IF GBN.V manages strict grade controls and we see an average production rate of 11g/t, then the initial estimate of 45k oz. will be exceeded. A new NPV will be required if the gold price manages to average better than $1400/oz. U.S.

Taking this company private is probably not an option with the collapse of the sell side broker's attempt to drive the company into the hands of the cheapest buyers. I believe there is still more panic buying waiting in the wings, considering a decline of the discount rate, a possible decline of money market rates in Canada, and a rally of the gold price into the new year.

A reverse split can be avoided by paying dividends, probably afford to pay 0.5¢/share on a monthly basis to start, should the gold price average ~$1500/oz for the next few months. This will keep the shares in longterm shareholder's hands.

Resolute did not report for the month of November, as they are required to report for Dec. 8. They made an egregious error by selling their shares too hastily. A huge loss booked there. That last Alternative Monthly Report was posted Nov. 8.

As usual, no guidance from the company.

-F6