Mining PRs and the Ottotrans™, Part 43

Today's tranche of junior mining NR crunchy goodness comes from Greystar Resources (GSL.to), so let's  dive right in:

This is what they said:

August 18, 2011

Greystar Changes Name to Eco Oro Minerals Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Greystar Resources Ltd. (TSX:GSL) ("the Company" or "Greystar") announces that the Company has changed its name to Eco Oro Minerals Corp. effective August 16, 2011 pursuant to the Articles of the Company and as approved by the Company's board of directors on August 10, 2011. It is expected the common shares of the Company will commence trading on the Toronto Stock Exchange under the Company's new name on Friday, August 19th. The trading symbol will change to "EOM".

And this is what it means:

August 18, 2011

Greystar Changes Name to Eco Oro Minerals Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Greystar Resources Ltd. (TSX:GSL) ("the Company" or "Greystar") announces that the Company's name is mud in Colombia after all the crap that's gone down, so were changing the name. In this way we can pretend it isn't us and all that happened before didn't happen. And hey, let's throw that "eco" term into the new name, because after all gold mining is such an ecological and environmentally friendly activity, isn't it? About Greystar Resources Ltd.

DYODD

Greystar (GSL.to): well, it's not as dramatic as a big AGM showdown.....

...but it still gets the job done. Best line in the NR that follows (IKN highlights the funny bit):

"The board of Greystar would like to thank Mr. Kesler for his efforts as President and Chief Executive Officer in trying to advance the Angostura project."

And remember where you heard it first, dudette and dudes. Anyway, here we go with the "Kesler & Co Get Canned" news release.

April 14, 2011

Greystar Resources Announces Change of Officers and Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2011) - Greystar Resources Ltd. ("the Company") (TSX:GSL)(AIM:GSL) announces it has agreed with Amber Capital LP, a New York-based investment firm, which controls approximately 18% of the Company's outstanding shares, to change the members of its board of directors and the members of its executive management team. Other shareholders, holding approximately 20% of the Company's outstanding shares, have advised the Company that they support Amber Capital LP's position. The Company has appointed Juan Esteban Orduz and Rafael Nieto Loaiza (biographies below) to the Company's board of directors. The Company also appointed Mr. Nieto Loaiza as President of the Company and David Rovig as interim Chief Executive Officer to succeed Steve Kesler in those roles. It has also been agreed that at the Company's upcoming annual general meeting , the incumbent directors, other than Messrs. Nieto Loaiza and Orduz, will not stand for re-election and the Company will nominate as directors certain additional individuals proposed by Amber Capital LP. Further details on the annual general meeting will be announced to the market in due course. "This is an important step for the Company. The Company will focus on reformulating the Angostura project in continued compliance with the laws of Colombia and in a manner that is environmentally sustainable and socially responsible to the people and the state of Santander, whose concerns we understand and will address. That is our number one priority," commented incoming President, Mr. Nieto Loaiza. "The path for Greystar is very clear. The Angostura project will succeed only if it truly benefits the people of Colombia - both the current and future generations - by offering them a better life while maintaining their land in a safe and sustainable manner," commented incoming board member, Mr. Orduz. The board of Greystar would like to thank Mr. Kesler for his efforts as President and Chief Executive Officer in trying to advance the Angostura project. Rafael Nieto Loaiza (age 44) Mr. Nieto Loaiza is an attorney, and a specialist in Constitutional and International Law. He was the Vice Minister of Justice of Colombia. Mr. Nieto Loaiza is a partner of Nieto & Cia, a firm with more than 30 years of experience in legal assistance and business, and president of NSG, a consulting firm specializing in environment management and socio-political analysis. He is a Senior Director for McLarty Associates and acts as its representative in Colombia. Mr. Nieto Loaiza provides consultancy to governmental institutions and international cooperation agencies, such as the International Finance Corporation (IFC) and the World Bank, the Inter- American Development Bank (IDB) and the United Nations Development Program (UNDP). Mr. Nieto Loaiza has been an adviser of the Interior, Security and Defense Ministries of Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and Uruguay. He has been a consultant for the Swedish Agency for International Development Cooperation (SIDA), the European Union Commission and the Inter-American Court of Human Rights. He was program coordinator for the Inter-American Institute of Human Rights, and the electoral observer of the Inter-American Center for Electoral Promotion and Assistance. Mr. Nieto Loaiza has been a consultant to several private and public institutions, including the National Constitutional Assembly of Colombia and the International Committee of the Red Cross (ICRC). He has been a university professor in Colombia and Costa Rica and a visiting lecturer in various countries in Europe and America. Mr. Nieto Loaiza is the author and editor of several books and articles on security, defense, armed conflicts and peace processes, human rights and international humanitarian law. Juan Esteban Orduz (Age 45) Juan Esteban Orduz has extensive experience with sustainable mining issues and corporate reorganizations since 1997, when he became Legal Vice-President of the Cemex Group in Colombia after its entrance into the Colombian market (Cementos Diamante S.A., Cementos Samper S.A., Central de Mezclas). Subsequently, during President Andres Pastrana's administration, Mr. Orduz was Minister Plenipotentiary - Deputy Chief of Mission of the Colombian Embassy in Washington D.C., where he was instrumental in the creation, financing and implementation of Plan Colombia, an ambitious cooperation program between Colombia and the United States providing millions of dollars in investment for many of the most relevant social programs in Colombia, as well as the fight against illegal drug cultivation. After being invited by Harvard University to be a fellow at its Weatherhead Center for International Affairs, Mr. Orduz took his current position as CEO of Colombian Coffee Federation, Inc. in New York. Mr. Orduz has been a strong and consistent advocate of community and social, economic and environmental sustainability issues. He has also served in several corporate boards or represented companies such as Cementos Diamante S.A. and Cementos Samper S.A., associations such as the National Coffee Association and the Coffee Quality Institute in the United States and charitable organizations, including as founder and chairman of the American Friends of Fundacion Cardio-Infantil, which benefits thousands of children with cardiovascular diseases in Colombia. Additional information required to be disclosed under paragraph (g) of Schedule 2 to the AIM Rules will be disclosed in a further announcement shortly.

Peter Kennedy of Stockhouse: Corrupt or just plain stupid?

Greystar Resources (GSL.to) has had a lot of ink spilled about its predicaments recently, what with the denial of permits for its Angostura project in Colombia and the share price movements that have accompanied it. But no note has been as daft as the one written on GSL.to by Peter Kennedy of Stockhouse and published on April 11th in its regular "Short Report" section.

Seriously, this guy is either on the payroll of large money or he's just downright stupid. In the note we get all sorts of stuff about how badly horrid GSL.to's situation is and we even get pearls thrown such as a comparison of GSL to Crystallex (KRY) (even though the two operate in separate countries it's apparently valid....like telling people to avoid Peru mining projects because they're next to Ecuador, I suppose) and how...shock and horror!...GSL hasn't made anything in revenues recently...just like the other 1500+ mining companies in Canada that are calleed "explorers" I'd guess.

But the thing that makes the piece highly dubious, nay suspicious, is what Peter Kennedy leaves out. What he fails to mention is 1) the selling is all done (I mean, doesn't it strike you as odd that this Stockhouse hatchet job only appears with the stock is $3 a share? Where were you when GSL was $5 and getting pumped by Canaccord late last year, Peter?) and the stock is going up because of 2) the massive recent insider buying by Amber Capital, now up to what must be nearly 20% of shares out by wholesale buying of large chunks of GSL. And as IKN pointed out in late March there's a very reliable rumour out there that come the GSL AGM in May, shareholders will rebel and throw the whole board of directors out of GSL, a rumour that's been backed up by some crystal clear market signals since then.

Why try and batter the price down when it obvious that a large insto wants in to all the stock it can get? Why write baloney now, Petey? Why are you suddenly interested in an in-play TSX mainlisted company when all you normally write about is OTC scamjobs? Cui bono? Put simply, this Kennedy character is either being deliberately ignorant about a key factor in the GSL trading mix, he's stupid about markets and how they work or he's written what he's written to scare a few shares out of naive hands and into those of the large instos looking to change the management team at GSL at the cheapest cost possible. Which alternative is the real one? You be the judge.

Greystar (GSL.to), news releases and Owly

Follow the bouncing ball, folks:

1) Link to IKN post dated Sunday March 27th

2) New 10+% threshold insider March 11th

3) More buying since March 11th

Greystar Resources Ltd. (GSL)						As of March 31st, 2011
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Mar 30/11	Mar 29/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	1,685,100	$2.515
Mar 25/11	Mar 25/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	584,400	$2.463
Mar 25/11	Mar 24/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	1,100,000	$2.535
Mar 23/11	Mar 22/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	648,400	$2.673
Mar 23/11	Mar 21/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	200,000	$2.685
Mar 23/11	Mar 18/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	758,300	$2.495
Mar 21/11	Mar 14/11	Amber Capital LP	Control or Direction	Common Shares	10 - Acquisition in the public market	77,200	$2.587
Mar 11/11	Mar 10/11	Amber Capital LP	Control or Direction	Common Shares	00 - Opening Balance-Initial SEDI Report

4) New holder now at 16% of shares outstanding as at March 29th

5) Greystar (GSL.to) NR this morning April 1st (here's an extract):

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Greystar Resources Ltd. (TSX:GSL - News; AIM:GSL) (the "Company") ("Greystar") announces today that it has appointed Evolution Securities as its Nominated Advisor with immediate effect.
Evolution Securities Limited is a leading investment bank focused on serving its international institutional and UK corporate client base. It provides a range of investment banking services and isauthorized and regulated by the Financial Services Authority.

6) IKN leaves the op-ed on all this to Owly:

(but make sure you read the link at part 1), yeah? It's Evolution, Baby!

PS: to one specific reader. Don't ever try to exercise editorial control on me, fool. Not even a freakin' suggestion of it. Consider this a shot across your bows and never piss me off like that again because this time you got off lightly.

UPDATE: A chart and more owly:

 Gotta love owly. DYODD, dude.

Disclosure: I've just been asked for a disclosure on this stock, which is fair enough, so here we go: No position long or short in GSL.to, but it was mentioned as a potential short-term trading buy in IKN99 last weekend (a timeframe I'm usually not very good at). I have no knowledge on whether subscribers acted on that suggestion.

Greystar Resources (GSL.to) and the upcoming shareholders' revolt

Your author has heard on good authority that there are many unhappy shareholders of Greystar Resources (GSL.to) out there in investment land. In fact they're so unhappy that on May 18th, at the company's Annual General Meeting, enough big shareholders of GSL have already agreed to pool their votes, take over the meeting from the floor and kick the current board of directors out of the company once and for all. Your humble scribe also hears that the unhappy holders have already got together more than 51% of the voting shares so get ready for the fireworks because this one is going to happen, folks.

And quite right too, considering the utter balls-up GSL.to has made of its 15 years in Colombia and the mushroom politics it's employed to the people who pay them good money for zero results. Welcome to capitalism, Kesler. All that's left to consider is how this will play out. So will GSL;

• Try to pretend the threat isn't serious and have a really bad day at the office May 18th?
• Try to do the sneaky deaky and postpone the AGM?
• Do something that may equate to honourable (even at this late stage) and resign en masse before the fateful day arrives?

Inquiring minds, etc. Anyway, remember where you heard it first, people. At your caring and sharing IKN.

Mo' Greystar (GSL.to)

As well as the more...errr....what's the word here?....err...strident views put forward about Greystar (GSL.to) at this humble corner of cyberspace (check here for 'em all) over at The IKN Weekly we've also been following the case closely, but the news and views have been far more focussed on what the affair might throw up by way of investment opportunities. Here follows the last in the series that was part of IKN97, last Sunday. A few notes afterwards:

What you now need to know about Greystar Resources (GSL.to)

This is the last segment we’re running on GSL and it won’t take long:

1)      The decision on its Environmental permit approval is scheduled to come on (or perhaps before) Arpil 15^th 2011.

2)      The company will be denied its permit. To update the quantative call on this, I’d call it a 98% to 2% chance of a bad day for the company.

3)      If it moves up from its current $2.78 and into the mid $3’s between now and early April on silly gringo speculation of a GSL win, it may be a decent short oppportunity.

4)      However it’s not a company destined to go to $0.00. It currrently holds around $1.10/share in working capital and there are plenty of its resource ounces that lie under the Páramo altitude limit that’s causing it all the permitting problems. I’ve seen estimates of up to 3m oz Au held by GSL that could be worked into a brand new mining plan that certainly couldn’t be presented to the world overnight but would give an asset backbone to the company.

5)      As it happens I am not short GSL but I do know a market player that was short GSL recently. Last Tuesday I wrote to him on a purely friendly basis and suggested that there was a bottom in the GSL downspike. As it happens he’d covered the day before and taken his profits. Smart guy you are, XXXXX.

IKN blog back. You'll note that certain things didn't happen exactly as stated in the text read by subscribers last weekend. For example the permit wasn't officially denied in April, instead GSL.to withdrew its EIA/EIS application in March because it knew the game was up all by itself. Also, you'll note that the spec bounce over $3 didn't happen, so the shorting opportunity didn't show up either. The point here is that political risk issues are rarely fixed on rails and the story will emerge in its own way, but by getting the basic call right you either 1) save money for yourself and others (i.e. your author has no position whatsoever in GSL.to, not long not short, and sincerely hopes that subscribers aren't long after all that they've read these last few months) or you 2) get a call out there that makes money for others (i.e. the redacted first name at the bottom of that IKN97 text). 

So this morning GSL is halted on the TSX and LSE pending news and anyone that knows how to use Google will know what the news coming contains, we're just left wondering how much spin the GSL management will put on the story...and whether they do the decent thing and resign their asses out of the cushy jobs they've spun themselves after doing absolutely nothing of value and spending umpteen millions of dollars of shareholder cash for the last 15 years. I'll probably stick an update on this post later when the GSL NR hits.  DYODD, dudettes and dudes.

UPDATE 10:44est: There's a rumour in the village that the upcoming GSL NR will flatly deny that the company is withdrawing the permit application and will call BS on the Colombian politicos' words of yesterday evening. We'll see how this one plays out and leave you with a quick quote of "Curiouser and curiouser, said Alice....."

Update 2: An hour and a half later and it turns out the rumours were about 3/4 1/2 correct. Here's the link to the GSL NR just out, I'll leave it to you to read and decide.

Greystar (GSL.to): Bad news for Nicholas CampbellSoup of Canaccord

And thus Greystar (GSL.to) bows to the inevitable and withdraws its plans to develop the Angostura gold deposit in the Páramo de Santurban region of Colombia:

Reuters got it in English here.

How you feeling, Soupy? Looks like you're going for a quick doublefail in Colombia with your very silly "got 10m oz" call on Batero (BAT.v) the other day, too.

PS: Oh yeah, nearly forgot. Don't just laugh at Nicholas CampbellSoup's Colombia thoughts, cos you'd  also be wise in the future not to take investment advice about junior mining companies from the people at Amber Capital LLC, of 990 Third Ave, Suite 200, NY NY USA. After all, they decided to up their holding to 10% of this dog this month. Hopefully, they weren't playing sillyfools with your money, gentle reader. NR excerpt right here for your dee lek tay shun:

"After giving effect to the acquisition noted in item 2 above, the Offeror beneficially owns and controls 8,422,343 common shares in the capital of the Company, representing in the aggregate approximately 10% of the outstanding common shares of the Company (based upon the 84,218,363 common shares stated by the Company to be outstanding as of November 9, 2010)"

DYODD

Greystar (GSL.to): an excellent analysis of the political risk situation for its Angostura gold project in Colombia

1) If you're Spanish fluent and interested in the Greystar (GSL.to) saga, this article out of La Silla Vacia today is must read material on the subject. An excellent and in-depth read.

2) If you're not fluent in Spanish stop pretending you're an expert about LatAm, ok?

Greystar Resources (GSL.to) and Tom Petty

Here's the chart:

$3.80 to today = 33% drop. Here's the music.


We'll have a note on GSL.to on Sunday, subbers.

Greystar Resources (GSL.to): Don't say you weren't warned

How's Greystar (GSL.to) doing this PDAC week? Anyone got word from Nicholas CampbellSoup about his reco SNAFU yet? Is Soupy available for comment on other Political Risk issues? Does he charge for his services at the Can of Corn?

Hmmmm.....guess it has something to do with the post from Tuesday last week which ended....

"Right now I'd rather hold Osama Bin Laden's penis than GSL stock."

...but did you listen? Oh well, as they say in Blighty, you can lead a horse to water but you can't bring that dog in 'ere, mate. DYODD, dudettes & dudes.

UPDATE: 12:50pm EST: Trading in GSL.to was halted a couple of minutes ago, pending news. 


UPDATE 2: The NR is out and here's the moneyline:

"Greystar will only develop a project with the support of both. We will work with the relevant authorities in the review of the project in order to determine whether modifications are possible that address concerns whilst ensuring an economically viable and environmentally sustainable project."

What's the residual value on this thing's cash position again?

Greystar (GSL.to) is toast, according to this report out of Colombia today at least

Colombia's news channel RCN La Radio isn't normally one that gets mixed up with hype, so its report today carries that much more gravitas. Here's a translation of how it starts, click through for the rest:

Government To Deny Explotation License in Paramo de Santurbán

Sources at the Environment Ministry closely involved in the approval process for the environmental permit for the mining megaproject at the páramo de Santurbán in Santander (region) confirmed to RCN La Radio that the permit for the exploitation for gold and silver will be denied to the Canadian company, Greystar (GSL.to).


The information obtained comes four days before the last public audience regarding the environmental impact study for the project under the control of Greystar. CONTINUES HERE

Moral of this story? Don't believe everything that The Can of Corn pumps at you, because they've shown time and again how much they suck at political risk calls. As we wrote back on December 22nd:

"...I wonder how Nicholas CampbellSoup over at the Can of Corn will feeling about this news out of Colombia? After all, he's the dude that reiterated his spec buy on GSL with a $9 price target.....on November 19th....when the stock was at $5.19....and now it's going under $4.....you have a nice day too, Soupy.  

Disclosure: no position in GSL.to ( because I may be slow but I ain't stupid)"

DYODD, dude.

UPDATE: Another decent Colombian news service, El Espectador, gets in on the act and says basically the same thing, though quotes from even more sources. And if you want to hear about the 30,000 person march against the project that happened in the local area last Friday click this link to Semana magazine. Right now I'd rather hold Osama Bin Laden's penis than GSL stock.

It became necessary to destroy the town to save it

"One of the most famous quotes of the Vietnam War was a statement attributed to an unnamed U.S. officer by AP correspondent Peter Arnett. Writing about the provincial capital, Bến Tre, on February 7, 1968, Arnett said: "'It became necessary to destroy the town to save it,' a United States major said today. He was talking about the decision by allied commanders to bomb and shell the town regardless of civilian casualties, to rout the Vietcong.""

I can't stop myself from reading and re-reading the news release out of Greystar Resources (GSL.to) this morning, with the Groundhog Day part being the CEO quote from head man Steve Kesler. He said the following, with IKN moneyline highlights:

"Steve Kesler, President and CEO, stated: "Greystar Resources Ltd. takes very seriously its environmental and social responsibilities in the development of this project. Greystar has always believed that the 15 years spent developing its Angostura Project and Greystar's social responsibilities would demonstrate its commitment to managing the Angostura Project with principles consistent with that high standard. It is the Company's objective to make the Angostura Project a model for sustainable and responsible development of mining projects, not only in Latin America, but the world. Notwithstanding the current lack of clarity on paramo rules and mining, Greystar is committed to protecting and recuperating all ecosystems in which it will operate through a biodiversity offset program that will provide better protection to paramo than if the project did not proceed.""

Yes indeed, Steve. You take an ancient and delicate multi-million year ecosystem that's had human interaction for over 10,000 years, dig a freakin' big hole in the middle of it and you're just bound to make things better than they were before, aren't you? Thing is, I'm quite sure that CEO Kesler actually believes in what he says and is being sincere in his commentary. Sheer, unadulterated, 21st century madness.

Greystar Resources (GSL.to): What they're saying in Colombia

On Monday 17th, Channel One's top news program, called CM&, ran this report on Greystar Resources (GSL.to) and its Angostura gold project in the Páramo district of the Santander region.

If you speak Spanish I urge you to watch it, because if you do you'll see just why Colombia's big brokerage, Interbolsa, wrote the following as its top story in its English language daily update the next day (PDF download):

- One of the most influential, highest rated and prime time TV news programs called CM&, yesterday night dedicated more than 5 minutes talking of the Paramo of Santurán, which is located in Angostura state of Santander, and the headline was “The country is in danger of one of the worst environmental misfortunes” due to the possible licenses to Greystar to explode and extract gold in a open pit mine. A detailed explanation of the death of several animals which are in danger of going extinct and of the contamination of potable water for the city of Bucaramanga and 20 other municipalities was provided. I can only say that the possibilities of Greystar now doing an open pit in that area is cero to none, as if they obtain the licenses all the NGOs will put the Santos administration against the wall!!!

Message to Can of Corn's Nicholas CampbellSoup: You wrong, dude. Bad call.

Greystar Resources (GSL.to): A ray of hope for CampbellSoup and the Can of Corn

IKN once again performs an act of charitable kindness to the Canadian equities analysis community, this time offering a glimmer of hope™ to Nicholas CampbellSoup over at the Can of Corn, currently bogged down with what's looking more like a disaster buy call on Greystar Resources (GSL.to) back in November when it was trading two full dollars higher than now.

This is from IKN88 yesterday, Soupy. Enjoy.

Colombia’s new mining code may be declared inexecutable

A development out of Colombia that sounds like it may delay mining development on one level but, strangely, may help one specific and polemic project move forward to construction.

Last week Colombia’s national procurator (9) asked that the current mining law reform be declare inexecutable, because 1) due to the fact that Colombia is a signee of the International Work Organization’s Covenant 169 that guarantees indigenous populations the right to decide on the future of mining projects and that 2) the new mining code was not presented to said populations for their approval, it cannot be implemented. Apparently, at least. We shall see.

Over the medium-term this may become a setback for Colombia’s mining industry as it tries to reform old and often difficult to work rules and regulations. The potential for bureaucratic bottlenecks is clear, but on the other hand if the current mining code is declared null and void it may allow Greystar (GSL.to) to move forward with its Angostura project, unfettered by the new environmental code that protects about 50% of the land on which it wants to develop its mine.

The IKN Weekly is not calling GSL a buy at this point and the potential for unhindrance of rules that may help GSL is by no means a done deal, but it is a story we’ll be watching carefully in the near future for developments.

Greystar (GSL.to) gets a thumbs down (but not THE thumbs down)

Here's Reuters version of the news:

BOGOTA Dec 21 (Reuters) - A Colombian state ombudsman on Tuesday recommended the government consider rejecting a license for Canadian miner Greystar Resources (GSL.TO: Quote) to develop a gold project because of environmental concerns.
The national Inspector General's recommendation is not binding, but the ruling could bolster those who argue the Angostura gold mine project would impact the delicate paramo ecosystems in northeastern Santander province.
"The Inspector General's office has requested the ministry... study the possibility of not authorizing the environmental license for the mining project Angostura," said the ombudsman CONTINUES HERE

Meanwhile, here's the link to the procurator general's press release (Spanish language). What? You're long GSL but need a translation because you can't speak the language? Well in that case Have A Nice Day :-)

PS: Talking of people who don't speak Spanish, I wonder how Nicholas CampbellSoup over at the Can of Corn will feeling about this news out of Colombia? After all, he's the dude that reiterated his spec buy on GSL with a $9 price target.....on November 19th....when the stock was at $5.19....and now it's going under $4.....you have a nice day too, Soupy.

Disclosure: no position in GSL.to (because I may be slow but I ain't stupid)

Greystar (GSL.to) versus Owly, today's big match-up

In the red corner, Greystar Resources reports on its public hearing last week. Here are some snippets, click through for the while thing.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - Greystar Resources Ltd.  is pleased to announce that the Public Hearing to consider the Company's Angostura Project Environmental Impact Study ("EIS") was held on November 21st, 2010 in California, Santander, the community nearest to the project......Steve Kesler, President and CEO of Greystar commented, "We are very pleased that.....".......There was strong support for the project, and the opportunities it would bring, not just for California, but for Santander and the country as a whole......  the EIS review will continue.......Greystar.... has stressed its commitment to create a lasting and positive contribution toward sustainable development...... will utilize leading technology...... no impact on water supply or quality ...... 

In the blue corner, Owly:

How does that saying go again? Oh yeah, I remember: Money Talks, Bullshit Walks. Gotta wonder how nervous the dude from Can of Corn who pumped GSL a few days ago is feeling right now...

Greystar (GSL.to) finally gets round to informing the market something that IKN Weekly readers have known for eight days

And so Greystar Resources (GSL.to) has finally got around to telling the world what IKN Weekly readers have known for eight full days. Compare the GSL.to news release this morning.....

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2010) - Greystar Resources Ltd. (the "Company") (TSX:GSL - News; AIM:GSL) announces that the Ministry of Environment, Housing and Territorial Development (Ministerio de Ambiente, Vivienda y Desarrollo Territorial MAVDT) has officially confirmed the date for the Public Hearing to consider the Company's Angostura Project Environmental Impact Study ("EIS"). The hearing will be held on November 21st, 2010 in California, Santander the town closest to the project site, at 9:00 am local time.
As part of the process established by the MAVDT, Greystar will conduct two prior informational hearings in the department of Santander. The first meeting will take place in California, Santander on November, 3rd, and the second one will be held in Vetas on November 4th, 2010.
Steve Kesler, President and CEO of Greystar Resources commented, "We are pleased that yada yada continues here

......to this section of IKN75, published on October 10th:

Greystar Resources’ (GSL.to) environmental hearing

Greystar Resources (GSL.to) is not a stock we follow or recommend here, but the company does have a key political date with Colombian authorities coming soon so today we take time to give a headsup on proceedings.

First the quick and dirty background. GSL went through a share price slump earlier this year when Colombia’s Environment Ministry requested a new environmental impact study (EIS) from the company (4). The reason for the request was that its ‘Angostura’ project in Colombia didn’t meet the requirements of the country’s newly modified mining code, with the specific problem being the planned open pit mine encroaching on the protected ‘Paramo’, a region of Colombia high above sea level that is apparently a biologically sensitive ecosystem. The share price then rebounded in style when the company announced on May 31^st (5) it had successfully appealed the decision and the case would go to arbitration. The price chart seen here (right) speaks eloquently of the effect this process had on the share price at the time. We also see the lacklustre performance of the stock since then, perhaps due to this pending arbitration process

We are now less than a month from the start of that process. The first stage will be on November 3^rd and 4^th when informative sessions for the public are held on the case. Then on November 21^st the formal audience takes place that will allow all those pro and contra the project to voice their opinions on the record. Once the formal audience is complete, the final decision as to whether Angostura is allowed to go ahead or is stopped is left to the Ministry of the Environment. As far as this author can tell (after checking the relevant papers and websites) there’s no set time limit for the Environment Minister’s decision and so it may come in days or months, we simply don’t know (but typical LatAm time schedules are suspected). In the case of a ruling against the project Greystar would likely have room to appeal to Colombia’s judiciary, but even a successful appeal would add mountains to the timeline in all likelihood.

Nice of the company to have finally bothered to tell the people that pay their salaries potentially market-moving and definitely key information that's been out there for over a week, innit? You can tell how much they care about their shareholders. DYODD, dude.

Greystar (GSL.to) gets its appeal

take a wild guess as to when the trouble started

Now here's a thing. Greystar Resources' (GSL.to) appeal to keep its December 2009 environmental impact assessment (EIA) as filed and not have to resubmit an EIA as asked to last month has been successful. Here's the NR:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2010) - Greystar Resources Ltd. (the "Company") (TSX:GSL - News; AIM:GSL) is pleased to announce that further to its news releases dated April 29 and May 21, 2010 the Company has received a positive decision in regard to the Company's appeal with the Ministry of the Environment, Housing and Territorial Development (MAVDT) to reinstate its December 22, 2009 Environmental Impact Assessment (EIA).

On May 28, 2010, the Company received a decision from MAVDT that reverses its April 20 letter and reinstates the December 22, 2009 EIA as filed. MAVDT will move forward with a review of the EIA.

Steve Kesler, President & CEO commented, "We are very pleased with the Ministry's decision to reinstate our EIA as filed. We are committed to the highest standards of environmental stewardship in the development of the Angostura project. We believe that Angostura can be developed in a sustainable fashion that respects the integrity of the environment while delivering economic benefits to all stakeholders. We will continue to work closely with the Colombian Government and MAVDT to resolve all concerns related to the development of Angostura."

Greystar is in the midst of completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in the second half of 2010. In addition, the Company has begun the process of securing US$650 million in project finance from international sources. The Company continues to carry out exploration at the project with a total of six drill rigs focused on three targets; Angostura high grade, Mongora and La Plata.

It seems the main thrust of the appeal, that the law enacted in Feb 2010 couldn't be applied retroactively, was a winning argument. All this and a Santos likely win makes for a good day for the GSL guys. The stock will jump on this news for sure, but it still leaves the question of whether the EIA as submitted will actually get approval. Thorny one, that.

Bizarrely, Otto agrees with The Can of Corn again

I must be getting old.

One section of today's Morning Coffee, from said establishment, covered Greystar Resources (GSL.to) and I found myself nodding in agreement with Nocholas CampbellSoup's call on the stock. In fact, the guy has been nailing good calls on LatAm bargain miners for a while now, gotta be said. Here's the excerpt from today Morning Coffee (and if you'd like to receive this on a daily basis I have absolutely no idea where you could get it from but you could always send me a mail):

Greystar Resources* (GSL : TSX : $3.36), Net Change: 0.08, % Change: 2.44%, Volume: 307,396
Falling star? Greystar, a Colombia gold explorer, reported on Friday that it has not received a decision in regard to its appeal with the Ministry of the Environment, Housing and Territorial Development (MAVDT) to reinstate its December 22, 2009 Environmental Impact Assessment (EIA) and to accept that the company has complied with all legal requirements to proceed with the development of an open-pit gold-silver mine at the company's Angostura project in Colombia. Greystar will continue to work with the Colombian Government and MAVDT to resolve issues of concern and ensure that the impact of the Angostura project on Paramo is minimized whilst ensuring the financial viability of the Angostura project. At the end of April, MAVDT requested that a new EIA be filed for the Angostura project, with adjustments made to limit the occupied area to an elevation below 3,200 metres. Roughly half of the Angostura deposit and the vast majority of planned infrastructure and project facilities are currently designed to be developed above the 3,200-metre elevation. The request by the MAVDT would require Greystar to completely redesign the Angostura project. According to Canaccord Genuity Mining Analyst Nicholas Campbell, given the topographical challenges of the Angostura land package, particularly at elevations below 3,200 metres, the potential to engineer an economically viable alternative development of the Angostura project that would adhere to the guidelines set out by the MAVDT would be incredibly challenging and likely unworkable. Greystar is completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in H2/10. In addition, the company has begun the process of securing US$650 million in project finance from international sources. The company continues to carry out exploration at the project with a total of four drill rigs focused on three targets; Angostura high grade, Mongora and La Plata.

It'll get even worse for GSL.to if Mockus gets the nod on June 20th, as he's said pretty darn clearly that mining at 3,000masl should be taboo. I now need to go lie down, get drunk or do something to shake these pro-Corn feelings out of my system. Cream of corn served, the end.

Catching up with Greystar Resources (GSL.to)

I know what you want to ask me;

"Hey Otto, how's the market psychology being acting in the last ten days as regarding Greystar Resources after its bad dose of news from Colombia's environmental people?"

It's the question on everyone's lips, of course, so once you've checked over the Greystar (GSL.to) press release from two Mondays ago (the IKN parsing is here and much more fun than the plain vanilla NR), take a look at this 10 day price chart and the notes on the numbers below. All explained and with plenty of time left over for tea and buns.

1) Life is beautiful
2) Holy crap! We're screwed!
3) I'm not joking, we're really, really screwed.
4) Nah, you're all overreacting, dudes.
5) Oh crap....we really are screwed
6) Wait a minute.....
7) GSL is appealing and they say it's all right! YAY!
8) Nope...toldya I was right first time.
9) We are screwed.

Any further questions?