More Lies

The production rate is assumed to be in the area of 350tpd during Q3. So without making any assumptions that the production rate has increased, since the Komis mine was not in operation, and that the EP zone was not adding to production, you can still come up with an idea of what the company was producing.

In mid-January 2012 (Jan. 22) they publicly stated the following in the Cambridge House Vancouver Resource Investment Conference:

The total of ounces produced without assuming any increases or decreases in production rates up until Mid-January was 33,151 - 22,803 = 10, 348 oz. This total is more than claimed in the financial report.

Without assuming any increases in production, such as problems with delivering ore, the total production of oz. from Roy Lloyd to the end of January, or Q3 fiscal 2012 would have been 1.17 times the stated total production minus Q1 + Q2 for the year, which is 12,107.16 oz.

Minus the total production claimed in the Q3 fiscal 2012 of 9679 oz. leaves you with 2428.15 oz. missing. That is one "bad boy" ingot missing out of the total production claimed in the Vancouver presentation. (or, two weeks worth of production without any input from the EP Zone)

With EP Zone production, presumed to have commenced some time in January, even though it grades only half have the amount they estimated, it would have added materially to this number.

But they say that ore haulage problems from both mines were stopped. But they had already claimed to have produced more than stated in the financial report. Apparently we have sub-contractor issues which, even though they claimed to have started during the quarter, they had already publicly stated more production than actually reported.

For the production numbers to be this bad, the mill itself would have had to be shut down for a month. Now, this is not just an equipment issue, is it? Its called gross mismanagement. Relying on transportation to be 100% efficient when it really isn't is a huge oversight.

They fail to mention the source of the problem, what it was, if it really exists, or what was resolved and reduced the production numbers. They did not say "we expect" this number of ounces during the conference, but stated unequivocally that they had a certain total of production had been achieved.

They are lying. Either they were lying during the Cambridge House Vancouver Resource Investment Conference, or they are lying in the financial report.

http://www.goldenbandresources.com/index.cfm?view=article&wnID=53

-F6