GDN - Golden State Resources

[hoppielimp]

Hey kelv8r,

I'm not sure, I think I will subscribe. I think Shumway tossing in Daneros and Geitus to get at GDN's Thompson project is a smart move. Given that Daneros and Geitus are only a total of about 1.2sq km and has historic 1.9 mill lb of u308....this is in comparison to the Thompson tennements of 27sq km.

Now the small histroical figs from Thompson seem alot less than Daneros and Geitus, I think some results are about 0.10%, The White Mesa Mill still buys at about $55 per tonne for that sort of grade and $281 for 0.35%. Some results at Thompson are about 0.8% (Sorry don't know what White Mesa Mill pay for that grade as it is not published).

The interesting thing about all this, is I guess that I don't think White Canyon is out to become a producer like Paladin or the like...I think they just want to mine...and the Dennison link with Shumway to the Mesa Mill finds a home for all this ore. So it becomes a volume business of dig and transport. White Mesa Mill also pay some transport costs too...150miles = $22.50 per tonne.

Its alot of guess work, but I think its worth a punt, not that I'm a big fan of some of the GDN Management, but hopefully they are doing what they should have been doing with the Golden Eagle project...teaming up with people who know what they are doing.

I wish everyone luck on what ever they decide on White Canyon. At least we all have one thing in common....GDN....

 

[new_trader1984]

Hi, i just saw this article its about arrowhead energy teaming up with liberty pioneer energy to drill the paradox basin. They are aiming for delta petroleums play in paradox basin after the latest flow rates released earlier this week. They are planning on raising 300 million dollars just to spend on this one paradox basin area.

There is a quote by managing director of arrowhead energy where he says the reserves were descrived by delta petroleum as "immense".

Thought it was worth posting since it shows there is a lot of people watching the paradox basin and willing to spend a lot of money in the area.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20071220&id=7967882

 

[qr2007]

Hi

I have just received the Prospectus of White Canyon Uranium Limited. Any suggestion on what to do with this offer???? 0.25/share ??? will it be another GDN???
Thanks

 

[yawomanjas]

I also got my priority letter..I threw it right in the trash....several reasons why....

1. poor performance of parent company in terms of SP and management
2. raising too much 17.5 mill bucks...= increased selling pressure
3. poor performance of uranium IPOs of late...last one I know of was MEU which was a spinoff from MOX...it sucked on open, opened below issue price and has remained down ever since....

 

[Rob 17]

Im down significantly on GDN I couldn’t careless about the offer. Don’t like the way the company is being run. (GDN) Updates and progress are too far between. In my opinion these guys can’t be trusted. They couldn’t even get the mail out right. They would have trouble tying up a shoe lace.

DYOR

 

[Wysiwyg]

Got the prospectus today too.Two things come out of the P 1 drill.

1) Eclipse Exploration Corporation didn`t come down with the last shower.
2)the rig operators new exactly what was in the hole.

I suppose the lesson was ... treat every report as a grain of salt.The louder they squeal the less interest there is.Can`t help feeling conned

 

[tropolite]

Hi all
I don't normally chime in on this type of thread but feel as though I need to.

Got my Prospectus last week and for the reasons already stated in previous posts I'm not buying in either. Throughout this whole thread there's discontent of GDN's responses and lack of general management performance.

They haven't done a very good job for my investment $$. I'm looking for better strategic management and a company that I can 'trust' to invest my hard-earned dollars. This one will be a 'wait and see'.

Good luck for those who choose to take up the offer.

 

[bigdog]

Received my Prospectus yesterday and I am not interested in providing more of my money to the GDN directors to feather their nest (the no news people)!

 

[qr2007]

Hi all,
Thank you very much for your feedback. I totally agreed with you guys regarding their management team.
Thanks again.

 

[new_trader1984]

hi, i dont trust the gdn directors either, its been more than 3 months since state gave the approval for 2nd well and we still dont know why there is a hold up for the federal approval which if there was delays they could have told us.

Both directors need to be replaced.

About the uranium ipo, why would they decide to not have it underwritten? I would think mike shumway would have a fair say in the decissions towards listing considering the amount he has invested into this new company. He wouldnt want it to fail since he would lose out on the thompsons project which was the only reason he went along with joining up with gdn for this new company.

Does gdn want the ipo to fail, which if they are expecting gdn to buy into this company to make up a large part of the holding, they should have realised the way they have treated shareholders in gdn that most wont be investing in the new company.

The only other thought would be after talking to brokers and funds they might have some interested in buying into the new ipo but then they wont let them hold any more than 5% from the initial ipo purchase which isnt a good idea since at the moment they would be struggling to find anyone to invest in the company. Could they have decided against an underwritter since they might have some american investors that want to buy into the ipo? Not sure if that would happen but there might be some american investors that want to hold shares because of mike shumways involvement.

In the prospectus they say the companies value is around 31 million dollars at end of june 2007, not sure how they worked that value out and would think its mostly to do with the land value and past workings that have already happened, but to get a possible value of the share price would people use the full number of shares or use the shares available for trading since there is just over 90 million shares that cant be traded for 2 years.

Im not buying into the ipo either, just trying to work out why even mike shumway has agreed to let the ipo go without being underwritten with the amount he has involved. He would have looked at the way gdn has treated its shareholders i would of thought before agreeing to joining up with gdn.

 

[sharemadder]

NT1984

I emailed them today just asking for an update on the status of the permitting. Not sure when their offices open again but it was only one simple Q.

I hope they reply as I think they really need to provide a market update on the Paradox. If no reply will send registered letter just to make sure they aint dead

Cheers

 

[tropolite]

NT1984

I emailed them today just asking for an update on the status of the permitting. Not sure when their offices open again but it was only one simple Q.

I hope they reply as I think they really need to provide a market update on the Paradox. If no reply will send registered letter just to make sure they aint dead

Hi sharemadder... I really hope you do get a reply. Considering the last update we've had on the drills were in the Quarterly report lodged end of October (which was for the quarter ending Sept 30!) - what's up with that!?

Actually I'm kinda hoping there has been a crisis with the company heads (I hope nothing more serious), as that would explain A LOT.

I'm just so glad the other shares I hold are with real companies that keep you up-to-date on a weekly basis, even just to say - nothing happened due to rain. At least you know how your money is working.

Let's all hope that GDN makes a New Year's Resolution to make good on their company policy... 'If shareholders have any questions to call or email and we will answer'. Not much to ask for surely.

Happy and Prosperous New Year all...

Cheers
tropolite

 

[new_trader1984]

hi sharemadder,

Hope you do get a reply for your question but im not sure that they will reply.

I sent 3 short questions using the uranium website where it says to send an enquiry, the questions were simple how many rigs would be used at the start, who would prepare reports for shareholders and how long before a jorc estimate could be released. Atleast 2 of those questions can be answered in 1-2 words each and it was sent over 3 weeks ago with no reply.

Hopefully something changes soon and they give us an update on the drilling since they have been getting paid for doing nothing for last 4 months, dont know how many other drilling companies can get paid for not doing any work especially for a public company.

 

[elcruzy]

i just looked at the prospectus' glossy pictures and realised where my hard earned dollars went....i think they have been spending all their time on this. suffice to say i threw it out unread.

i'd be surprised if GDN are just waiting around for the 2nd well permit approval there must be something else, does anyone know if thats all GDN is waiting for? seriously if we are paying for a drill rig to just sit around..

 

[new_trader1984]

hi, does anyone think some news might be released soon, the directors havent told the shareholders much and they should update us soon on the paradox basin well permit.

I was looking at the market depth today, at 2 different times i added the top 5 amounts of shares on each side. 1 time at 8 35 and another at 9 10 just after the first 172000 shares were traded after open.

At 8 35am the buy to sell side in shares was 3.16 times more shares wanting to be bought then sold. The average buyer to seller for the shares were 2.77 times more per average purchase.

At 9;10am the sell side had slightly decreased but the buy side had added another 400 000 shares to the top 5 amount even after the first 170 000 shares were traded. The buy to sell ration for the shares were 3.67 times more shares on buy side to sell side in the top 5 prices. The parcels for each buy purchase on average had also increased and the shares per buyer to seller average was then 2.83 times more for each buy purchase.

None of this means anything and currently the share price is back at 12.5 cents but there is interest in the top 5 buy prices compared to sell sides, but there isnt any reason for the interest in gdn at moment.

just thought to share what the buy and sell sides were like as it might be of interest to someone.

Hopefully an update will be provided soon on whats going to happen with the paradox basin.

 

[Rob 17]

I would not read into it too much. It happens often with GDN's depth. It’s as unreliable as the management. (IMO)

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NT1984

I emailed them today just asking for an update on the status of the permitting. Not sure when their offices open again but it was only one simple Q.

I hope they reply as I think they really need to provide a market update on the Paradox. If no reply will send registered letter just to make sure they aint dead
--------------------------------------------------------------------------

Any reply?? Stupid question

The only thing I can think of is GDN directors are trying to frustrate small shareholders so they sell out. Surely the Top 20 shareholders would find the lack of disclosure unacceptable.

DYOR

 

[Sean K]

Some courageous holders here since last April.

Is this an example of emotion getting in the way of analysis?
Hope in the way and logic?
Faith in the way of reality?

Good luck to longs.

 

[cyberonyx]

ipo status

I sent in my cheque for the whitecanyon ipo yesterday. Anyhow.... they cashed it today so, as a shareholder to other shareholders, make of that what you will. They are obviously still at work.

cheers

 

[sharemadder]

I agree at work and business as usual.

Just wish they would keep the market informed on Para#2 federal permit progress. They probably have it approved already but need more cash to do drill (circa $5 to $9 million) and waiting for IPO to list so they get access to some more funds owed to them. Farmin can't be out of question thats for sure. Wonder if they have approached anyone lately.

Very slow this one .

Cheers

 

[new_trader1984]

hi sharemadder,

If they havent spent much money from the last quarter which they havent done anything to really spent any of that money and with the ipo listed they recieve 3 million so they should have 6 million to drill the well which is enough to drill the 2nd well without any problems. I think it is about 5 million per well to drill that was what it was meant to cost for the first well i thought before all the delays.

Delta has just added 684 million dollars to their bank account if in feb the vote goes through to allow tracinda corporation to buy 35% of the company. This is meant to be used to increase drilling in the paradox basin and for the pipeline and everything else they need to do. This will also give them funds to approach other companies to be partners with and being close by gdn should be a possible target by delta. I guess they aernt in any hurry to approach gdn but i still think its a possibility.

Do you think we would get an announcement saying how much of the 49 million shares provided for gdn shareholders to have first chance to buy at have been taken up or would just wait until after the subscription is finished on the 24th to tell us?