U3O8 Corporation (CVE:UWE) (PINK:UTREF) saw some serious buying pressure during the last trading session but had no direct news to have caused the effect.
UWE added 39.7% on Tuesday as the stock gapped up on 3.9 million trading volume, which was nearly 14 times above the 90-day average turnover of 283 thousand. Technically, the stock price broke above the previous vague price range of 25 to 35 cents per share. The stock now has a rather solid support at the upper level of that range.
The latest news that could still have some effect came out nearly a week ago. On September 1, 2011 the company reported results of infill drilling on the Aricheng C area in the Krupung Batholith in Guyana. The uranium exploration company successfully defined the shape and grade of uranium containing shoots at the site. Resource estimation has already been started alongside the infill drilling with results anticipated early in the fourth quarter. Aricheng C is the third out of 10 mineralization zones planned to be tested.
There was nothing directly related to the company that could have had a direct impact on the stock performance on Tuesday. Mining stocks simply remained among the most favorable targets under the current economic conditions. Canadian market was still going down on concerns over the global economic growth, falling energy prices and lasting panic on euro zone debt situation as well as influence of weak economic data from the U.S.
