Not knowing exactly what a demotion would cost, I wish to rescind my comment about having our illustrious leader taken from his posiion. Apparently, it will cost us a bundle to do so. Something I don't think we can currently afford. Below is a quote from our "Notice of Annual Meeting of Shareholders", which so boldly states that if Peter should be knocked off his perch the company must compensate him quite generously for doing so. Nice little safety net their Mr. Smith. I hope for our sake your worth it. Funny the way this 5 year consulting agreement started Jan. 24, 2011, but our vote to keep in his position must be decided upon by November 20, 2015.

"Peter H. Smith, Chairman of the Board, President and CEO Mr. Smith entered into a five year consulting agreement with the Company in connection with his position as President of the Company effective January 24, 2011. Under the terms of the consulting agreement Mr. Smith is entitled to receive annual consulting fees of $72,000 plus geological consulting services fees. The agreement provides for a severance payment of $500,000, plus the greater of: (i) two (2) years’ compensation and (ii) the total amount which remains to be paid under the agreement, which must be paid if there is a “Change of Control” as defined below or if the consultant is terminated, demoted or otherwise constructively dismissed or removed as a director."

GLTA,

TM.