Ann: Change in substantial holding , page-2

Redtigerinc, that backs up your statement. 59% instead of 60% owner, but we won't quibble about the details.

Follow the money, I reckon.

I just hope enough people (i.e. more than 10% of the share register) hang on long term, because it'll force them to pay a good price for the rest of the stock.

For all the glass half empty commentary on this stock (and there has been a lot, justifiably so), here is a glass half full to even it out.

What's an ounce of gold worth in the ground? Let's assume Mr Chan has it on good authority that there will be a massive resource confirmation in coming 2 years at Crater. 3million oz (taking midpoint of 2-4million from previous announcements by GOA).

What's that worth? Once proven, it's worth a few $hundred per oz. It's goat country, so that will discount it a bit. Let's assume (glass half full) that Mr Chan has been advised by some very trusted people, that there is that much gold there. Let's be conservative and say a proven resource is worth $100 per oz in the ground. That's $300 million in total. (FYI, I've only used historical articles on google to find this number, back when gold was less than $1,000 per oz. I'm more than happy for someone to point out errors in my thinking).

So if Mr Chan believes that gold is there, and that it will be proven in the future, then he's just paid less than $10m for a 60% stake in a $300m resource. And that's assuming Kenai, Croydon, and Ferguson are all written off at the casino. If he holds it through to actual mining (which I suspect is their plan), then it will be even more.

Well done Mr Chan. Not so well done for all the sellers at 0.001, or those who didn't take up their capital raising offer.

Of course, the glass half empty says that it could all be worthless tomorrow.

But, following the $millions tells me that the glass is half full, not half empty.