UML's investment in GRL has been an unmitigated disaster and one...

UML's investment in GRL has been an unmitigated disaster and one has to wonder what level of oversight have UML being exercising over their 33% investment in GRL ?

GRL have spent the best part of $10m and only increased their gold resource in a supposed West African hotspot for gold from 140k oz to c.400k oz which is simply pathetic.

Most juniors look to increase resources at up to $10 per oz. GRL seem to have spent more like $40 per oz in finding costs !

That is for a sub commercial resource (i.e. less than 1m oz) which was a licence relinquised by Anglogold who would surely have known whether or not it was worth keeping.

UML should be asking some pretty tough questions of GRL management if not sacking them outright. Otherwise questions need to be asked about UML management.