Yesterday, Medinah Minerals Inc. (MDMN.PK) traded about 6.7 million shares, which is a record-breaking value for the month. The price of the stock rose by 10% and closed at $0.033 per share.

What stands behind the MDMN stock price surge is a complete mystery, since there has been neither news nor SEC reports about this company for a long time. According to their 2010 unofficial semi-annual report, its total assets are $7.4 million and liabilities are near $22 thousand. Net loss has shrank to $20 thousand for the first half of 2010, down from $44 thousand for the same period in 2009.

MDMN.PK is a mining exploration company with mining properties in Chile. The company’s assets are mainly in the form of gold, silver, copper and molybdenum deposits.

Attention should be paid to the fact that the company stock is classified as pink sheets limited in the OTC market tier. Basically this means that the company might be “with financial reporting problems, economic distress, or in bankruptcy” or “unwilling to provide adequate information”.

As a final note, the company needs to shed more light on their activity and financial condition, as presently, investors can only imagine what the company is up to.