Since Tuesday, a total of 5.6M shares have been traded. On each one of these days the volume was above the average of 743,603. The highest trading activity was on Tuesday when more than 2.7M shares changed hands. After that the turnovers marked a decline. In the last session, SQI slipped 5.1% down on a volume of 1.1M. In the end, the stock was worth $0.93.
The latest company announcement from this Wednesday was a major one. Silver Quest informed the public about the commencement of its 2011 exploration activities on the properties in the White Gold District, Yukon. The company has 17 projects in the region, comprised of 4,000 mineral claims. Silver intends to perform 15,000 meters of diamond drilling, geological mapping and airborne geophysical surveying. According to the estimations, the work is estimated to cost $5M.
Speaking about money, we are still unaware exactly how much capital the company currently has at its disposal. The latest financials, filed in January, are for the quarter ended Nov. 30, 2010. They show the presence of $6.35M in working capital. The new financial statements have not been released yet. It is already June 2011, and I think it is high time they came out.
Otherwise, people will not be aware of the financial condition and the fundamentals of Silver Quest. From a technical point of view, some indicators such as the RSI index and Williams %R index send a “sell” signal to investors. However, this is only reliable with a confirmation.
