FT Business Profile

Take a very quick look at the business profile of Crocodile Gold, and the value that the market gives its peers. CRK is showing their financial results from 2011 year end financials, posted March 19, so these numbers are very recent.

The list of comparables is interesting, because you won't find many profitable gold mines. There is one, CRJ.TO, and they haven't financed for some time. CRJ to post financials soon.

http://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=CRK:TOR

Now look at the business profile of GBN.V. The revenue side of the equation since Q3 fiscal 2012 was reported this last week shows a total revenue of ~$56.9m. This is more money than they used to start up the project last year. Total revenue for the year will likely be in around ~$70m. with no reported losses.

All of this money is presumed to have gone into operations, or properties, unless they bought short-of-gold derivatives, long-dated treasuries call options, or equity swaps against their own company. Because there might be some risk.

Plus there are some "bad boy" ingots gathering dust on the mill floor, propping up the shaking table so that it's level which they didn't bother to cash. They only needed three, because there was an available brick left over from construction to prop up the fourth leg.

imo, the company has no need to finance.

http://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=GBN:CVE

-F6