I attended the GHDC and the SFMI annual meeting along with the mine tour on Saturday. My impressions are as follows:

The GHDC meeting was attended by 4-6 shareholders along with the BOD and staff, so the total attendance was about 20 people. A small intimate group. So if you are interested in this format, buy some GHDC shares and attend this meeting next year. The presentations for both Thursday (GHDC) and Friday (SFMI) meetings was simlar, but of course specific to each company. Only two of us asked any questions during the Q&A period on Thursday's GHDC meeting. This part of the meeting lasted about 20-30 minutes. Pierre was asked about the heavy family orientation of the BOD and staff. His reply was that he was concerned about the long term value of the company and felt that at this stage of the company's (both companies) growth, he believed that using his family members would result in a strong loyalty to the company because that is where their (the family) wealth and future are vested. The family members can fulfil the responsibilities of these positions until such time in the company's growth that there is a need for more qualified and more expensive personel. He has demonstrated this ability already by hiring the mill manager, I believe at the first of the year. I have the impression that this situation with his family is of a temporary nature and will change if and when needed. His son is sharp, young and there may be a long term place for him.

I asked about situations where SFMI would not be obligated to pay GHDC the 15% royalty. Pierre explained that the Sinker tunnel was not part of the lease agreement between SFMI and GHDC and therefore any ore pulled from this tunnel would not be subject to this royalty. (See Spiny's report about how SFMI can gain permission and rights to this ore.) SFMI has also purchased or filed claims on other mine sites that are outside of the lease agreement that would not be subject to the royalty. I asked if GHDC has any problem with SFMI branching out on it's own and bypassing GHDC and he replied that GHDC was not interested in competing with SFMI on any additional mining rights but that would simply await what he believes will be a substantial cash flow from the existing agreement and then begin functioning as a royalty company and as opportunities arise, enter into other, new mining property investments. That seems to be the longterm vision for GHDC.

The SFMI meeting had about 100 shareholders attending along with the same number of BOD, plus one newly elected member, and staff. So a total of 115+ people. The presentation was made by Pierre and Rich as was the GHDC presentation. Simply different focus. The question and answer period was about the same amount of time. As with the GHDC meeting, this portion of the meeting was not cut short but ended when there were no more questions. The other posts have already covered this.

One thing that surprised me was that I ran across about 4 investors that had been involved with Pierre Quillam for a long time. I bought my first shares in July 2009 so I was really unaware of the history of SFMI and GHDC as coming from a company called Dytec (?) which had a facial recognition device that was being developed and a contract was signed, then pulled, and resulted in Dytec failing. Pierre rather than quiting wanted to make things right with his investors and through various circumstances led to the formation of GHDC and then SFMI. These investors that I met were very loyal and trusting in Pierre's ability and were entusiastic about how things were going with this "new" venture. They were neither surprised nor dissapointed that no new news came out concerning SFMI or GHDC and were not concerned as they were looking to the long term value, not short term spikes in share price. Their confidence level in Pierre seemed very high. This was a real encouragement to me.

The bottom line for me was that in meeting Pierre and listening to his presentation, I believe that he is determined not to provide information prematurely, to the point that he will not provide any numbers, but he will and did indicate things are going well and that long range there is a lot of gold and silver in this mountain. He does not want to mess anything up, and part of that is he is meticulous in following the SEC rules about distributing information in the way prescribed.

I've read the other posts by attenders of the meeting and endorse all of their comments. Spiny was particularly lucid and picked up more info than I did. He certainly has a real grasp of this operation. Good job! I met perhaps four of the posters at this meeting. Impressive people.

My background is farming, and I appreciate that Pierre is investing in all of the aspects necessary to asure that the best ore crop possible is harvested. This takes time. The investors that came to this meeting were a very diverse group and came from all around the country. I heard some grumbling when I first arrived about the lack of new information, but this seemed to calm down by then middle and end of the meetings. In fact I heard a lot of people saying such things to Pierre and others as "Thanks for the great meeting. Your doing a great job. Look forward to great news coming in the future."

It seems to me that this company is a great long term investment that may not be as long as normal to get where we want to go, but individuals that want quick results under their time constraints may need to go elsewhere.

Thanks, Calfarmer