Having reached as high as 59 cents since we initiated coverage, Discovery Gold Corporation (DCGD) has already outperformed Awesome Penny Stocks. Re-igniting the Edsum Banso Project that they had leased to Harry Lappa in February to help push NSRS to its 1.72 peak, DCGD stock has increased as much as 68.57%. The high risk gold exploration company issued PR after the closing bell Friday which is a clear indication that the pumps are in place and traders are about to see much more of the Carrillo Huettel, LLP created company.
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DCGD Stock Chart
Market Cap: 26.01M
Close: 0.52, up 0.01 (1.96%)
Volume: 53,950
Dollar Volume: $26,554
High: 0.53
Low: 0.47
Trades: 10
Average Trade Size: 5,395
Authorized: 250 Million
Issued and Outstanding: 50.03 Million
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After announcing one month prior to the newest PR that the Company had filed its audited 10-K for the period ended April 30, 2012 (see here), Discovery Gold is informing the world that the project that they leased to North Springs Resources in February is now their top priority. (see here) The best penny stock to start 2012 with, NSRS ran from .07 to 1.72.
The Edum Banso Gold Project in Ghana has not been explored by the Company, however, data from previous mining projects makes investors believe that the recently moved from a Fort Lauderdale condo to Denver, Co based company can strike it rich for traders. Australia based Castle Minerals Ltd. has working projects in the exact same area (see here) and is likely the source of statistical data that will surface in due course once more PR are issued.
On August 17th, Dean Huge resigned as CFO, Treasurer, Secretary and director of the Company and was replaced by David Cutler, 56, who has more than 30 years of experience in accounting, international finance, business administration, and SEC reporting. Now who could feel secure investing long on DCGD considering that Cutler began his career with the accounting firm Arthur Andersen & Co and has since served as CFO for companies involved in mining, energy, and telecommunications (see here).
If having been trained by the accounting firm of Arthur Anderson who handled the largest accounting scandal in U.S. history as the firm that cooked Enron’s books, then perhaps his last appointed position with U.S. Precious Metals, Inc. (USPR) will. From November 5, 2011 when Cutler was appointed (see here), USPR stock rose from 0.145 to as high as 0.381 on February 23rd. (USPR Chart)
USPR stock may have not seen the surge in volume and stock price as NSRS did, but that doesn’t mean DCGD will see the same soft landing.
About DCGD Stock
Discovery Gold Corporation, with its wholly-owned subsidiary company, Discovery Gold Ghana Limited, is an emerging U.S. based mineral exploration company offering shareholders the opportunity to participate in the ownership of high-potential international gold exploration and development.
Click here to view the SEC filings for DCGD.
Bottom Line: DCGD is already becoming an expensive penny stock, especially with the risks involved based on their connections with NSRS and Carrillo Huettel, LLP. Something is brewing with DCGD stock and it’s likely closer to its peak than its grave and should be approached with extreme caution topping the list of penny stocks to not hold over the weekend.
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