You can hear Frank Holmes of U.S. Global say why he still likes Gran Colombia (at the 12 min mark):

-His funds own 15% of Gran Colombia

-Made interesting comment on the warrants. A hedge fund blowup (flatiron) was responsible for the overvaluation spike in the GCM warrants last year and was a gift from heaven. U.S. Global was selling the warrants at 17 cents and then turning around and buying the shares in the 30+ cents range.

-He thinks this year 2013 is the when they will finally execute and get re-rated

-GCM is valued at $10/oz whereas the average stock in the GDXJ is valued at $100/oz.

-Average producer is valued at $5000/oz

-quote from Thom Calandra who was also a speaker at the Cambridge show:  Frank Holmes of the Texas fund manager U.S. Global confirmed publicly that Gran Colombia Gold is perhaps "the cheapest gold company in both hemispheres." GCM is a top holding of two U.S. Global Funds. Mr. Holmes, a compelling presenter, followed our TCR presentation and clearly provided material onscreen and verbally that already is making conference attendees moola-moola. He and his funds also are large holders of PAK.