Globe And Mail

"We looked at 22 of Canada’s more prominent gold companies and took each firm’s 2011 year-end production in ounces, and divided that by the number of shares outstanding.

That gave us the number of ounces of gold bullion that each company produced, per share. We then assumed a $10,000 investment in the stock, which gave us the number of produced bullion ounces that an investor would own for that amount of money. We also looked at any dividend that the company pays."

In terms of GBN.V, that means a $10,000 investment @ 17¢ (58k shares) buys you 9-1/3 oz. production, without taking into account any dividend they might pay out.

So if they manage to double production eventually that same 10k investment will mean you finally own 16 oz. production for your original investment out of 100k oz. production and 350m. shares outstanding.

Globe Business

Bloomberg - GBN.V Key Statistics

Note - I understand the following key statistic in GBN.V shares held short in the prior month to mean that the equity swap position is 16X the public float. That could mean that GBN.V is a component to venture exchange-based short sell.

source: http://www.bloomberg.com/quote/GBN:CN/key-statistics

-F6