Being in the matrix of the “mechanical movement” since the beginning of the month, these days Sidon Intl Res Corp (CVE:SD), (PINK:SIDNF) stock made an exotic and sharp move up, maybe not only on the company’s recent news about its exotic Tansanian properties.
In mid-November, Sidon International Resources Corporation informed investors about the latest sampling works made at its MEG Project in Tanzania, which as opposed to the expectations of some investors was not able to rush the stock price up.
At the end of last week, the price of SD suddenly started flying up. Maybe one of the reasons for the increased demand for the shares was the newly appointed investor relations consultant of the company. Though, even he was not able to do anything about the direction of the share price, since it is being determined by the market.
Still, some investors received the good news that SD is rising up again, without returning back.
Yesterday, following the started this Friday upward direction, the shares of Sidon International Resources Corporation added 17.39% more in value between the sessions and got heavy trading volume.
The company also had some input into the soar of its share price on that day. SD released that it prepares to proceed with the formalities related to the receiving all the mining licenses and a drilling permit in Tanzania. Maybe the most impressive for investors statement was that SD “continues to liaison with the local villages with respect to its Mining License Application”.
According the Tanzanian Mining Act, “Applications for prospecting licenses, including an application in respect of land in an area reserved for applications by tender for prospecting licenses” are deposited to the Minister. The Minister may then “on behalf of the United Republic, enter into a development agreement with the holder or applicant of the right.”[BANNER]
As mentioned in some of our older articles, the first prospecting license is usually issued for three years and is renewable for two terms. The license can be renewed for two more years if the company has not completed its explorations. Small-scale miners can obtain primary prospecting licenses for a period of 12 months, and primary mining licenses for a period of 5 years. Both types of licenses are renewable.
However, on the above mentioned exotic Tanzanian news and on the expectations for the future drilling results and mining licenses, SD stock succeeded yesterday to make its best performance, striking a new 52-week at $0.145 per share.
