interview with cb , page-2

nice find Trigan,

My comments.

1.
Interviewer: How have you been doing the last year?

Campbell: 2011/2012 was a great year

I say - Yes, in terms of production, but not in terms of shareholder wealth

2.
Interviewer: Some people think you are not replenishing reserves and resources fast enough.

Campbell: Comes as a shock to me and is not a concern.

I say: How can it be a shock, it is bought up in almost all analysts reports.

3.
Interviewer: What about this Shandong Gold investment

Campbell: Fabulous investment - ALL shareholders have wanted this. Our 1st task is to grow resources and reserves.

I say: Hang on Campbell. You just said resources and eserves were fine, now you say we need this money to increase them!!! Which is it?

4.
Interviewer: Is M&A planned by Shandong with some of the $225M

Campbell: Money to unlock potential of TI and grow company to 500,000oz per year. To achieve this, a "transaction" will be required to do this. Meaning - an acquisition.

I say: Oh dear, I really though the 500,000oz could come from the land we own given we have only explored 4% and disclosed resources and reserves from this 4%. So, if we do 176,000 oz from 4%, then why cant we add 324,000oz from the other 96%. This amazes me beyond belief. Is someone else here better at maths than me. I realise "milling" counts, but there are options there. It clearly implies to me, anything they buy will be a going concern with a mill. If you find the right option (there are some), then I say, buy now because a TO of that company is imminent of this deal takes off. Maybe I can recover some lost FML cash in a nearby company - no names.

That's my wrap. Evening all.

PS: Trigan, thanks again. Great find.