Having been to several shareholder's meeting's, PQ is definitely a master of the obfuscation. The video's speak for themselves and his method of operation is readily apparent. While I don't necessarily think that is a negative, I believe it's done in order to protect himself and the company from creating an atmosphere that is overly optimistic. As far as RK shutting down the Q&A early, that did not happen. Anyone who wanted to ask a question was given the opportunity to do so, even if they didn't do it in a timely manner.

I had the opportunity to talk to most of the board member's privately and the overall theme from all of them was they were much more comfortable this year going forward than last year.

During the GHDC meeting, I spoke for about 5 minutes outlining the chronological events about the creation of GHDC and it management team and compensation. To summarize, in 2009, the management team consisted of Pierre and Allan Breitkreuz. Their compensation totaled 175K in salary and 248K in total compensation including stock options. In 2010, they created an Executive Management team of 6 people with a coresponding increase in compensation and bonuses. I reminded Pierre that Goldland was a Holding Company that since it's inception, had not created one deal that added value to the company and that there was no reason to add any more layer's of management since they had no money or additional currency to add any value to what already existed. I also pointed out that Goldland was averaging on a yearly basic over a 60% increase in salary to all of it's management team as well as over a 100% yearly increase in total compensation. In 2011 total salaries were 410K and total compensation was approximately 1.8M. In 2012, total compensation for salaries is 700K and the overall total compensation is still unknown....we'll find out when the 10Q annual report comes out next April. His reply was that he only get's paid in stock that is restricted and has no effect on how the stock trades. That's his story and he's sticking to it. I think we all know better.

Having said all of this, things are still moving forward and I still believe the future looks brighter than it did last year. Unfortunately, the Quilliam family will continue to dilute the existing shareholder's and make our investment worth less and less until this company is eventually acquired by another larger company looking for additional reserves. Hopefully, the price will make everyone happy. Only time will tell.

Semper Fi,

Bluesideup