To all on thread,
I just found this thread a couple of days ago and am pleased to see it here. I have been a Greenstone shareholder on and off for the past 5 years or so. Yes, that means I had paper at $ 1.70 and of course did not hold until it was over $ 20.00 ( Typical steelguy move but we'll talk about that more later. :o) )
I was not pleased to read Mr.Metals post of a couple of days ago. I have absolutely no problem with him (MM), the information shared was frightening in my opinion as a shareholder. I very much appreciate however MM sharing what he had heard regarding GRE and also appreciate that he is honest in his intentions in my opinion.
So, I did what all frightened shareholders do and called Tita at investor relations yesterday.
Get ready for that warm milk, soft blanket and soother folks but I took what she said to heart..,,, as usual.
She said she was aware of the post and had presented it to management for a response. They told her the claims about a problem with Brown and Root were absolutely false. I asked if payments had been made since January and she said they most certainly had. I asked if they had given Greenstone any indication that they were upset and looking to pull out of the arrangement. she said absolutely not. As most recent as 3 weeks ago, representatives from Brown and Root were in Toronto office taking out management for lunch......yadda, yadda, etc. etc. ie: they are still very friendly.
I asked if their burn rate is $ 20million a quarter and she said not even close. She did say that there have been quite a bit of capital expenditures since November but that spending is pretty much done for now.
She did confirm that a fund had sold off the 1,000,000 shares and that a new buyer was found immediately for the sale. The new purchaser was a U.S. fund and management says they are of great quality and are pleased to have them own this block.
Again, regarding Brown and Root. I asked if there was any worry about Friday July 17th as some " deadline " for Brown and Root deciding to " pull out " of the mining contracts, take away trucks and stop mining.......she said absolutely not.
She said that we should also note that as high grade intersections have been found , I believe at La Libertad she said, it was Brown and Root who called Greenstone to make sure they (Brown and Root ) would be considered as the contractor for that project if it continues to progress. If Greenstone were such a bad client, why would they want more business? ( granted, I do not know the timing of Brown and Root's calls to GRE in relation to the past few months in question for payment) But this was Tita's comment to me not my own commentary.
Regarding analysts downgrading:
I asked if GReenstone will receive indications from analysts and brokerage houses as to impending downgrades..... she answered that they receive reports constantly from analysts that follow the stock and that information is kept up to date. At present, I believe she said she had five separate ratings from houses on the stock. Scotia's most recent rating which is up to date is a strong buy. Nesbitt, I believe has the stock rated a 4 out of 5. Others I am not sure about.
So what does this mean?
well, I would hope that Tita is telling me the truth. I would have to say that this company is not a two-bit operation with a few claims staked around the world hoping to pop their stock price for a month or two ( hey, I own enough of those already :o) ) That being said, I believe that what IR tells me will be the truth.
so, I feel better about the situation. ..... does that mean that everything or anything Mr.Metals posted is false, NO. I have no idea except what was told to me.
*** please note: I have tried to the best of my abilities to recount the discussion I had with Tita for all of you. However, I can not remember everything word for word. Any errors in my information are just that, errors. I would encourage every shareholder to contact Tita themselves to get an idea of what she is saying about the present situation.
Again, all of the above is my recolection of the conversation but should not be used to either invest, sell etc.... the stock of Greenstone Resources.
Best regards to all
Steelguy. |
