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.

Mining PRs and the Ottotrans™, Part 18

Today's Ottotrans™ is somewhat similar to the recent one concerning Greystar (GSL.to), but the company, metal and country are all different. Today we feature Western Copper Corp. (WRN.to) and its news release from late last night.

This is what they wrote:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/10/10) - Western Copper Corporation ("Western Copper" or the "Company") (TSX:WRN - News) was notified today by the Yukon Water Board that the Carmacks Copper Project's ("Project") Water Use Licence application has been denied.

Western Copper is disappointed by this unexpected decision.

The Company is concerned that the decision of the Yukon Water Board is inconsistent with previous decisions of the Executive Committee of the Yukon Environmental and Socio-economic Assessment Board, and the Yukon Government which, after a lengthy environmental assessment process, determined that the Project should be allowed to proceed and issued the Project a Quartz Mining Licence allowing construction to commence.

The Company will be reviewing the decision in more detail and determining its next course of action.

And this is what it means:

OH SHIT, WE'RE SCREWED AS WELL.

disclosure: no position in WRN.to

On permitting in Brazil

The trick with getting mine permitting in Brazil is to get yourself in the pipeline. Its (in)famously difficult and stodgy bureaucracy is a tough one for foreign companies sometimes, but once that first approval pops out the other side of the never-ending series of offices, the next set of permits come in almosy conveyor-belt style.

This is the main reason why today's news out of Carpathian Gold (CPN.to) is strong. Add the fact that the RDM project already has its environmental permits in place and we have a positive situation developing here. This one will be a mine and will produce gold, take that to the bank. It'll probably start on time in mid-2011, too. Here's the NR, and make sure you DYODD dude cos I own this little beauty:

TORONTO, ONTARIO--(Marketwire - April 15, 2010) - Carpathian Gold Inc. (TSX:CPN - News; the "Corporation" or "Carpathian") wishes to report that it has received the Licenca Previa ("LP"), the first of three permits, that allows Carpathian to proceed to build, develop and operate the 100% owned Riacho dos Machados ("RDM") Gold Project, located in Minas Gerais State. In addition, the definitive feasibility study is progressing on-target for completion at the end of the second quarter of 2010.

Mineracao Riacho dos Machados ("MRDM"), the wholly owned Brazilian subsidiary of Carpathian has received the approval for the Licenca Previa ("LP"), which is the first of three permits that are required by the Brazilian environmental agency, COPAM, that now allows Carpathian to proceed to build, develop and operate the RDM Gold Project. Carpathian can now initiate land works on the project, such as pre-stripping, construction of the tailings dam and land clearing for the infrastructure. With support documentation from the on-going feasibility study Carpathian will advance to the next step in obtaining the Licenca Instalac o ("LI") that will allow construction to begin on the project. The anticipated target date for the LI to be granted is July of this year. The final permit, the Licenca Operac o ("LO"), which is the final permit required to operate the mine will be obtained when the construction of the project is nearly complete.

Carpathian is also pleased to announce that Hatch Brasil has been commissioned to oversee the completion of the feasibility and will be retained for the management of the engineering, procurement, construction, and the cost control of the project.

The feasibility study is progressing with the anticipated completion at the end of the second quarter. Geologic modelling for the new resource estimate has been completed and includes all data from the phase II in-fill drilling program within the Preliminary Economic Assessment open pit design. This new resource estimate, which is currently underway, will likely be released in conjunction with the reserve estimate at the same time as the public release of the NI 43-101 compliant feasibility study. The results of the in-fill drilling program indicate that the conversion rate of inferred resources to the measured plus indicated category will likely exceed the target of 95%. CONTINUES HERE