Impairment Charges - How much was spent on the property in development costs. $71m + $15m. = ~$86m. So far.

Accumulated Deficit - the total number of ounces produced at a cost of $438/oz. (This is a cost taken out of the first two quarters of production in 2011. Though now, looking back at the misleading information provided over the years, it could be totally wrong.) This total includes the costs to mine the ounces, and development costs added. This is the true deficit.

Then you also have to have an equivalent sum of ounces produced in order to write off the deficit, which would be the capital raise portion for expansion.

Assuming that the cost to mine the ounces is 1/3 the total, and the impairments are 1/6 of the total, you get numbers like ~230k oz. as the total deficit, and an equivalent number of ounces produced to write off the deficit.

Since the gold provided is at a 10% discount, meaning they are payment-in-kind, you have to add 10% to the total ounces produced. The company is providing unrefined doré in a swap arrangement to Sprott. Sprott is then taking ownership of the unrefined gold and refining it to be placed into whatever vehicle they have it earmarked for. Essentially the gold swap agreement pays for itself and is dependant on demand for physical bullion.

Kitsaki and Procon's arrangements are for the express purpose of facilitating the swap agreement, which would not be accountable under GAAP. Procon is not in the business of lending money to Golden Band Resources to keep operating as if they were their Dad.

Rick Rule is VERY ANGRY that GBN.V escaped receivership with the breakout of $CAD gold prices as the swap agreement was meant to take over Golden Band Resources in it's entirety. This is the nature of the swindle that is Golden Band Resources.

No capitulation for you, bud!

-F6