Gold Bullion Development Corp I would like to apologize and provide some clarity with respect to certain posts that I had made on the GBB forum. It was certainly not my intent to insinuate or imply in any fashion that management was acting improperly or that the Company was being run in a manner other than fiscally prudent and in a professional manner. My posts back in December and January were directed solely at two other posters unrelated to management or the Company.
During the past fiscal year there are numerous examples of management’s fiscal accomplishments and successful efforts in meeting shareholder expectations despite the challenging conditions prevalent throughout the junior mining industry.
From a capital perspective the company ended December 2012 with positive working capital of $1.4 million and successfully raised $2.9 million in the fourth quarter of 2012. In addition the Company was able to repay a term loan in the amount of $2.4 million in August 2012.
In early February I misinterpreted an external news release as being an announcement of what I thought was a new additional private placement. Management correctly pointed out in prompt fashion that this was a news release simply confirming approval by the TSX Venture Exchange of the placement previously announced back in November.
In terms of meeting shareholder expectations the Company has developed an innovative approach introducing the “Gold Forum” and the Shareholder Gold Royalty program.
GBB management has created transparency and provided timely communication to its shareholders through the creation of a gold forum on its web site as a means of addressing shareholder concerns. In addition a Shareholder Gold Royalty Program is being developed so that once production begins Gold Bullion shareholders can participate in the security of gold ownership.
In response to the recent market conditions in the junior mining industry management has adopted a fiscally prudent cautious and systematic approach and is currently assessing the economics of a rolling start.
As stated earlier while I may have had some posting debates with other posters on the GBB forum the integrity and competence of management was never in doubt or question.
Sharpie009