class action, page-5

Spare a thought for what would most likely have happened without the cap raising. The company would almost certainly be in administration or wind up and proceeding into the control of our now largest shareholder and previous holders shares would likely be worth zero.

Our large shareholder has swapped debt for shares - a much more comfortable situation for the company and other shareholders, but as it has turned out perhaps not so much for our large shareholder in the short term as the same applies to those shares as everybody elses. The current loan is much less than the original and could posisbly be refinanced elsewhere if was demanded to be repaid and not so likely that the company could be forced into administration.

In regard to closing Coyote now, shareholders would indeed have had something to complain about once the pog fell substantially and if they continued running at a further loss until the already scheduled closure in June. It was in fact the most prudent thing to do in order to conserve the company's cash and credit as much as possible.

In regard to Kavanagh development, it is also prudent to wait until the pog rises again (it will sooner or later) or more gold is found and not commit capital on it until conditions improve . The eventual return will be much better.

Save your conspiracy theories for the organisations that manipulate the gold price on the international exchanges for one reaon or another . TAM and many other small gold producers just have to take what comes and try to work through it as best they can.

I'm not saying the board is perfect, they've made mistakes as many do but I seriously doubt they are conspiring to hand our company over to the current largest shareholder. They struggle with the economics and difficulties of finding and mining gold in our very high cost country. It's not nice to lose money as a shareholder but that is this game unfortunately. We stay in either because we lose too much to get out or are prepared to gamble that things will get better. In the meantime, let the board make decisions which conserve funds as much as they can and put more into further proving up because that is the best thing they can do until the pog rises up again to where the mine(s) can be run profitably.