1. Bought Deal dropped from 130 to 80 due to lack of demand overnight in Europe.

Now that's an interesting statement. I have been constantly told by IR that it is imperative that we get on th TSX in order for certain large funds in China and Europe to be able to buy us.

I guess they forgot about that prior to the offering and had a V-8 moment after they signed the papers.

5. Believe liquidity crisis is coming and everybody will sell everything to get liquid, . Nonetheless, gold companies will be first to rebound (obviously an opinion, on which we agreed). SGR will look golden for doing this cash grab following this coming crunch.

Really, do you really believe that SGR management put one over on Dundee,BMO et al.

If there is a liquidity crisis coming why wouldn't these guys stay in cash and buy us when we are at $2.70(see Bob Hoye). I guess during the crisis Dundee prefers to be illiquid with SGR shares???

http://www.321gold.com/editorials/hoye/hoye071310.html

There shrewdness is apparent by having the SP fall and then do the offering @ $4 whereas other companies boost the SP and then do the offering????????

7. Production guys getting nervous because mill reaching capacity, so upgrades probably coming soon.

Again, really,is this a surprise to management?

Management’s Discussion and Analysis
For the year ending December 31, 2007

pg 9

The Company has immediate plans for improvements to its main hoist infrastructure at the Rice Lake Mine. The Company has set aside $1.265 MM for mechanical improvements and installation of the hoist and related components. The Company is also planning upgrades to its ball mill and cone crusher at the mill as well as acquisition of equipment to support underground mining and milling activities. The Company is planning for continued underground development of $9 MM, camp upgrades, a rock mechanics study and small equipment of approximately $0.9 MM and is currently undertaking feasibility work on the aforementioned discovery of high grade gold bearing quartz veins, no capital budget has been allocated for this project as of the date of this report. Funding for known items has been obtained and is currently invested in short term, minimum risk securities described in Note 3 – Marketable securities of the Company’s annual audited financial statements.
The Company has also committed to $0.25 MM of lease financing on specific equipment in the period subsequent.

8. Compared to peers, SGR was relatively cash poor, so felt it was a time to repair that item.

Not only cash poor.

9. Other than issues related to financing, money baoys have no say in what goes on in day to day business at SGR probably obvious but wanted to clarify nontheless).

Believe what you like.