Amarok Resources, Inc. (OTC:AMOK) has been losing value for nearly a year now. Another thing AMOK has been losing is money, which is not unexpected for an exploratory stage company. Yet, it seems investors are growing tired of waiting.
Yesterday, the company released a corporate update, which was probably the reason for the 19.23% drop to a $0.21 close on 673 thousand shares.
The update informed shareholders that progress on AMOK’s Rodeo Creek project had been slowed due to “wet spring break up conditions.” The company had previously announced that drilling on the project had been resumed.[BANNER]
AMOK has been around for a little over a year. The company’s exploratory efforts haven’t been successful for now. As a result, the company has had no revenues and has incurred over $2 million losses so far.
The market reaction suggests AMOK will have to do something significant, and do it soon, if the price is to go back to the levels from this time last year. On May 11, 2010 AMOK closed at $1.34 per share.