via Mining.com - Steve Toduruk

You'll want to take in the video at the end of this article by Steve Toduruk.

My feeling on GBN.V is that since the market was so unresponsive to even great news such as developments on the Bingo deposit that occurred in 2005, which should have been the 'discovery' move, that the company is very long into a de-risking effort as Steve would put it.

The story you want to listen to in the video is Alpha Minerals, which is most like GBN.V at present. Considering the float, they will probably be reverse splitting the shares in the same way, but with something to follow, but probably not the discovery hole.

If GBN.V is as broke as they say, where did the operational cash come from, if not from processed ore to refurbish/repair the mill, change mining methods at Roy Lloyd, stockpile enough ore to run for two years? How are they able to pay Rodney Orr ~$250k per year when he was supposed to have resigned for the second time in fiscal 2012? If anything, Rodney Orr's salary in fiscal 2013 is a clear indicator that a major deception is at hand. (see proxy forms)

A company as de-risked as this is with a TMF on parliamentary assent, an operational mill, known deposits, known geology, pre-feasibility study twice, where the profitable quarters matched pre-feasibility closely, excellent drill results, insider buying, and a gold bull market should not be trading in this range and should be a money-making business for the long haul by now.

My guess is that both Sprott and N. had equity swaps and settled in the last year or into the gold price lows. N. is also very anxious about hostile bids since everything being done is to dissuade any advance on the project, because a hostile bidder will not be able to buy enough shares at market to obtain the necessary majority.

Uranium discoveries in Saskatchewan aught to make the province a focus of attention for other types of discovery.

Looking forward to precious metals options expiry this week:

http://jessescrossroadscafe.blogspot.ca/2013/01/gold-and-silver-option-expiration.html

http://www.mining.com/web/why-i-speculate-in-exploration-juniors-steve-todoruk/

-F6