Ann: Trading Suspension, page-62

Problem is the grade it is to low they are basically a dirt moving company for this to be a great turnaround story- the only positive turn around story that I have been apart of is DRM taking a large stake at 0.185c and selling much higher it is now merging with SLR and is a true successful turn around story IMO with a market cap of well over 200 million - the big difference between DRM and the likes of GCY and BLK is the grade - DRM's mill grade average is around 4.6g/t (from memory) and has copper credits to lower the AISC where as GCY and BLK are struggling for 1 g/t - even if GCY relist and come up with a funding package it will only be delaying the inevitable unless they can lift the grade - BLK is an example it is attempting a shareholder placement because no institution or SI will touch it and will have over 3 Billion shares on issue after the raise (if completely successful - which i doubt will happen) however this will not solve their problem of profitability it is only allowing the Directors to continue receiving there self given bonuses and wages for as long as they possible can without any regard to the shareholder - failures IMO = GCY BLK CCU All 3 can not and in CCU case could not achieve the required Au/Ag output to make the operation profitable - If a private/ shareholder placement is made by GCY (and not some other form of funding) and the Directors participate taking there full or most of their allotment of entitled shares there will be a chance of a possible turnaround story if not like BLK where they will not then it will more than likely fail IMO later down the track...Forget the new plant - CCU also built a new plant and failed to achieve their target of 4 million ounces of Ag per year (from memory) falling well short and another suitor tried and again failed... GL.