On Friday, the volume gainer on the TSX Venture Exchange (CVE) Alexander Nubia Intl Inc (CVE:AAN), (PINK:ANLBF) stock made the “inauguration” of the Egyptian gold rush.
If the California’s Gold Rush began a few good centuries ago, at the end of the week the shares of Alexander Nubia Intl Inc. reminded investors that the gold and cooper production started in the Pharaoh’s ages and maybe still has potential to prosper.
On the company’s announcement for secured drilling equipment for the Abu Marawat project in Egypt and for the expected commencement of the drilling works in the beginning of next year, AAN stock, like an Egyptian gold treasure, became the most demanded security on the CVE.
After a lot of trading sessions with no change in the price and a slight pull back on Thursday, AAN suddenly soared 26.92% between the sessions to close at $0.165 per share, hinting even at a new highest trading volume. During the session, almost ten million shares changed hands like in an attempt to grab the Pharaoh’s treasure AAN.
To some extend the shares of AAN may be described with the term treasure, since according to the last company’s financials at the end of this September AAN reported strong cash balance of $3.00 million against the modest current liabilities of $517K. At that time, the company had no long-term debts and the above mentioned current liabilities were its only liabilities.[BANNER]
Although export statistics for Egypt shows that the country exports mainly the following natural resources: petroleum, natural gas, iron ore, phosphates, manganese, limestone, gypsum, talc, asbestos, lead and zinc, it looks like this Friday investors bid on the shares’ strong upward direction exclusively on the company’s potential.
The main focus of Alexander Nubia Intl Inc. is the under-developed Eastern Desert in Egypt, where experts say that historical mining of gold and copper dates back to the Pharaonic times. In order to implement its strategy, the company controls the Abu Marawat concession in Egypt. It covers an area of approximately 1,370 km2 and includes the main Abu Marawat Deposit, Semna, Hamama VMS Deposit and other gold and base-metal exploration targets.
