And this is from March 31st 2009 till tonite. We have a fair amount of shares in grass roots companies and of course in Detour. The main thing is all these are gold companies and as the POG keeps going up, so will our investments!!

PX (Pelangio) for one has increased considerably since March 31st going from 11 cents to 24 cents. Detour of course has been on a steady climb for the last 3 months from 9$ to 12.83$. If these smaller companies hit something significant, so will we!!

I did talk to management today as well. He pointed out that the 3 independant directors are now seeking an independant valuation of the company to compare to Severstal's bid and that this independant assessment should be out within the next week. He says that management is actively looking for financing. Cashflow from operations is steady and with the POG staying high, this was significant. He also explained the minority shareholder's rights and guided me to the OSC regulation, I think he said 10-161 was dealing specifically with this issue. I talked to him about the disconnect between production levels, cost of gold produced and when compared to peers, our MC is no where near where it should be. He said that debt remains a problem, that we were actually 8 hours away from bankcruptcy in the Fall last year when Severstal helped us out.

I also talked to one of the analyst covering the company and he stated that Severstal wants the whole company for the cheapest price possible and as long as games are being played by Severstal, we will not see the true valuation of the company. He did say 18 cents was only a starting offer and that he expects higher offers will be made. He also said it was a possibility that someone may approach Severstal and buy out their shares...

So lots of possibilities here, all of them, higher than $0.18!!!

Glorieux