Minco Gold (T.MMM) execs unable to explain 165% share jump in 2014

Chris Parry Chris Parry, Stockhouse.com
1 Comment| February 3, 2014


One of the hottest stocks around right now is run by management that honestly can’t explain why they’re so hot.
 
Vancouver-based Minco Gold (TSX:T.MMM, Stock Forum) has experienced a share price explosion since the beginning of the year, with their long-time $0.20-$0.30 share price range now blown out of the water and up 165% to $0.53 in the last month.
 
Shares in the company opened at $0.45 Monday but quickly continued their month-long rally, touching $0.63 at noon before profit-taking, leading management to release a statement confirming they have no idea what’s behind the price spike.
 
Shares rose 12.7% Monday, jumping $0.06 on 198k TSX volume. The upward momentum has taken Minco from a $10 million market cap a month ago to a $26.7 million cap today.
 
The sudden price spike helps the company in more ways than just expanded market cap, however, as the firm had been informed by the NYSE MKT in November that their listing was in jeopardy due to continuing low share price. That case is, presumably, now closed.
 
The company hit a large gold zone at its Yejiaba project in November, which didn’t shift shares much at all, but interest in the company boomed from the first day of 2014 trading and hasn’t looked back since.

Tags: GOLD

Rate this article
0 stars
v
Usefulness

Clarity

Credibility

Comments

RockLobster1
Minco Gold also owns 13 million shares of Minco Silver, worth at least half the market cap. Finally getting some recognition for its gold properties as well.
3 stars
February 3, 2014
Rate this comment
0 stars
v
Usefulness

Clarity

Credibility

Leave a Message

You must be logged in to access this feature.