Ann: Adriatic Completes Institutional Placement, page-34

Hi davmarc. I disagree to some extent.

Karl Simich is not a popular fellow, but I don't think that he really minds that - so long as he gets the job done for his company and its shareholders.

What SFR did at and with DeGrussa bears testament to his management skills. DeG was spectacularly discovered in May 2009 as a greenfields newby, and yet 3 years later a state-of-the-art copper processing plan was up and running there. That time-line impressed everyone, even his foes.

KS is a money-man/accountant who loves rocks and exploring and mining. It's a good quinella. I'm sure that the ADT people would not have invited SFR in if KS and key staff had not been not highly valued. I'm also sure that nothing would have changed in that regard. They have appreciated skills. I would not at all be surprised if ADT's very good progress so far has been partly because of SFR's advice and general input.