via Existential Comics - The Philosophy Of The Science Of Poker

The company ups the ante by announcing a reverse split. The situation is not unlike monday's update from Existential Comics:

http://existentialcomics.com/comic/49

Dec 2014/Jun2019 Spread

Backwardation in gold spot prices over long dated futures has not yet come about, despite the fact that other commodities had been chronically in backwardation, notably oil + copper since the financial crisis. Long dated spreads narrowed after gold prices bottomed:

http://quotes.ino.com/charting/index.html?s=NYMEX_GC.Z14_M19.E&t=l&a=0&w=1&v=dmax

via Kitco - Gold Lease Rates

Gold lease rates declined during gold's price decline, but lease rates rose as gold prices rose, signalling an end to a bout of gold leasing. The RBI had notably sent its gold to London for 'safekeeping' Really it probably meant for leasing.

The embarassing outcome that RBI leased its gold into the bottom of the market, while it was being taken possession of by the Chinese aught to be mortifying, since their rupee-defending strategy by taxing bullion or perhaps outright leasing central bank gold accomplished nothing.

And hundreds of tonnes went to the Chinese, if my guess is correct.

http://www.kitconet.com/charts/metals/leaserates/au_go_0030_lsb.gif

via gc.ca - Regulations Amending The Metal Mining Effluent Regulations Act

The following statement indicates that Mallard Lake is to be permanently lost as a fish habitat. This is the only place that mentions in any way that GBN.V intends to initiate a 25-year mining project, in so many words. This is THE document where it matters that it happens to be on the books.

How the may go about this is to cover the area between two parallel ridges north and south of Mallard Lake as a tailings impoundment area.

The cleanup that the company is engaged in is presumably removing mercury tailings from the lake bed, but also constructing an open pit scenario over en echelon veins drilled off in 2011/2012 that run under the lake. The open pit portion will supply the necessary waste rock to build two enormous berms at either end of the parallel ridges on either side of Mallard Lake, thus expanding the tailings impoundment.

The company is preparing an expanion phase for a 25 year mining project, where the tailings management facility covers ~1.5sq. km. With a run-off.

"Cost-benefit statement: The present value of the total estimated incremental cost of the proposed TIA associated with the Jolu Project is $2.78 million (over the 25-year analysis period discounted at 7%). This estimate includes $2.65 million for the construction, operation and closure of the proposed TIA as well as post-closure monitoring. The estimate also includes $130,000 for the implementation of the proposed habitat compensation plan.

The proposed Amendments would result in a loss of approximately 150 000 square metres (m2) of fish habitat. As required under section 27.1 of the MMER, the proponent has proposed a fish habitat compensation plan to offset this loss of fish habitat."

http://canadagazette.gc.ca/rp-pr/p1/2011/2011-02-19/html/reg2-eng.html