GBG 0.00% 2.9¢ gindalbie metals ltd

re earlier question

  1. 2,126 Posts.
    Tried to post this earlier in reply, but having computer problems.
    I like GBG. The only thing to worry about is the shortage of resources, but they are exploring aggressively and have very good prospects. IMO this stock will come good soon, and with a bang. I expect it to go to 50c plus.

    Below, my rough notes, for anyone who wants them.
    GBG Gindalbie Gold
    87,276,365 shares as of 07/10/02 (+ 19,394,748 new issue).
    Currently producing 70,000 oz/y from Minjar project. Reserves 100,000 oz; aim to increase to 250,000 oz by exploration.
    June Quarter 02
    Production 19,853 oz @ cash cost $A262 ($US148)
    Repaid $3.875m debt; remaining debt $1.75m will be repaid by Oct 02.
    Reserves increased by 16,000 oz. Minjar reserves 101,129; resources 285,611 (exclusive of reserves).

    Full Year 01-02
    Minjar plant commissioned Dec '01; production to date 40,226 oz @ cash cost $A256 ($US145). Pretax profit $A6.8m. Cash on hand $A3.99m.
    Total hedge reduced by 9,000 oz in June quarter to 68,800 oz @ $512/oz.
    October 02
    2 for 9 rights issue at 22c.
    All debt repaid in September; $8m over 9 months.
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Currently unlisted public company.

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