Thank you for your view which I agree with. I recently wrote a shareholder about this same topic and to facilitate a reply, I have taken the liberty of pasting my reply about share purchases by management below. You will see that we have been purchasers of Golden stock, although not recently for the reasons given.
. As to insider purchases of stock, each and every one of our Directors and officers (excluding one that just joined us in February) has purchased shares in the market in addition to whatever accrues through our incentive plans. Only one officer (who is a part time employee) has sold any shares since our inception. Last year, when the ECU/Golden merger took place, restricted shares granted through our long term incentive plan vested for all employees. The result was an immediate tax liability for shares that are now worth a fraction of their value upon vesting. Each officer has taken a significant cash hit for these taxes for shares that are now valued significantly less. As an example, my net salary last year was less than my tax liability for shares that vested and I suspect that other officers have found themselves in similar position. As you can see, we have invested significant capital in our company and I wish I had the resources to invest more, but I do not.
Thank you again for expressing your concern which is shared by all of us at Golden Minerals. Hopefully this market correction will be over soon and in the meantime we continue to evaluate our options should conditions worsen.