If they have changed the drill bit since the last ann I would not expect a lot of further progress to have been made. The drill string is in 30 foot sections and they can bring one up or down and disconnect/connect approximately every three-five minute nearer the surface though slower as the string gets longer (and hence heavier), so the rate to pull and run the string is about 500 foot per hour. With 15000 foot you are looking at 30 hours to pull the string, several hours to change bit, and 20-30 hours to run the string with the new bit,or a total 2-3 days.
After the history of GDNs volatility it is no wonder the market is so nervous, nobody wants to be caught on the wrong side of a $1.26-43c plunge again. IMO this is good value at this price given that the SP is likely undervalued on upper formations and we have the possibility of a 5-10 bagger on top of that. Those selling today may be mighty annoyed by mid next week.
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
