VK,

Although Romarco Minerals is, to use Webb's word, "analogous" to Tyhee, it is as much of a Tyhee "look- alike" as a pre-teen who's a look- alike of her older sister in high-school. Remarco's got more on the bone with about $20M in cash (as I remember) and a completed Feasibility Study. While Tyhee appears to have more bone, having a greater number of gold ounces in the M&I category than does Romarco.

VK,

It's funny you should ask about Romarco, since not so long ago I wrote Dave Webb about Romarco Minerals and asked:

Dear Dave,

"Perhaps you can explain how a non-producing exploration and development company like Romarco Minerals (Tyhee's "analogous" company) can have a Mkt Cap of $246M while the Mkt Cap of a producing mine like Apollo Gold Corp is less than half ($107M) of that of a company that may not be in production for another several years?

How is this possible?

Baires

Dave's response (paraphrased, of course),

Firstly, the markets of small companies are not as efficient as Ben Graham would have you believe. Those market values will eventually move to the norm with benefits for growth and penalties for lack of growth assigned.

It appears that investors think Romarco will grow fast (I agree) and that production in the Carolinas will pay off (I'm not sure. The history of gold production here is not too extensive).

Apollo Gold has some experienced operators backing them, they are operating in an established gold camp that is known to host multi-million ounce deposits that seem to expand the more exploration, development and production is carried out. However, Apollo has other projects that could be viewed negatively and I think they should sell those off to get out from the potential cloud of a mine shutdown and clean-up.

Dave

Cheers,

Baires

PS. Tyhee has released all of the Clan Lake assay of cores from pre-existing holes. There are no pending results from the archived cores.