Excerpts from the letter in the 2008 Annual Report from Bob Landis, Chairman:

"There can’t have been many activities this past year more vexing than investing in gold explorers. If it’s any consolation, managing a gold explorer was one of them..."

"So things are tough all over. What’s my point?

My point is this. At Amarillo, we understand our fundamental charges: to nurse the asset through to the other side of what I am convinced is a looming, discontinuous reset of values expressed in paper currencies; and to protect the interests of those who have entrusted us with their precious capital. Accordingly, we did not issue more paper to fill our funding gap, but shrank. We did not lard ourselves with options set at market lows, but held the line. Maybe that’s because we’re great guys, or maybe the fact that we own a lot of stock, and think of ourselves as owners first, and managers second, has something to do with it. In any event, a business can be run for its managers, or for its owners. We run this one for its owners."

"I am confident in our projects, confident in our judgment, and confident that we have chosen a stable and mining-friendly jurisdiction."