GBM (Greater Bendigo Mining)

[jordanlee]

Got a news about GBM for our GBM investors.
link:http://www.sharetrader.co.nz/showthread.php?t=5805

Why gold had to hit $US1000
Robin Bromby | March 15, 2008
IT was no big surprise when it happened. It's doubtful that anyone, anywhere, popped a cork when, briefly in New York on Thursday night, gold went through the $US1000 an ounce mark.

We were expecting it. The only issue was when it would happen -- this week or next.

Now that the $US1000/oz level is done and dusted, gold bulls will already be recalibrating their expectations. Any day now there will be talk of $US1200 gold. Then $US1500. And, again, when (not if, they'll argue) those levels are reached, it will have been anticipated and talked about so much that, like this week, it will all seem faintly anticlimactic.

There'll be more joy among the miners, especially if they are not hedged.

Greater Bendigo Gold Mines is as tinny as they come.

First, it is coming to production this month. Second, it decided not to hedge that production so it -- and its shareholders -- will be getting full exposure to the spot price for the planned 20,000oz output a year.

And while the credit well is fast freezing over for sectors such as property, the stellar run by gold made it possible for Greater Bendigo to pull off a trifecta this week. ANZ loaned it $2.1 million, investors opened their wallets for a $1.07 million placement and British managed fund Pacific Capital Investment Management put up $10 million for convertible notes.

Not bad for a company whose shares have been struggling to stay above 20c and which has a market capitalisation of $19.5 million.

"I love gold," chairman Ian Smith said yesterday. And he believes he will keep on doing so. "We are not about to see an outbreak of world peace and financial stability".

Barrick Gold chief executive Greg Wilkins said in a New York television interview that he expected gold to climb a good deal further. And he ventured that the metal might find a lucrative industrial use -- replacing platinum (now more than $US2000 an ounce) in the manufacture of catalytic converters that reduce car exhaust emissions.

Why would you expect gold to stay at these levels or go much higher? Let us count the ways.
.........

[stevo1]

Welcome to ST Jordanlee.This company has potential and is not to be confused with Bendigo Mining who have had problems --they thought they had gold --couldnt find it put in wrong equipment to mine it when they did find it.However GREATER Bendigo Mining have picked up some of their people so should have the experience not to make those mistakes.The article you have posted covers a lot but just to add a couple of things the $10mill from Brits has a 0% coupon rate.About 3weeks prior to this raising they had $144,000 dollars so obviously ANZ and Brits and investors have enough confidence to supply $13 mill---no mean feat in this credit starving market.That area has been very productive in the past.It is a small market cap,unhedged,quite tightly held shareholding,well funded ,ready to produce.But dont take my word for it DYOR if you are considering investing in it.

[jordanlee]

Yes, I read this news and their several announcements. This company is very interesting. Such a small company rised their cash so quick. ANZ fund 2.1m and UK investors fund 10m. I saw they will start production from end of this month.
I spend $400 on Goldnerds report. I worked out their projective PE ratio is 3 (caculated by using projective NPBT 6m, market cap=20c*90m shares). This ratio seems too low.
Any ideas on these figures?

[stevo1]

Assumptions on PEs considering the nature of this project are not really meaningful.This area has localized quarzt bearing veins and i think they have started mining before having totally assessed JORC.The stuff lying round on top of the ground has been picked up long ago. In the past this area has produced 10 to 15grams/ton au.Inital grab samples showed from the Max shoot at level1 at Maxwell mine Inglewood showed 1450g/ton,17.1g/ton,156.3g/ton.Later chip sampling showed grades 37-88g/ton from 3 100kg samples.So its a little bit like a lottery in so much as if they hit a long running motherlode the skys the limit.But the grades they have are pretty darn good albeit possibly patchy due to the geographical nature of deposits.Getting in there digging it up processing is going to give the best answer-- all will be revealed.The current pullback in the gold price may offer good entry for those interested.

[Serpie]

Just took the plunge on GBM.

Got onto this after the tip from Doon on the "nearing production" thread (So I blame Doon if it all goes pear shaped).

I'm hoping to have scraped in just before an announcement regarding the commencement of production, and 20c seems to be holding as a support level, so the downside looks to be contained for the moment. Good support from the insto's and investors, and rapidly climbing the Goldnerds rankings.

That's all I know about it, so we'll see how we go!

[doon]

Just took the plunge on GBM.

Got onto this after the tip from Doon on the "nearing production" thread (So I blame Doon if it all goes pear shaped).

I'm hoping to have scraped in just before an announcement regarding the commencement of production, and 20c seems to be holding as a support level, so the downside looks to be contained for the moment. Good support from the insto's and investors, and rapidly climbing the Goldnerds rankings.

That's all I know about it, so we'll see how we go!

Good luck Serpie! I'm still very positive with GBM, reckon my options could be good here, likely better than my heads?
However, if you saw the state of my current portfolio after the recent rout, you may not have taken any notice of my tip :)
Could be interesting next couple of weeks when they report commissioning & production figures.

[Serpie]

Cheers Doon,

I've been having a bit of luck recently, so hopefully that will follow me to GBM.

They said that they'd be pouring Q1 of 2008, so that leaves them 3 days to fire up the furnaces.

[macduffy]

I'm interested in GBM and have been doing a bit of research on its people and prospects.
I note that Chairman, Ian Wilson Smith, who is also the majority shareholder with a bit more than 50% on the numbers I saw, is described in the Annual Report ".... own and operate a successful boutique merchant bank in Wellington, NZ ......." and has " built a reputation for bringing new businesses to the market ".
I note also that he is, or has been a director of Pure NZ (now Lombard), Life Pharmacy and SmartPay. I wouldn't describe any of these as being particularly successful but that may not be relevant.
I'm trying to find out the names of the " successful boutique merchant bank" and the new businesses which Mr Smith has brought to the market.
Can anyone help?

[stevo1]

Hi Macduffy havent been able to find anything on chairman (Ian Wilson Smith)unless in a previous life ruled Rhodesia ( lol)Tried to before I bought in --couldnt decided to buy in anyway.

[Oiler]

I'm interested in GBM and have been doing a bit of research on its people and prospects.
I note that Chairman, Ian Wilson Smith, who is also the majority shareholder with a bit more than 50% on the numbers I saw, is described in the Annual Report ".... own and operate a successful boutique merchant bank in Wellington, NZ ......." and has " built a reputation for bringing new businesses to the market ".
I note also that he is, or has been a director of Pure NZ (now Lombard), Life Pharmacy and SmartPay. I wouldn't describe any of these as being particularly successful but that may not be relevant.
I'm trying to find out the names of the " successful boutique merchant bank" and the new businesses which Mr Smith has brought to the market.
Can anyone help?

Macduffy try this website..... I think you will find the answer.

http://www.far.co.nz/

Oiler

[macduffy]

Thanks, Oiler, that's helpful.
Some answers there but not a lot of info about FAR Pacific Resources Ltd. Hardly a household name but I don't suppose a boutique merchant bank would be.
I note Inglewood " will be in production Q1 2008 " so will be looking for an announcement soon.

:)

[Fird]

Here is what I have found out. Lombard used to be Pure New Zealand. It became Lombard as a back door listing.

Pure had been a general investment company, that owned GBM. It sold GBM to the current operators.

Since that sale, some two years ago, there is no relationship between GBM and Lombard.

[jordanlee]

153,962 ounces from 1,547,950tones resources from Inglewood and ISG.
500,000 ounces resource potential target on.
$A460/oz Production Cost gives 6.8mil profit at end of 30/06/09.
http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode&allinfo=&asxCode=gbm

[Serpie]

Just need that announcement to confirm that they've started production.

Today's release touched on it by stating that the plant was currently being commissioned, and that production would commence by the end of the month, but they said that last month as well.

[jordanlee]

We will find out later this month on their gold production.
I felt very positive on this Resource statement. It makes much clear on what they will get from their underground in next several years.
Quarterly report is due next month. will see some figures shortly.
will hold this share and will get some more at 19c

[Serpie]

I'm hoping to get our between them starting production, and releasing their half year report in July.
The reason - They've stated that they're looking to make a half year profit of over $6M once production starts. That seems a little fanciful to me, especially since they are already one month of production behind.
The problem with sticking those sorts of numbers "out there" is that if you dont hit them then the market will punish you. I'd rather not be around if that happens.
(I just got drilled on NWR and I'm a bit gun shy!)

[jordanlee]

I just found GBM annouced their inglewood project.
-"Refurbished Maxwells Processing Plant. 100% owned by GBM."
-"Precommission trials commenced on 9 April, and to be delivered to site in the week ending 18 April. with commissioning to commence immediately thereafter-leading to initial gold production in April."
-120,000t of tailings at approx. 1g/t.
.......
Good annoucement! I have been waiting this for a well.

Any thought on this, GBM holders?

[jordanlee]

I'm hoping to get our between them starting production, and releasing their half year report in July.
The reason - They've stated that they're looking to make a half year profit of over $6M once production starts. That seems a little fanciful to me, especially since they are already one month of production behind.
The problem with sticking those sorts "out there" is that if you dont hit them then the market will punish you. I'd rather not be around if that happens.
(I just got drilled on NWR and I'm a bit gun shy!)
Agree, I was worrying about this as well. Lucky, they annouced updated inglewood project today.
I studied NWR a little bit on Goldnerds. these two companies are in different position. NWR is on exploration, 92% gold, WA company, no plan to turning to development and production.

Any future thinking on GBM?:)

[Serpie]

Any future thinking on GBM?:)

I don't have much experience with running figures on goldminers, but I'll see if I can plunder someone elses numbers somewhere and see if that $6M is achievable. Will be a learning exercise if nothing else.

[Serpie]

After reading the last half year report I see that they are aiming for revenue for the next two years to exceed $20M per annum, and NPBT to exceed $6M, so it looks like I've misread their expectations for the remainder of this FY somewhere.
Those figures from the annual report seem much more realistic!

[jordanlee]

I calculated by:
Price of gold=$A1000
Estimated production cost by GBM=$A460
60% of their resource to the surface (industry figure, normally between 60% to 80%. figure from Goldnerds)
Profit per ounce: ($A1000-$A460)x60%=$A324/oz
They are planning to produce 20,000 ounce before 30/Jun/2009, then we got $A6.48m profit at end of that time.

These figure seems reasonable. If they reduce their production cost to $A410/oz, their profit will over $A6.48m.

[Fird]

Hi JordanLee,

Your calculation seems "rule of thumb", but it also fit's well with GBM's forecast profit for next f.y. at $ 6.8 million. I've done further analysis of the company, using data from www.goldnerds.com.au. At the current share price, GBM is a rare gem.

Using Goldnerds as a tool, out of some 310 ASX listed miners (with 1st place as the best buy), GBM is:

- 87th (of 310) in the overall rankings
- 85th in ratio of enterprise value to minable gold ($60/oz)
- 18th in ratio of market cap to annual production ($1007/oz)
- 26th in cost of production ($ 410 per ounce)
and they must be near #1 in terms of prospective PE ratio (PE = 3)

GBM then came in as a clear #1, after removing companies with the following criteria from the list:
- those that work outside of Australia (political risk plus some added risk in the disclosure regimes),
- those that have not announced/estimated a cost of production (risk of uneconomic resources),

The only negatives are:
- board is overweight on Bankers and Lawyers.
- four week delay (at least) from the promised time of commissioning of the plant.
- Victorian gold deposits can be patchy (leading to difficulties getting JORC resource statements).

These points should be balanced by:
- the local Bendigo MD, founder, and local mine management.
- 6.2 tonnes of past production at Inglewood (their main project) at shallow depth only (down to 150 meters).
- Common sense says Inglewood must have around 2 million oz left - but the company has been very conservative so announced 650k oz of resource and potential.

But the recent announcements of resource and the progress report on the plant had no affect on the price. Pretty surely this is due to the sell off of the $ 1.5 billion of Opes Prime's junior gold investments (thanks for the bargains ANZ).

Clearly gold production can't be far off, and the company is promising increases in resource up to at least the 1 million oz mark over the next few years.

From this is the underlying value of this share is $0.65 to $1.00. These figures are based on a pure market average rule of thumb for a company in production, as follows:

Basis A:
- 97 million shares.
- 650,000 to 1 million oz in the ground (one project).
Pay $ 100.00 per oz of gold in the ground (this is conservative, as the average for a good company in production is $200 per oz of gold in the ground).

Basis B:
- current price = 20 cents
- prospective earnings = 6 million on 20,000 oz at $ 410 per oz
- current market cap = 18 million
- current PE = 3.
- PE for a company with resource that is new to production should be 8 to 12 = .55 cents to $ 1.00.

Am I missing anything?

[macduffy]

No real up-date on Inglewood in today's report. Assume " first production in April " not achieved?

[Serpie]

Assume the same Macduffy. They've got to be close, but pretty disappointing. Another week of waiting.

[Fird]

Yeah - it's frustrating all right - I'm looking forward to taking some profit.

From the photos and the 15 April report it must be real close. I'm happy to wait.

From the quarterly report I see the "concentrators" were installed last week. That is normally the last piece of plant (as most expensive).

From the quarterly report I see there is a bit of a stockpile of >1 oz per tonne material. Clearly they'll be putting that through the plant pretty early, and measuring the output. If so - watch for a >50 ounce production day.

That should get things rolling on this little gem.

[macduffy]

With the POG drifting off, it looks like we may have to re-cast our numbers for this company.

Any guesses on that score?

:confused:

[sophieyan]

Pls read the following article

http://www.news.com.au/heraldsun/story/0,21985,21522433-664,00.html

When I read the article I realised that
becasue of the disaster at Bendigo Mining, all Victorian miners are probably
unfairly undervalued. This make them worh a look - once they prove they
know what they are doing.

According to www.Goldnerds.com.au, the company GBM
Mkt cap A$18mil
Enterprise value A$20 mil
Production to enterprise value 0.92 (based on current gold price A922$ and predicted annual pdn 20,000 ounces )
prospective Price Earnings ratio 3
GOldnerds ranking 129

[macduffy]

Note that the HeraldSun article is dated April, 2007.

Since then, Perseverance got into difficulties and has been sold, much to the dismay of its ( now former ) shareholders!

:mad:

It wasn't just Bendigo that had problems.

[Fird]

Bendigo and Perserverance got into trouble at about the same time, but for different reasons. The former overstated their resource, overspent on infrastructure as a result, and mined with wide vein equipment when narrow vein equipment is the go underground in Victoria. This diluted the ore to a level that was uneconomic for processing.

The latter I understand had a cash flow problem.

I think that this cast a shadow over all Victorian mining = a good time for the bargain hunter?

Goldnerds lists 36 Victorian based mining companies, of which 21 have Australian operations (and the rest are overseas). I haven't taken the time to check how many of these operate in Vic. Most I guess.

PS: I used Goldnerds to cut and pasted the 21, which are:

1 - AGS Alliance Resources
2 - AXT Argo Exploration
3 - BCD Beaconsfield Gold
4 - BDG Bendigo Mining
5 - CCU Cobar Consolidated
6 - CGT Castlemaine Goldfields
7 - DTM Dart Mining
8 y GBM Greater Bendigo Gold
9 - HAO Haoma Mining
10 - JRV Jervois Mining
11 - MPJ Mining Projects Group
12 - NCM Newcrest Mining
13 - PRE Pacrim Energy
14 - PSV Perseverance
15 - RAU Republic Gold
16 - RBX Resource Base
17 - RRL Regis Resources
18 - SAR Saracen
19 - SBM St Barbara
20 - SML Synergy Metals
21 - SRZ Stellar Resources

Am only interested in gold producers, and I picked GBM because they are one of the five that announced their cash cost of production per ounce:

BDG $570
GBM $410
NCM $285
PSV $587
SBM $529

[macduffy]

Hi Fird
Getting a bit off thread here but I think its important to remember that PSV's cash flow problem was a result of its production difficulties.
As I recall, PSV took over another Vic miner - name escapes me now- something like Goliath ? - borrowed heavily to do so and sold a lot of production forward. I think they were required to do this as a condition of the financing but I'm not absolutely certain of this.
To cut a fairly long story short, PSV experienced difficulty getting enough gold out of the ground to settle their forward sales, got into financial difficulties and were bought out by some Canadian company for 30c a share.
Given that a couple of years previously PSV was seen as a rising star, 30c was a long way short of what a lot of investors ( myself included ) had paid.

None of this is to say that GBM won't be a success but for me its a case of twice bitten, three times shy until I see a lot more evidence that they have the goods and can mine it economically.

[Fird]

The following from another web site:

I think the future of this company is great - but that they have one Director too many.

I think holders should writer to the company and require an explanation of the following:

"Court finds airships directors misled Primus
April 25 2003 The age.com.au
By Leonie Wood

A Supreme Court judge yesterday found three directors who talked Primus Telecommunications into signing a $3 million marketing contract for an airship to fly over the Sydney 2000 Olympics had engaged in misleading and deceptive conduct.

In an 80-page decision, Justice David Habersberger said the evidence of the three - Robert Palmer, Bendigo solicitor Douglas Cahill and Gary Walsh, all directors of CCP Australian Airships Pty Ltd - variously was unsatisfactory, unconvincing, and at times evasive.

"I regret to say that I was left with the clear impression that each of Cahill, Palmer and Walsh, when giving evidence, was acutely conscious of the fact that he might be found liable for the damages claimed by Primus and his answers were at times influenced by this fear of what, no doubt, would be a financially disastrous result for each of them," Justice Habersberger said.

Primus has demanded CCP Airships and the three directors repay a $400,000 deposit the telecommunications group paid in early 2000 as part payment for a 12-month lease over the inflatable airship.

Although the deposit was described in contracts between the parties as "non-refundable", Justice Habersberger said it would be an extraordinary interpretation to assume that CCP Airships could retain the deposit if it had flagrantly breached the licence agreement.

Mr Cahill last night told The Age that CCP Airships and the directors planned to file an appeal next week. "We will appeal vigorously," he said.

With Telstra as one of the dominant sponsors of the Olympics, Primus hoped to win a marketing advantage by flying the airship over Sydney during September 2000. Video screens on the sides of the airship were to be devoted to Primus ads.

But CCP Airships could not raise the $US1.6 million deposit the US-based airship manufacturer demanded ahead of construction, and the project failed.

Justice Habersberger said that because the directors had failed to tell Primus officials that CCP Airships did not have the funds to meet the manufacturer's deposit, they had misled and deceived Primus."

[macduffy]

Has anyone anything to report?
Did Inglewood commence production during May?

:confused:

[Serpie]

Has anyone anything to report?
Did Inglewood commence production during May?


Finally in production now MacDuffy. That was a painful wait. Up 20% on the news (at the moment) and now that the wheels are turning hopefully we'll have anns about first pour and perhaps some resource updates.
I'll hold for now.

[Fird]

Whadaya think of today's announcement? It's been long promised ....

[sophieyan]

THis is from the announcement
"All major systems are funtioning correctly n their overal effectiveness has also exceeded expectations.
In addition to capturing the normal size range of free gold as expected, gold down to and finer than 40 microns being trapped. The Enhanced Gravity Concentrators are also capturing greater than expected quantities of gold bearing sulphides.
The Maxwell plant's operation will now move from component effectiveness testing, to overall performance measurement and performance reporting. It will also focus on processing free gold n concentrate produced to date into gold bars for sale. "

This is exciting news, ah?

[Serpie]

It's all good Sophie,

No news now until the quarterly. They took their time getting the plant up and running, but it looks as though it may be worth it in the long run.

I bought this intending to turn it over fairly quickly, but have been forced to sit on it. It looks as though it may turn out to be a reasonable long term hold.

[stevo1]

Looks set for rerating with production up and running (plant performance exceeding expectations).Of course depends on actual gold produced but great potential for big gains from here.Market is asleep on this new PRODUCER (current market cap$A 8.7 million minnow) If gold moves up from here bonus.

[doon]

I bought this intending to turn it over fairly quickly, but have been forced to sit on it. It looks as though it may turn out to be a reasonable long term hold.

Me too serpie. However changed my mind awhile back. Very pleased finally seeing some results after the long wait for production to start. Currently up 15% today, not bad considering ASX and DOW suffering badly.
My main worry here was, and still is, just how strong the 'integrity' is of Directors & management? Have read the odd report that is a little concerning. Not prepared to elaborate here, but interested if anyone else has the same concerns.

[Fird]

Being in production, going "better than expected" and priced at a prospective PE now of just over 2, this seems to be unbelievably good value, and I picked up some more.

I'm now looking forward to "rate of throughput and accurate yield measurement". In previous announcements throughput and yield was expected to be 50MT per hour on a 100,000MT stockpile of tailings = by my maths at average 3 gms/tonne, would be say $12 million over 8 months at one shift from tailings; and 15MT per hour on the underground ore (at average 30 gms/tonne), before considering their multiple other tenements.

Thursday's announcement has it that they are doing better than expected" so, perhaps once the yield is out, and if the Director's integrity issue is real and addressed???

I looked into the Directors some months ago after reading other forums, and expressed a concerns directly to the company, with no response.

After some very careful research I felt generally satisfied, especially with the Managing Director, John Cahill, who is a Bendigo local, a Geologist well respected in the industry, and if anything has the reputation of being far too conservative.

There is concern with D. Cahill (a distant relation of J. Cahill) who (see earlier in this thread) was reported in 2003 by the Melbourne Age as being heavily criticised by a Supreme Court Judge in regard to his involvement in an Airship business in 2000. I wrote to the company and asked if there was an Appeal. This business is NOT early stage so the ... umm "entrepreneur" does make me slightly nervous, and there should be no unanswered questions. I'll be expressing this again in writing and with my shareholders vote at the next meeting, and I'd ask other holders who read this to do the same.

The announcement (at end of June) that Director and Shareholder Gavin Hoare has stepped down following "a 6 month contract (signed in October) to manage the completion and commissioning of the ... plant." I take this as polite code for the company addressing the reason for the recent delays. I hope so.

[Serpie]

Can somebody please have a look at today's announcement by GBM (released around 4.30pm) and tell me what it means?
To me it looks really good, but I'm not sure that I'm reading it right, and they're being pretty cautious.
Any gold bugs out there that can shed some light on it?

[Serpie]

Come on FD. I see you looking. You're a clever bugger. You must know what the ann means!

[shasta]

Can somebody please have a look at today's announcement by GBM (released around 4.30pm) and tell me what it means?
To me it looks really good, but I'm not sure that I'm reading it right, and they're being pretty cautious.
Any gold bugs out there that can shed some light on it?

Serpie

132g/t Au is an exceptional grade.

Problem is the sample size, 500T of out 30,000T of tailings

They will need to process a much bigger sample to get a better picture.

Encouraging though...

I'm interested in why you choose GBM?

[doon]

Serpie

132g/t Au is an exceptional grade.

Problem is the sample size, 500T of out 30,000T of tailings

They will need to process a much bigger sample to get a better picture.

Encouraging though...

I'm interested in why you choose GBM?

The 132g/t was the lower grade. The 'exceptionally high result' was 2343g/t. ??
Who can put this into layman's terms?

[Serpie]

True Shasta, only a fraction of the feedstock sampled to date, and there appears to be a huge difference between the au content of the arsenopyrite and the au content of the pyrite sulphide (whatever the hell that means!).
I also have no idea of the recoverability of gold from the sulphide.

On the other hand, they don't have to mine their feedstock. It's just sitting there next to the plant. Someone else dug it up and left it there for them, so their production costs are pretty minimal.
And they're not including the free gold in these calcs, which is removed beforehand.

I've still got no idea, but I think I might know a bit more about this before the week is over!

[Serpie]

As you've said over on HC Doon, there's too many figures floating around, but they're all pretty impressive.

Why did I get into GBM Shasta? I've asked myself that many times over the past 3 months!
Might work out ok afterall.

[shasta]

As you've said over on HC Doon, there's too many figures floating around, but they're all pretty impressive.

Why did I get into GBM Shasta? I've asked myself that many times over the past 3 months!
Might work out ok afterall.

I'm following rather closely about a dozen or so goldies either producing or about to.

Hard to work out which ones stand out from the pack!

I'll do some more digging :D

[doon]

As you've said over on HC Doon, there's too many figures floating around, but they're all pretty impressive.

Why did I get into GBM Shasta? I've asked myself that many times over the past 3 months!
Might work out ok afterall.

Serpie, I recall you
'Just took the plunge on GBM.
Got onto this after the tip from Doon on the "nearing production" thread (So I blame Doon if it all goes pear shaped).'

This was back on 27th March when I assume your av entry was around 20c? So to date you are down a little, very sorry! However, I still believe GBM will be somewhere between 50c and $1.00 within 12 months, perhaps more if all falls into place, and little downside from here. At 17c heads, and 12/09 20c opts, this has to be a great punt even if the overall market continues to suffer.
I admit I am a believer here, but not trying to ramp. I have more opts than heads, and quite comfortable to hold here for some good medium term prospects. Would be buying more but fully invested at present and can't get out of anything else unfortunately.
I did a little back of envelope compare with AVO- also recent producer, target 170oz pa, MC $479m, GBM target 20k oz, MC <$10m -AVO have some other projects, but GBM do also.
shasta, if you are looking for one to stand out from the pack, you have to consider this.
I am still a little bit uncomfortable with management, but not sure whether this is warranted.
Serpie I notice, and I are both monitoring other chats (HC etc) and so far nothing too negative, but must say fingers crossed a little. Guess you can't be sure of anything these days!
Frankly, if your portfolio isn't going down these days, and each day, you're doing great!

[Serpie]

Just kidding about blaming you of course Doon. I'm very pleased that you put this one up for us to have a look at.

Average entry price of 20.5c, so at yesterday's close of 17c it's held up better than everything else, and the upside still hasn't been realised. In an environment where P/E is everything, this one is looking good for the rest of the year.

The processing of tailings gives them immediate cashflow, and with the plant working better than expected I believe that they will become cashflow positive very quickly.

I like the caution displayed by management to date, and am looking forward to an announcement regarding first sales.

I'll keep reading to try to learn more about the processing for seperating the ore from the concentrate.

[doon]

Hey Fird, If you are the 'Firdy' from "HC" pehaps you may like to post your excellent recent posts (2) on the other chat site for readers here. Good analysis, balanced, and makes alot of sense. I don't like to copy anothers posts, so suggest readers here check them out if they do not appear here soon. (Maybe we all subscribe to both sites? Sorry if that's the case.)

[Fird]

Sure - By the way Doon, if you keep saying nice things like that I'll have to ask you to swap places with my wife. She's been a bit grumpy recently with our portfolio losing value ..... still ... make me study harder.

[doon]

Sure - By the way Doon, if you keep saying nice things like that I'll have to ask you to swap places with my wife. She's been a bit grumpy recently with our portfolio losing value ..... still ... make me study harder.

Gee Fird, you mean you actually TELL your wife about your invesments! (The true story that is) You're brave.

[Fird]

The following (thinking and guesswork) as posted on HC:

I've studied these releases and the background pretty hard. Sorry this is so long.

With a bit of educated guesswork, I'd draw three major and several minor conclusions. This said, I am biased, as Many months ago I sold up other gold stock investments to come into GBM.

A. GBM has 50% ownership of a new processing technology which now seems very likely to prove itself into a revolutionary proposition.
B. Based on this early information, all their tenements are likely to prove to be far richer than they have said.
C. They are taking a very conservative approach to their public announcements, and so the company is making no promises ... this means they are confident and so they don't need to promise.

Minor conclusions are:

1. There is a Geologist running the communications, the company is technically focussed, and so (on the good side), is unlikely to get tied into hype, but (on the negative side), their communications are really hard to understand, and so GBM will under-perform in the market simply through these communications not being understood.

2. They are producing gold in three forms
- course free gold (see photo in the last release)
- fine visible free gold (alluded to in this release)
- these gold bearing sulphides, which are almost entirely a bonus.

3. The gold content in the sulphides alone indicates a gold content in this 30,000 MT of tailings of 13 g/tonne, plus free gold, the calculation being as follows:
- every 100MT of tailings processed = 100 Kg of gold bearing sulphide concentrates = 1.3 kg of gold = 42oz gold ==> grade 13 g/tonne of gold in the tailings.
- the potential result for the total 30,000 tonne stockpile of old tailings ===> COULD be 12,600 oz of gold in the tailings = $12 million dollars.
- but as they expected only 1 g/tonne (not 13 g/tonne) they had expected only 1000 oz out of these tailings. Importantly, this expectation was based on work done by the previous operator - with old technology.

4. The richness of the gold bearing sulphides (concentrate) is a surprise, and so they have not built the plant to process it - but are looking at their options, which involve some testing. I have seen no reference to chemical plant.

5. But they will be producing free gold at the same time.
The free gold drops out BEFORE these measurements were taken - but they don't say how much free gold. Why not?

6. This is only the first two weeks of operations after a 12-month plant build (weeks two and three of June). So, reading between the lines about what they are NOT saying ... They weren't expecting this and they didn't as yet have all the disciplines in place to be really accurate themselves. What do you do when you get a new toy - chuck some stuff in and see what happens ... that seems to be the case here. Hence the cloudy communications and the waiting weeks for the independent report.

7. Therefore, it is either or both of:
- they got lucky and struck a rich patch in the old tailings; or
- the tailings are consistently rich, and the Pfahlert concentrators, which I understand from previous releases are a new invention and owned 50% by GBM (via 50% ownership of "MRT" - Mineral Recovery Technologies) are recovering gold which could not previously be recovered, in which case this technology would be worth hundreds of millions.
BUT - they do not know themselves until they process they lot because they haven't tested it themselves (relying on the last operator).

8. If it's the latter, and the "Enhanced Gravity Concentrator" technology is recovering gold down to 10 microns that no-one knew was there, the statement that they make in their footnotes about the technology starts to look like a huge understatement ... "the technology has strong potential to reduce operating costs and enhance ..."

Firdy.

[Serpie]

Thanks Fird,

Following on from that it should be noted that they have 90,000 -120,000t of tailings in total (depending on which release you read) to process - not just the 30,000t that is already sitting at the plant.

And trawling back through the reports it would seem that they may well have the facilities to process this concentrate on site, but we can not be sure of this.

[Fird]

Here's a few more questions about this company (also posted on HC):

- Is there a basis for questioning the strength of the management? (eg plant running so late; and the Director in charge of the plant leaving his directorship; and the change in culture issues of moving from plant build to production, underground mining and alluvial mining).
- Is there a basis for questioning the strength and integrity of the Board? (eg one Director has a chequered history, and I have seen an unsubstantiated post on another site that he was gone - information source "locals". I'd bet they had a few scraps before getting things moving - every start-up company does).
- Is there a basis for questioning the company's communications policy - seem to be snippets of detail all over the place - how much better do other companies do?
- I still think (as others have said) this is basically a $ 0.50 to $ 1.00 share - is the current risk discount on the s.p. appropriate? with a prospective PE under 3.

I guess all questions are normal for an early stage company - being in production 15 months after float is pretty damn good in anyone's book, and it seems, they are running a tight ship in terms of costs - which as a quid pro quo as non-core stuff suffers.

They are clearly also now producing free gold, so there must be some kind of production or sales figure sooner rather than later.

It seems almost certain that they are recovering levels of gold and conc. from tailings that others are not. If this is correct the potential value is huge.

They must have a pretty good idea how to recover most of the gold from the sulphide concentrates - otherwise last week's announcement would be irrelevant and misleading. They are looking to do it in-house. Alternatively, I know there is a market for selling gold bearing sulphide concentrates as is, but it's only at around 40% (I think) of the gold value.

In the recent announcement, the M.D. wouldn't say "too early to review Resources and financial forecasts" unless they saw a need to review these (upwards), but they just haven't done it. It's code for - "we will be reviewing Resources and profits" - and you'd only say that if they were going to get better.

But - everything is slow slow slow - they are probably short staffed too - as good pre-production companies with such a low market cap always are.

So I feel increasingly good about this.

Unfortunately I got over excited and over-committed to this one months ago (expecting faster progress), and so I am having to dribble a few 00,000 shares recently at the 17 - 18 cents mark - a sure sign the price will rise the day after!.

I fully agree with other posts (by n.c. I think) that there is potential for this to go well above $ 1.00 in the medium long term.

[Fird]

Transcript
ANDREW ROBERTSON, PRESENTER: Victorian scientists have identified a patch of land between Bendigo and the Murray River which they believe contains $32 billion worth of gold.

They say modern technology should be able to penetrate layers of thick sediment which have made the find almost impossible until now.

Vicky Jardim reports.

VICKY JARDIM: Scientists believe this yellow area north of Bendigo could spark another Victorian gold rush.

DR RICHARD ALDOUS, VIC. DEPT. OF PRIMARY INDUSTRIES: We're estimating that there could be 1,000 tonnes of gold, which is a very large amount of gold, total world production of gold since King Solomon is about 150,000 tonnes, and so that puts it in perspective.

VICKY JARDIM: The scientists at the Victorian Department of Primary Industries made the startling find when they compared the 10,000 square kilometres stretch of land with a nearby area that was geologically similar. They found it was highly probable significant gold deposits were still undiscovered, worth more than $32 billion.

RICHARD ALDOUS: The area is covered by sand and clay and so the old time prospectors couldn't get to that.

VICKY JARDIM: Since the 1850s, more than 2,500 tonnes of gold have been dug up around Ballarat and Bendigo. Scientists and the Victorian Government believe almost half that amount again may still be in the ground in this unmined area.

RICHARD ALDOUS: So these big blue circles are the major old gold mines that were developed in the past. So this is the area where we've defined the 1,000 tonnes.

PETER BATCHELOR, VIC. DEPT. OF PRIMARY INDUSTRIES: Old miners were limited by the geology, their lack of knowledge and modern techniques to extracting gold. But with modern mining techniques we should be able to access it.

VICKY JARDIM: The group hopes the study will encourage gold exploration companies to move into the area.

[doon]

Surprised a bit quiet on here tonight, are you all at the pub?

re the Retesting Results announced right on close of trade Friday.
These announcements are nuts- first refer to % results, then ppm as a comparisom? Is this an intentional ploy to confuse average investors, or to comply with disclosure rules to favour industry experts and/or their 'insider' mates?
They should have explained the true change of results for all to determine if it was positive or negative.
Was this a positive or negative re-calculation of results?
Unfortunately this type of announcement must reflect badly on the company and management. The original announcement confused most people on this thread and another chat site, and they continue to confuse with this retested result?
PLUS, they announced on close of trade on Friday?
Bit of a worry! Can anyone throw some light on this? Not much point in contacting the co, and seems from previous attempts by investors they have not had replies anyway! Will copy this to another site for comments also.
I'm still positive on GBM, but getting very concerned, Look forward to some constructive comments, thanks. :(

[Fird]

Hi Doon,

I've reflected on this, and whilst I agree with the sentiments you express, and I'd like to see every company being very clear at all times, I now feel a bit more comfortable "keeping the faith" - and that this is probably a compliance announcement. There was clearly some technical variation in the lab test result, and so they retested and the new result was expressed differently in some way from their first announcement on the gold yield in the Concentrate, that they felt compelled to disclose for the Geologists amongst us, but are basically

But that test was on a sample from only the first 500MT of tailings processed as a "shakedown" ... now they will be much further through in their processing - so I'd say they'd be coming out with something clearer once they get the yields on production over a longer period of time.

[Serpie]

GBM are taking a novel approach to marketing their first pour.

http://www.trademe.co.nz/Antiques-collectables/Coins/Australia/auction-171041343.htm

[doon]

GBM are taking a novel approach to marketing their first pour.

http://www.trademe.co.nz/Antiques-collectables/Coins/Australia/auction-171041343.htm

Well spotted serpie, must say this is very interesting? Not sure whether this is positive or negative? Seems a little 'mickey mouse' for an ASX co, the seller is 'David' from GBM, is this David Buchan, Gen Manager and Co Sec????
Quote:
The seller is Greater Bendigo Gold Mines Limited, an ASX (Aust Stock Exch) company listed as "GBM".

It will be sold to the highest bidder above $1. But as highly collectable item, it is expected to fetch a premium on the international gold price , which at listing is is $US 1,817.92, $A1,880.40, or $NZ2,363.06 for 2ozs.


Currently highest bid NZ$555 lowest NZ$463, reserve met, & close 20Aug so no guarantee they will get acceptable price, long way away from $NZ2,363.06- and this is a gamble on a company I am a shareholder in!
And a little strange they have not alerted shareholders and ASX about this so called 'limited edition' of 10 x 2 oz- Selling 6-7-8-9-10 of 10. Guess the others are on EBay Australia, must check now. Accordinging to their Q rep 31July08, the 1st 664g (23.4oz)was sent to their metal account at Focus Metals. Very worried about this behaviour from management. Also have wondered where all the gold has gone that was 'there in bucket fulls' according to reports in October 07- can't find these reports now, think it was a quote by Cahill? seems they have been 'deleted'? Has anyone got a copy of this report I know I read somewhere.

[doon]

And of course 'iwsmith' Ian from Wellington is bidding on all 5 auctions. Now could this be our Chairman and majority shareholder Ian Smith Merchant Banker of Wellington? Oh dear!

[doon]

Oh, and other bidders are 'ligio' David from Wellington City joined May07 1 trade, 'scanderson42' Scott from Wellington City joined 05 no trades to date, wonder who they work for in Wellington City, wouldn't be Ian Smith surely? Surely they wouldn't be trying to ramp up the price and create a false demand for these 'collector items'?

[Serpie]

I'll take one of those for $2k Doon. Thrown my hat in the ring for number 10 of 10. I might need some proper gold if the world's financial systems are going to collapse after the Olympics as predicted by some.

[doon]

Sorry fird & serpie, but things are looking increasingly smelly here, check the latest announcement released Friday 1.5 hours after market close Friday. My previous concerns about management here look warranted, and these shares may have to be thrown in the bottom drawer & hope like hell the receivers don't walk in & make it all worthless! There have been interesting comments last few days on other chat site HC alluding to pending issues, so obviously someone knew there were big problems afoot b4 market announcement :( Another black mark on the MD's cv?

[Serpie]

Sold a third of mine during the week Doon, just as insurance. There's nothing happening at GBM at the moment. Seems like they cant get their ducks in a row.
I haven't had a good read of the update yet, but will have a proper look over the weekend.

[shasta]

Sold a third of mine during the week Doon, just as insurance. There's nothing happening at GBM at the moment. Seems like they cant get their ducks in a row.
I haven't had a good read of the update yet, but will have a proper look over the weekend.

GBM - Update/Presentation

http://www.stocknessmonster.com/news-item?S=GBM&E=ASX&N=305361

Maxwell Mine - Resource update

http://www.stocknessmonster.com/news-item?S=GBM&E=ASX&N=305343

[Pointman]

I have been reading all the hype about Greater Bendigo Gold but this company is a pig with lipstick is it not ? Honestly who writes all this nonsense ? Directors of GBM ?
The thing that bothers me is the pictures of the gold in the ground. Instead of the directors getting in there with picks and shovels they decide processing the tailings at a gram per ton was a better option. Others have gone through these gold feilds for 150 years and the other major Australian mining companies have left the area given the hit and miss nature and risk of the Bendigo area. I wil be keen to reconcile the annual results against the hype I have read on this forum and the company's announcements not to prove me wrong but to prove this is a pig and an ugly one at that.

[macduffy]

Pointman.
Have a look at post #8 in this thread.

;)

[Pointman]

Mcduffy you are correct. The background of Ian Smith reads likes the who's who of failures. Remember the FAR Group and all the announcements by Mr Smith about no debt all grand company going forward, about to be taken over, shares under valued, investments in angora goats, crayfish, meat in Masterton etc etc they all went broke did they not. Then there was the Matakana Island deal Smith stole in order to keep his company afloat- sorry if this comment offends the moderator but these are the facts according to the High Court records, media reports etc and these are the facts the shareholders are entitled to know about. As for Lombard and Mr Reeves, what a shocker. I see Reeves was a witness for Mr Smith in the Matakana liitgation and again was shown in the record as a total liar not believed by the judge as was Mr Smith and his fellow directors. I feel very sorry for the shareholders of GBM or any company Smith directs. Like I said this is an ugly pig.

[Pointman]

Have a read of http://courtsofappeal.blogspot.com/ - you can read the actual documents yourself. Mr Smith should be charged and jailed for perjury.

[firdy]

Pointman - Your previous posts on this matter were under the name "Lawyer", and your are the same Wingate that wrote the site you still refer people to. I checked up on you after I read your stuff the first time. What a load of rubbish mate. I am sure that your sole motive is to get back at Mr Smith, regardless of truth, after his firm was found to be correct in court, and you were found to be making things up.

[Pointman]

The facts speak for themselves. It is clear Mr Smith's company FAR was broke the documents show that. That is why he stole the Matakana deal. It was also clear the affidavit's Mr Smith and his group gave were false. In fact you can see that from the material posted on the site I refered to. The High Court records show that as well. Read the material. The only reason FAR escaped was because of the Maori intervention. The fact remains the FAR directors led by Mr Smith all lied in trying to steal. Besides Firdy you are Mr Smith are you not ? If not provide your details. All your posts are talking up GBM when in fact they have nothing but worthless leases.

[firdy]

Dear Pointman,

I am certainly not Mr Smith, but as a result of my significant investment in GBM, (during which time I dis-invested from other companies), and partly as a result of past posts under the name "Lawyer" I then did do my own research.

Your comments and attitude is delusional.

Apparently, as a result of a transaction almost 20 years ago, you lost a court-case against Mr Smith's merchant bank and (16?) other parties, where the New Zealand Court of Appeal and later the Privy Council found against you, and in their judgements found you to be a witness of "questionable character". It is you, not Mr Smtih and others that were found to have been submitting misleading evidence.

You had previously won the case in the NZ High Court, but the judge concerned had died at the close of the case, and was not in sufficient health to have properly considered the evidence.

By your posts and your website, you apparently have borne a significant grudge against Mr Smith, for the ten years plus since your loss, you accuse all of the 16 or 17 other parties, the New Zealand High Court and the British Privy Council, all of some kind of co-ordinated conspiracy against you.

You comments about GBM are also not born out by fact of common sense. Whilst the company's progress has clearly not been according to plan, loosing 120% of market cap, it has performed better than the emerging gold companies index, which has lost around 200% of value over the same disastrous period. GBM, as my research shows, is in the early stages of Gold Production, and has a working mine and plant, albeit from their recent announcements with some frustrating teething problems, and tenements wich have significant value - well in excess of market cap.

I do support GBM, but have tried very hard to keep all comments balanced, and justified by the companies announcements and by my research.

Good luck to you for your future.

[Pointman]

Again you fail to address the actual documents contained in the site I referred to which show Mr. Smith lied in his affidavits. The facts are Greater Bendigo Gold is run by Ian Smith and Peter Marriot both who have serious issues unanswered about their conduct in the Matakana litigation, etc. The facts are- June 15 1992 – In seeking funding Arklow provided Wellington merchant bank FAR Financial with a business plan showing Arklow would end up with 10,000 acres of prime coastal development land for free. The FAR directors promised confidentiality prior to - and at that meeting - and in writing the following day.

June 16 - FAR Financial provided Arklow with a proposal on not how they could provide the money, but rather how Arklow could pay FAR $5000 to try finding the $4.25m Arklow needed to complete its $20m deal. Arklow printed its own information memorandum and sent it to FAR offering them 25% of the deal if they came up with the $4.25m. Arklow left it with FAR to decide on that.

Arklow had approached FAR Financial to borrow money - but within 48hrs of receiving their business plans they began to put a FAR deal in place using the same business model - excluding Arklow.

The High Court judge had the benefit of seeing the witnesses and the judge wrote Mr Smith (yourself) and others Far Directors had all lied. He said it, the evidence and the cross examination all proved Smith and other defense witnesses had lied. That is serious. Mr Wingate can be shown as lied regarding security of costs but he was attempting to preserve his claim to counter the action by Far and others to stop the hearing going ahead. The Far directors were lying to steal and the documents I referred to prove this. The 4 week trial proved Mr. Smith is not fit to be a company director let alone a director of a public company. Apart from the fact Mr. Smith's history of failings as a company director. If not name the companies he has succeeded with ? Because we have a list of companies he and the investors have lost money with.

You can name call all you like Mr. Smith Firdy but the issue is not Wingate, he is not responsible for shareholders money at GBM. All the documents are originals and signed by Mr. Smith, and they prove fraud, perjury and gross dishonesty. http://courtsofappeal.blogspot.com/ These are serious questions that need to be addressed at the annual GBM meeting.

[firdy]

Pointman,

Your comments are well out of order, and have been referred to the moderator. If they do not do what is required, then I will refer them to GBM

Mate, I feel a bit sorry that you bear a grudge, but I don't care to attempt to address issues you have from 1992, other than to reiterate that, following allegations (made as "lawyer") last year, research shows that two courts found that you were not correct in your accusations against Smith and some 16 others, that there was no wrongdoing by them, that you had mislead the court, and that there was a finding of costs against you.

I do care that you have accused me of lying, and especially of being a person (Mr Smith), which I am not, and who I have met only fleetingly.

And I do care about anyone defaming a company in which I have a significant investment, and defaming its Directors.

Having placed these objections clearly on record, there is no point in continuing any discussion with you.

[Pointman]

Rubbish, you really do talk rubbish ! The High Court judgment by Justice Temm May 1997 against Mr. Smith was clear, Mr. Smith and Co had lied to the High Court. The retrial by Justice Fisher said the same. The Court of Appeal 1998 did not excuse the behavior of Smith and Co. Nor did they or the Privy Council say anything about Wingate's evidence being false. In fact Justice Thomas made mince of Mr. Smith and Co. The trick Smith played to escape liability was sell the land he had stolen to Maori who claimed it was sacred. The argument by the defense in the Court of Appeal and Privy Council was FAR and Smith and Co may have done wrong but the important issue was the sacred land was in the hands of the Maori. None of this gets you away from the fact documents exist that prove Mr. Smith and Mr. Marriot both given false evidence. And for any shareholders of GBM, that must be a serious worry.
These chat rooms are designed to allow talk about all issues that affect their investments. If any of it is false which it is not, then Mr. Smith can sue for defamation.
If your only input to to ramp the value of the shares based on reports generated by a company chaired and directed by Smith and Marriot then I will refer your material and other names to ASIC. It appears you have been involved in manipulating the value of GBM. My only concern is protecting the shareholders investments. Your only concern is taking their money by deception, something you have done since 1986. I did warn.

[Lizard]

Oh c'mon people, this ain't hotcopper. You've both made your points for and against GBM, which is the best anyone should expect from a forum. No need to start getting unpleasant... :confused:

[Vince]

This post is for Pointman & Firdy.

I thought I'd point a couple of things out here.


We are satisfied that "firdy" is not Mr Smith and should not be accused of such!
Most of us here believe in "Freedom of Speech" until it over-steps the mark
This Forum is not Hot Copper, and we don't expect this type of behavior here.
Members enjoy debating all facets of companies (good & bad), this is why I'm hesitant for myself to be involved in any Moderation.
I get rather disappointed when i find out members have multiple ID's
Regards,

Vince

[STRAT]

Dear Pointman/Lawyer/Wingate

Persons identified as "liar" don't win a court cases.
Smith and co won, mate - you lost. That's the rub.
End of this story from 1992.You two fellas should both come along to the Auckland ST meeting on the 11th. A bit of a punch up is always entertaining :D

Bring your gloves though. No bare knuckles. We are civilized :p

[macduffy]

Yes, I've been reading this thread.
I was put off investing in GBM, not by anything anyone else has written but by my own research into the company; the lacklustre record of the chairman as a company director; my own disappointing experience investing in Victorian goldfields ( particularly Perseverance - now there's a name for you! ).
The upshot was that I gave GBM a miss - thankfully!

;)

[Lizard]

I would like to hear from any prospective investors who has read this forum, and been put off GBM by these falsities?


Or perhaps you would also like to hear from investors who have been persuaded to invest in GBM by your researched point-of-view and have suffered quantifiable losses as a result? :rolleyes::D

When both sides have made their points, it's time to stand back and let the market be the judge.

It's a forum. And perhaps one of the helpful aspects of forums is that individuals are able to put forward opinions that companies won't always welcome - something that brokers and journalists often find difficult to do. I think we are all losers if posters want to crimp that freedom.

[macduffy]

More a matter of curiosity than anything else but has anyone had a look at GBM's amended quarterly cash statement out today?
Net operating cash flow is shown at $357,100 but the component figures appear to total ($674,000).

Am I missing something?

Disc: Not holding.

[macduffy]

GBM has had a third attempt at lodging a Quarterly Cash Flow statement ( blaming computer errors for earlier incorrect versions).
Still looks wrong to me.

:confused:

[macduffy]

I know that no-one is really interested - Firdy, perhaps?

Hard to believe but GBM have had a fourth attempt at lodging a Quarterly Cash Flow statement! Several excuses offered with staff changes now joining computer problems.
This one looks to have a better chance of being correct!

:D

[stevo1]

I know that no-one is really interested - Firdy, perhaps?

Hard to believe but GBM have had a fourth attempt at lodging a Quarterly Cash Flow statement! Several excuses offered with staff changes now joining computer problems.
This one looks to have a better chance of being correct!

:D

Burnt fingers on this one for me Macduffy--sold out some time ago-- it was always a punt .Lodgement of a 4th quaterly is telling.Watching with interest(morbid fascination??)

[doon]

I know that no-one is really interested - Firdy, perhaps?

Hard to believe but GBM have had a fourth attempt at lodging a Quarterly Cash Flow statement! Several excuses offered with staff changes now joining computer problems.
This one looks to have a better chance of being correct!

:D

Still doesn't look right- Reconciliation of Cash doesn't add up: $18k csh, nil all other, Tot $40k ?? They do not show location of $22k increase in cash held. This 5B is not a complicated form to complete!
Still hanging in there tho :)

[macduffy]

Quite so, doon!
Perhaps some of the $18k, or is it $40k ? should be spent on accounting assistance.

Stand by for fifth attempt!

:D

[macduffy]

GBM don't seem able to take a trick.

Now being ticked off by ASX for a delay in advising change to Chairman's shareholding!

:rolleyes:

[macduffy]

GBM's operating subsidiary placed in voluntary administration.

[Dr_Who]

What a disaster!

Breed from a pedigree of disasters. From PUR to LOM to GBM. :eek:

[suntboy]

Probably the wrong thread but has anyone noticed the gradual rise of BDG lately?
I know a few people close to the company but I am getting conflicting stories.
One says they are getting ready for full production the other says they may snap up a company or 2.
MaybeGBM or more preferably CGT