Commiserations guys and gals owning GCY. In the circumstances I...

Commiserations guys and gals owning GCY.

In the circumstances I think this CR is necessary - the quarterly report gave us the low down on their difficult cash position. Of course the CR should have been done earlier, and its now clear the market knew or suspected one was coming leading to the current low share price.

I reckon they should stop drilling at their second project and just focus all the exploration activity at Dal. project to find higher grade/lower cost ounces near their existing mill. They will not have a second project if they do not improve the economics of their first project, or at least not without potential massive share dilution.

Post ramp up, any spare cash should be used to clear their debt ASAP as that will constrain the share price.

I felt a bit of a dill selling out my holding in the mid 40 cents for a 1 or 2 cent profit earlier this year once I had a closer look at the mine plan that raised doubts with me, and then watching the share price head to around 60 cents. Looks like my decision was right in hindsight. I will continue to look at GCY with a view to entry if they have the required exploration success at the Dal project and judge them against other goldies.

Good luck all.

loki