Great Basin Gold update

Great Basin Gold has been a very frustrating stock to watch. They have had 2 news releases out this week. One being very positive on a corporate update sending the stock up 9 cents. The next a big $50 million financing at 82 cents per share.

The corporate update was good as it looks like things are finally getting on track at Burnstone.

The $50 million dollar financing is just ugly in my opinion. Management has failed to deliver on production targets ever since Burnstone was brought online. To go and finance at a 52wk low must leave a bad taste for current shareholders.

Thankfully I am not holding any shares. I do see this stock heading upwards from the 82 cents level in 2012 but I think it will be a slow gradual move up.