Balance Sheet Focus

As I had tried to point out, if the company had continued to operate without any increases or decreases to processing, they would have arrived at ~12k oz. production.

But they ostensibly only produced ~9.6k oz. I surmized that what has gone missing is the equivalent of perhaps three "bad boy" ingots of ~2400oz. gold. (I had originally thought the "bad boy" was something like 2000+ oz., but they're actually only ~900oz.)

A glance at the balance sheet will show that there is a ~$6.7m. buildup of gold in inventory. That is the equivalent of perhaps three "bad boy" ingot plus whatever gold is awash in the mill.

http://www.bloomberg.com/quote/GBN:CN/balance-sheet

source:

http://www.goldenbandresources.com/html/news/whats_new/whats_new_archives/index.cfm

-F6