Ann: Presentation for PDAC 2014 available on webs, page-5

re: Ann: Presentation for PDAC 2014 available... wally will look after the retail investors kpkg, he always has. on top of that there are the asian investors who will be stepping upto the plate. he doesnt need to worry about institutional investors, they never supported the company in the past, why bother with them now.

the name of the game now is private equity from wealthy asians who love gold and have a very long view, measured in generations not quarterly performance

there are three layers to the finance, first off is traditional project finance which will probably speak for $80 to $90m. next is the mezzanine finance via a streaming financier like Sandstorm. This project pretty well ticks every box on the streaming financiers checklist, which means they will have to bid for the deal. It is at this point Wally has to balance the dilution from giving away production to the mezzanine guys with asking to much from existing holders.

Wally has plenty of skin in this game , his interests are aligned with ours.

There are also strategic reasons to keep big blocks of stock in the hands of Asian investors. In addition because those investors have a long view then these big blocks are removed from the free float which is bullish for us.