Received on a different board with respect to Doug Briers....

Hi gnote1

I have actually done 3 reports and after many dozens of hours couldn't complete any of them. I just cannot get what I need from Peter Gummer and his promises of "give me another week" have come up dry.

My thinking is that we either fall flat on our face here for a while (further dilution with no firm plan to quick production) or not.

I know, doesn't help does it. Do you sense a bit of frustration on my part

Those 3 incomplete reports I have done will not help anyone, so no sense posting them. It is in P. Gummer's hands to come up with something useful, whenever. It is obvious that he is running the show.

A damn shame that after 18 months Susana is still sitting idle with no confirmations, no plan, and the money spent.

I think Chester is proving difficult to finance at this time (guessing) and my thinking is the company should do a financing to cover a quick drill program on Susana and get a deal with a mill to accept the ore once grades are confirmed.

Guessing again, but with Susana's ore valued well in excess of $500/tonne, there is some pretty good cash flow available by drilling, getting permits, and contracting a mining and trucking company to get this going. The roads would have to be improved a bit but likely a few weeks with a dozer would be all it needs (except in the rainy season).

I also believe Peter Gummer thinks so highly of his properties he cannot face the fact that some of them should be JV'd out. You know the advice we receive regarding how to view our investments, do NOT fall in love with them,,, I think Peter Gummer has fallen in love with his properties and is not currently taking a rational business-like approach regarding First Narrows holdings and how to best maximize them.

Greed or insight on his part?,,, the jury is out at the moment.

I also like the properties a lot, but with +35 years business management experience I realize that attempting to keep all the marbles could result in losing most of them. 100% of Susana (plus extensions of this deposit), 60% of Chester which could end up very sizable once satellites are drilled down the road, and 10%-50% of 4-6 other properties sounds like a huge winner to me!

We are at a cross-roads IMO, and with the company looking like they need to raise cash they must come up with a solid plan to get to positive cash-flow asap with this new money, and come up with some JV's, again this is only In My Opinion.

I wish I could give you more guidance but to try and do so would only be misleading. I think Peter Gummer is an excellent geo who has come up with an exceptional stable of projects, but I am not convinced he is ready to make the difficult (rational) decisions that an experienced business manager would do.

I will be sending a copy of this post to Peter Gummer.

Doug Beiers
The Simple Investor Ltd.
_________________
Let's retire a bit early and adventure this most interesting world! - www.TheSimpleInvestor.ca -