It's been a while since I last posted about GRY, and my o my how...

It's been a while since I last posted about GRY, and my o my how wonderful this stock has done, is now doing, and is heading.

The journey so far....

Oversold, like a lot of good things during the GFC.

Management kept their nerve, made 2 excellent capital raisings during the most difficult of times.

1st @ $0.20 for $12 million strategically placed to Euroz Securities Limited with IFC (World Bank Group) subscribed for $2million of that (while the share price was around $0.26).

2nd and most significant was a institutional placing @ $0.50 for a total of $20 million!!! in Nov 2009 (while the share price was around that price I might add)

What this means is GRY had money in the bank to survive the financial crisis/uncertainty that others have buckled under. It also means that GRY now has money in the bank to spend on accelerated drilling programs.

If we divest Australian assets and purely focus on Banfora Gold, which I am all for BTW (another good management decision), the sooner we can realise our West African elephant!

Recent drill results further re-inforce that GRY has the potential to be world class, and it's only a matter of time til this is JORC'd through the increased drilling activity.

90% still unexplored and all discoveries so far have been above 100 meters depth and open at both strike and depth.

Recent drill results I like...

16m @ 8.95g/t (143 gram meters)
10m @ 13.0g/t (130 gram meters)
6m @ 19.2g/t (115 gram meters)


Why jump in now? Next set of drill results and a resource upgrade due soon IMO and looking forward to blue skies. It's only an opinion, so as always do your own research and due diligence before making any investment decisions.




Bottom line
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Currently inferred at 14Mt @ 2.4g/t for 1,100,000oz gold at less than 100 meters (Sept 2009) way overdue for a multi-million upgrade!

Cash in bank $25 million!!! (March 2010)

Debt = Nil!!! (March 2010)

Fully Diluted Shares only 224 million!!! (March 2010)

Banfora Gold Project 100% GRY Owned

1,200km2 project area

Power grid 30km away and accessible by road

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"GRY winner of the prestigious Explorer of the Year Award 2009 by the highly regarded Gold Mining journal magazine"