IKN

To quit this horrid act

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 31st (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 3rd and 4th when informative sessions for the public are held on the case. Then on November 21st 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.

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