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Message: Conversation with Peter Ball

I had a long chat Friday with Peter and he was great to talk to as usual. He explained that he still did not have final numbers yet and that even if he did, our new CEO is not very fond of monthly updates and it is not clear at this point if he will be able to share that info with us. He said that they have poured gold every week in July that the tonnage per day has been increasing and that recoveries are very good, probably even better than 96% for July as he has seen data for some days. However, he points out that no other companies gives monthly updates.

Quarterly updates permit some monthly fluctuations but you end up with decent overall results if things run relatively smoothly. I think they are trying to act like a major and these monthly reports made them look juniorish.

We remain at very low levels, near $38 per ounce with 2 gold mine producing, ramp up going well as far as we can tell, great jurisdiction, big money behind us...it is only a matter of time until we see some growth and my bet is that in 12 months, we will be very happily surprised where the company is at.

Peter said more but to be honest, I have forgotten after a very busy weekend-Wedding anniversary and trying to figure out what is going on with Noront.

So to me, CMM remains in a hold/accumulate phase for now as our time will come.

Glorieux

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