There are no regulatory hurdles left other than the ministerial act of granting the long term tailings permit. The government has already approved a tailings facility for an initial 3 years. As to the long term beyond that, the public hearings have concluded and there was no opposition. In addition, regulators have indicated they intend to approve the long term tailings facility. Thus regulatory concerns are a non-issue.

As far as the short term performance of the share price is concerned,. GBN currently has .28 warrants outstanding with an expiration date of June 6, 2010. There are typically a number of shareholders in any company who will sell existing stock to raise funds to exercise their warrants. Thus the share price rise of the past few weeks into this selling pressure is very bullish. The days of GBN selling for below .50 will not last long beyond June 6. Add to this the credit facility currently being put in place which should close within weeks if not days and the first gold production of the 4th quarter, I am very comfortable adding to my position in GBN at this price.