Without any warning, Gryphon Gold Corp. (OTC:GYPH) had an impressive trading session yesterday. GYPH closed 12.5% up at $0.225. The volume was also quite a bit over the average and reached approximately 772 thousand shares.
Strangely enough, the investor message boards are silent, which would suggest the move was not the result of a rumor. GYPH did release an update on its activities at the Borealis Mine, but that was more than a week ago.[BANNER]
The most recent news is that Steven D. Craig was appointed as Vice President of Exploration for El Tigre Silver Corp. Previously, he was the VPE of GYPH. While that can be seen as confirmation of his value, it hardly explains the high trading volume of GYPH and the 12.5% increase.
The company’s latest financials show that GYPH had enough financing for the time being. But that was also known quite a while ago, and thus it doesn’t help explain yesterday’s performance on the market.
The PR about the progress at Borealis said Gryphon anticipated first revenue from gold sales in October this year. If that happens indeed, there will probably be a lot of excitement. For now, traders seem to trade on potential and anticipation.
