Top 10/Bottom 10

1. Achieved commercial production, April 2011
2. Parliament passed the amendment to the MMER sched 2. for tailings impoundment. Is the only operator on the federal land area with this kind of clearance.
3. Robust, consistent grade/good grade controls.
4. Met with production targets.
5. Achieved profitability Q2, fiscal 2012.
6. No debt or outside encumbrances.
7. Further dilution not required.
8. Costs are lower than the previously conceived $980/oz. close-out under IFRS. Costs in line with 2009 PEA.
9. Sprott has right of first refusal to buy all of the production from the La Ronge Gold Project.
10. Mining labour sub-contracted. Non-unionized.

Here are my bottom 10.

1. Did not arrange to have the IFRS included in the PEA. Did not forsee the necessity of comparing costs under the PEA with costs under the IFRS. Left shareholders in the dark about this most important issue and how this might affect the numbers.
2. Grades and recovery rates can be improved.
3. Kept investors in the dark about rates of production, processing rates, grades, in short, every detail necessary for an investor to make a decision about the company. The company has certain knowledge about deposits which is information not necessarily forthcoming to the shareholders.
4. Opaque financial statements.
5. Safety concerns. Fire in the fuel storage and worker became stuck in the rock crusher.
6. Resignations and making off with stock options.
7. Doling out stock options/Too many board members.
8. Chronic dilution.
9. The problem of providing a return to the shareholders is a deep rut.
10. IR hasn't got a clue.

One thing I would add that can both be a disadvantage or an advantage is that the company absolutely has not recognized that the bond market takes precedence over their efforts. The trade is to sell the miner and buy the long bond, and this is the exact reason for the underperformance of the shares in the market.

-F6