Perspective, page-10

Salve Caesius
DGR has now reached its strongest position since I invested around 8 years ago.
On 23.11.07 before I invested the market was willing to value the share at
way above NTA - 0.29. On 21.1.11 the market valued it at 0.19 also well above NTA.
Sometimes investors get into a negative mind set and explanations are not rational.
Some see DGR as a pure mining investment fund which trade at NTA or 1-20% discount. This is a hybrid coy which has its own blue sky unlisted properties.
The directors have struggled to manage the treasury to avoid dilution. This is commonplace for most junior resource coys but DGR has been held to a very high standard. The late exit from Orbis was a costly move in terms of dilution.
We have the strongest treasury since I have invested. With the options exercise this year and the Tribeca investment DGR will be able to retain funds until they realize cash from SOLG or another investment.
Price manipulation is hard to prove but I see signs of this. Even yesterday the first sale was around 800 shares at 0.10. But buyers were more assertive and the trades were 0.105-0.12.
I only talk about NTA because it shows clearly how undervalued the Coy is. I believe there is a colossal amount of blue sky within the group in terms of properties and geological acumen. Any other junior coy would be trading above 1.00. I look at coys like DEG and ARV in which I have an interest and punters pour all over them. Their proven resources and NTA are a fraction of DGRs. We seem to be a punter free zone.
Our CEO does need to be more like Jason Ward describing SOLG. Having said that I trust conservative and understated CEOs. Although in several of NMs SOLG presentations he has shown some real rational passion -excuse the oxymoron.
We have entered a new paradigm over the past 1-2 years and I believe I am like a marathon runner entering the last few miles who is tired but can sense the finish line ahead.
We have around 200 Million in cash and cash realizable investments. This is a stellar position to be in.
There is a lot going on under the surface like a synchronized swimmers legs.