Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
>>I think we will earn over $600 million for our Burnstone mine or develop a solid JV and we already have a basic JV with Waterton Global Resources regarding our Golden Nevada assets and our Hollister mine IMHO.
There is no JV with Waterton....that you think there is says all that needs to be said about your 600 mm pipe dream on Burnstone.....which wouldn't be enough to clear the claims hurdle in the first place.
If you have a JV, there will be cash calls. GBG has no cash. No JV in the picture. I'd guess bids are so crappy it's hard to tell which one is best.
None, I can't short the shares :(
>>I'll probably be one of those that sell *most* of their shares in that $0.06 range
Prolly not ;)
Who knows...but the fact that GBG was going for a sale and not a JV may be a clue. Also, the fact that JVs require regular cash calls and GBG has no cash may be another. The fact that the Hollister sale closed with an APA that didn't reference a JV is but another less than ambiguous clue. But hope springs eternal, right? It's pretty much pure comedy to watch the rampant speculation at this point on the board here now. It reminds me of the trash compactor scene in Star Wars...but there is no R2D2 to save the day. ;)
>>Nothing is leaking regarding the GBG/Waterton acquisitions or JVs?
Yeah, no leaks on the GBG/Waterton JV.....how crazy is that?
So you're thinking 80 to 100 million will fix it? I think this has been the number tossed out by GBG mgmt....the ones who couldn't get it working with 600 mm. You know that old saying a stitch in time saves nine?
Rick Rule thought my 200 mm guess was crazy talk. My only excuse was that I'm fully aware that I'm usually over optimistic.
Secured creditors are driving the car. They can simply take the property via credit bid of their secured debt if they think the bid is unacceptable, and that is exactly what they will do. This is how insolvency proceedings work.
Chapter 11 is the equivalent of 'rescue'...and it's a rescue if unsecureds get more than zero.
>>the corporate office has to be worth three times that even if it were vacant
The HQ is a lease. :(
>>They could easily further delay the final GBG Business Rescue Plan until the end of June; GBG now has the funds to do so
You haven't read the DIP covenants have you...
>>What we don't know is if you really talked to anybody besides a waitress.
Why would I ask a waitress about Burnstone?
Bk is the dumpster; most people of all trades ignore what is in the trash. That's why I love BK. Maybe I should change my handle to 'Trashman'? Or 'RectalTemperatureChecker'?
>> Global Resources would not walk into a financial mess; unless they know they can profit from it! Will we get the Waterton/GBG JV ; stranger things have happened on planet GBG.
The JV you are dreaming of would be walking into a financial mess.....which is exactly what they didn't do....they took Hollister free and clear....it's gone.
>>P$ If we were going BK there would be no rea$on to file a Form 40-F $o...
Uhhhh, you do know they filed last year right?
Jay was interested in the details of the Hollister sale. Great Basin was not a company in his coverage universe so he didn't have much prior knowledge of the mines. As I told you guys two weeks ago, nobody up here knows about the sale - but they are all eager to hear what happened as soon as they find out there was an auction. Did I mention that Waterton is the lead sponsor of the conference - they have their name on all the ID lanyards.
I suspect you have no idea who I'm talking about. But by all means, buy some shares in this pig this coming week. :0
Gold market sucks, and the Burnstone has big problems. Some people have been saying for a few years now that Burnstone was not a good candidate for mechanized mining, but mgmt tried it anyway. When I throw out 200 million as my guess and a very smart guy who knows the property well has a huge belly laugh because he thinks I'm way too high, that's a problem for longs who need to see three times my number to start being in the money.
Just got back from the WRIC - Cambridge House World Resource Investor Conference. Weak show, but it's two blocks away from the office so I went down anyway. I asked Rick Rule if he had a prediction on Burnstone over or under 200 million....y'all aren't going to like his response. It's a very geologically challenged mine, and based on his number, I think Wits actually has a shot of winning. Got to talk with Jay Taylor as well. He was interested in hearing about the Hollister auction, but more along the lines that I am - it's a great temperature check on the current state of the market.
For the umpteenth time, there is no JV on Hollister. The crappy sale price portends that Burnstone won't be sold at a small profit. I had breakfast with a guy yesterday who has been in the mining business for fifty years and he has never seen things this bad. I still love the sector and believe it will turn, but this is the absolute worst time to have a gold mine on the auction block. You guys are fighting the tide hoping for something that the market is telling you isn't going to go well at this time.
More news on docket - Valence is motioning to extend the engagements of both Roth and KPMG - I don't yet see how much more time they are requesting - but there was this, which I take as postive.
6. Both KPMGCF and Roth have been working diligently with the Debtor to
obtain exit financing. We believe we are narrowing the field of interested parties and
there are three (3) strategic investors looking closely at the company.
7. The terms of both the KPMGCF and Roth letter agreements are time
limited and have expired as of May 6, 2013. Neither KPMGCF nor Roth are asking for
any additional consideration for the extension. All terms previously agreed to by
KPMGCF, Roth and the Debtor will remain in effect.
>>It is not normal for a penny Gold exploration and mining company to be compared with these type of solid companies.
There is a good reason that it's abnormal to make such comparisons - such comparisons are wholly and utterly worthless. The link is worth exactly what it cost ;)
>>it is not Finette in a tight dark Batman or Catwoman outfit dancing with
LoL. I don't have a tight dark Batman outfit.....but that doesn't mean it won't be me behind that door dancing in my Batman underroos. I'd love to see you guys win here, honestly, you're all good peeps. Just not seeing it. I'm back in Vancouver as of late last night. Longer than usual trip - I now have a Canadian work visa- that was the end result of a 1.5 hour customs detention last night. I don't really consider myself as working here, but they did. I'll see what I can find out - there is a Cambridge House show that starts this Sunday. I've not looked at exhibitor list, but I'm here so I'll swing by. If there are any SA miner booths there, I'll ask about Burnstone.
>>The best way for Tranter to maximize its payday on the sale of Burnstone is to get the shares of Great Basin Gold trading on very small foreign exchange, get the price down under a penny, keeping information airtight, draw this process out as long as possible, have Wits gold put out a stupid article
To have a partner plant a 'stupid aritcle' to manipulate the price of shares you have been buying is not legal....nor is buying in the first place if you are in possession of MNPI....though I highly doubt in this case that if they are in possession of MNPI they would want to buy in the first place. Again, the claims hurdle is higher than their credibility to bid sufficiently for purposes of equity here.
Wow, from 2011!
Take note, "Waterton’s in-house project evaluations team, led by senior executives from Barrick Gold..."
The operative word is 'from'....as in used to work at Barrick, but now work at Waterton. Would you say that JC Penney has a JV with Apple? They have a guy from Apple there.....but JC Penney has nothing to do with Apple....same with Waterton.
I'm sure you can't wait to be the first to show me a GBG/Waterton and/or Barrick JV....but wait you will. The deal on Hollister is there for anyone to look at....your choosing not to look at it doesn't change a thing.
>>If this is not the case, GBG needs to immediately remove the information regarding their USA Gold Assets & Nevada Operation ASAP from the Great Basin Gold website http://www.greatbasingold.com/exploration_usa.cfm or they will be criminally charged with false advertising.
It's in CCAA, trading on an unregulated exchange, for a fraction of a penny - I highly doubt anyone is going to get in trouble for not updating the website when the pertinent documents relating to the sale were freely available on the internet.
>>and obviously, more is promised in the form of a JV with GBG/Waterton/Barrick!
The biggest problem with that statement is that it's not obvious at all - the exact opposite is obvious. And where did you get that Barrick was involved? Because Waterton poached some of their employees last year?
Hot off the docket.......
3. Debtor and Phostech Lithium Inc. (“Phostech”) are parties to a court proceeding
in Case No. T-219-07, styled “Valence Technology, Inc. v. Phostech Lithium Inc.,” in the
Federal Court of Canada (the “Case”).
4. On January 31, 2007, Debtor filed a claim against Phostech in the Federal Court of Canada alleging infringement of Debtor’s Canadian Patent 2,395,115. On April 2, 2007,
Debtor filed an amended claim alleging additional infringement of Debtor’s Canadian Patents
2,483,918 and 2,466,366. On February 22, 2007, Phostech responded. After extensive
discovery, the trial began on September 1, 2010 and ended on October 1, 2010.
5. On February 17, 2011, the Canadian Court ruled in the Debtor’s favor. On March
11, 2011, Phostech filed a Notice of Appeal in Court Number A-121-11. On August 17, 2011,
the Federal Court of Appeal of Canada upheld the February 17, 2011 judgment, allowing the
matter to proceed to trial on the damages phase of the litigation.
6. Court-assisted mediation was held May 14, 2013, and Debtor and Phostech have
reached a settlement on the disputed amount of damages, subject to this Court’s approval. This
agreement was reflected in a Settlement Agreement (“Settlement Agreement”) executed by the
parties, a copy of which is attached as Exhibit “A” and incorporated herein. Briefly, the
Settlement Agreement provides for payment of $1,000,000 (Canadian dollars) (the “Funds”) to
be held in trust for the Debtor pending Court approval and certain other terms, as set forth in the
Settlement Agreement. The Funds are allocated as $969,106.65 in damages and $30,893.35 in
costs.
Debtor Valence is seeking to have the court approve the Settlement Agreement. I don't believe I've ever come across this Phostech case in my dd. An extra million is great, but I'm a little more excited about some of the patents having been tested successfully in court - that's huge.
>>I'm a little confused as well by the article, does it mean that there won't be a JV with Waterton or is that news still not out of the bag and confirmed
There was never a JV in the cards - that was completely a figment of the collective imagination on this board. The Asset Purchase Agreement with Waterton has been in the public domain for weeks - it's the official terms of the sale and there was no reference to a JV. There is nothing to be confused about.
Waterton takes 100% - if there are ever any net profits, they pay 15% of those to whoever receives the contingent royalty, likely credit suisse.
>>The Esmeralda mill is going to 10 on and 4 off
Running Hollister ore? Are they just scaling back the trial mining at Hollister or focusing on the developing faces and running minimal ore? Any idea if they will be toll milling for Gryphon at Esmeralda during those 'on' days? They already own most of that project via a JV (loan to own debt converted to a JV which likely won't be a JV for long as Gryphon continues to dilute itself out with JV units for the monthly debt service on the debt that remains)
Very interesting Labrat, but not surprising. My impressions of Waterton is that they play very hardball. In their defense, they don't pretend otherwise. For 10 million they got the Esmerelda, which is a strategic asset for the Gryphon assets, and they put the Hollister on temp care and maintenance for a cheap long term option on the POG. Based on your post, that sounds like what is happening. Hollister seems to need more development work anyway, and trucking ore almost 300 hundred miles one way was something that everyone in the Borealis district thought was crazy to begin with. Labor market still super tight in Elko? Hopefully everyone at Hollister will be able to find new work very quickly. I think American Bonanza is still looking for skilled miners.
>>Best of luck to us all here. So, if they buy out the shareholders they would only have to pay .0064 per share?
It's not about buying the shares of GBG that you guys hold. It's about the winning Burnstone bidder buying the shares of Southgold, which holds the mining license and permits. For purposes of GBG shareholders, whether the bidder buys the assets, or buys the shares of the subsidiary that owns the assets, it's the same difference.
I came as soon as I saw the Bat-Signal.
There is one major problem with your logic HR....Hollister didn't go for anything close to the number you stated....insisting a NPI is worth full face value is ludicrous. I still think it goes for around 275 mm, not out of line with what Hollister actually went for.
Good one.
Good news out on Reuters today concerning South Africa in general http://www.reuters.com/article/2013/05/17/us-safrica-strikes-idUSBRE94G08020130517.
That link is from '12..... Red kite bought the GBG interests a few months ago in '13.
>>Our Tanzanian assets will be sold for peanuts without a proper JV or over 200 million in exploration funds EOM
They were sold months ago.....to RedKite....no JV.....for peanuts