Yesterday Sonora Resources Corp (OTC:SURE) closed at a new highest value for the past 52 weeks. Thus, the uptrend that started at the beginning of the year seems to continue, yet there was not a particular reason for a jump of the share price yesterday. 
SURE share price surged 11.76% from the previous day close yesterday and the stock closed the market at $0.76 for a share. This is also the highest share value of SURE for the past year, reached on a total trading volume for the day of 562,620 traded shares.
It looks like yesterday SURE chart showed a favorable constellation, as the company issued its latest press release at the beginning of the month and filed its most recent 10-Q a week ago. It is also interesting that on the days on which these events happened SURE did not see any comparable trading activity to that of yesterday.
On July 6, Sonora Resources published a press release to report that its recent sampling efforts have delivered excellent results: multiple additional potentially high grade silver targets have been identified at the Los Amoles Silver Property, located in Sonora, Mexico. That new information could not get traders excited, neither could the quarter report of SURE, filed on July 12.
It showed that as of end-May 2011 Sonora Resources had positive working capital of only around $15,000 – by far insufficient to conduct operations in the mining and exploration business. In November last year, SURE signed an agreement to acquire a 70% working interest in the above mentioned property. The acquisition is subject to a number of conditions, among these being the spending of $900,000 in expenditures on the property by December 2013 and issuing to the joint venture partner another 600,000 shares of Sonora common stock.
Given the risky nature of SURE business, with the recent gains it enjoys currently a market cap of over $64 million on total assets of about $3.8 million. That valuation looks inflated, even for the mining industry.
