Ann: Binding $12 Million Sale and Farm-in Agreement on Twin Hills, page-2

I wouldn't say this is a $12m sale.. it's $6m cash for 70% (valuing Twin Hills at $8.6m). The other $6m is drilling to be spent by the buyer which as we know in this market for gold explorers may not add any value at all to Twin Hills (unless they hit some serious step out within a handful of holes).

So they sold WD for $3m, Twin Hills for $6m = $9m. They have already given Glen Eva to Newmont, so only Yandan & Mt Morgan remains? Not sure there's enough there to justify a $12m market cap + con notes less $9m cash from sales.

Interested in other thoughts. I held GBZ before they bought Twin Hills and it really was the company maker. Newcrest had first right of refusal over it as well. Can't say I am impressed with the sale price at cyclical lows for gold explorers.

Good luck holders.