Its A Disaster

It looks like the GBN.V management has stubbed their toe and decided not to meet with guidance. They even trashed their own guidance on the new processing rate.

They are being thoroughly dishonest when they say that production could be this low. They would have drawn all of the ore out of EP without adding much from the Roy Lloyd stockpile, if any to achieve such atrocious numbers. For production numbers to be THIS BAD, there would have been no production whatsoever from the Roy Lloyd mine.

What we have is a management legacy problem, and a very serious one at that. They don't want anyone playing in their little sandbox, and will swindle their shareholders in the process. They would very much like their company to appear to be operating in penury, and this in a gold bull market.

They could have opted to produce gold and pay a small dividend, but in the end it appears, they've found negative gold. They mine it, and pay someone to take it off their hands. Preposterous. Absurd.

Good luck at convincing your rabidly hostile shareholders to hold on to their shares in the event somebody takes this company private, because you won't be able to prevent anyone from snatching this excellent gold mining property out of your crotchety, crooked hands.

I would say that you violated the principle of the law by signing confidentiality agreements and possibly standstill agreements, and then reported false production numbers. That leaves the field wide open now to a forensic audit and eventually a hostile bid, and at a price below asset value.

You've just ruined your life's work.

-F6