via NRC - Mining Sequence

Since I am basically an aborigine from the St. Lawrence river valley on what seems to be a 30-year walkabout, the following article from the NRC greatly appealed to me.

I have said before that GBN.V is bascially a shell company where all legal requirements are met, but there is a second purpose to its existance.

If you read through this article, it would seem that the missing piece of the puzzle is probably a bankable feasibility study, if you go by what is required in the article. A second project and production decision for a project with a larger scope will probably be made fairly soon, since it is known that the company can operate as a small producer and pay its costs until a new mill is built. The impression you might get from any news release is that they operate in penury.

A great deal will depend on where the gold price is trading into the new year, where probably assumptions are for an average of ~$1700/oz. A gold price fixed in foreign exchange for about $2000/oz. would remove any price risk, especially if they are meant to devalue later.

It could take up to two years for this new expansion project to proceed, which co-incides with the end of the Waterton agreement. Perhaps Waterton is the lender and has boots on the ground through its present agreement with GBN.V.

http://ow.ly/gjwWB

-F6