Queenstake went public in 1979 with a tungsten project. It caught the 1978-82 gold wave by moving into gold placer mining, hitting a peak of $10 7/8 in 1980. Queenstake has always had sharp annual swings, ranging between $1-4 until 1989 when it ran out of steam. The stock bottomed at $0.03 in 1991, but came to life in mid-92 when it acquired the Bizkaitarra concession next to Placer Dome's Las Cristinas discovery in Venezuela. Between 1993-94 Queenstake raised $15 million through brokered private placements in the $1.50-3.00 range. The Venezuelan projects sucked away $7.1 million without leaving much to show for it. By 1995 investors were abandoning ship, convinced that the remaining $6 million would be frittered away.
Does the last sentence ring a bell?
Feel free to post this. As you know I don't post anymore. because i have my panties in a bunch...
( j/k....i added that last sentence, thanks Rob...CJR)