Magnetite Bay/Mont Sorcier (MB/MS)I looked up the Magnetite Bay claims info on VRB's old SEDAR filings, this is what I found:
The first reference that I found was in the MD&A for FYE 10/31/09 where it states that 19 claims were staked. These 19 claims as I look at the present maps on CBG and VONE could not have encompassed the entire historic deposits. $42k was added to Properties in this FY, I am unable to determine how much is staking, acquisition, or exploration.
In this MD&A the next sentence states VRB has commenced line cutting and ground geophysics, but doesn't state which property; the next sentence refers to drilling on Lac Dore North.
The next annual MD&A for FYE 10/31/10 shows $5k in work done for MB/MS.
The next annual MD&A for FYE 10/31/11 shows $1k in work done for MB/MS--$3k in tax credits implies about $8k-$10k in work may have been performed cumulatively to date.
The next annual MD&A for FYE 10/31/12 shows MB/MS is so important that it has been combined with another smaller property on the Other line, which shows $6k in work done and $6k in tax credits. It's probable that the tax credits pertain to MB/MS, so that implies tax credits for another $18k-$24k in work added to my estimate from the prior year.
One of the other properties, Iron-T, I think, had a paragraph in a 43-101 regarding the requirement for $1,200 per claim in assessment work per assessment period. I'm not sure if this is 3 or 4 years, or some other time period. If I understand this properly, this means that 19 claims at $1,200 would require almost $23k in assessment work--enough work appears to have been done to keep the claims for one renewal period. Assuming they didn't add any more claims, which would mean I have to look through every press release for several years, and that assumes they had a press release to announce it. Not conclusive, true, but not looking good, either.
In the meantime, let's have a look at the audited financials for FYE 10/31/12, shall we? I'll give you the lowlights, because there aren't any highlights. For the last 2 years:
-$1,128k in losses in "investments", including both equity shares held for value/properties traded and equity investments in affiliates, Goldbrook, etc. That's $1.128 MILLION.
-$312k in bad debts from cash forwarded to Pro Minerals, which got VRB's gold properties some years before.
-$1,935k in property write offs. That's $1.935 MILLION.
No wonder there was a summer of discontent in 2012.
So, willPOwer, are you still going to cling bitterly to the notion that Adriaan was the skipper of the U-boat that torpedoed the good ship VRB and your buddy PO?