Stock in struggling Vancouver-based Burkina Faso gold explorer Goldrush Resources (TSX:V.GOD
, Stock Forum
) jumped two-thirds in price today on heavy trading volume, moving up $0.01 to $0.025, just days after the company announced their second postponement of the company Annual General Meeting.
Goldrush has pushed the meeting
from October 31st
to December 16th
. It was originally scheduled for July 26th
before being rescheduled to October.
Goldrush has been going through rough financial times of late. A press release in August
stated the company had been receiving bids “from several independent engineering firms for the completion of a preliminary economic analysis ("PEA") of the Ronguen deposit however the Company has delayed the initiation of this study until economic conditions and the current volatility in the gold market have subsided.”
It went on to describe how the company, in order to support ongoing operations, had begun selling “non-essential exploration equipment and unused container camps.”
The company is looking for alternatives for “maximizing value for its exploration permits.”
Len Brownlie, President and CEO of Goldrush, said in August: "As an exploration company incorporated in 1966, Goldrush has always managed to adapt and survive difficult and challenging economic conditions. We remain focused on gold exploration in Burkina Faso, and we remain confident that the strength of our projects will see us through the current economic malaise. We very much appreciate the support of existing shareholders and look forward to stronger markets in the future".
Today’s trading volume for Goldrush was 2.3 million shares, compared to a 200-day average of just 56,000.