Peter,

Gibson went to great lengths to gain support with his plan. He's basically "right sizing" the mine and used the shaft hauling as one example why SGR has failed. He stated, "they should be hauling by rail and not trucks". The main theme was Dale was a world class geologist but along with Hugh had no clue how to build a mine or develop a deposit.

Dale was thrown under the bus several times, it must of been extremely humiliating. He gave several examples of how Management mismanaged and made bad decisions. The one that blew my mind was the cost of maintaining the hauling trucks. He said SGR had the best maintenance shop he has ever seen in the mining business, better than a Goldcorp or Barrick. Gibson claimed the maintenance costs of the trucks alone, were higher than buying brand new trucks every quarter! I can see a Geologist who thinks they know how to build a mine making these bad decisions but how does a CFO like Gestur who has an MBA not stick up his hand and say something. Another one.... Greg pointed out how there was no security in place, he wondered how much gold walked off the property?

I have been to all of the AGM's in the past 5 yrs, this one finally answered all of my questions. I keep thinking there must be some grounds for a class action suit against previous management based on the gross mismanagement of the company. Dale walk away with an annual paycheck of almost $500K and Hugh retired after years of multimillion dollar drilling contracts. I left with a slight ray of hope that Gibson who has a fantastic track record can turn this around. Gibson claimed he was going to cut Dale’s unrealistic salary, guess there wasn’t enough for Dale to get out bed anymore. I think it is only a matter of time before Gibson completely cleans house and fills the positions with his old gang from Trelawney. Bye bye Gestur, see ya Dale.

In my opinion, Gibson taking over is the best thing that ever happened to SGR shareholders.

Dimetri