Look at the financial data block on the left hand side. States that we have only 2.2 million in working capital.

Financial Data (C$)

Fiscal Y-E December

Shares O/S (f.d.)(mm) 248.9

Float Shares (mm) 215.1

Net Debt/Tot Cap 0.3%

NAVPS (current)(f.d.) $1.73

Resources (mm oz) 1.5

Working Cap ($mm) $2.2

Further in the report we have 15 million in US$.

Exhibit 2. San Gold Corp.: Mid-Tier Gold Coverage Universe

US $ Total NAV/

TSX US 52-Week Shares Market Debt Cash EV1 Share Price/

Company Symbol Symbol C$ US$ High O/S (mm) Cap (US$mm) (US$mm) (US$mm) (US$mm) (US$) NAV

Eldorado Gold Corp. ELD EGO $8.18 $6.64 $9.34 -28.9% 372.4 $2,473 $36 $87 $2,422 C$6.32 1.29

Gammon Gold Inc. GAM GRS $5.07 $3.99 $11.20 -54.7% 122.0 $487 $35 $5 $517 C$5.19 0.98

Northgate Minerals Corp. NGX NXG $1.07 $0.85 $3.45 -75.4% 255.5 $217 $44 $72 $189 $1.96 0.43

Minefinders Corp. Ltd. MFL MFN $4.75 $3.83 $14.05 -66.2% 57.9 $222 $107 $2 $326 C$6.51 0.73

Alamos Gold Inc. AGI $7.47 na $8.40 -11.1% 99.0 $740 $0 $35 $705 C$6.62 1.13

Jaguar Mining Inc. JAG $3.56 na $14.45 -75.4% 67.1 $239 $86 $41 $284 C$6.34 0.56

San Gold Corp. SGR $1.20 na $2.25 -46.7% 248.9 $299 $1 $15 $285 C$1.73 0.69

Lake Shore Gold Corp. LSG $1.20 na $2.09 -42.6% 175.4 $210 $0 $102 $109 C$1.53 0.78

Average: Mid-Tier Producers -16% 0.83

So which is it? Do we need more money? In a time when cash on hand is very important one would hope that the person putting the report together would make sure all the numbers jive. Worse case we are looking at more dilution so that the new big boys can line their pockets. Or am I just reading it incorrectly.

It is nice to see more coverage.

Cheers