Sadly Geo, there does not look to be much left here. Your dog...

Sadly Geo, there does not look to be much left here. Your dog analogy is probably quite apt.

We have not heard yet about the 2 meetings that took place recently in the USA, regarding the sale of GRM's non-Turkey assets.

And all the drilling in Turkey has unfortunately failed to indicate any gold. It is probably time to relinquish these tenements.

And (our friends?) over at Chesser did not award us their holding in the Sisorta JV, they sold to a Turkish concern.

I expect that most of the capital raising will go into staff wages, since GRM has 3 geologists and assistants on the books in Turkey.

GRM did attend the recent Turkish auction of mining tenements, but unfortunately it does not have very much money to bid with either.

The plan is probably to use this capital raising to pay admin expenses, and for broking fees etc, and for the consolidation of capital down to 45m shares, and then do another capital raising, post consolidation - good luck to GRM if it comes off, if they still have their head above water at that stage.

Will this end up in administration?

Things are a bit dire with this one, and probably not something that anyone would want to invest in at the moment.

I wonder if they will surprise us though, with an acquisition of sorts, and a new beginning - who knows (and some would say who cares).

I think I have found my tax loss strategy for the 2011/2012 financial year.

Gw