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I'm really sad I won't be able to come to the shareholders meeting. I was looking forward to seeing you and other faithful longs again.

I agree that it appears BOUTS became convinced of the merits of GHDC quite a few years ago. For some reason he does not appear to be willing to discuss how drastically the set of facts surrounding the relationship between SFMI and GHDC have changed from when PQ originally set the whole thing up and gave himself all those shares of GHDC. In the last 2 or 3 years the situation has completely changed for two primary reasons.

The first major change was the acquisition of the SINKER TUNNEL. This gave SFMI year round access to veins all throughout the mountain for which GHDC has no claim.

The second development was the addition of multiple claims covering more then 1000 acres that are 100% owned by SFMI. When SFMI was first created all they had were the GHDC claims. Now those GHDC claims are only a small fraction of what they have access to. And it sounds to me (here comes an opinion) that they are more likely to begin with drilling and mining through the SInker Tunnel than up on top of the mountain. So it seems difficult to predict when GHDC might actually see any 15% royalties.

Silver Falcon