my thoughts, page-2

I think you are being generous in your appraisal of managements decision to sell out to Primero.

1. My sentiments are they have run the company into the ground and sold out to Primero, I mean Goldcorp for a valuation which really is a gift to Primero.

2. Primero has little interest to develop the mine at Cerro del Gallo. They just wanted to add reserves to their bottom line and got 'em cheap from the us.

3. The whole deal seems undervalued to me, and there will be no other offers IMO. Unfortunately we were backed into a corner with the huge share float and inability to raise capital for the mine. Yes, we can blame the markets for capital raising, but this deal to sell (at a higher price) could have been done years ago if that was CJO's intention all along? Goldcorp held the upper hand, and when they put pressure to the CJO board we wilted and got run over.

4. What I really object to is I feel were were mislead by management for months regarding Goldcorp's election to participate in the mine? Marketing and press releases implied financing was well advanced and we were poised to go to production. Well guess what, nothing could be further than the truth. In fact Primero's CEO says on the conference call he has been in dicussions for 6 months with CJO to take us out.

5. CJO's management crew have protected themselves with a new job at Spinco. Oh and $4 million in cash to get started? A great name since we have all been spun a story on the prospects of the mine only to find the rug pulled out from underneath us with the "sellout"

I am not bitter, just very disappointed that the outcome was not the result we had all hoped for?