quarterly due, page-3

my expectation is that the quarterly wont hold anything earth shattering in it. the announcements to date indicate that they have spent the last quarter:

- strengthening the org chart
- regional exploration activities around the tenements
- moving some rigs back into brazil
- doing some r&m on rigs ready for going back to work Q3 2012doing some regional exploration

I'm hopeful that they have completed a second leach pit and that high % recoveries are being obtained from the gravity circuit feedstock.

Unfortunately i expect that the PB and ZH drill results might have come up lean...can't see any other reasons why they announced the FdM and the Jacitunga (sp?) exploration results ahead of the other ones. A bit of a shame, because the SP had a fair bit of momentum up until April, and good results would have caused a real stir...

as it is the team appear to be putting down a solid foundation for exploration success and the geological results appear to indicate a large low grade resource lurking around the extremely high grade (and narrow) vein.

I'd have preferred a SP explosion, however welcome the systematic approach being undertaken and greatly improved news flow. if the accounts show that CGM has reached a situation of self funding further exploration & development then i can wait whilst the exploration progresses. Bottom line the gold is there, it is just a question of how much.

glta