questions, page-15

Hi Stealth,
Question was posed for gmcg but would like to know what your feelings are on those proposed resolution.

Being a public forum, I might as well put my thoughts forward on the issues.

I think there are mainly 3 issues concerning shareholders:

1.Performance Rights issues -

Not happy Jan - when looking at where the SP is today (16c)compared to 1 year ago (32c with a high of 45c)- in a time when goldprice increased significantly.
Noting that previous rights issues will lapse because the S/price milesstones will not have been achieved by Nov 2012 - I'll be asking whether this is a ploy to now "simply double up" to make up for past "losses" - because they did not perform? And the target price this time around is 24c - less than previous target prices and lower than what the SP price was last year. Do they just want to sit back , do nothing and collect in a years time? The SP is down 100% from last year. So they conveniently drop performance targets. Not on in my books.

Second issue_
Increase in aggregate of Non- exec remuneration by 150k - As it is, its 200k for 4 non-exec would are required to attend 5 meeting per annum - equating to 10k per non-exec per attendance - And no obligation to attend on all. This is an exploration comp with not close as many issues as gold production comps. EG Saracen - until recently 3 Non-exec each receiving 110k for 11 meetings and much greater burdens due to the significant mining operations.(Note only 3 non-exec for the past number of years - recently a 4 appointed but after massive expansion of ops) GOR non-exec expect to be paid proportionally much more than those mention previously- Not sure how it can be stated that this proposal is in line with current trend. Its, not justified on past performance of this comp. Not on in my books.

3 issues. Vote to raise 10% equity through share without having to go back to holders - this is pretty standard procedure giving flexibility where needed - not big issue but what will another cap raising do to this comp.

Stealth I've had a good read of your earlier posts, also your comments regarding the CEO's feeling towards cap raising. If passionately opposed to cap raising, they should come forward with a clear strategic pathway to regain shareholder confidence. Right now there's just "talk" about a processing plant etc, DFS etc is long way off, whats to happen in the meantime - Tools down? Till one day when they produce to self-support?

At end of day, I'd like to see a little more progress which suggests that these guys are putting mind and effort to future developments instead of trying to line pockets - Don't want to be too harsh. I know the CEO is putting in a lot of effort. Sadly, the company has under performed in the past year. As far as i'm concerned the SP target price for performance rights should be lifted back to what it was a year ago and the performance rights be halved. If all goes well, then there'll be another opportunity ask for more at next years AGM.

This, the thoughts of a worker in the saltmines who has seen this a few to many times. Then again I guess at the end of the day, its my choice to get out - but I did buy longterm and would expect these guys to earn their dollar.

best wishes