Resource Capital Gold Corp GDPEF

A little volume - no news

[lmcbain]

I have been hearing rumblings that some things are progressing, but have seen no signs to hang your hats on. The IBK financing has shown no life that I am aware of and I am not hearing much chatter vai the Toronto grapevine either. Nick was expecting to be in contact with Erik @ IBK looking for an update, but of course we won't hear much until it is complete (one way or the other). As I understand it the official end date for the 4 months is November 6th. The official documentation indicated that as of September 25th there had been no subscriptions received on the IBK financing.

I had a good read thru the Financials, the AIF and the MD&A and there certainly wasn't anything positive to be garnered there. The official documentation shows all 5 IUPs as having expired - I am being told by the company that the properties are all in good shape and that extensions on the IUPs will not be an issue; however, I have also been told (by parties outside the company) that IUP extensions are a lot easier to get, and less costly, if they are garnered before expiration and not after. Interestingly enough the timeline presented also shows that the Anggrek IUP was already expired when the Exploration Permit was granted, which I find odd.

With respect to the expenditures; there were essentially $2.88 million expended this fiscal year (ended in 2013). Now some of those expenditures were debts from prior years paid this year, but then most companies see that happen each period year-over-year. That figure is based on a discussion via email with Gary and based on his calculations. I had some back and forth discussion regarding the expenditures and got some clarification on a few points, but essentially was told that, they are what they are, and that they are legitimate and audited.

As I understand it there has been an individual with a resource background visit the team in Australia (I don't know if a property visit actually occurred) and I am told the meeting went well; what I can't tell you is who he is or what he was there to achieve. The obvious speculation is that the visit has something to do with the references the company has made to North American projects, but that cannot be corroborated. I also can't tell you what "went well" means without knowing what the meetings were about, so for right now it was just that "a good meeting" with NO known impact.

I am hoping to have some additional input from Nick shortly on general updates, as he has promised to give me a call and I am waiting on that. Gary continues to indicate that they are "working" on things down south to help turn this around, but says he can't provide any additional insight.

Hopefully we see something more concrete very soon.

Salut,
Leigh McBain