Dear Shareholders: 2014 was a year of many changes for your company. Since gold failed to reverse its drop in 2013, management could no longer be content to hope for a major rally. Our business plan as laid out in the conceptual mining plan was to showcase our potential, hope gold doubled, and sell the company to a greater fool at a price in the mid teens. Unfortunately that didn't happen and we had to start squandering shareholder money on production optics. I assure you that we waited until the absolute last minute to start paying outside parties. We only did the bare minimum in order to placate Stamico.

As we missed the target for commissioning Buckreef, it became apparent that your company was on the verge of running out of money. Steve Van Tongeren and I discussed lowering the strike price on the expiring warrants to $1.50 but decided against it. We could have easily raised $7.5 million but we didn't want shareholders to suffer anymore dilution. But more importantly, it had come to our attention that Platinum Partners had shorted 5 million shares and ridden the stock down from $6 to $2. We figured $20 million of profits at the expense of your company was enough. After all, TRX only netted about $27 million from that equity raise. Unfortunately, we didn't consider that there were few other options at the time to raise capital.

In early December, we paid a ridiculous amount of fees and an exorbitant rate of interest to borrow about $1 million. I felt I owed it to shareholders to prove that TRX was still in business to both that Emerson deep bag at Seeking Alpha and that yahooligan Relbochat. In order to survive, we made the strategic decision to stop paying vendors months ago. As you can see we made it to the AGM. I don't know when the power goes out at headquarters but this conference room is paid for until 2 PM.

Let's turn to management. After years of faithful service, excessive compensation, and very little work, Steve Van T abandoned ship at year end. With your company so close to production, I was surprised that he didn't hang around to get paid another year. Unfortunately we could not afford to fly Joseph Kahama in from Africa this year so let me turn to Philip Kanicki. Please excuse his appearance we had him shipped as cargo via Swiss Air to Zurich to trace the route our virtual gold would take from Buckreef. From Zurich he hitchhiked to Italy where he dead headed aboard a refuge boat. We are so glad he made it. We are thankful that he signs as the qualified person on all the regulatory files, because no one within the jurisdiction of Canadian regulators was willing to do it. I was going to let him speak but he made a fool of himself last year with all that nonsense talk of traffic circles and stop signs.

Everything up to this point has been prelude to the real reason that you are all here. The first pour! [Conference Coordinator can you dim the lights and start the video]. Note that due to our financial position we only paid Giancarlo $25K to produce this video, a significant savings over the cost of the last few. Let me narrate for those who are listening on the conference call. The drone is flying over the four ponds at the Buckreef mine. The video zooms-out to show three mounds of dirt on the leach pads. "We learned the lesson after the first two attempts. Now we mix in 1 part barren sand to each part of high grade material to obtain low grade material" The drone flies over to the CIC plant. "we left the roof off so you could see inside" The camera zooms-in on liquid flowing out of pipes and into the tanks holding the activate carbon. "Unfortunately our insurance carrier prohibits us from showing you the inside of the gold room or the gold" THE END

Now that is an exciting video of all the activity at Buckreef. I know that it has been a difficult year for shareholders so I would like to start the Q&A. But to be respectful of everyone's time, I will skip the questions and move right to the evasive answers. I am prepared to obfuscate for as long as it takes to placate shareholders.