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You and others know me as Silver Falcon on I-Hub. I think we were in the same van coming back from the mountain at last years SHM.

I highly respect and appreciate much of what you have contributed to the discussion over the last couple years. However, I absolutely don't get all your whining about people not being willing to step up and pay more than they need to for GHDC. I for one don't think the current price relationship between the two makes any sense at all. Given the facts of the contractual relationship between the two I cannot figure out why anyone would pay .07 for GHDC when SFMI is selling for less than .14.

The facts are that much of what will come off of War Eagle Mountain will not provide GHDC a single penny in revenue. For example anything that comes out of the Sinker Tunnel will result in 15% royalty to another entity not GHDC and from what we are hearing it sounds like the Sinker Tunnel is a high priority in the early development plans on the mountain. There are also some claims higher on the mountain that SFMI owns outright and the ore from those claims will also not generate anything for GHDC.

Today SFMI traded more than 1,300,000 for a total value of around $175,000 while GHDC traded 20,000 shares for a total value of a measely $1,400. GHDC is the epitome of an extremely thinly traded stock with very little market. With your level of experience I'm sure you understand that this is why there is sometimes as much as 20% difference between the bid and the ask and why, as you have so often lamented lately, trading even a mere few hundred dollars of the stock can cause a significant move in the bid or ask. I don't know how or why you would expect anything else from a stock with so few share holders and such small average volume in it's trading history. If for some reason I needed to begin liquidating say $10,000 or $15,000 per day of my several million shares of SFMI it would have a negligible effect on the stock price. If I owned any GHDC (which I don't) and needed to begin liquidating that amount of money each day can you imagine the carnage to the stock price given how few shares are trading on most days?

I have not taken the time in recent months to contribute to the discussion partly because there has been so little new news to discuss. However, I have enjoyed the contributions of many of you fellow faithful longs. I have continued to add to my SFMI position in recent months at these irrationally low prices. I share the frustration that so many have expressed over how long we have had to wait for news that will finally cause our stock price to soar but I believe very soon we will all be thankful for the opportunity these delays have given us to accumulate more shares. I am very encouraged at the progress that is plainly displayed in the pictures that Bobby Joe has so kindly provided for us. Bobby Joe I add my THANK YOU to the chorus of so many who have already expressed gratitude for what you continue to do for us.

I'm hopeful we will all be rewarded for our patience soon.

Silver Falcon