Cant,

You stated the following:

"grz's current cash position (when compared to shares outstanding is a gimme for pps rise), basically, grz has cash! grz has little debt! grz has fewer shares! grz has demonstrated a straightforward and open management to shareholders, grz has announced which direction it intends to take and when, grz has publicly stated that it has an airtight case. grz is probably without doubt leaving venezuela. it looks pretty likely that grz will not only be able to withstand arbitration but may be able to pursue other properties meanwhile...."

Bloomberg show GRZ has $102,000,000 of debt due 2022.

This is from GRZ 2008 annual report:

At December 31, 2008 our total financial resources,

which include cash and cash equivalents, restricted cash

and marketable securities, were approximately $110.4

million. Financial resources decreased approximately

$41.3 million from December 31, 2007. This decrease

was primarily due to the purchase of $27.4 million of

equipment, $17.0 million capitalized development costs,

$13.9 million cash used by operations and $2.2 million

of other items, net of $19.2 million recovery of cash

from sales of equipment. At December 31, 2008 the

Company is evaluating the status of $44.7 million dollars

of equipment (net of commitments) to sell, redeploy to

an alternative project or wait for clarification regarding

the Brisas Project.

In May 2007 we completed the sale of $103.5

million aggregate principal amount of 5.50% convertible

notes due June 15, 2022 and 13,762,300 Class A

common shares at $5.80 per share (Cdn$6.42 per share)

for net proceeds to the Company of approximately $173

million after deducting underwriting fees and offering

expenses. Although the convertible notes have a face

value of $103.5 million, they are recorded on the balance

sheet at approximately $91.8 million as Canadian

accounting standards require the Company to allocate

the proceeds from the notes between their equity and

debt component parts based on their respective fair

values at the time of issuance. The equity portion of

the notes was estimated, using the residual value method,

at approximately $29 million net of issuance costs. The

fair value of the debt component is accreted to the face

value of the notes using the effective interest method

over the term of the notes, with the resulting charge

recorded as interest expense which has been capitalized.

At December 31, 2008, the Company revised its estimate

of the expected life of the notes to June 15, 2012 and

adjusted the carrying value accordingly. The adjusted

carrying value was calculated by computing the present

value of estimated future interest and principal payments

at the original effective interest rate. As a result of this

change, the carrying value of the notes increased by

approximately $20.5 million with a corresponding

increase in capitalized interest and accretion. The

Company does not yet have a project debt facility or

other borrowing arrangement in place at this time.