Conclusions -

Something you might arrive at this week if you've been following the story, and after reviewing each yearly MD&A since 2011, and the Q3 fiscal 2014 report, is probably the same as I have.

-That grades as reported are a fraction of actual production and carry all of the liability, thus subordinated. The grades reported are an accurate reflection of the fraction of production they represent.

-Changes to liabilities (which are assets held in escrow, but earmarked for sale under financial instruments) for -$50m. in Q3 fiscal 2014 that corresponds with changes in Level 1 Financial Instruments may mean the company has achived its target production and sale of dore bars. That means these bars were originally costed at something like $250/oz for 200k oz., but sold at the face value of the level 1 Financial Instrument.

-There was no discount in the sale, since discounts are not reflected in financial instruments offered for sale and trade according to the spot value of gold.

-The company could easily have produced 200k. oz. in excess of production reported on the balance sheet since commercial production was declared, and sold these bars in 1000oz. unrefined ingots through marketing securities with a face value of some $200k+ each, representing 200oz., but sold in lots of 2 X 1000 oz. dore bars. (a standard 'Bad Boy' size)

-The reason why the company wants you to believe they shut down for six months is that they are actually involved in expansion with capital that was raised through marketing of financial instruments representing unrefined dore bars for sale.

-The company is now under direct obligation to calculate for shareholders the Adjusted Present Value, since the Waterton Predpaid Bridge Facilitly is no longer valid, instead of subtracting liabilities from assets, which is entirely misleading.

-All of the measures employed are poison pill strategies. The value that is being created for shareholder is that the shares come cheap.

-F6