IMO it was yet another bla bla report very similar to previous quarters. Simply put, it appears that they are STILL nowhere near close enough to securing the funding required to get the project up and running.
Aside from the political instability that could further hamper/delay the project, the Banfora project won't get off the ground unless;
a) Gold in $US returns to $1250 or above (note: US$1250 used for NPV base case to project IRR to help secure funding).
b) the project or company is sold to a cashed up producer or
c) the company manages to secure a JV and in this instance terms would likely favour the other party as GRY's cash balance has been further reduced to $15.5m, which equals @ five quarters of 'reduced' expenditure until there is ZERO cash on hand.
Management have spent millions in the last few years but are STILL yet to deliver shareholders any sign of a return. A great shame given that Banfora could have been by now a profitable project in the right hands.
