Amazing!It is indeed amazing how many folks do not understand the common link between Greystar, Galway, VEN and CBJ. Greystar is by far the most developed gold mining project in Colombia. It has a Feasibility Study ready to go for financing once an environmental permit is issued. GWY, VEN and the others are about 3-5 years away from the Feasibility Study stage. Environmental NGO's and opposition organizations are focusing on GSL. What the Government decides about GSL has direct bearing on the viability of these other projects.
VEN share price is already suffering in anticipation of that decision, GWY gets no traction whatsoever and GSL slogs along. The Paramo implications for GSL are not an issue, the Government accepted the GSL Environmental Impact Study since they have been exploring above the Paramo limit of 3200 feet for 12 years. The target issue of the environmental terrorists is water and possible contamination by mining. The reality is that the water is already contaminated by decades of uncontrolled mining and the use of mercury. GSL can counter the opposition claims but it remains to be seen the Government has the will to reject the environmentalists. If they do not, their initiative to encourage mining investment is dead.
The bottom line for all of us is that this is a mountain explored primarily by GSL, VEN and GWY. If GSL is not successful in getting permit to mine their resource, VEN is next in the barrel and will face the same barrage of opposition. VEN needs to access the same water source as GSL, GWY as well. The future of VEN and GWY hinges on the result of the GSL permit application. March 6-9 the Colombian Minister of Mines and Energy is in Toronto with an Information Room at a major mining exhibition with the purpose of encouraging mining investment. He should not bother if it is the Government's intention is to refuse or drastically gut the Greystar proposal.
Whether we like it or not, our potential profits are directly linked to Greystar and their competence to get permit approval.