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.

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.