Demand for NWM Mining Corporation (CVE:NWM) (PINK:NWMMF) stock increased during the last session after the company commented on their Q4 operational results.
NWM price gapped up and gained 21.4% during the trading day, carrying along a volume of 2.1 million which was nearly twice the average of 1.1million.
On January 17, the company posted a Q4 operational update for the quarter ended December 31, 2011. According to the report, the business made a significant progress towards commercial production on the Lluvia Mine.
507.4 thousand tons or ore were mined from the Creston pit during the fourth quarter. NWM expects to recover 4.98 thousand ounces of gold from the ore. The company had $4.1 million in proceeds from gold sales during the quarter.
The stock price deviated away from its consolidation zone between 7 and 8 cents and now has support at the latter level. It also poked above the 50-day MA which is a quite bullish move, but it could also call for correction since confirmation is needed in such cases.
Since commercial production levels are still in planning, the news isn’t likely to cause a lasting effect on the stock market, but the price could retain around the inflated levels depending on the mood of traders and further announcements with comments on the apparently successful quarter.
