Rock Energy Resources, Inc. (PINK:RCKE) had been silent for a while, but in the past month or so the company seems to have come back to life
After a series of announcements, yesterday RCKE closed up 69.23% at $0.33 on 417 thousand shares.
In the past several weeks the company has issued a number of press releases concerning its plans. In December, the company announced a $25 million facility from Maximilian Investors LLC. The capital was to be used to fund the development of a mining property (the Red Arrow mine).[BANNER]
A 49% direct ownership interest in the property in question was the primary asset of He-Man LLC, which RCKE later acquired. RCKE intends to change its name to American Patriot Gold.
RCKE issued another press release on Jan. 10, saying gold milling operations at the Red Arrow mine had commenced ahead of schedule with a smaller mill, and the larger mill is supposed to start in April.
The market response is quite evident on the chart, although there isn’t too much clarity where RCKE is financially or what can be expected from the operations at the mine. The company hasn’t yet fully determined the recoverable reserves on the property.
With the lack of clarity, today RCKE has opened down 12.12%. The company stated yesterday they have engaged an audit firm to perform audits of its activities for the past three years. Perhaps, then there will be more information available for investors.
