Still, it seems that UMining Resources has ensured its stock position. According to the records, yesterday UMNG was included in some “Buy Alerts”, pointed as “an extremely bullish pick”. The stock alerts appeared on a few promotional websites, though it was claimed that they “have not been compensated for current UMNG advertising and promotional services”. Anyway, the promotions have certainly pushed up UMNG stock price and opened the high trade. Now it’s just a matter of time to see how long the up move will resist.
UMining Resources, Inc. (UMNG) is a gold mining company whose main focus is on developing joint ventures and royalty agreements with various companies on gold properties. The company has not released any news on its business since the beginning of December and currently nobody is familiar with its activities. Despite this fact, according to the promoters Fraser Gold’s announcement that they had taken a controlling block stake in UMNG means that UMNG will have a production partner to move them forward with their gold production. However, the final results are too soon to be discussed.[BANNER]
The annual financial condition of UMining Resources though doesn’t look much optimistic. Apart from the fact that the company has less assets than liabilities, most of the liabilities are long-term. Besides, the accumulated deficit has exceeded $797 thousand. As November 30, 2010 UMNG had 750 000 000 shares of common stock authorized and 749,193,794 shares issued and outstanding.
Still, based on the UMNG’s financial condition, the continuance of the company as a going concern is dependent on its future profitability and on the on-going support of its shareholders, affiliates and creditors.
