Pershimco Resources Inc (CVE:PRO) (PINK:RSPRF) stock price continued to trend lower fueled by a delay in publication of resource estimate.
PRO lost 12.6% on Thursday under a heavy trading volume of 918 thousand, which was far above the average. However, people were trading while having limited information and tomorrow’s session might see substantially heavier trading depending on what will be added to the recent news.
In the latest news the company said they have decided to postpone the update on resource estimates and geophysics survey results for the Cerro Quema property in Panama. A webcast will be held today to give a detailed explanation of the decision and meanwhile bears have eaten away at PRO stock price because of the unclear situation.
Pershimco stated they are not having problems while pursuing the main objectives and still hopes to get a significant increase in resource count at the project. Apparently the cause of the delay lies within some elements included in calculations which didn’t satisfy the management. Pershimco stated they will rerun 1,700 out of 40,000 essays used in the calculation.
The sell-off stopped around the strongest resistance the price had established over the past year. The area around 75 cents per share should hold decently, especially considering the news were inconclusive and the real situation will only be explained in a webcast today.
