all systems go, page-15

What you are saying is right PAD, but the unsuitability of JORC to Central Victoria, and GBM's resources (of 650k oz including potential) is not relevant to the current "problem" with GBM.

Nor are comparisons with BGD's billion oz "JORC bullcrap" valid. My criticism of GBM is that they are too conservative, in my view. Time will tell. But here is why I say so:

Aussie exploration companies are valued on rule of thumb average at 8%- 10% of JORC at current gold price = 605,000 oz * $900 = $ 46 million, less 50% for costs of production (announced at $ 460.00) = approx 23 million (25 cents per share).

Companies that are in production are valued at on rule of thumb average 15 to 20% of JORC resource = say $92 million less 50% = approx $48 million for GBM.

So these shares should be worth 50 cents before allowance for current market liquidity, management issues etc etc.

Of course - if JORC resource increases then the value goes up accordingly.

There is no problem with initial feedstock ... the company has already measured to JORC and announced its initial feedstock:
- 100,000 MT of tailings at 1g/t expected to be processed at 50MT per hour ( = eight months feed if one shift) and worth $ 3 million.
- Underground from the Max Shoot at 30g/t processed at 15 MT/hour.

But tailings in Bendigo normally yield 3g/t to 4 g/t - not 1g/t, because that's the way the old technology worked. Therefore, when in production, not only should the market remove much of the discount, but it should also adjust upwards for additional resource as feedstock.

Minor teething problems are normal with a plant. It's not unusual for a company on the brink of success to forget to talk. I really hope they are totally focussed 120% on getting this finished. I've seen it myself in start-up ventures.

I emailed the board politely expressing my (our) frustration, put this all to them. They replied confirming nothing due to ASX rules, other than indicating they had heard what I said, and they were currently working on a release, and that the content of the release would make shareholder happy.

The market is just as unimpressed with a company that is too conservative .. (and I told them - and received the predictable response).

On the basis of the thinking above, yesterday I bought another 140,000 shares at 14 cents.

Anyway, hopefully we'll be put out of the misery of the silence soon.