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I'm with you, Joe. eom
Wow, somebody's flipping those .0006 buys?
got order in for 1 million hoping for another dump before close eom
I admit...I was one of the biggest GBGLF fools. So, is anybody gonna try and flip this sucker down here? It's fluctuating radically. Not huge volume but one could catch the wave for a few hundred dollars. It's nickel and dime time at the OK corral.
I guess that says it all right there. This FAT LADY just broke glass and will marry Finny in the rose garden of the Bellagio...what a party. Free Vegas tap water for everybody.
I've got a bid in at $10. See what happens. This baby is really hard to crack right now. Nothing escaping but steam.
And we know who the major players are...they are right up front.
Whew, thank you. I was having a math black out.
I know - I've been filled several times in the last two weeks under 100 shares. It's okay...keep 'em comin'.
I do agree with you. There is some piece of this puzzle that's not visible yet and when we see it we will all gasp. WITS bid is so outlandish...there's something sinister here.
Looks like the Fat Lady got a little tickle from the Baritone backstage...giggled the price up a bit with some volume. Crazy day. It's beyond me what could be going on and it's very confusing. The only person who really knows what's going on is the cat burglar who's robbing us blind.
WOW, sounds like the Fat Lady warming up in the wings. I can't believe all the rotten smelling high lights of these auctions. Somebody behind the scenes is making off like a bandit.
It's coming in loud and clear this morning.
Seems to me there would be leaks and holes in the bucket by now and we would know something by way of volume and PPS. Neither of those are giving any indicator. I will expect something tomorrow or we might just be whistling Dixie.
so do I. Thanks for clarifying. It's bigger than I thought. eom
I've got some dry powder that's sitting on a bid right now and freeing up another bunch of monies for a raid on the pantry to try and snag another 200 shares. Hey, it's not so much but I really think this is the play of the day.
Because I believe this company could explode I want to put all my eggs in the Keogh retirement basket so that after five years it's all tax free. I have an Etrade account that will let me do it. Any thoughts, Joe?
NEWS 'ARE' on the way? Are we going to get multiple PRs? Just asking 'cause it sounds like you are saying we are due for several (at least two) PRs. I sure hope so.
Question Joe: If it takes 100 share lot to move the stock up, does it also take a 100 share lot to move the PPS down?
Off Kitco -
Wits Gold bids for Burnstone, decision expected next week
By: Natasha Odendaal
5th July 2013
JOHANNESBURG (miningweekly.com) – Witwatersrand Consolidated Gold Resources (Wits Gold) on Friday said that it had offered to buy embattled Great Basin Gold’s (GBG’s) suspended Burnstone gold operation, in Mpumalanga.
The TSX- and JSE-listed group aimed to deliver dividends to its shareholders and generate cash flow in the near term, as Wits Gold brought Burnstone into production.
“Moving to producer status will serve as a solid platform with which to start generating free cash flow for shareholders,” Wits Gold CEO Philip Kotze said, adding that the bid was in line with the company’s strategy of owning and developing shallow mines in South Africa.
Wits Gold would pay $7.25-million in cash towards GBG South African subsidiary Southgold Exploration’s debt, which was restructured and cut by 55% to $177.35-million.
Southgold would, from generated actual cash flow, repay the remaining $170.1-million liability.
Wits Gold would also advance a $100-million shareholder loan with an interest rate of 4%, which was also to be paid back on a preferential basis from Southgold’s operating cash flow.
The offer to buy the mine would be put to vote on July 11.
Kotze commented that a new underground mining plan, which would allow for flexibility in the production approach, had been developed, and Wits Gold would gradually build up production in a phased approach, with a commensurate cost profile.
Burnstone was put on care and maintenance in September, after several production setbacks and an inability to afford the mine’s required working capital to reach cash-flow breakeven forced the mine into business rescue.
Burnstone, which started producing in 2010, encountered a geological fault that GBG did not find during exploration drilling, leading to the company having to revise its 2011 production guidance to 30 000 oz – which it missed by 6 000 oz – from the previous levels between 85 000 oz and 110 000 oz.
The mine’s production target – before suspension – for 2012 was 90 000 oz to 100 000 oz.
Burnstone has more than six-million ounces of gold in proven and probable reserves and a forecast life-of-mine upwards of 25 years.
Edited by: Mariaan Webb
My wife and I are looking for a place to move when the TEVE ship comes in. Brazil...you've given quite an endorsement... got to be on the coast... miss the ocean... seafood and a servaca... not particular, just ice cold.
HAPPY BIRTHDAY, AMERICA!!!
Somebody should be sued for the disgraceful antics that led up to losing shareholder value (and maybe making themselves rich?). This is an incredible debaucle a Bre-X in the other direction. Full potential squandered at expense of shareholders. What I would like to know is how the creditors could let such a whale slip through their fingers without championing further mining? Something smells awfully fishy here.
Maybe now we'll see some volume and a price slide? eom
Yes, I agree with you, Stetson, there is a huge disconnect between the dire situation of the company and the lack of share dump. I suggest as other have on the board that someone is accumulating for some reason and is doing it slowly as not to raise suspicion. Why would that be?
I'm in Tyler - in'laws in Houston - Cypress
hahahaha, it's good to have you back Finbar9999999.
Before reading your post, last night I had a dream about this very scenario...that GBG stays a watered down entity with all shares bought...and Burnstone is the flagship mine of the new entity. That way there is no need to create a new company, very expensive. Splash a few million our way and it's theirs AND they have already accumulated 300 million shares at under a cent. Very unlikely but I like the way you're thinking. Dreams are like winning the lottery...the cost nothing and make you feel like a king.
hahaha, that's funny. Is that based on price alone or do they have some kind of crystal ball? And why bring it out now? Wish I had known this six months ago.... this stock is an enigma, more curious than the WWII code machine by that name...
GOOD LUCK...News is News...this message board ...? eom
Something is driving the buyers here? Could there be a leak about the BuRP that is pushing stealth buying? Makes no sense to me at all. Of course, I always get in the wrong line at supermarkets so selling yesterday in a panic is nothing new to me. I did unload 200K at .0069 so I could come back in if .... again wrong line, hehheh.
this trading is just plain crazy. I don't get it? You would think yesterday the volume would indeed have spiked as a mega dump ensued but it didn't happen and except for what looked like one panic sell at market that took the price down to .0005 it stayed steady and even went up and look at it now....+40%. No sense.
seems you might be on to something there. It seems to be a very faint hope but there just might be ....? The shell is worth something.... but I like the idea that somebody has been buying up the shares cheaply with something in mind...
I was just looking for some little security, some little hope, some way to get to the Bellagio and celebrate with riches untold. Let me say this for all shareholders in every stock in the DOW and elsewhere...if this is the case then you folks need to get out and put your money in something they cannot steal. We've been robbed...
No, it doesn't. Just making a point and chose 2 buck PPS as the benchmark. Could have been .24 where I started buying...
If I buy more tomorrow then I can't take the tax break I got today, right? I have to wait a month?
you got it gpb. I'm a bit upset that we didn't really have a whole lot of input today when news came out about 'monitor' (sounds like a lizard...in the garden of Eden...leading us to eat the apple of despair)
"Monitor understands that Southgold's unsecured creditors will recover only a fraction of their total debts"
This suggests to me that Monitor is saying that we're not getting the 2.00 + PPS that some shareholders paid but we might be getting .06 to .75 PPS. That is a very leading statement that is unjustifiably misleading. I dumped my shares because I thought I read that there would be NO monetary compensation for unsecured holders...that's us. Am I right or wrong. because tomorrow I will buy back into this thing with double what I had if there is any chance that the unsecured will end up with anything like even .01
monitor knows what the three bids are...what the top bid is...he/she can figure out with a little addition and subtraction what the outcome is going to be...Yes? What do I know?
And that's why I'm buying. Just shakin' the tree boss.
They are not even looking. No money, no lookie. I thought it would be fun to buy it and take a metal detector over there and poke around. This is GBG after all. What a bunch of Irish potato farmers the CEO and directors have been (no offense to my ancestors who fled Ireland during the potato famine). Stupid is a word that come to mind. I certainly will follow them around and preach to anybody that listens....these guys are not to be followed. EVER. Guard your capital and run from the Ron T's where ever the lite.
Alan, I'm not defending this guy by any means but it would seem to me that if the report were really super duper we would see a lot of volume here. I'm just saying... I'm a buyer and a holder so you can't come down on me but I just want to let people know that I did not get the report and so I, too, wonder at the lack of volume here now that insiders know how good this is and yet they are not buying???? I'm being a devil's advocate here.