I am in the same boat as you and everybody else that has invested in this outfit. I don't understand how there can still be major backers who will be forever faithful -some of them will have lost millions.
These investors surely want answers to questions like:
Why did we let our finances to dwindle to the point that we need this emergency funding at 5c per share?
Why did we spend so much on a scoping study for what the investment community seems to indicate is a marginal result?
Why have we allowed our finances to dwindle to the point that we appear to have performed no drilling on our own tenements for around six months?
Why was there no drilling at the new and exciting prospects around Rockhampton -when drilling was supposed to take place this year?
Why has there been no drilling at Milo for six months, and what is the plan to drill all the new Milo targets, including the rough terrain to the west of the current drilling?
Why have we persisted with champagne-priced diamond drilling and lab assay results, when other options such as RAB drilling may have been very cost effective -especially in the initial stages of locating an ore body?
Why has our MD, a fully qualified accountant, not been able to foresee the result of our cash-burn and consequential lack of funds in the decimation of our share-price?
Is it fair that every 3.5 years, two directors earn a million dollars each in directors fees, when the company has failed to create shareholder wealth and cost many shareholders their life savings?
What IS the succinct plan to create shareholder wealth, and if there is no plan WHY SHOULD SHAREHOLDERS HAVE CONFIDENCE in the current board?
Considering the wealth decimation over the last 3 years, how can the following statement from the AFS be considered valid?:
"After almost five years of successful mineral exploration the GBM Board is confident our exploration strategy remains closely aligned with the long term focus of delivering shareholder value through discovery."
Where is the drilling?
"The Mount Morgan area remains a backwater for recent exploration and numerous high tenor targets in the area justify further exploration including testing with significant drilling programs."
"A staged programme of soil sampling in the ‘Greater Milo’ area has been initiated. This expanded soil sampling programme is part of a strategy to define the global potential of the Milo Project area and will infill and progressively extend the previous coverage as several areas of anomalism remained open. To date a total of 1,453 soil samples have been collected in the Milo area, 1,114 of these collected during 2012.
Soil sampling in the Milo area has proven to be an effective method of detecting and delineating areas of basement mineralisation despite the variable nature of the soil profile which ranges from compressed profiles to a thin layer of scree and ‘rock powder’. Based on sampling results* received, GBM identified three areas of strong anomalism in copper (Cu) and Lanthanum (La) (which is taken to be indicative of the general REE suite):
1. A coherent linear zone of coincident high tenor Cu-Au-La in soil extending for over 600 metres to the west from GBM drillhole BTD014 in the Milo West Prospect area. This anomaly contains peak values of 4,550 ppm Cu, 650ppm La, and 0.7 ppm Au. Drillhole BTD014 intersected 12.0 metres, averaging 0.7% CuEq*1,2; including 0.32%Cu and 0.15 g/t Au from 69 to 81m.
2. The likely continuation of this zone on the south west flank of the main ridge at Milo. This remains largely untested by drilling to date.
3. A large copper soil geochemical anomaly (peak assay values of 1.44% Cu, 0.35ppm Au and 120ppm La) associated with a strong magnetic and topographic high to the south west of the Milo Prospect."
SJB All IMHO
GBZ Price at posting:
3.0¢ Sentiment: None Disclosure: Held
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