The company has not issued any press releases or made any SEC filings, but its stock price suddenly bounced up the normal trading range last week. The bounce from yesterday was 27.08%, counted from the previous day close, and the stock closed the market at $0.061. Huge trading volume of 14.58 million shares allowed for a new 52-week high at $0.07 during the session.
It looks like the recent share price action is supported solely by some ongoing Joint Venture rumors spread among traders on an online message board. Yesterday afternoon, even a “Shareholder Update” signed up by the company’s President was published on ihub. According to the post, MDMN has now entered the final stage of the negotiations for a Joint Venture Agreement for some property in Chile.
That JVA is supposed to be officially announced with all its details by mid-January next year, subject to the receipt of some funding on or before the same date. Further, the “update” claims that MDMN Management is preparing another JV for some other mineral claims of the company.
Medinah Minerals’ only available recent financial reports give extremely limited information about the company’s current activities and future plans. Its assets consist almost entirely of the $6 million capital costs of some mineral properties in Chile, which some traders seem currently to consider as holding much higher future value. Also, MDMN reports minor revenues for the nine months ended this September, the sources of which remain unknown.
