I have to agree that in the short term GBG will follow the market trend and will probably break 80c. However, it has held steady above 90c for a very long time so any bounce will send it back up.
However, gmbhag, posting baseless figures such as 54 cents and EPA approvals will have suprises without giving any further details shows that you are one of the shorters that's just stirring up trouble.
I say just ignore his posts or drown him out by posting real facts.
The facts are:
* Resource of 2.3 billion tonnes of magnetite (at 35% Fe) * Ansteel cash payments to date: $228 million * Ansteel to make another $141 million in October * GBG has reserved a spot at Geraldton port * The Okajee railway builder has been decided and will probably complete by 2012 * India, Russia, China & Brazil will keep developing for at least 5 years
The only thing that is holding back GBG is the environmental approvals and of course the construction of the mine.
The only disappointing thing has been the environment approvals have been delayed.
GBG's potential: * 100Mt of haemetite (which after the magnetite upgrade seems very likely) * Another resource upgrade within the next 2 years
Many other juniors would kill to be in GBG's position and the next 12 months will sort the men from the boys.
This financial climate will make it very difficult for many juniors to raise cash.
Ansteel has been terrific, helping GBG to get finance for the project.
This is the time to keep your cool and re-evaluate your portfolio.
If there is potential in a stock then accumulate if not sell out and move on.
Sounds like you should do the latter gmbhag.
Baseless ramping/down ramping posts should be moderated!
GBG Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
