News

March 12, 2009

Greystar Resources Has A Straight Path Through To Production Thanks To The IFC

By Charles Wyatt

With a mighty leap in the back straight – pace Cheltenham Festival - Canadian and AIM listed Greystar Resources is now clear of the rest of the field, but still some way behind ASX and AIM listed Centamin Egypt in the World Gold Project Development Stakes. Greystar will never catch up before the winning post comes in sight as Centamin has already started mining, and construction at the Sukari project in Egypt will be completed before June. Nevertheless Greystar is a worthy opponent as it has a resource of 15 million ounces of gold at its Angostura project in Colombia; has embarked on a bankable feasibility study and will report on the first phase later this month; and has access to sufficient money to develop a mine.

The recent progress of Greystar is interesting as last October Dave Rovig, its chief executive, was stunned by the swift demise of the junior mining sector. He pulled in his horns and cut back on all promotion to the extent that some commentators were questioning whether Angostura would ever be developed. Asked about that period now he says “you can’t push a noodle.” In other words whatever he said then would have had no impact on the share price, so why waste the time. It did not stop him...