General Discussion Topics, page-4474

While I am no expert on this, that makes no sense to me.
Declaring 1m ounces doesn't stop you still targeting 1.5m while proceeding to mine Ironbark to pay for everything going forward.
Providing a cash-flow can only benefit the company. What are the risks mining Ironbark? I'm not a mining expert but I would have thought they are minimal. It is shallow open-cut mining and high grade. The metallurgy is good and the processing is relatively cheap and toll processing will be available in the vicinity - if they pursue it - with crushing all that's required from GBR.
What obstacles are there? Approvals and agreement with local native title? Surely these should all be happening now.
If no-one on the board has any mining expertise then perhaps there is a concern that going the next step to mining might threaten some loss of control?
I mentioned the situation at GBR to a very successful, wealthy miner friend of mine recently. I mentioned the Cumulus overhang and the tendency for every good announcement to be followed by a wave of selling into any rally, and that the board is full of Geos with no evident interest in actually mining the gold that's there. Many here complain that past capital raisings have been badly managed.

Amongst other things he said this:
It is known that a number of small mining companies in Perth are managed in this way as a lifestyle operation for their management.
If that is the market perception of GBR, and there are certainly people on this site who regularly suggest that it is - TBALL for one, then there is no surprise that GBR's share price is wallowing and is 'undervalued' as stated by the CEO.

If the 'lifestyle company' is what is going on here then I guess we will see no change from the pattern of drill, drill, drill and no mining plan even with a positive scoping study (which I have no doubt will be positive) being released in June . If, on the other hand, the board members take their directors' duties to shareholders seriously then they would be wanting to change that perception. The best way I can see for that to be done would be take concrete steps towards mining Ironbark post scoping study release. They should have a notable goldminer join the board and engage experienced miners at the operational level to make it happen.
If they don't do that I expect the the share price will continue to wallow despite the ever growing ounces of gold in the ground.
Any takeover possibility will most likely be below par. I agree with Von Rico on this, he seems to understand the situation pretty well.