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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (9654)	3/7/2004 6:10:07 PM
From: russwinter	Read Replies (1) \| Respond to of 110194

In the presentation, GBU indicated that the mine construction would begin in spring, 2005. I think they are a likely buy-out candidate, and the price will go higher as they finish the town relocation and get final permitting. Could just be a complete take out, or they might retain a percentage in return for being carried into production by a major. Plus they have nearby satellite deposits called Frasin and Bacium that have very substantial add on potential of both copper and gold. There are few advanced staged long life deposits like this anywhere in the world. It's too cheap, because they are on the last slow development leg, and some may think they will get blown out of the water or be significantly delayed. I don't really think the risk of that is that high, given the reward. I thought $3.00 Cdn was good value when gold was $300 (and Cu 75 cents), but at $400 ($1.35 Cu) this level is ridiculous. They may have done a poor job of share placements in their big underwritings of last year?