Mark,

Very nice summary.

8 financial houses with target from $3.4 - 4.0/share versus one lone wolf with a target of $0.50/s (looks like someone badly wants to buy the shares cheap).

1. That seems to suggest a credibility problem for this loner. It would be fine to have a different opinion, but going to the extreme and with an apparently hidden agenda would raise a red flag. The extremely low valuation simply look weird (and unsupportable).

It was noticed that most of his comments (low grade, and deposit in an awkward position) were not based on facts.

Some facts:

- Grade of 5.4gpt is an excellent grade (compared to less than 2gpt for Goldex which is quite profitable).

- Configuration of the HGZ deposit is well-defined, and well packed in and would result in less waste rock, hence economical.

2. A couple of notes from the summary:

(a) Mackie mentioned $4M due soon from Goldex royalty payment from AEM.

(b) Macquarie mentioned global resource of 7.3Moz (the "missing" 3Moz is sitting outside the Whittle shell (it did not disappear in thin earth) waiting for future development when the POG to improve.

goldhunter