mid 40s recently) simply because of a couple of sellers needing to cash out.

I actually bought at 53.5 (not the 2 mill, ha ha) and 50 and down to 45. Then the holding was too big of a balance for me - so I sold the 45 at about 48. So my average is 50. Of course now I wish I had held the 45, but CRK is about 30% of my portfolio - way too much, but I am real, real believer in the current management. Mind you, they cannot PUT gold in the ground.

We all should do more research of this funny parobolic (I think it was that) jorc method that produces resources but no reserves. If it is a jorc approved method it cannot be all smoke and mirrors. So, I trust jorc (even if funny method), I trust John, I trust gold, I trust open pit, I trust mining in Australia, I trust big resource volume (even if low grade). My current preference is indeed high tonnage, low grade, open pit. They should be so (good) sensitive to the price of gold.

How many CEOs give a mobile so you can chat. I have had good chats with high management at ERA (they were so honest, but could not point to any good things - that I sold my shares) and PAG (I got the head farmer in the field explaining there were no bugs on the cotton (as was reported in a local newspaper).

So, if you bother John, be a good bother. I mean he has said all he can. Resources by mid Oct and reserves by end Dec. Now if you carefully read all the annoucements in the last six months, you will see they promised resource statments as early as August I think. But that suddenly was removed from subsequent annoucements.

And I did count the holes one by one they were drilling. And we are missing the last batch - it is two weeks overdue. This would be the only worry with the company currently. Did they move from south to north and suddenly find the last batch of holes has no gold. That would be really bad as they are proving what the wonky past drilling said. And reading last annoucements all is proving well. And suddenly silence about the last set of holes... hmmmmm.

I also note that not long ago directors (the new ones) did buy on market for 58 cents.

I note that John accepted a position on the board. That is a positive. If the company was a dud, John would rightly run away.

So, all in all, the company is a postive right now. I do feel for the shareholders over the last couple of years. I am surprised the big analysts and even JP Morgan could not figure out the shennanigans going on in the past.