RE:As you can see buyThey scaled back their holdings:
From the MD&A May 31/13 -
the board of directors has determined that itthe Company will significantly scale back its exploration activities in Guyana for the remainder of 2013. GMV will retain its option to earn a 100% interest in select land packages including 1 large prospecting licence and 97 medium scale licences.
The Company currently has working capital of $1.3 million in cash and liquid securities (1.25m sh. of CSQ), and no debt. Certain assets related to surplus exploration operations that are no longer required are being sold. The proceeds from any such sales will be added to the Company’s working capital. Their burn rate is approx $30k/mth
GMV is actively searching for a value added resource based acquisition and to that end, the Company has established a technical committee to review advanced opportunities that better suit the investment of company resources.
The Company gave formal notice to Guyana Au Corp., that effective March 31, 2013, GMV Minerals Inc does not intend to continue exploration on the claims held within the Option Agreement dated October 6, 2011 and thus will allow the claims within to lapse and revert to Guyana Au Corp.
GLTA