still haven't started drillingBroken promises, failed self-imposed deadlines, lack of shareholder communication, they never answered emails, phone goes to voicemail, the list goes on and on.
I bought this stock in 2006 at 8-10 cents when I noticed it after huge promotional work by the company on radio, mining papers and websites. They told me and other people they were going to be $200 million company. I watched the big pump and dump in 2007 on two separate occasions. I held because the company insisted that they were going to have their resource report out for the year.
In late 2007, they decided to spin off their Quebec properties into GSH.
Despite that, in early 2008, a massive seller showed up just before the GSH dividend "record date" and hammered the stock into the low .10's. The only thing this management said was they knew the large shareholder who was selling and that he regrettably had to sell his shares.
My theory was that the seller or sellers were former CEO Maurice Giroux and maybe Joel Scodnick who knew the resource wasn't going to be great and got out before the big dump... because not too long after the "large shareholder" sold, they announced that they were still working on finalizing the resource calculation. That was my last straw and I sold most of my shares. I sold those worthless GSH shares as soon as they were in my account also!
It wasn't until August 2008 when they finally released their 43-101 report, and it sucked, major you know what.
Market crash and other sh*t happened, but gold is now $1200 and forget about the $200 million valuation... these guys can't even get to $20 million!
Which brings us to today...
6 weeks ago in October they said they were going to begin drilling in November.
Well guess what? According to their MD&A from last week, they still haven't begun drilling...
The fall 2009 program is currently on going. The regolith and compilation maps are finalized and the ground follow-up is being initiated. The geophysical team has been mobilized and the drilling contract has been signed.
I am waiting to dump the remaining shares I have as soon as they begin their next pump and dump cycle promo cycle.
MC