GREY:RYSME - Post by User
Post by
fab4everon Jan 05, 2011 12:14pm
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Post# 17927707
Due Diligence
Due DiligenceJust doing some DD on RYSMF and happened to be looking through some old PR's on RSM.
From December 9, 2002.
"Royal Standard Minerals announced today that the Company intends to commence construction on its 100% owned Gold Wedge project in the Manhattan Gold District of Nevada in February 2003 with a target of commencing pilot underground production prior to the end of 2nd Quarter, 2003, and achieving an annual production run-rate of approximately 50,000 ounces of gold per year by the 4th Quarter, 2003."
From November 7, 2005.
"The company's Goldwedge deposit is undergoing final fabrication of the gravity production plant this week. The company will then begin a phase of test mining, and is expecting to pour its first gold in the coming weeks."
The stock has been as high as $1.44 USD. Back in 2006. I guess investors were anticipating some sort of production judging from the PR's?
IMHO, the gold is there. But why can't they get it out of the ground? It seems they've had enough cash over the years to do so? And they're not off on their projections by a couple of weeks. They're off by years.
Sorry if I upset some of you long time investors but this one sends up major flags.
GLTA