First, I wanted to be convinced that SGR would pull through and thrive. Second, I was angry, depressed and shaken and was doubtful I would be convinced. I almost did not go to the AGM. But I went, and I was convinced.

Ian is very different from George and SGR was presenting a very different face to us. There were angry voices before we got to question period, but they were heard and answered (mostly). The confrontative face of last year was gone and the apologetic face replaced it. They did admit mistakes and did answer to problems. I do feel they realize how dreadful a situation we are in, but it is dreadful for all mining. Barrick fired 100 people recently, and the price of gold is low and unpredictable.

I did get a very good feeling about Ian. His presentation was clear, concise and very helpful. One did not need to be a geologist to understand it (unlike the SGX presentation). As I watched and listened I began to feel I understood what has happened, and they were upfront about admitting fault. They are determined to cut costs, which is great and the ways were made clear and seemed reasonable. The only other possibility is increase Funds, but that depends on the price of gold. I got the real feeling that they are determined.

It will not be a quick fix, maybe 2 quarters to see movement. I can't detail all I saw but did end up feeling positive and hopeful. And one thing above all: Ian, well spoken and insightful, is truly a guy I'd hitch my hopes to.

GB