Conclusions -

Netolitzky's attempt to promote Masuparia's Greywacke as a large, disseminated gold deposit has utterly failed.

Moreover, any attempt to revert to the same with GBN.V, which was done once before years ago, will likely result in failure. (it's easy to see why, you need a 50,000tpd mill and large reserves in the millions of ounces)

Moreover, the board at GBN.V has decided to keep secrets from the shareholders at all costs. Opaque financials, operating in penury, spending tens of millions of dollars on development and stockpiling of ore, mining at the one end of the property while developing at the other. They really must have absolutely nothing to go on, or they are so anxious to lose control over their finds, they don't want anyone playing in their little sandbox.

But in the main, they have gone out of their way to pull the carpet out from under the investment case and have financially destroyed their shareholders in the process.

Are investors wrong in investing in GBN.V? Not necessarily. There are only two undeveloped consolidated gold belts in Canada. One is in Committee Bay, Nunavut, and the other is La Ronge.

IAMGold just took out the Gogama in Ontario last year, leaving just two areas left with room for growth. Committee Bay has already gone out of business during the financial crisis, and was resurrected by a nickel exploration company.

This basically leaves one company where you get a new mine and room for growth. The hard part is that first, people don't believe in gold. Secondly, they find it preposterously absurd that it comes from the ground. And third, you are considered a die hard fool if you believe there's any gold in Saskatchewan, of all things!

-F6