Ann: Letter to Shareholders , page-38

Jbmurc

I sold majority off my holdings sometime back, but still hold some. My reasoning for changing sentiment is not because of poor drill results more to do with the way management is running the company. Yes some weeks ago was thinking buying in at these levels, but after thinking about it a lot it is clear to me GRM purchasers these crap assets that other explorers have drilled a found nothing and then they talk it up to the market! That is not good management, there is a reason why these assets are cheap, cause there is nothing there.

Only if I had of done more home work on their Mexico assets, as I found out just recently, another explorer drilled el-rodeo- e-spirtu santo in the mid ninety's and found nothing! If I had of known that sometime ago I would have sold out or never have bought into this company.

But I have learnt a very expensive lesson I suppose. I really hope for the poor holders who bought in the 6-7's that some how by luck that do hit something good in Turkey, but I would not be holding my breath.