GBZ (ASX) Ann: Large Scale Graphite Potential at Sevastopol Prospect

Originally posted by sirjohnnyboy ↑

Guys, it clearly states that the graphite tenements are excluded from the Pan Pacific partnership and are 100% GBZ. Will this make any difference? Probably not, because like the foray into rare earths, we will probably hit our straps just when prices for the commodity in question die in the posterior (refer SYR/TON for recent trends).

When we sell 40% of the company for 2mil, I can't imagine that it will be too long before I'm finally put out of my GBZ misery. At least there should be enough to keep the executives in pay for a year or two -before the next gold mine or rare earths / graphite adventure kicks off.

I'm not sure whether it's pure bad luck, gross incompetence, or an extreme abundance of mediocrity (or worse -is it intentional), but GBZ appear to have been milking shareholders for years. How many years ago did I warn of the dangers of going berserk with diamond drilling and it's associated exorbitant costs at Milo. Finally, they are using the less expensive air-core drilling to test the graphite ...but why wait until next year to test the 2nd target? It must only take a week maximum to drill less than 30 air-core holes to 50m, get into it and drill the lot while we still have some semblance of a company left.

While we are at it, get a tracked air-core / RAB machine to drill the daylights out of Milo mountain (yes, that's right -close to the drill hole with 150m hit of 1%+ Cu Eq et al would be a good start). ...and also the most prospective of the Mt Morgan tenements (I'm no rock-doctor ...but close to the 34% Cu rock chip sample might be worth a go).

Do I sound pissed off? Well I went from happily completing a masters degree to driving mining machinery because of my misplaced belief in GBZ. What's a couple of hundred grand between friends? At least I have a job and I'm grateful for that..

While we are at it ...where is the GOLD? No further drilling results I note -another spectacular failure? -not even that spectacular really. Any gold bar pouring ceremony planned soon? Nah -guessed not.

AND by the way Pear ...this is complete BS: "Wobbly, I remember vividly how I tried to fight giving away our tenements and how the rest of you derided me and told me to go away."

From my memory ...no one told you to go away ...you complained about the Pan Pacific deal to us ...fellow holders and HC posters. We are not the enemy here -but you couldn't stop berating and complaining about us. I remember telling you that you sounded like an "old school Marm" -but at that stage I had a gut full of you lecturing the wrong people (and in fairness you do use words like "whilst").
AND if we didn't have the injection of cash that Pan Pacific has given us -GBM would have been out the back door years ago.

I have contacted the company with my concerns in the past -not lectured other shareholders.

I'd be happy to go to the AGM and voice my concerns this time too ...for what purpose? -the company is as as good as stuffed if we continue on the same course as over the last 4-5 years.

To the management of GBM, ...I wouldn't stuff around it I was you, you won't get another chance to sell off 40% for a lousy 2mill unless there is a significant turnaround from the history of failure.

It's is time to extract the digit or you won't be milking fees from this one for much longer.

Without success, could we last more than 12-18 months? Can't see it.

SJB

I'd say sell if there was anything to sell -but there's not.

Expand

to add a bit more to the "GBZ management have a lot to answer for" theme, how can you go completely silent on a project that was all the market was being informed on and just hop over to some new mystery graphite project and commence drilling there, with STILL no word on flake size of the graphite drilled previously.
we really need to have some informed shareholders stand up to these guys at the AGM and ask what is going on. it really does appear that they come up with a project just when they need to, just so they can continue to get overpaid by shareholders.
if this is the case, and it is appearing more and more to be the case, then GBZ management seem to be experts in stringing along shareholders for years just to continue to get paid. all just my opinion of course, dyor

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