I am going to point out that they did use some of those funds to do a geochemical survey as well as an airborne geophysical survvey in the 2011 fiscal period. Those should of cost maybe $200,000.but it appears they turned out to be two very expensive surveys and looking at the accounts payable I am not sure they have paid all of those 2011 bills yet. IMO the surveys were done mainly to complete a rushed NI 43-101 which GDW management thought would give them access to more funds through its recommendations. Because of current market conditions, which is weeding the garden, it became an impossible task as 50% of these companies will realize this year as they close their office doors for the last time.
This year alone the CEO Herman Derburch, director Dale Hendricks, and so called PR, financial wizard, and director, Henry Caudoron, have all seen the writing on the wall, resigned, and closed that office door for the last time. We now have the bookeeper as COO and sole member of management so that in itself says a lot. I wonder if the BOD who is now steering the ship loses any sleep with this one.