Ann: Haggan Vanadium Project Update, page-86

May I just say that on the surface I agree that Peter is getting paid a lot of money if we look at the lack of returns for share holders thus far.

I suggest you read the credentials and understand the connectedness of the directors and senior management. With careful examination you see that these guys are a team. When you secure one, you get the team with all it's experience. The team look after each other and are well rewarded because they bring decades of combined experience to the table. Their connection with other companies open doors i.e. see the connection between Drake and Tasiast South.

There is a lot happening behind the scenes but big wheels turn slowly some times. Have you ever put your Company tax into the accountant? They may not make you the priority you feel they should, especially when you are not the biggest paying customer. Contractors often over promise and under deliver. Events that come out of left field cannot always be factored in. Add to this the fact that we have been in a sustained bear market for the past 4-5 years during the time long term holders have been here and you begin to see the reason for some of the delay.