Dodge, I think you were looking at the annual report released...

Dodge, I think you were looking at the annual report released today, the 1/4 report will be released tomorrow. You might be playing with fire if you expect a bounce tomorrow.

As indicated on Friday by Peter Lalor, gold production will be down due to problems at Tarmoola. Tantulum sales for this FY will also drop by 13%.

Ridge, I don’t think Peter Lalor is lazy, but maybe a little too comfortable and SGW has become quite top heavy over the last few years. I also heard a rumour that about 45% of the exploration budget is spent on office support staff , you really need to aim for 70-75% of your exploration dollars to go into the ground.

The fact that SGW didn’t conduct appropriate due diligence for the acquisition of Pacmin (both Tarmoola and Carosue Dam are in a worse shape than expected) also lends weight to poor management.

As for the mineral sands interest, there seems to be a lot of indecision from management. This may be due to Pacmin takeover.

A change in management or a takeover might be what SGW needs to clear the decks.

Too risky for long term. I don’t hold any but may play them from time to time.