In the interests of balance, it is probably worthwhile stating...

In the interests of balance, it is probably worthwhile stating what negatives there are about GBE and its likely share price performance:

- it is entirely possible that GBE timeframes are longer than the market's shorter-term focus. The share price could stagnate right up until the BFS.
- In a weak market, even strong drilling results can see a small bounce, and then the price returns to prior levels
- With the Chinese having such a strong share holding, this may be viewed as a negative. There is little possibility of a takeover and so GBE and ECE are in it for the long haul.
- the cash position will come back as money is spent on exploration and corporate overheads. So whilst there is a significant gap between the cash position and the mcap, that gap will narrow over time.

Even these points notwithstanding, I still think the downside is minimal, and a moderate amount of upside is highly likely and over a longer timeframe a significant amount of upside is also likely.

ECE thought GBE was worth 3 times it current price, hence their investment. I tend to agree.

Yaq