RisksI believe you nailed all the risks to do with the company in your first post.
To respond to them I do not believe you have to worry about GBB coming up with less 2.5 Moz in the Block Model.
My personal conservative estimate with the 60,000 metres + drilled is somewhere between 2.8 - 3.2 million ounces of gold on the 43-101.
In terms of raising money due to a high burn rate this may be a problem but delivering a 43-101 to the market with an amount that high should allow us a nice PP or bought deal above 75 cents minimum which would put a floor under the share price as well as allow minimal dilution for raising funds.
Your last question being risks if the 43-101 is late.
In my experience I have yet to see a 43-101 delivered on time with a junior gold company as these estimates are contracted out for the most part and not under the company's control. Having said that if you have a 3 month time frame I can't see that as a risk as I would expect the 43-101 by end of July absolute latest, I personally am leaning much closer towards the end of June as much more drilled than I anticipated has gone into the property.
People can be upset with Frank for delaying the 43-101 from Christmas to this summer but did we really want a RE in Christmas of 1.8 million ounces and a destruction to the share price? We only had 35,000 metres of results back from the labs by X-Mas and the 43-101 would have done little to nothing to a 75 cent SP at the time besides crushing it - we'd also have to wait another 9 months minimum before GBB ended up putting out another one.
I for one am happier than ever with management as despite other's complaints about the company I believe Frank to be quite ahead of the game picking up the Adanac extension land back in November for a fraction of what OSK just had to pay to get their foot in the door in our neck of the woods on the Cadillac Trend.
With OSK sniffing around I wouldn't be surprised to see a rebirth in SP and a nice run before the anticipated 43-101 expected at the end of next month.
Two of the main things driving my commitment to GBB at these prices especially is the following:
a) Frank has already done metallurgical studies and we have 93-97% recoveries on grades at 0.60 g/t au which is extremely encouraging as even though average grade has fallen we are recovering basically all gold down to our lowest grades so even low grade holes are not seen as "blanks or useless".
b) By looking at the 2 following drill maps and comparing the deposit
A year ago this month we were at the same share price with this drill map available on the GBB website and a single one-hit wonder hole GR 10-17 out east that was thought could prove up an extension.
https://goldbulliondevelopmentcorp.com/html-pages/downloads/presentationUTMPRESENTATION.pdf
A year later with over 175 new drill holes in the ground we are trading at the exact same share price and have this updated drill map as of almost 2 months ago or 9,000 metres ago in terms of drilling.
https://goldbulliondevelopmentcorp.com/html-pages/downloads/drillhole_map04April2011.pdf
What also must be remembered is Kinross' Fort Knox Mine has been producing with an average grade of 0.44 g/t au for the past 2 years with gold prices below hovering at barely $1,000 oz. GBB has double the average grade with gold 50% higher and people honestly let bashers tell them this company's results are too low grade and garbage?
Might I remind people that the Fort Knox Mine is in Alaska without infrastucture nor nearby workforce and GBB is in Quebec within 10 km of a massive workforce and receiving 40% of their drilling expenditures back through the government.
I'm ecstatic with being able to more than double my position the last month while MM's walked the share price down and nervous investors gave away shares under 40 cents and I only wish I'd picked up more. I think we're in for one hell of a ride this summer and with OSK in the picture no longer can people call our dreams of Osisko's little brother a fantasy more.