The 'Material Document,' dated June 18 on SEDAR, and released after 6pm, the bond market close.

http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00007862

In the definitions, one of the most important is that of 'lien' and is probably the substance of the agreement.

The company did state that the production outlook was for 28k oz. for fiscal 2013. We are now in fiscal 2014 since May 1. A salient detail is that the Waterton agreement was prepaid, and had been expressed as a loss at the end of fiscal 2012, reported in August 2012.

28k oz. X ~$1653/oz. = $46,284,000 for fiscal 2013.

Considering that exclusive stockpiling of ore grade material and processing only of sub-ore grade material from Roy Lloyd, EP Zone, and Komis contributed considerably to a loss in fiscal 2013; thus the company will not be subject to income taxes for the fiscal year.

If you are stockpiling from EP, then you would have to reduce operations at Roy Lloyd. A notable photo in the recent technical report of the Bingo deposit was of the large size of the machinery, which at one time was stated that the company was to reduce size and operations out of Roy Lloyd, but the photo says different.

The material 'cost' of operations could be considered to be the same as in Q2 and Q3 of 2012, which was $674/oz.

28k oz. X ~$674 = $18,872,000.

That leaves a total of $27,412,000 of surplus cash from fiscal 2013, since the company pays no taxes due to operating losses in the course of the year. The losses are due to depreciation of earnings from mine depletion because of stockpiling of ore-grade material and only processing sub-ore grade development material. This presumed surplus cash will actually be expressed as a loss.

The cost of resuming operations is ZERO, since its' all in stockpiles at the mill. Depreciation will already have occurred in prior quarters. This agreement with PROCON is primarily meant to encumber the company with an easily dischargeable obligation, and to defray any concerns that might exist due to sell-side brokers massively exposed to a buy-in. Sell-side brokers with a massive exposure to a buy-in still retain voting rights through equity swaps using your proxy vote, should shareholders not vote in any developments.

Anyone looking to swap out the value of the company in a merger or takeover is now obliged to buy a majority position of the company at market.

"The transactions have been approved by the board of directors of Golden Band. Each of the directors who is also an officer or director of PRI (or any of its affiliates or associates) declared a conflict of interest and abstained from voting."

There is only ONE board member with any shareholdings that is eligible to vote, if you go by the insider record. That's Netolitzky, the managing director. It stands to reason that the former board would have been difficult if not intractable in these dealings, so they were 'resigned.'

There you have it.

-F6