Ann: Quarterly Activities Report, page-2

I guess people are happy with this report and meets expectations so nobody has anything to say about it.

I did not like the cost of their mines with only the SAU operation saving them from a pretty poor show. Since WGX were not really making any money there was a $20m+ drawdown of their cash balance due to various capital outlays, I presume. I do not know why they refer to the $76m in cash and working capital held at the end of the quarter and instead of cash and bullion figure, which other companies report on, as working capital may have a different definition and relate to far less liquid assets than bullion.

I hope cookie wookie can turn their mines around, especially the Murchision project which I was expecting to become their flagship operation.

The share price is holding up well in the circumstances.

I got out a bit before the last GDXJ rebalance. I am not sure what to really make of the company. Should I simply trust Cookie? That is unlikely! I would like Cookie to do conference calls around each quarterly report and hear him grilled by the analysts. It looks like he wants to hide behind his press releases.

Good luck all.

loki