Ann: Interest Acquired in High Grade Philippines Gold Project, page-19

The level of risk depends on one’s entry price. Given the underlying assets of the company this is still low risk for me, although selling some now is a way of hedging my bets against the onslaught of these banksters. Although I think Billis is currently motivated by reaction, not action and is ego driven, I stll respect his achievements in building this company on his own terms. He needs to get on the offensive, because these defensive actions don’t look convincing to me.

Hopefully he can get back to steadying the ship and maybe learn that you need to be inclusive to build a strong company. It seems when the chips are down and he is under pressure he is capable of learning inclusiveness, however I think enaging Argonauts is a silly strategy. The NST offer just doesn’t deserve a response or the waste of company time or money.

Billis needs to get some professionals involved in Ghana and stop treatimg it as his pet hobby.

12 years is an absolutely ridiculous length of time to advance this project, not to mention the millions that have been spent.

Adiembra is a valuable asset in my opinion that has been run into the ground and needs to be monetised. A JV with PRU is the sensible way to go. Hopefully all this nonsense doesn’t mean we lose this asset as I think it’s easily worth 60 or 70 cents per share as it stands now. Esh