One of Friday’s better performing junior mining penny stocks, Lustros, Inc. (OTCQB: LSLD) had investors tripping after firing Gruber & Company, LLC as their auditors. Lustros’ LSLD stock price, formerly Power-Save Energy Company (PWSV), rose 37.86% to $1.42 on volume of just 88,228, triple the 30-day average. The Company fired Gruber & Co. replacing them with a new independent auditor: De Joya Griffith & Company, LLC. Many may be familiar with De Joya Griffith since they are the auditors for Casablanca Mining Ltd. (OTCQX: CUAU), another junior mining company that Izak Zirk Engelbrecht is CEO of.
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LSLD Stock Chart:
Market Cap: 89.26M
52 Week High
(May 2, 2012): 2.48
52 Week Low
(May 24, 2012): 0.60
Avg Volume (30 Day): 24,427
Avg Volume (10 Day): 30,383
Shares Outstanding 62.86M
5 Day Pct Change: 10.08%
10 Day Pct Change: -18.39%
20 Day Pct Change: -4.70%
30 Day Pct Change: -29.00%
Two weeks ago, Lustros issued a statement to the effect that its $6.2 million copper sulfate plant financing and an additional $650,000 working capital loan were completed. The $6.85 million funding of its Bluestone SA subsidiary owns 60% of Sulfatos Chile which the Company says is near completion of a 50 hectare industrial processing plant that produces 99% pure copper sulfate from copper bearing raw material. Cough, Cough, Bullshit, Cough.
CEO Zirk Engelbrecht stated how pleased the Company is to have completed both their initial capital investment and a working capital loan to their Chilean operations. According to the well traveled CEO, the Company is nearing completion of the processing plant and expect to be producing 99% pure copper sulfate in Q3 of this year.
On April 9, 2012, CEO Izak Zirk Engelbrecht announced that Power-Save Energy Company had changed its name to Lustros, Ltd. to better reflect the focus of the business following the acquisition of Bluestone SA. Fair move since Engelbrecht was appointed as Chief Executive Officer on March 9, 2012. He was served as chairman and chief executive officer of Safari Associates, Inc. (SFAR) until its acquisition by Power-Save Company in September 2006. Many may be familiar with the name Izak Zirk Englebrecht since he has been involved with a number OTC listed companies including:
Aston Organization Ltd (SSCY)
Casablanca Mining Ltd (CUAU fka USD Energy Corp UEGY)
Growth Equities Ltd
Healthstar Inc (PPOS)
Infoplan Inc (Private Investment Firm)
Kensington Leasing (KNSL)
Mobicom Korea (aka Satellite Security Corp.)
Nutra Biopharma Corp/Nutra Pharma Corp (NPHC)
Sovereign Wealth Corp. (SOVW changed to LNCM in 2009)
Suprafin Inc (Private Investment Firm)
Sutter Holding Co Inc (SRHI fka Shochet Holdings Corp)
Sweet Success Inc (SWTS)
Wealthmakers Ltd (Private Investment Firm)
About LSLD Stock
Lustros, Ltd.’s subsidiary Bluestone SA is a Chilean corporation in the business of copper mining and the manufacturing of food grade copper sulfate. Bluestone has a majority equity position in Sulfatos Chile S.A., which owns the Anica Copper Mines as well as a copper sulfate production project and employs a highly experienced staff of mining professionals.
To view the SEC filings for LSLD, click here.
Bottom Line: This is one penny stock not worth telling your worst enemy to invest into. Play the swings but avoid believing any of the news announcements regarding LSLD. Englebrecht is all over the place with this and a other failed penny stocks which only indicates that this is going to take a couple of tabs of LS(L)D and tunnel down the rabbit hole with its predecessors.
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