Greystar Share Price (GSL)

Any followers of this share can enlighten me as to reason for continued drop?

the Angostura project has had a massive setback, with development basically being denied above 3200m. Check back on the outcome of the appeal on 20 May! The Company is in the process of exploring its mineral properties and has not yet determined whether they contain resources that are economically recoverable. Management anticipates that the Company will continue to raise adequate funding through equity or debt financings, although there is no assurance that the Company will be able to obtain adequate funding on favorable terms. At March 31, 2010, the Company had working capital of $119,038,047 (Canadian Dollars) but had not yet achieved profitable operations and expects to incur further losses in the development of its business. For the three months ended March 31, 2010, the Company reported a net loss of $5,879,605 and as at March 31, 2010, had an accumulated deficit of $143,102,094. The ability of the Company to continue as a going concern is dependent upon the Company's ability to arrange additional funds to complete the development of its property and upon future profitable operations. In December 2009, the Company filed its Environmental Impact Assessment ("EIA") with the Colombian Ministry of Environment, Housing and Territorial Development ("MAVDT") in respect to the development of an open pit gold-silver mine at the Company's Angostura project in Colombia. Subsequent to the period end, the MAVDT requested a new EIA to be filed that conforms to a new regulation which calls for an adjustment of the occupied area to an elevation below 3,200 metres. As currently designed, almost all the proposed project facilities and infrastructure are expected to be situated at a higher elevation than 3,200 metres. In addition, half of the proposed open pit resides above 3,200 metres. MAVDT's request would require the Angostura project to be completely redesigned, including identifying and acquiring new land positions to house displaced facilities and initiating new environmental base line studies. The Company has not had the opportunity to determine the feasibility of redesigning the Angostura project to comply with MAVDT's request. However this requirement will severely impact the project schedule and may have a material effect on its economic viability. On April 29, 2010, the Company filed an appeal of the notification from MAVDT. MAVDT must respond to the appeal within fifteen working days.

We are moving, this one could poss hit a high for the year, about time.

Not just gold, LOTS OF GOLD!

http://moneyam.uk-wire.com/cgi-bin/articles/20090603065938M6813.html Good news happy times, theres gold in them there hills.

Any thought on these?? http://proactiveinvestors.co.uk/companies/news/3336/greystar-resources-discovers-new-gold-zones-3336.html