emty promises“..........and thank you Rosco as that is very likely the reason for the sell off.”
You might want to look what’s happening around the entire market first before says such things. The entire commodity market is taking a beating. GBB is getting hit the same as all other gold and commodity plays. That’s what happens when there is a broad sell off. Everything gets hit. Driller or no driller, if the market falls then all players in that space go for the same ride.
“A case of Basa taking care of his own first which unfortunately doesn't help the retail investor like ourselves. Just the typical bs one has to put up with when playing the venture. GLTA”
That BS occurs everywhere. Greed is greed. It doesn’t matter where your shares trade. You mean to tell me you would do the same if you were in Basa’s position? Of course you would. And so would I.
As for the empty promises. BLA BLA BLA. If you don’t like it then sell. No one cares if you do.
The reason why the NI43-101 report is delayed is that there are no lay assays to input into the resource calculations. What did you expect? A 3rd party engineering firm to just make up numbers from thin air? If you actually thought that the report would come just b/c management hoped it would by some timeline, but in the same time no assay results came out from the labs you should do yourself a favour and sell all commodity names you own b/c you do not even understand the basics of how this industry works. Rookies get slaughtered in this game!
To constantly complain about its time the company released an NR is about the dumbest things I read on these BB’s. If they don’t have results what the hell do you want them to release? It’s up to the labs to process the cores, not GBB management. If the labs take too long there is nothing you or management can do. What do you want Basa to do, open up his own lab?
Management thought that cores would be released by a certain time thus having enough time to calculate a reserves report by the end of Q1, but the labs are on their own timeline. That’s the way it is. Deal with it cause you don’t have a choice. Management never promised anything. They said they “Hoped to have a report by end of Q1.” It was never written in stone. Next time read the NRs instead of skimming over them.
Personally, I prefer an NI43-101 report later in the year. It inputs as many data points as possible. The more drill core the larger the deposit becomes and so does the resource. If it’s over 5 mm oz Au then I fully expect it doesn’t last past the 1st reserves report and any upside from expanding the deposit goes out the window.
5 mm oz Au is the size that all intermediate and major gold companies start to look at you as you have critical size even for them. It make more sense for a larger company to take you out after you have identified inferred resources, like GBB is currently trying to do, b/c they pay around CAD$50-65/oz for the asset (just like Osisko did for Bret Resources). Then they infill drill the heck out of it and the same deposit is now worth $150-200/oz as the resource moves from inferred resources into 2P reserves. A major has the financial ability to drop 10-15 rigs on a property and infill drill it all up within 12-18 months to get that valuation, without even bothering to exploration drill. A junior doesn’t have that ability and that’s why they take 3-5 times longer just to drill up the same property.
If a report came out in Q1 – 2011, it wouldn’t have any inputs from the current 50,000m Phase 3 drill program and GBB has only drilled just over 1 km of strike length vs the potentially 6 km of strike length they think it could have. If you get a report in 2 months from now saying 5mm oz is there this think gets taken out like Bret Resource’s 6.7 mm oz (inferred) deposit did and you lose out on the added 5 km or so of strike length that this deposit could have had. That is a waste in my books.