Mr tan owns about 52 % of the stock, after the recent share acquisition.

He cannot monetize that amount of shares on this equity market, as the shares have low liquidity.


His choice is either to sell the company, distribute the assets as spin-outs, dividend the cash or to take the company private.

The current NAV..................which provides only minimal value for the exploration about $1.70 per share of which about $56 million or close to $1 per share is hard cash ( this takes into account the recent gains in Yanxi ).


The Saya gold deposit ( GMN owns 70 % ) has 4.2 million oz of which about 2.3 million oz is in the Indicated category.

A new 43-101 estimate along with a feasability study will be released in the coming weeks, following another  extensive round of drilling in 2012.

This will move some of the Inferred into the Indicated and some of the Indicated into the Measured.

Mattalurgical studies have already been completed and some of the infrastructure ( eg electrical, water ) is already completed.

Production is planned for 2014 and imo should be able to sustain 100,000 + oz per year plus small amounts of silver.

Given the stated method of mining and avilability of cheap labor, cash costs should be below the current peer average.


Clearly, valuations above $100 million would not be unreasonable for this gold deposit.


Managements style has been to develop projects to the point of certain production and then to sell them.

If they intend to do so with the Saya gold deposit, GMN,s valuation should exceed $3 per share.


Yet, here we are at less than $0.60.


One option is the take-private option, which would cost them less than $50 million for the remaining shares.


Or, they could boost our current dividend substantially to say $0.30 per share or give us a special cash dividend of $0.50 per share.


Either way, this will be great for us as shareholders.

GMN has been unfairly tainted along with the few bad Chinese apples.

It has rock solid value that continues to increase at ever increasing rates.


Like shooting fish in a barrel..............