Wonder where Hugh is in all of this? How many shares does he have?

Would he be behind some financing hail mary to keep his shares?

I could see Dale not wanting to risk anything his nest egg, his money is probably all offshore by now.

One thing that hasn't been mentioned is that SGR for the 1st time was showing a modest profit and can pay it's own bills. If we can improve grades and POG go up we can be optimistic.

I belive if Greg had been brought in 3 years ago we would be north of $3 in this down market. I appreciate his honesty in giving our chances 60/40, I feel like this was the first time in 7 years that I wasn't lied to.

Greg pointed out, If the consolidation has to happen, Kerr shareholders will get a haircut as well so this will be a last resort for him. Right now Kerr doesn't need to get mixed up with SGR, we need Kerr. How he has been able to sell the upside of all this risk to the Kerr shareholders is unbelievable.

It was humbling to see Hugh and his entire family sitting in the crowd, showing their support of the merger. Not quite the legacy he planned to leave for his family. The reality is that if and when SGR can get turned around, Hugh will probably not be around to see it.

What I can't figure out is why Gestur was sitting in the crowd? Dale was MIA, which isn't surprising.

While I might of been way off on the date of Gestur's walking papers...I did call it. No other predictions were made so guess I won the pool! Too bad I wasn't as good at picking stocks. Who's next.... Bob Brennan? I liked the way Gibson explained his value as a board member, "He brings a calming effect"! Give me a break, I think he will be the next to go.

As far as the old regime not being around to collect any credit, do they really deserve anthing other than a class action law suit for negligence?

I'll tell you what, if we get to a $1.25, I will foot the bill and rent the banquet room at Victoria Inn. I'll invite all the old regime back for a back slapping party and my sincere thanks for linning their pockets and blowing all the cash.

Dimetri

I think Gibson's MO is to take something that is not working and fix it... and make bundle of money in the process. I think he needs both companies to work to hit the home run he hopes for. San Gold is obviously in a worse state so he is careful he not to get everybody's hopes up. Should we start a pool for when Gestur gets his walking papers? I say December 12, 2014.

Wonder if Dale and Hugh have been dumping their shares now that they are no longer insiders? We will never know. What are the details on the special meeting (time and place)?

Dimetri

Peter,

Gibson went to great lengths to gain support with his plan. He's basically "right sizing" the mine and used the shaft hauling as one example why SGR has failed. He stated, "they should be hauling by rail and not trucks". The main theme was Dale was a world class geologist but along with Hugh had no clue how to build a mine or develop a deposit.

Dale was thrown under the bus several times, it must of been extremely humiliating. He gave several examples of how Management mismanaged and made bad decisions. The one that blew my mind was the cost of maintaining the hauling trucks. He said SGR had the best maintenance shop he has ever seen in the mining business, better than a Goldcorp or Barrick. Gibson claimed the maintenance costs of the trucks alone, were higher than buying brand new trucks every quarter! I can see a Geologist who thinks they know how to build a mine making these bad decisions but how does a CFO like Gestur who has an MBA not stick up his hand and say something. Another one.... Greg pointed out how there was no security in place, he wondered how much gold walked off the property?

I have been to all of the AGM's in the past 5 yrs, this one finally answered all of my questions. I keep thinking there must be some grounds for a class action suit against previous management based on the gross mismanagement of the company. Dale walk away with an annual paycheck of almost $500K and Hugh retired after years of multimillion dollar drilling contracts. I left with a slight ray of hope that Gibson who has a fantastic track record can turn this around. Gibson claimed he was going to cut Dale’s unrealistic salary, guess there wasn’t enough for Dale to get out bed anymore. I think it is only a matter of time before Gibson completely cleans house and fills the positions with his old gang from Trelawney. Bye bye Gestur, see ya Dale.

In my opinion, Gibson taking over is the best thing that ever happened to SGR shareholders.

Dimetri

Any number of reasons Dale is out... He couldn't handle not making $500K per year? Gibson needed to get rid of the cancer in order to gain the confidence of the industry? It was only a matter of time before Gibson brought his old team back together?

Wonder what Dale's exit package is?

It must of been excruciating to be Dale or Hugh sitting in that AGM. I have to hand it to both of them for showing up. I expect Gestur to be the next target, I hope he goes soon. After hearing how some of the cash was blown during the last 5 yrs leaves me wondering how he could not of said anything... or did he think he was actually building a mining company?

Dimetri