Another Week PassesAnother week of summer doldrums has passed and First Star continues to hang in around $.15. While it is hard to sit and watch paint dry that seems to be our lot as shareholders of this company, at least for now. However we can't forget that the drill is turning on the property and who knows what they are finding.
News that could come in the next few weeks:
1) A partial or full closing of the PP. I have to agree with those who have expressed concern with the amount of time it seems to take for the management of this company to get these type of dealings done. I can't help but wonder if $1.5 million was a little too lofty a target given that they had just raised a bunch of cash earlier and now we are in the summer months. They must have thought they had enough interest expressed but if so why have we not seen that it is now closed and the money is in the bank?
2) Drilling update with results. Once again I will state that I hope we do not get drill results until after the closing of the PP. If anyone from First Star reads this board, please don't waste a good drill result when the share price seems capped in this range.
So...bottomline, if I had control I would want the PP closed no later than July 31st even if I had to accept a little less cash than the $1.5 million. Hopefully we have intercepted more gold and expanded the known zones which once reported should vault the share price toward $.30. That creates more interest and then we can raise more funds for next years exploration budget.
More Sunday morning musings that of course are all J.M.O.
Chipshot2