Like everybody else I am just about at my "boiling point", especially after today seeing this stock slump down to 39 cents and STILL NO INDICATION of when we should see an earnings report. I ripped off an angry E-mail to Castlegold's management initially, and then, not being satisfied with that, called them up and spoke with Michael O'Connor, their new IR guy (just hired two and a half weeks ago). He is actually a very cordial guy who was more than happy to explain the reason's for the delay.

But first I'll mention right now that the report will be "wrapped up" by Friday and will be coming out next Tuesday or Wednesday (Michael figures on Wednesday, most likely). Hence, this way you guys at least won't have to remain in suspense. (Just knowing that alone is quite helpful.)

OK, why the delay? The main impetus behind this is due to the auditors from Toronto wanting to see a bunch of money transactions IN DETAIL that were carried out in Guatemala and Mexico. This is not anything serious, but rather, as he put it, just (apparently) a very time consuming process since some of the management guys need to fly down to both Mexico and Guatemala and "dig up" the various documentation forms, etc. and prepare them in format acceptable to the auditors. There were also a couple of other items that were/are completely immaterial to the company or its operations but still also contributing to the workload and preparation time for this report to officially be completed. (I'm hoping that they'll get more "savvy" with the bookkeeping as time goes on.)

Will there be a fine for being late? YES. But he figures that it will only be somewhere between 1000 -1500 dollars. (Certainly nothing to lose any sleep about - "peanuts' compared to what this company should be making in a year or less - in my humble opinion anyway.) Then I asked him if the trading could shut down on account of the report being late. He said that it would only be a concern if they were to be two weeks late (at which time the TSX would officially be calling them to ask "what is going on?") He assured me that this will NOT HAPPEN.

Mike is in fact even asking permission from Chris Babcock whether or not he can just put out a brief press release this Friday (or thereabouts) giving some information on the release so as to "calm the investor pool down". He admits that he has had a lot of frustrated VERY ANGRY investors call him recently. So he is really wanting to smooth things out as well, and he mentioned to me that the directors and management are fully aware of the very frustrated investor base and they too are perhaps (apparently) becoming more aware of the need to "smooth this operation out and get things rolling".

Longterm, things come across as still being very sound. But no doubt it is going to take a lot of patience on everybody's part. I personally don't see how we could possibly go much lower than this, especially with gold production ramping up from here on out. The upside potential at this point going forward has got to be far greater than the downside risk.

So hang in there guys. We'll have much better times in the future. Selling at these levels is just plain stupid, especially if done out of "emotion". (Emotion is always an investor's worst enemy.)

My2cents

Spoke with Michael O'Connor, who was just hired two and a half weeks ago as the IR person. He is very cordial and explained to me why there is a delay.

But first I voiced my frustrations, as well as through an e-mail as well, for why things were so late and what the problems were.