OK Aotea, thanks, I see the similarities with the situation HGD is in, and your comments there. Except, GEL has all the resources to fulfill a permit, with plenty of help from contractors, and it's a far simpler operation in both cases. By the sound of it, GEL will comfortably get both current mining permit applications approved, but will need to work on the resource consents.
Shall we look at the SPs for URA, HGD and GEL in a month's time, and see which worked out the best? I've swotted up all I can on GEL, and it still looks like a no-brainer in the medium term. Volume before price, and we saw the volume on Friday.
Of course, even this volume is not that unusual: in April 2008, 18.3mill shares traded for CDN15c as St Andrews Gold consolidated its portfolio. And a short time later, more shares traded for a bit less (11c) as more was divested:
http://www.infomine.com/index/pr/Pa626314.PDF
At this stage Herbert Abramson (Chairman of St Andrews) held 13.8% of GEL (over 20 million shares), with other new parties holding 9.1%, 9.6% and 4.3%.
Assuming these big shareholders are still there, I'd expect selling resistance at least until the SP reaches CDN11c.