This week, although there was no official news from Rusoro Mining Limited (CVE:RML), (PINK:RMLFF), its stock was finally rushed.
In a time when the stock prices of junior exploration companies are furiously climbing up aimed at new highs and a trading range beyond $1, thanks to releases about inferred and hypothetical mineral resource estimates the shares of RML that has two producing gold mines were valued below $0.4 per share.
These days, investors on two markets appreciated the upward trend of Rusoro Mining Limited stock.
Since last Thursday, as if in an attempt to improve its performance from the previous months, RML added 48.21% to its value on the TSX Venture Exchange (CVE), forming meaningful price gaps in almost each trading session.
Yesterday, though the slight pull back of the share price within the trading session, RML closed the market at $0.415 per share and gained 13.70% from the previous close. The volume traded of 4.6 million shares was almost eight times the average daily turnover of the company.
On the Grey OTC market, in unison with the bullish mood on the CVE, RMLFF soared 10.71% on a volume of less than a quarter million shares changing hands.
At the end of November, Rusoro Mining Limited announced its financial and operational results as of September 30, 2010. There, RML reported significant increase in revenues for the nine months ended September, 2010 in comparison with the same period of the previous year. Although the booked net loss for these nine months, the progress in the company’s operations still gives hope that next year may be the year of success.
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Looks like the reports and the news about the end of the permitting process and the commence of mining activities at the company’s Increible 6 project gave the initial impulse to investors to make more detailed due diligence on the company’s development, resulting in the huge stir of the shares this week.
The main business activities of Rusoro Mining Limited are the operation, acquisition, exploration and development of gold mining and mineral properties in Venezuela. The company has mining concessions in Venezuela for the exploration, development and exploitation of alluvial and vein gold. These concessions are granted by the Venezuelan Ministry of Mines and Basic Industries or by Corporacion Venezolana de Guayana and are maturing in 20 to 25 years.
