Conclusions - 

The 1990's were a heady time for Saskatchewan, with the creation of Cameco out of the interests of Eldorado Mining And Refining and the SMDC.  The involvement of the crown is very apparent here on both provincial and federal levels.

The province wanted most of all to develop the diamond interests since there was such a diamond rush in Nunavut, and thus Shore Gold was created out of that portion of SMDC diamond interests and the diamond exploration company.  Some of Shore Gold's prospects, the gold properties, were spun into Masuparia, which now has the express involvement of GBN.

The most significant move made by the province was the amalgamation of the Jolu Development Corporation, the gold interests of SMDC with Golden Band Resources in the hopes of finally seeing the 'Eldorado' realized.(almost a hundred years later)  What that creates is a company very much like Cameco in structure, should it succeed finally in raising capital.

Jolu Development Corporation was not the creation of the predecessor, Golden Rule.  It was that portion of SMDC set aside for the development of gold prospects, which was merged with GBN. No other company has such a major political benefit.

My guess is the company is better off run privately rather than a publicly-traded chronically underperforming entity, simply because trading in the stock is at a disadvantage when confronted with aggressive newfound toys in the securities industry that short startups out of existence.  And this one is like shooting fish in a barrel.

The company might emerge eventually to IPO with a fresh start after a quasi-reorganization, but may take a great deal of time to sort out its problems.  Certainly you would not be so incredibly foolhardy to destroy the shareholders on the one hand, then fully expect the market to boost your own interest on the other.  In order that the company curry favour with investors, you would need a track record.

But the whole enterprise with the support of the crown needs to have the surviving retail investors make it through the formation process, rather than solely a handful of the top insiders, if only to hold them up as an example of having respected the intent of the law.(there will be no shortage of incensed political detractors that will seize on the occasion.)

The company has been run like a shell company of no value and is now technically a private entity, so privatization appears to be sure outcome.

Lets get on with it.

-F6