Having owned shares in San Gold since 2007–I share your dissatisfaction. It’s hard to believe–but I used actually to be naive enough to have conversations with the IR department. A couple of years ago (if my memory serves) I was told that a 43-101 was imminent. The impression given was that the listing on the TSX itself was pretty much a formality–all the niggling paperwork was completed, and once the 43-101 was presented–why–it would be only about a month before the listing took place. Over the many months, that story changed. At the PDAC Trade show in February of 2009, Hugh Wynne said that they “hoped” to have it out by the end of March; in October, 2009, at a San Gold presentation in Toronto, Dale Ginn said the report was being “buttoned down.” We can only assume that the report bore a remarkable similarity to a black velvet suit worn by King Francis I in 1520–which contained 13,400 buttons, and there was a self- imposed handicap of ninety fastenings per day: the report came out in March of this year.

Again, if my memory serves, the listing was applied for on April 26 of this year; four months later: nothing. I know nothing of the usual procedures–but one would hardly think the TSX could be that dramatically inefficient.

My take: Hugh and Dale with a good idea, a lot of moxie, and considerable luck, have turned yesterday’s leftovers into a promising feast. But–it’s their baby: shareholders are a necessity, but a rather inconvenient one: a brood of someone else’s noisy children which, unaccountably, has been given rights of residence and a claim on the family table scraps in a castle they consider their own. This is not a shareholder-sensitive management team–nor will it ever be. It’s just the nature of human nature.

That being said–let the complaints roll on! There is an old Spanish Proverb: Quien calla, otorga: He who is silent, gives consent.