GBN.V Weekly

If someone came to you and said that investing in Willy Wonka's Chocolate Factory was the greatest thing, along with imaginary dealings in financial statements and Oompa Loompas seen scurrying about, your money would go elsewhere. At least they told you in Willy Wonka that the factory was kept humming, though nobody was the wiser.

Or maybe this is the second coming of Jesus Christ, and that the end of the fiscal year is meant to co-incide with Easter Weekend for religious reasons. We should have the Pope or the Cardinal visit the prospect and give it his blessing, with lots of photos for the website.

A quick approximation can be arrived at by looking at the losses declared just prior to the end of the fiscal year. $15.63m. in losses means the company added some 37,000 oz. in the fiscal year aside from the 11, 674 oz. used to prepay expenses to Procon for calendar year 2014. It has already been established that mill shutdowns were untrue. (if the cost estimate of $420/oz. is correct. '420' is the slang expression for smoking pot.)

The unaudited numbers expressed here are in U.S. dollars, and terms of gold production oz. to go into escrow. The company has never had anything resembling cash flow, so they cannot be declaring losses, unless they go to the liabilites column under the gold commitment. The numbers are made to appear to line up with prepaid borrowings and are grossly misleading. Or you would be grossly misled if you believed that this is how the numbers add up, without further due dilligence. The reason why they chose to express in U.S. dollars was to mislead on the $CAD gold price, which is well above the required $1400/oz. CAD.

So the total of average production could be 48koz. Over three years of production subordinated to the gold commitment and escrowed, that means the gold commitment is fulfilled.

http://scharts.co/1cdbG7V

$Gold:$CDW Weekly

Looks like the $CAD gold price remains stubbornly above $1400/oz., even with the pull-back.

http://scharts.co/RsfflF

via Financial Post - Osisko Takeover

Sean Roosen plays Pagliacci:

Financial Post

-F6