As is evident from the poorly timed and ill-conceived comments...

As is evident from the poorly timed and ill-conceived comments by the CEO at Indaba, the market will punish exploration companies (that’s all we are folks) if its focus and energy is not 100% behind getting the mine up and going. Or, if Management have any second thoughts about the viability of their project. In this highly capital constrained world the cost of capital for explorers is very high, for producers less so. GRY has a quality development opportunity which is its path between the two markets. In my mind, the way forward must be totally and exclusively focused on building Banfora. Possible steps to achieve this would be;

1. Cease all peripheral activities that do not directly contribute to the development of the Banfora Gold Mine - both on the ground and in HQ. That means parking regional exploration activities and monetising stake in Papillon immediately. I am sure that the Management and Board have a broader regional strategy, however lets focus on becoming a producer first and putting all of our resources, manpower and energy behind this objective

2. Arrange Financing. Monetise Papillon stake, this should show that Management is focused and the cash is in the bank. Shares will re rate immediately. Guys, cash is cash. Shares in Papillon are not cash. Offer pro rate shares (1 for 4) to existing shareholders (no more discounted placements please), payment of shares to be in two tranches, 50% on issue and 50% in 18 months. Based on share sale and equity raising cash on hand could be $120 million. Strong cash position places company in strong position to raise balance from banks, say $120 million in debt, allowing for some over run. Share price will re rate closer to NPV when financing is confirmed.

3. Absolute focus to deliver project on time and on budget. If successful in stage 1 will have cash available for immediate expansion to full capacity. This is a growth strategy for next 3-5 years.If unsuccessfull, shareprice ends up in the toilet and we end up with 1 or 2 billion shares on issue and a share price in the low single figures.

4. With a succesfull track record and cashflow, cost of capital decreases and regional opportunities for consolidation will be plentiful. Thats where the money will be made.

Lets get going!