This week, SPARTAN GOLD LTD (OTC:SPAG) started to climb up. Yesterday, the stock continued the up move by adding SPAG_Chart.png17.14% to its price and trading over 2.5 million shares on the market. Though, no one can say what’s the reason for the climb.

Spartan has not released any news about its business these days, apart from filing its 10-Q report on Dec 14. In the beginning of this month, the company announced its stock symbol has changed form “PWGAD” to “SPAG” and a new management team has been appointed. However, no other news on the company’s activities came up, apart form the recent discussions on investorshub.com message board.

Apparently, traders have been strongly interested in SPAG’s climb and they assumed something was about to happen with the company. The rumors claimed that “According to their website they’re looking to prove up about 4,600,000 ounces of gold which with 15M in OS that would make these shares worth a pretty penny, or pretty Benjamin actually.” Though, none of the claims is proven yet.[BANNER]

Spartan_Logo.pngSpartan Gold Ltd. is a junior gold exploration and mining company with gold exploration and development activities centered in the Northeast region of Alabama, USA. Historically, the company has traded much lower, however, the price is moving up this month. Still, the quarterly report of Spartan is quite discouraging.

As of end-June the company had neither revenues nor cash available, however, it had a net loss to cover. Meanwhile, total assets of Spartan were almost 3 times lower than its liabilities.

Historically, Spartan has met its cash needs through proceeds from private placements of its securities and loans. Management expects that depending on market conditions and operations it may incur operating losses in the foreseeable future. Thus, the company will definitely need additional funds as there’s no guarantee that Spartan will generate the revenues it needs.