Plexmar Resources Inc. (CVE:PLE) (PINK:PLLGF) corrected after the most recent spike but traders remain optimistic and the new price levels are very likely to stick until the end of April.
The stock corrected 30.8% down over Wednesday’s trading session but still retained half of the gain from the previous day. 5.9 million shares changed hands as the price tried to stabilize after it got affected by news the day before.
Traders had pushed PLE price up 160% after the company issued the most recent update. This is why a 30% drop doesn’t look that bad.
Plexmar announced on April 3 that a formal community assembly was set to convene before the end of the month and approve a surface rights access agreement which allows the company to start their exploration program. The company will be bound to engage with the local residents, provide them with work places and engage in search for funds for a local social enterprise, which will benefit the whole community.
The company seeks to secure surface rights to the Bolsa del Diablo project. They have already prepared an Impact Environmental Study which will be reviewed by the Ministry of Energy and Mines if the company actually gets the surface right access agreement signed. Only then the drilling permit can be issued.
