Dufus should gather some current facts.

Compared to the aggressive growth 5 year plan George launched the Company has dramitically reduced their Cap X planned spend for 2013. What they spent in 2012 on big equipment has a long asset life and isn't an annual expenditure. He likely still assuming a 4.2g head grade.

Quite frankly he's picking on SGR every time he gets a chance (for what benefit?) and not talking about the whole industry with a low gold price and high costs. He never seems to even mention the low grade mines, open pit or underground, that are really exposed with low gold prices.

So what, we now have a $50m long term liability, as long as we can pay the semi annual interest a lot can happen to the price of gold in 5 years when the $.50 conversion could take place or debt repayment. Who's building out a mine and processing facilities (including tailings pond) without debt on the balance sheet.

Never speaks of our large annual exploration program or the potential benifit another discovery brings. If gold doesn't recover in 3-6 months Management could easily cut a good portion of their planned exploration spend to save cash.

Alway pumps Argonaut and puts down San Gold. Not sure who he's pissed at SGR or what his agenda is but he needs to get current facts and gave Ian some breathing room for a few quarters to do his job.

However I agree with his big picture view of gold, still in secular bull market etc.