Hello Phil
I do not know Mr. Webb personally and we have only met casually at the NWT Geoscience Forum I believe.
This of course is just hearsay, but I am told by others in the industry and in one case, closely involved with the company, that he is as you describe him, a man who, if he had known what Farrel was doing would have attempted to stop him or threaten to resign with a public explanation.
He apparently did not know, nor did the new Secretary Treasurer. I think a NR to that effect would help reassure shareholders.
Apparently steps are being taken to recover the misappropriated funds and/or secure them and put the finishing touches on that resource calculation.
Lets assume conservatively, 1.6 million oz. At $302/oz = $483,200,000 / 14,000,000 shares = $34.51/share value.
or
1.6 million oz x $25/oz minable profit = $40,000,000 / 14,000,000 shares = $2.86
So somewhere between those two extremes is the value of GMD on any sale of Discovery or liquidation of the company and that was using todays AU price, not the 2002 probable price.
Phil, I am also given to understand that the VSE is "pleased" with the steps the company is taking so far and that there is a level of confidence developing with the direction and progress the company is making towards resolving this matter and getting on with operations.
Regards |
