Ann: Commercial Production Commences at Nzema Gol, page-9

re: Ann: Commercial Production Commences at N... Hotfire

Good idea, especially getting out of RSG which could become a very good trade later this year like it was last year for you.

I have tried my luck with AQD twice, lost a little in 2007 when they were looking for base metals and made a very small profit last year when I thought they might have some success in gold exploration. There is somthing wrong with them and I doubt that I will be back because they just exist to feed the management.

KGD looks interesting so I have had them on my watchlist.

IVG is pure spec. Looks cheap for the number of shares on issue. Shareholder dilution is always a problem with pure exploration plays so in the current environment I have very little in this space.

My portfolio took some pretty big hits from its March 2011 high so I have gone 67% in cash. Currently holding mainly producers or near producers and a handfull of spec explorer shares. Like I wrote yesterday if things get a lot cheaper I will be into more goldies to profit from the upside later this year. I want the reward/risk to be more in my favour. Sometimes I wonder if I should just sell out and give it all a rest until July/August.

Let us know when you next have filled up on RSG. I missed out last year on the upside and want to give it a try, but it will not be one that I will hold long term unless they can get their costs down a lot (unlikely in the near term).

Good luck.

loki