A stock promotion with moderate effects for Western Sierra Mining Corp. (PINK:WSRA) is running since the end of last week, but WSRA moves in the range between $0.014 and $0.019. That holds for yesterday’s session as well, despite the company’s claimed almost $80 million in gold and silver reserves. 
The session yesterday closed at $0.019, still delivering a substantial gain of 18.75% from the previous day. One million traded shares is half of the average daily volume for the past 30 days, but what is worse: the company’s latest press release plus the first promo e-mail could all together not generate a daily volume higher than the average. That can hardly be called a successful campaign.
According to our database, the promotions started last Thursday, just after WSRA announced that it will participate in a Joint Venture to develop the Silver Cord mine in central Arizona. Another three e-mails followed, coming obviously from one and the same promoting firm. Compensation was initially given as $20,000, yet it seems that only $15,000 have been actually received.
Possibly, a market value of $5.8 million for the stock of Western Sierra Mining is just enough to expect more share price jumps like the ones from April. WSRA has already climbed into a higher trading range a few times this year. Unfortunately, the circulating in press releases and promoting newsletters information about gold and silver reserves might suddenly turn out to be not that reliable.
In its “Annual Disclosure Statement” published on the OTC Markets homepage, WSRA claims to have gold reserves for over $70 million and silver reserves for $9 million, along with leases and joint venture agreements for additional mining properties. WSRA had, according to the same document, outstanding notes as of the end of 2010, convertible into 30 million new common shares.
The last financial report filed with the SEC in late 2008 also states substantial gold and silver reserves, yet in early 2009 WSRA terminated its registration and stopped filing any reports. Maybe, it was just the costs of being a diligent SEC filer that were too high and the company has actually nothing to hide about the subsequent events around its business.
