Anniversary Of Production

It's the first anniversary of production, but nobody's uncorking the champagne.

We don't know the exact date that production actually started, because there were some startup problems such as a fire in the fuel depot, and a mill worker getting stuck in the crusher, but we are pretty sure by now that actual production commenced by mid-February, 2011.

Its been a year, and no further reporting on how the actual deposit at the Roy Lloyd mine is shaping up. They spent millions drilling it off, presenting a very limited ore shoot for production,(when the deposit actually ranges ~900m) then took a SGH survey of 4sq. km., which went unreported, and did not complete drill holes that were part of a surface drilling campaign. None of the bulk sampling ever completed at any stage was ever reported. Its been months since development was under way and drilling should have been completed long ago.

Now in the EP Zone, we find that its downplunge extension actually exists that confirms historical drilling results, and historical grade estimates. Thus tonnage for this deposit must be accordingly accurate in the 2002 results, which was subsequently withheld. You won't find it in the news releases or on SEDAR, so it's been at least 10 years this information has not been made public.

Komis was entirely de-watered and underground development commenced, of which no sure news has ever been reported. If I remember correctly, this has been ongoing since the paleolithic era, and the news is represented in cave paintings in an as-yet undisclosed location.

None of the money that has been going into the project, some ~$60m. including the last financing, has been itemized for scrutiny. And yet, this is a publicly traded company.

The hostile bid from Luxor for Crocodile doesn't look so bad from my perspective, since they'll likely shake up the board. I don't think Netolitzky seriously believes that his plan to control the stock by keeping secrets is beneficial to anyone. A hostile bid is in the market, its only a matter of time before someone puts together the missing pieces.

Luxor was successful in its bid only because so many retailers held the stock. GBN.V is in far worse shape for hostile bidding. (or far better, depending on your point of view)

Its a hostile bid, or dividends. I think it will be the hostile bid.

-F6