Conclusions -

There are very specific terms under The Bankruptcy And Insolvency Act that the company has not resorted to.

- There was no declaration of CCAA.

- No motion for any restructuring has been undertaken.

The reasons why the company may resort to the BIA are that the going concern value exceeds the liquidation value of the project. A notice to default has no hope of recuperating the $20m. 'owed' based on he equity value of the company, which under TD Securities, is 0.000003 cents a share.

That PROCON did not immediately seize the company is probably because the notice to a default was a defaulted prepayment on the next fiscal year of prepaid operations, thus the point is somewhat moot that the company is actually in default of anything. Thus no seizure. To further add to the discussion, the notion that GBN.H is borrowing money from its subcontractor in order to keep in business is preposterously absurd.

The going concern value of the company is probably the value per year of gold invested by The Royal Canadian Mint, or $220m. per year, divided by the outstanding number of shares. This is the revenue the company would be able to produce in a year were there no staggering discount applied to a revenue based financing.

The company is not insolvent, as I've maintained. But the BIA is being resorted to because the provisions under the act probably allow for it. There was no CCAA because the company has no debt.

So what we're getting is a crash course on 'Corporate Law For Dummies.' A spaghetti plate full of loopholes, as it were where each step so far has been somewhat predetermined in a step by step fashion.

The company 'shut down' came 18 months before the shares were de-listed from the TSX-V, and onto the NEX. But if you will remember, there were multiple shut-downs, where the company continued to draw from ore stockpiles, according to SAT photos.

The company presumably has no directors since the dummy directors resigned. But obviously someone is writing news releases with sophomoric glee. Should it occur to anyone that running a business is preferable instead of making a COMPLETE JACKASS of oneself, maybe it's time to consider shareholder value.

-F6