With gold prices currently at $1,243 per oz. and silver at just $18.81 per oz., bullishness took over the penny stock of Gold and Silver Mining of Nevada, Inc. (CJTF) in a very big way. The prices of the two most sought after precious metals actually had nothing to do with why CJTF stock jumped so high, but rather due to a recent communication received by the exploration stage miners regarding their $12.5 million note receivable. Expecting to begin receiving payments on the note in the next 90 days with the balance to be paid off by February, 2015, the spike from yesterday is going to have a tough time staying inflated if that’s all that they can bring to the table for now.
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CJTF Stock Quote
Market Cap: 5.07M
Last: 0.018 ▲ +0.014 (+350%)
Dollar Volume: $43,722
14-Day RSI: 65.10%
1st Resistance Point: 0.0241
1st Support Level: 0.0072
52Wk High: 0.22
52Wk Low: 0.0025
Gold and Silver Mining of Nevada has yet to book any revenues, but they have clearly been on the path to doing such according to the press releases they have been pushing out since August, 2013. Just a month ago, the explorers hired Apache Mining Services LLC to test ores from several of the Company’s mineral properties, most specifically was from the Gold Reef property located at Lucerne Valley, California.
The expected commencement of payments on the note receivable must be a blessing for Gold and Silver Mining of Nevada considering they had just $775 in cash as of March 31, 2014. It’s kind of hard to prospect for precious metals when you’re cash strapped, but then again, why would there be any reserves when the ticker was formerly CJT Financial, Inc. until September of last year – hence the CJTF symbol.
As for CJTF stock and it’s huge recovery from a new 52 week low yesterday, tracking it’s short history, it was pretty much the first chance anyone had to make a dollar on it. Shares of CJTF began trading just before the start of the year and, from the looks of how poorly positioned the 3.75 million and 3 million shares that were issued for services last year at 0.0267 and 0.05 per share, respectively, the price correction to just under 0.02 is a sign worth paying attention to as the week continues.
Prior to yesterday, the slide from 0.04 to 0.0025, -93.75%, since the start of the year begs the question as to whether or not there is any gas left in the tank for CJTF stock.
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About CJTF Stock
Gold and Silver Mining of Nevada, Inc. is an exploration stage company focused on developing and bringing into production mining properties in Nevada, Arizona and California that are ready to come into production in the near future.
Issued and Outstanding: 281,682,037
Last 5 Trading Sessions:
The PR CJTF issued yesterday shouldn’t have caused it to be one of the top performing penny stocks for the session since it was nothing more than an update on a scheduled time frame for payments to begin. Since CJTF stock hasn’t performed off of PR’s until yesterday, keeping an eye on it today is about as much effort as you would want to put on it.