Not for the faint of heart this game...I agree the performance of of this stock has been dismal, however the negative contributing factors remain the same and therefore current prices shouldn't come as a surprise:
This stock is far too tightly held.
Sentiment towards gold stocks in general, especially juniors is very low.
The mine still resides in Kazakhstan (last time i checked).
Institutions are not being engaged and unless, or until they are brought in, the stock price will likely continue to languish. Price won't go up if the few of us in this thing are just buying from each other, infact it may continue to go down as we lose patience and dump.
On the other hand, in my opinion the positve factors contributing to the future value of ALH also remain the same:
Postive drill results are continualy increasing the intrinsic value of the company.
Inherent risks of operating in Kazakhstan either have been overcome or are diminishing.
Gold prices although have currently retraced, should be resilient and strengthen over the long term.
The end game is most likely a sell to a major.
In my opinion the bottom line remains the same...most of the upside in stock price will be realized when the sale of ALH takes place...until then, I won't be too conernced about current prices.