More Assumptions

Something that the company has successfully kept under wraps is the grade of the Roy Lloyd mine. They did not release any information about bulk sampling which had occurred prior to a production decision and instead gave out information about grades about half of what they were seeing in the results.

So what were the statements prior to the unannounced bulk sampling programme?

"When considered together, and applying appropriate mining scenarios, costs, etc., the Bingo, Komis, and EP deposits are likely to meet economic criteria, even at the US$500/ounce gold price used by P&E. A resource estimate for the EP deposit is underway to help confirm these preliminary findings."

The company had been telling people they will shut down if the gold price declines below $825/oz. U.S.

"While rated at 450-500 tonnes per day (tpd), the Jolu mill was able during previous operations to run at up to 700 tpd. Golden Band is reviewing how to eliminate bottlenecks in the mill operations with a cost-benefit analysis in order to achieve a higher average throughput rate."

What is the truth here? Is Rodney Orr running at the mouth like he usually does? Or will the Roy Lloyd mine be producing ore @600tpd and an average grade of 14g/t? (The Seabee produces 700tpd and is a smaller, lower grade mine, for the sake of comparison.}

http://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=162620

As a shareholder I am very dissatisfied with insider buying as if it were meant to compensate me for the risk of holding shares in a company that obfuscates its operational numbers, ESPECIALLY when the company continually dilutes the shares, far beyond reason.

Pay a dividend with the free cash flow over and above the all-in costs, and you can run the company as if it were privately held and keep all the damned secrets you want. Presumably, you would not want any of the larger players to snap up the hopelessly undervalued shares. But I wouldn't discount the risk that larger shareholders will have had enough and drag you before the Ontario Securities Commission.

-F6