Conclusions -

October promises to be an extraordinarily difficult month, given the losses over the previous fiscal year. But the way it works out, Q2 fiscal 2014 ends at the end of October. Results for this quarter will be in December or January.

The company and auditors went out of their way to erase any speculation that dore bar stockpiling might be going on at the mill, since it doesn't show up in inventory, but instead revealed that ore stockpiling was going on(not that there's necessarily anything wrong with stockpiling), and that ore was being depreciated against earnings. I had been pounding the table over stockpiling for over a year. My feeling is that auditors were also greatly emphasizing the losses and re-iterating bad news which actually had none of the desired effect whatsoever.

A company like Centerra could be induced through arm-twisting to buy GBN.V by offering shares, and thus taking short positions off of sell-side brokers' hands, but at this juncture, I would briskly turn down any offer until the stock is re-rated. They certainly have appeared in the news lately. And boy, did Cameco and Centerra ever screw up on placing their bets on Kumtor, which is all but seized by the Kyrgyz government. Remember you still own the shares and your vote means that you are expressing proprietorship.

But in November I speculate that equity swaps held over the company expire,(I was looking for an August expiry, but that would be way too easy) since they have been in vogue since 2010, and probably have a history going back years. Netolitzky has to absolutely get cracking, since it was an extraordinarily serious error not to implement production and establish the mine as a business.(but it IS in the background - as if it were unimportant) Instead, the market served as a vehicle for an expansion of equity swaps as a priority.

The financial interest on the short side by far and away dominates this company. Notional values for these contracts aught to be in the hunrdeds of millions. Something has to be done this October in advance of equity swap contract expiry. A buyer of the company has to obtain a majority of shares, or a majority of votes in favour to carry off any cheap buyout scenario.

They have YOUR vote through equity swaps if you do not excercise it yourself.

As a matter of speculation, 0.0012 X $1336.70 = $1.60

http://scharts.co/163GcQG

-F6