Ann: Quarterly Activities Report , page-16

In my opinion the current share price is reflecting the fact that the market expects the exisiting resource to be substantially downgraded (if not wiped).

As I've said before its now all about Fekola. Don't be too concerned about the 'smearing' issue raised in the quarterly. This can easily be rectified through geo statistical comparisons and associated techniques (but agree not great to be drilling below the watertable...). Many in the market believe fekola to have multi million ounce potential - so a shame to be shaken out at this point...

The volumes and trading paterns show a changing of the guard at the moment and it will be interesting to compare the next top 20 with the one from mid june...

A Reuters article on GRY yesterday quoting MD on their acquisition aspirations in West Africa - just remember the frenzy following the Redback acquisition, hopefully we will shortly see a return to those days.

Agree with Jayneen, Middlemas is the Chairman needed to catapult us forward and he has all the right contacts. However, I would not the fantastic job Alan campbell has done to date...

An exciting 6 months ahead with strong newsflow expected. Time will tell...

Cheers

MG