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BREAKING: Barrick Gold (ABX) $ABX and Randgold (GOLD) $GOLD are in late stage talks to merge the two companies

We may get a news release on this as early as tomorrow Sunday or before the opening bell Monday morning. Multiple sources have told this desk the deal is on.

You heard it here first.

PS: We welcome readers from the Broadmoor Hotel, Colorado Springs.

The Continental Gold $ news release yesterday afternoon

Just before the bell yesterday, Continental Gold ( published a news release entitled "Continental Gold Expands Upon and Clarifies Information Related to the Tragedy at its Berlin Project, Colombia". What is most notable about the NR is that it spends a long time on issues that suit the company and fails to mention the only thing that matters. Some examples of the distracting techniques:
"Contrary to media speculation, the Municipality of Yarumal has enjoyed calm and peace for a number of years without any security outbreaks of record."
This is guff, the world knows that Yarumal was and is still a FARC hot zone. That there haven't been incidents in the last five years is good, it's also related to the cease fire while the peace talks happened. If it were not a hot zone, the army would not be so keen on patrolling the area. Not only that, what the devil does "Contrary to media speculation..." actually mean here? (nothing).

"Additionally, the Mayor commented that he has visited Ochalí nine or ten times over the past two years without any security incidents."
Good for him. Come on his own, did he? No bodyguards?

"...the Company would like to state that its number one priority is the safety and security of its employees and contractors."
If that's its #1 priority, I'd hate to think how they get on with their #5 priority. Or #10. In the lapse of just this month, CNL has seen four of its employees murdered and others seriously injured in terrorist attacks.

"According to an interview published by a Medellin newspaper, one of the villagers stated: "What happened really hurts. They [Continental Personnel] always greeted us, they were very distinguished. Even on Sunday, they did an activity with the townspeople. They were providing work, they made purchases in the small shops [of Ochalí]. With what has transpired, the community loses.""
This is pathos and nonsense. We all know that the vast majority of people are good people, that goes for outlaying communities in Colombia as well who will welcome others with open arms and enjoy benefits of interaction. THESE PEOPLE ARE NOT WHY SECURITY DETAILS ARE DEPLOYED INTO THESE AREAS. This script has nothing to do with the events of this week, this is CNL throwing sequins into your eyes.

Which brings us to the main point of this post, the one thing CNL decided not to address in its NR of yesterday. And why? Because it is obviously the most difficult to answer. What's more it is very simple to frame, too:

1) Did CNL know about the threats made to their team of geologists?

2) Did CNL do anything about it?

According to the father of the one of the geologists murdered there, the answer to the first question is a resounding YES. And the answer to the second question is also a resounding NO. Here is what Jairo Flórez, father of dead geologist Laura Flórez, said during a radio interview last week:
When asked whether his daughter had spoke of any fear for what might happen there, the emotional father replied, "Obviously! Obviously!" She'd spent two weeks very scared. She phoned me and said, "Daddy, we're all sad because there are rumours that they're going to attack us here. We don't know what to do."

The young woman also told her father that the company was monitoring the situation, but nothing happened. "The last time I spoke with her (Wednesday evening) she said, "Dad, we're all scared to death here."
She was on leave, but they phoned her and told her that she could travel to Medellín and from there to the (Berlín) camp, knowing the high risk they were running. So it seems to me that there was a lot of carelessness from the company", said Flórez.

"I have the WhatsApp messages where my girl told me, "Daddy, how is it possible that the company sends us up uniforms and while they are being transported to us, they get cut up with knives? Daddy, what happened is very strange, we're all very sad and fearful because the uniforms are full of holes" (she wrote with a sad face icon). This was on the 17th of this month. They knew the risks they were taking and the company should have got them out. But they didn't do anything. For me, that's very lax of the company."

We can add to this testimony that of the family of another of the mudered geologists, Camilo Andrés Tirado. His father though tears  told Caracol Radio:
"They had no protection and they did not give them the least amount of security because...because they had nobody watching over them and it was a small village with very few houses."

In the title line of its NR yesterday, CNL was keen to use the verb "clarify". If they are so keen on clarification I'm sure they will quickly want to clarify that. Please.

UPDATE:  A new development. Dora Elena Balvin, the secretary of Mines in the Antioquia region of Colombia where the attack on the geologists working for Continental Gold ( occurred (specifically in the Yarumal district), stated in an interview today that, "Yarumal has always seen acts of violence", (minute six of this seven minute interview). This directly contradicts the company line that the area was peaceful. We also note in this interview on the tragic events with army general Ramirez, in charge of security there, that the army has been conducting patrols in this area for some time in order to seek out dissident FARC rebels. Again, Yarumal is obviously a Hot Zone at the moment.

The Continental Gold ( $ ) deaths: The Governor of Antioquia speaks

This morning on the radio, the governor of Antioquia Luis Pérez addressed the terrible events that ended with the deaths of three geologists working for Continental Gold ( at its Berlín project. He went through what the authorities know about the murders and said that accoding to the information given to him by one of the geology team that escaped, the murderers identified themselves as ex-FARC and ex-ELN dissidents.

He was then asked by the interviewer what they were doing there and whether they were under protection. Governor Pérez said that the company (Continental Gold) " a company that has a lot of risk..." in exploration and that, "....we have to exceed in protection and prevention."

He went on to talk about the success that Continental Gold has had at its Buriticá, before returning to the events of Berlín and that's where the contradictions begin. We know that the group of geologists had been "scared to death" because "there were rumours they were going to attack us", but when commenting on this, Governor Pérez said, "Neither the army nor the police had received warnings of threats to the committee (the group of CNL geologists)". Note the difference there, between official-type warnings and the rumours going around.
He then said this: "The army had 100, 120, 130 or 150 men close to the committee where they were working and the committee asked them to move back because the community said that they would look after them if the army weren't there. Therefore the army moved away (some 600 or 700 metres) on the petition of the committee (the party of geologists)."

This doesn't make any sense at all. Why should the geologists themselves ask the army personnel to move some 600m or 700m away if they themselves say there were rumours of them being attacked and that they were scared to death of what might happen?



The Friday OT: Jon Hopkins; Singularity

I fell in love with the track weeks ago when the album came out (my Spotify heavy rotation list). As of two days ago we also have a video, it's one of the best I've seen in a long while.

Youtube here.

Understanding political risk, Continental Gold ( $ ) edition

It would seem that some of this audience needs this issue framed in purely capitalist terms:

Ask yourself how Newmont (NEM) are feeling about their JV partner this morning.

Continental Gold $ knew about the probability of an attack on its camp for up to two weeks and did nothing

Read this. Absolutely heart-wrenching.

Continental Gold, why did you not pull your team of geologists out

A translation of an except of the report, the father of one of the slain geologists (female, aged 28) talked to the reporter yesterday

When asked whether his daughter had spoke of any fear for what might happen there, the emotional father replied, "Obviously! Obviously!" She'd spent two weeks very scared. She phoned me and said, "Daddy, we're all sad because there are rumours that they're going to attack us here. We don't know what to do."

The young woman also told her father that the company was monitoring the situation, but nothing happened. "The last time I spoke with her (Wednesday evening) she said, "Dad, we're all scared to death here."


Avino Silver & Gold Mines Ltd $ASM rips off its shareholders

A three part story:

1) Notice the way Avino Silver & Gold (ASM) traded yesterday:

2) Then six minutes after the bell yesterday, this NR hit which announced that ASM would raise money via a placement.

3) Then this morning, we read that the placement is priced:

VANCOUVER, Sept. 21, 2018 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM:TSX/NYSE American; FSE:GV6, "Avino" or "the Company") today announced that it has priced an underwritten public offering of an aggregate of 6,239,867 common shares of the Company, together with warrants to purchase up to 6,239,867 common shares of the Company, at a public offering price of US$0.65 per share and associated warrant to purchase one common share. Each warrant will have an exercise price of US$0.80 and will expire five years from the date of issuance.

In other words, those people who were "lucky" enough to be among the 1m share volume sellers yesterday at between U$0.79 and U$0.85 (ASM never does that much, not even close) can now buy back their position for U$0.65 and get a free warrant into the bargain, priced at 80c.

Yet another example of the rip-off culture in junior mining. However, as ASM also trades as a fully paid up member of the US markets, perhaps we can get a little investigation into this blatant insider trading by people with teeth this time, i.e. the US SEC.

Dollar, centre screen

Aside from the bad news out of Colombia, this is what matters to the sector today:

Seems to me that if 93 goes, Kudlow's King Dollar sees its crown slip.

More bad news out of Colombia about the Continental Gold ( geologists

One of the people injured in the attack has just died from their wounds.

That's four dead.


VRify School of Mining Promotion: Lesson 2

You remember the first episode? (Otto Rock? Otto Wrong!). Well here we go with part two:

Enjoy. Youtube here.  STILL OPEN AT DEPTH! 


John Burzynski of Osisko Mining ( $ )... trying to tell us something.

From Beaver Creek today.

UPDATED--->BREAKING: Three Continental Gold $ geologists kidnapped and perhaps murdered

UPDATE 2:CNL now has a NR out. Go there first.

IMPORTANT UPDATE: The incident seems to have occurred in Yarumal and not Buriticá. Yarumal is the location of the CNL Berlin project. And it is now confirmed by a Colombia army spokesperson that three CNL geologists were murdered. They were attacked at the camp where they were overnighting.

This is awful. Feel sick. Below is the original post of a few minutes ago.

We're still waiting on confirmation and details, but first word out of Buriticá is that three geologists working for Continental Gold ( have been kidnapped and apparently or perhaps potentially killed. This is off radio reports in the Medellín area.

IMPORTANT: We urge you to get official word on this event. It's only just happened and details are sketchy.

There will be light posting on this blog today

For secret reasons.

Go watch the Beaver Creek webcasts. Or the dollar chart as it drops. Have a pleasant Thursday, ladies and gentlemen.


TMAC runs a financing (

The last time we mentioned TMAC Resources ( here on the open blog was September 13th and the advent of its 2q18 financials, a quick note that ended "This is not good, people. Not good at all". Since then (compared to gold and silver miners index, XAU)...

...yup, not a surprise. And tonight we get this news:

TORONTO, Sept. 19, 2018 (GLOBE NEWSWIRE) -- TMAC Resources Inc. (TSX: TMR) (“TMAC” or the “Company”) announces today that it intends to raise approximately C$90 million via a C$66.5 million private placement (the “Private Placement”) that the Company’s largest shareholders have committed to and a further C$23.5 million via a concurrent marketed overnight public offering of common shares and flow-through common shares (the “Public Offering”).  Certain members of the Board and management of TMAC have also committed to approximately C$4.7 million of the Public Offering, and their commitment, together with the Private Placement is expected to represent approximately 80% of the shares issued under the financing tranches. continues here

This one also filed under U for unsurprising. It's still undecided on the exact price, but as the large holders are framing it around C$4.25 that looks like a reasonable assumption this evening. Assuming it's fully taken up, here's the effect on the share count.

And not my sharpest focus graph ever, for some reason the computer chewed it up. Juuuust about clear enough, though. We also get a bit of detail about what TMR plans to do with that cash further down the NR...
The net proceeds of the Public Offering and the Private Placement will be used as follows: C$57 million for debt repayment, C$15 million for exploration and C$16 million for capital expenditures. The capital expenditures will consist of C$8 million for plant improvements, C$6 million for underground equipment and C$2 million for materials to construct a fifth diesel tank at Roberts Bay.
...and from that, again assuming that all goes to plan and it closes by the end of Q3, here's how I think book value per share is affected:

This one is clearly dilutive. And as gross are C$90m and net proceeds apparently C$88m (according to that list), we hope the lawyers and brokers on this deal enjoy their two million dollars. Bless em.

As for ops, we got some idea of how Hope Bay is going now in this segment of the NR:
Mr. Neal went on to say, “TMAC confirms its statements from the second quarter news release and conference call that the plant performance has been improving since the end of July, with throughput for August and early September averaging greater than 1,550 tonnes per day and recoveries greater than 80% based on preliminary operating data.  Installation of additional gravity concentrators in the plant in order to drive improved recoveries targeting at least 90% are ongoing and the status of this initiative will be reported with the third quarter results in early November.  The improvements in the plant, combined with the funds received from the equity financing, is sufficient to remove the uncertainty about TMAC breaching the covenants under the debt facility as disclosed in TMAC’s second quarter results.

That compares to the data given by the company in its 2q18 MD&A, which is summed up by this passage:
Rock commissioning in the second concentrator line (“CL2”) began on June 3, 2018. The commissioning of CL2 has been significantly better than the first concentrator line (“CL1”). The ramp up started with the first material tonnage processed through CL2 on June 13, 2018 and CL1 and CL2 have now firmly demonstrated the capability of processing 2,000 tonnes per day (“tpd”) capacity within six weeks. 

The Plant as a whole exceeded 2,000 tpd for the first time on July 15, 2018, whereas CL1 took more than 50 weeks to reliably process 1,000 tpd. The Plant did however experience greater downtime than was expected in June and July, with seven days in June and ten days in July at less than 400 tpd throughput.
As a result of the downtime, there were 26,000 tonnes and 31,500 tonnes, respectively, processed in June and July. During July, the Plant processed at an average of more than 1,450 tpd during operating days and, importantly, has averaged more than 1,750 tpd from July 24 to July 31, including four consecutive days at greater than 2,000 tpd.

That's a bit of a hodge-potch, but there is data there. We do know this:
  • June processed tonnes: 867tpd
  • July processed tonnes: 1,016tpd
  • August processed tonnes: 1,550tpd
And while they're still below the 2ktpd design of the mill, that's certainly an improvement. On the other hand we note that in the MD&A script filed on SEDAR August 13th, it says that the two concentrator lines (CL1 and CL2 combined) will be able to run at their design capacity of 2,000 tones per day "within six weeks". We're now at 5 1/2 weeks and if we go with the "early September greater than 1,550tpd" line (that means 1551 of course) it's possible we get that next next up to 2k as planned by next week. But...well...maybe...or maybe not...

Anyway, let's round off this bits'n'pieces post on the faltering TMAC and its need for more cash by taking a guess on Q3 production.
  • tonnage guess:127,500
  • grade guess: 10g/t
  • recoveries guess: 81%
Total ounces produced: 33,220

And at C$50m in sales they might break even, but that's not a moneymaking number for TMAC yet. Anyway, I'll leave these guesstimates here and come back to see how bad they were when the company announces Q3 production.

New Gold ( $NGD ) and an excerpt from IKN486, out last Sunday

In the IKN Weekly issue 486, out Sunday September 16th, one of the semi-long notes went under the title "New Gold (NGD) will sell Mesquite". Here's an except from those three and a half pages that talked NGD, Blackwater, Mesquite and ran some basic numbers to boot:


Therefore to sum up Mesquite, what we have is this:

  • An asset worth $386m according to NGD
  • Production of perhaps 150,000 ounces of gold a year and 15 years of resources. Nice.
  • High cash cost that is even higher when you consider its true revenue and sustaining capex that doesn’t advance the asset, it’s running to stand still.
  • Effectively unprofitable at today’s gold price.

And it’s those last two that made me go “no way” when first thinking about what NGD would hammer under a semi-obligatory asset disposal situation, the one we have today. However, it’s that reaction of mine that was wrong because…

Equinox Gold (EQX.v), Leagold Mining (, Fiore Gold (F.v)

There are the names of not one but three companies that wouldn’t just consider Mesquite, they’d actively desire the thing.

And this evening, this from NGD:
TORONTO, Sept. 19, 2018 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX:NGD) (NYSE American:NGD) today announces that it has entered into a definitive share purchase agreement (the "Agreement") with Equinox Gold Corp. ("Equinox") to sell its Mesquite Mine located in California.

The price being paid by EQX is most interesting, by the way.

Your Beaver Creek primer post

The "Precious Metals 2018 Summit Colorado" at Beaver Creek 2018 starts tomorrow Thursday and runs Friday and Saturday, known in the trade as the Beaver Creek show. It's one of the better gigs for the mining sector and especially good are the quantity of juniors on show in their presentation slots (as well as others that hang around the bar) and they also offer up live and recorded webcasts of the presentations ('s like being there....and NOT being there...all at the same

Anyway, some links for you:

So now you know. Get beavering, people.

OceanaGold ( What The F (UPDATED)

It was only a few hours ago that reader P put it to me this way:

Hurricane in the Carolinas with power outages and flooding, typhoon in the Philippines with many deaths in Luzon near their Didipio mine, and rolling strikes at their Waihi mine in NZ. I understand their hands may be full but how many days will it take before their usually excellent IR department says something? I can't find anything online. No NRs, no twitter, nothing.

Indeed. And for good measure, nothing on the financial havoc being wreaked on Argentina by the dumb-or-criminal (or both) Macri and how it might affect its exploration capital there. But instead, we get this today:

OceanaGold extends high-grade gold and silver mineralisation at WKP

Drill results on a project in New Zealand and nothing on Haile, Didipio or Waihi. Not a single word. Not a sausage. I dunno, perhaps it has a cunning plan to deliberately set itself up as a target for shorters.

UPDATE: A few minutes after the market opens....this:

 OceanaGold Provides Operational Update Following Recent Weather Events in the Philippines and the Carolinas

At last.



Tahoe Resources' $TAHO $ revolving door management continues

He was at Barrick Peru for 15 years and rose to be the Mine Operations Manager at Lagunas Norte, i.e. in charge of the whole mine and that's one big job and by all accounts he was a fine boss there. So when he was headhunted and arrived at Tahoe Resources (TAHO) ( in February 2018 to the same job, i.e. Operations Manager at the La Arena mine, you would have thought an experienced, highly-regarded professional would stick around for more than eight months, but it was not to be. Today Angel Vera handed in his resignation from TAHO "for personal reasons".

Another one bites the dust.

Sean, Eric and Otto (a Kirkland $KL and Osisko $ post)

So anyway, on September 6th there was this at this humble corner of cyberspace:

Kirkland Lake (KL) makes its move.

We've had plenty of talk and chatter as to what Kirkland Lake (KL) will do next. The answer is Osisko Mining ( Remember that big-ass 18m share block that went thru OSK a month ago? That was bought by KL and since then, they've been quietly accumulating. We should be close to that magic moment when KL files its "hey guys we own 10.01% of this" document and Sean realizes that Eric is treading on his loafers.

You heard it here first.

And now today on September 18th there's this:
TORONTO, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) today announced that it has acquired 14,705,882 common shares (“Shares”) of Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Issuer”) by way of private placement financing at a price of CAD$1.70 per Share for a total cash payment of approximately CAD$25 million (the “Investment”).
Prior to the Investment, Kirkland Lake Gold held 17,921,750 Shares, representing approximately 8.58% of the outstanding Shares on a non-diluted basis. As of the date hereof, after giving effect to Investment, the Company beneficially owns 32,627,632 Shares, representing approximately 13.61% of the currently issued and outstanding Shares on a non-diluted basis. Continues here.

Further questions?

Updating on Lundin Mining's ( illegal insider trader, director Paul McRae

Impressively, we have still heard absolutely nothing from either Lundin Mining ( or any body of the Canadian market regulatory authorities on whether there is an investigation over the clear-cut case of use of non-public material information (i.e. illegal insider trading) by Lundin Mining's director Paul McRae.

It's almost enough to make one wonder whether the Lundin family have some special sway over the Canadian authorities. Nah, surely not!


What part of "Copper Has Bottomed" do you not understand?

I suppose that on reflection, it did need somebody to get whipsawed out of their life savings in the Hong Kong market on what they thought was another sure thing trade war bet.

Excellon Resources ( Puppet Show and Spinal Tap

"If I told them once I've told them a hundred times, to put Spinal Tap first and puppet show last,"
  Jeanine Pettibone, This Is Spinal Tap

Today brings a news release from Excellon Resources ( that goes by this jolly headline:
 Excellon drills 2,781 g/t silver equivalent over 15.1 metres at Platosa and provides production update

And of course we all go "WOAH! That's a serious drill cut!" After all, even at today's long-extended gold/silver ratio (around 85X) that AgEq works out at 32g/t gold equivalent. There are a long list of precious metals mining companies that would like to report 15m of ounce-plus gold. Mind you, we should be kind of used to high grade intercepts out of La Platosa, it is the nature of the beast and its issues so far have been getting the rock to surface, not drilling through it (again).

Which brings us on to the real reason this posts exists, as we got another buried lede for you. That innocent-sounding "...and provides production update" tacked on the end of the flashy hole headline, down on paragraph seven, under the bullets and tables and stuff, turns out to be this:

Production Update
The Company anticipates production in the quarter to be approximately 300,000 AgEq ounces due to operational issues related to surveying and planning personnel and lower byproduct prices. The operational issues have now been addressed and the operation is getting back on track. The Company's balance sheet remains strong, which will allow the Company to weather recent dips in commodity prices and quarterly production variability.

Oh. So what we need is a bit of context. Chart, please!

Yes, that's what Q3 looks like. And who knew surveying and planning personnel could take half your production schedule away? Maybe other mining companies should pay them more, just in case it happens to them.


Barrick Gold (ABX) wants out of Peru

A little buried lede, from IKN486 published yesterday:

Barrick Gold (ABX): Press reports this weekend (7) have ABX chair John Thornton saying he’s looking to slash costs by getting rid of a raft of middle management, plus he’s nearly certain to JV with Chinese companies in ABX operations in Africa. Here’s a segment:

The Toronto-based company has slashed middle management by half to about 700 and “we want to get it down to 300,” Thornton, who’s been in his role since 2014, told the Globe in an interview in London. The former Goldman Sachs Group Inc. executive wants a leaner, entrepreneurial partnership more like the early days under late founder Peter Munk, the Globe said.
Thornton said there’s “an almost 100 percent” chance Chinese partners will get involved in Barrick’s projects in Tanzania that are operated through its 64 percent stake in Acacia Mining Plc. Acacia has plummeted 84 percent since its high in 2016 amid disputes with the government, which imposed a ban on exports of mineral concentrates last year and slapped the miner with a $190 billion tax bill.

What he didn’t mention is that ABX is currently looking to sell out of Peru and is shopping its wholly-owned subsidiary, Misquichilca SA. Its main asset is the Lagunas Norte mine, the package includes Pierina and other early stage assets.

It takes a news story like this one to frame the Mexico narco violence

This abandoned truck was this weekend discovered by locals in the state of Jalisco in Mexico when it started emitting a very strong odour of rotten meat. And inside? Yes you guessed it, the bodies of 157 people. 

So far so grim, but here's the twist; It turns out the bodies were dumped in the truck and left to rot by the local government municipality, because the unidentified bodies (that showed all the signs of being narco gang deaths) were too much for the local morgue to handle. Yup that's right, the morgue can't handle the extra business due to the number of violent deaths in the region and dumped the "extras" to rot in that truck (now on its sixth day of abandonment, with locals now saying they'll set fire to it to stop the stench).

Continental Gold ( Good news from Buriticá

Further to the death of the Continental Gold ( engineer who was shot and killed on September 9th, it's good to report that police this morning have arrested four people believed to be responsible for the attack and murder. They are members of the Clan del Golfo ultra-right wing group who are known to operate in the area.

Without automatically assuming guilt, this is certainly a positive development for the zone and for the Buriticá project of CNL, good to see that the rule of law can be applied and that police are active in closing down these thugs.

The IKN Weekly, out now

I remember my brand new PC with its 486DX. It was so cool, so fast, and so long ago.

IKN486 has just been sent to subscribers. Store it on a floppy disk.


Garibaldi Resources (GGI.v): Ye shall know them by their fruits

We note with interest that after 99 days of complete radio silence, Garibaldi Resources (GGI.v) put out a NR on Friday evening. It headed on some non-urgent fluff about accelerating claim option buyouts, but the lede was buried:
Meanwhile, Garibaldi eagerly anticipates providing shareholders with an exploration update including initial assay results from the ongoing 2018 program during the week of September 17 .

Therefore, GGI has chosen Beaver Creek week to roll out its drill assays. Fair enough. Therefore, despite the over-hype around this company, its band of True Believers, the way it has thrown sequins in eyes of retail, the flashy core photos presented with precious little context, despite the mushroom politics of 2018, despite the delays, we (and include me in) should give the company a fair hearing in the days to come. They're going to give us drill assays and that's solid. Therefore, once you've worked your way through the potentially breathless prose, their promises of jam tomorrow, perhaps more sets of flashy photos as well, LOOK AT THE DRILL RESULTS and on what they offer.

All parties looking on, from total skeptics to the truest of the true believers, should give GGI.v a fair crack at the whip this week. On the assay numbers at least, because the rest is just noise.