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That was written before the Burnstone deal was finalized. We now know FTI was not able to get enough money selling GBG's assets to pay off secured creditors which leaves nothing for shareholders.
Relax, by now everyone knows he has nothing better to do than to try to pump a dead company from his mother's basement. As long as the "useful links" post is up, no one is going to bite, the worm is clearly dead.
FTI Consulting / Great Basin Gold Limited
Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
GBG sold both Hollister and Burnstone, they're bankrupt.
"Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders."
http://cfcanada.fticonsulting.com/GBGL/default.htm
Does this work for you ?
http://www.engineeringnews.co.za/topic/burnstone-mine
Great Basin Gold no longer owns Burnstone. Regardless of what happens at Burnstone, good or bad, it will have no impact whatsoever on the price of GBGLF shares. I wonder what part of that you don't understand, it seems so simple.
Apparently not but you have to admit he is entertaining !
How many GBGLF shares can you borrow to short ?
You are impressive. GBG has gone belly up, they are dead, defunct, deceased, departed, done for, down the drain, expired, gone, inoperative, kaput, lifeless, BANKRUPT, yes, that's right, they sucked the money right out of your pocket as they sip champagne in the Cayman Islands.
Hollister Underground Mine Project ROD and Approvals
Page 2
RECORD OF DECISION
Waterton Global Mining Company
Hollister Underground Mine Project
Final Environmental Impact Statement
BLM/NV/EK/EIS/13-9+1793
BLM/NV/EK/EIS/12-4+1793
PREPARED BY:
Bureau of Land Management
Elko District
Tuscarora Field Office
Elko, Nevada
COOPERATING AGENCIES:
Elko County Commissioners
Nevada Department of Wildlife
FTI Consulting / Great Basin Gold Limited
Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
It should be no surprise that shareholders are thought of as bagholders. It seems difficult to sell Burnstone which suggest it has serious problems that were hidden from shareholders. Maybe a shareholder with really deep pockets will go after those who screwed us and drive them into bankruptcy via legal fees.
by way of scheme of arrangement
Just focus on "the shaft" and hope someone who has massive resources still owns GBGLF shares and refuses to be shafted. IMO, only then will we know, in a reasonable amount of time, if we are being cheated or the mine is technically flawed.
IMO, there are only 2 possibilities, this is theft from shareholders or the mine has serious technical problems. The fact an approved by the courts deal has not been closed suggest the latter. I don't want to see my 100K shares go to zero but I can't see a solution. It stands to reason if this mine could make money, someone would buy it, after all, $800 Million in infrastructure for $177 Million in debt is a good deal but only if the mine is viable.
Good point. If this is not theft from shareholders then it's a mine that can't make money for technical reasons.
Nobody understands the Burnstone geology like GBGL, creditors best best for recovering their investments is with GBGL, not the bozos at Wits Gold who will have to learn everything the GBGL team already knows. GBGL was on the verge of profitability when both Hollister and Burnstone ran into technical difficulties. Creditor's best bet is to give the GBGL team a bit of breathing room and then they will enjoy the best chance of making money thereby recovering investments and even showing a profit.
Given what is being offered as a solution, creditors would have been better off giving GBGL more time. IMO, this situation does not make financial sense unless you are buying Burnstone for $10.00 and less than $200 million in debt in which case it is a sweet deal, a crooked deal. IMO, GBGL shareholders are lucky that gold has been trashed or the Wits deal would have been finalized by now. IMO, our only hope is creditors realize their best bet is to give GBGL another chance to make Burnstone profitable.
I suspect most who read this feel the same way. Regardless, I wish everyone a happy Turkey Day. We have only lost extra funds. We are alive and not starving which puts us in a better position than most humans. All is not hopeless as long as the Wits Gold deal has not been finalized. We might just see a miracle and learn Burnstone creditors are willing to give GBGL one more try.
Ouch, bad times for all PM miners until the hedge funds close out their shorts. On the plus side, management has the sense to realize there is no need to hemorrhage money. The price of gold will come back when the velocity of money increases. I wouldn't mind seeing Wits gold unable to finalize the Burnstone deal as that might keep my 100K shares alive.
http://traderdannorcini.blogspot.com/2013/10/velocity-of-money-falling.html
BTW, I have no problem with that post, it's interesting given its date. I also appreciated the fact the useful links post is available for people new to this board. I do have a problem with posts that contain abandoned links and out of date information.
Good idea, thanks.
I only have 100K shares but that is not chump change in my world. I had to work for every penny.
Very odd indeed.
Hollister Underground Mine Project Final Environmental Impact Statement (7/1/13)
Rodeo Creek Gold Inc
(RCG), a wholly owned subsidiary of Great Basin Gold Ltd, proposes to construct and operate the Hollister Underground Mine Project
http://www.blm.gov/nv/st/en/fo/elko_field_office/blm_information/nepa/hollister_deis__6.html
Domain Name:
greatbasingold.co.za
Registrant:
Great Basin Gold
Email:Email: email@za.grtbasin.com
Phone:Tel: +27.113011800
Fax: Fax: +27.113011828
Registrant's Address:
4th floor
138 West Street
Sandton
Registrar:
UniForum S.A.
Relevant Dates:
Registration Date: 2006-01-09
Renewal Date: 2014-01-09
Domain Status:
Registered until renewal date
Pending Timer Events:
None
http://www.whois.com/whois/greatbasingold.co.za
If Wits comes up with the money, we're done, kaput. That deal does not make sense to me. Either there are significant technical problems with Burnstone or I feel it's a crooked deal. Given how much the debt load has been reduced, it would have made more sense for creditors to work with GBGL since they were generating income while building infrastructure to where it needed to be and increasing production. Wits is saying there's a tonne of gold that is easy to retrieve. IMO, there's something shareholders are not being told.
You can visit this site for both current info and a link that will enable you to ask questions. GLTA !
http://cfcanada.fticonsulting.com/GBGL/default.htm
Further details relating to this case may be accessed using the menu to the left or by contacting:
Phone: 416-649-8047
Email: gbgl@fticonsulting.com
I would like to know who moderates this board.
Why do you keep posting abandoned data ?
Call that number, it now belongs to Waterton Global.
Domain Name:
greatbasingold.co.za
Registrant:
Great Basin Gold
Email: stevenj@za.grtbasin.com
Tel: +27.113011800
Fax: +27.113011828
Registrant's Address:
4th floor
138 West Street
Sandton
Registrar:
UniForum S.A. [ ID = uniforum ]
Relevant Dates:
Registration Date: 2006-01-09
Renewal Date: 2014-01-09
Domain Status:
Registered until renewal date
IMO, if there is any hope, via legal channels, for those of us who still own shares it's to sue to stop the Wits deal then encourage creditors to give the same deal to GBGL they offered Wits. GBGL ran into cash flow problems, creditors could help them overcome that limitation and get the planet's 14th largest gold reserve back into production. GBGL has cash coming in from the Hollister deal that appears to exceed any income Wits has.
As near as I can tell, the deal is not yet final, from Wits Gold :
01 October 2013
Renewal of cautionary announcement regarding the offer by Wits Gold for the acquisition of Southgold Exploration Proprietary Limited
Shareholders are advised that the definitive transaction agreements relating to the offer by Wits Gold to acquire Southgold Exploration Proprietary Limited (the “Offer”) are still being negotiated which may have a material effect on the price at which the Company’s securities trade.
http://www.witsgold.com/
Here's the link to current info on GBGL. You can visit this site for both current info and a link that will enable you to ask questions. GLTA !
http://cfcanada.fticonsulting.com/GBGL/default.htm
Further details relating to this case may be accessed using the menu to the left or by contacting:
Phone: 416-649-8047
Email: gbgl@fticonsulting.com
I feel that info should be on page 1 to inform potential investors.
I own 100k shares and would love to see the Wits deal fall apart and GBGL get another chance at Burnstone with the same deal from their creditors as is being offered to Wits. Even a JV would help those of us who own shares.
Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
http://cfcanada.fticonsulting.com/GBGL/default.htm
As someone holding 100,000 shares, that would make me smile but I won't be holding my breath.
July 05, 2013 4:07 pm
ELKO — The Bureau of Land Management, Tuscarora Field Office released the Final Environmental Impact Statement for Waterton Global Mining Company, LLC’s proposed Hollister Underground Mine Project on Friday.
The proposed project would be an addition to the Hollister Development Block Project Plan, located between Elko and Battle Mountain at the old Ivanhoe or Hollister open-pit mine site.
The proposal would transition the existing underground exploration into an underground gold and silver mining operation. The project would create 222 acres of surface disturbance on both private and public land, with approximately 117 acres of new surface disturbance.
The BLM will issue a Record of Decision after the 30-day review period for the public. Copies of the Final EIS are available at the BLM Elko District Office, located at 3900 Idaho Street. Copies are also online at www.blm.gov/rv5c.
Questions concerning the project can be directed to Janice Stadelman by calling 753-0346 or sending an email to jstadelm@blm.gov.
http://elkodaily.com/mining/blm-issues-final-eis-for-hollister-underground-mine-project/article_b7238a5e-e5c7-11e2-a6f7-0019bb2963f4.html
http://www.jse.co.za/How-To-List/Main-Board/Dual-listed-companies.aspx
GBG GB GOLD GREAT BASIN GOLD LIMITED CA3901241057 GBG Ordinary Suspended Toronto Stock Exchange Primary
JSE Limited Secondary
So what's significant about a past tense reference to a previous owner of property in Nevada ?
Great Basin Gold drilled one deep hole in the southeastern part of their property at Hollister and penetrated Devonian Rodeo Creek unit Paleozoic rocks.
What does Great Basin College have to do with GBGL ?
The good old days before they went bust. In June of 2012, when that info was accurate, shares were trading at around $0.70.
Now that they are bankrupt, in October of 2013, and almost every asset has been sold, they are trading at less than $0.01 per share. Hollister is gone, Burnstone is gone, almost all of their exploration property is gone. They only have claims left in Ontario.
Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
http://cfcanada.fticonsulting.com/GBGL/
Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
http://cfcanada.fticonsulting.com/GBGL/default.htm
Notice to Shareholders of Great Basin Gold Limited
The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
http://cfcanada.fticonsulting.com/GBGL/default.htm