Share volume has been picking up for the last week plus on the penny stock of Mexus Gold US (MXSG) and traders are taking notice to the top line numbers. After reporting revenues of $239,911 coupled with $0 in cash for the year ended March 31, 2012, MXSG stock has suddenly begun to pick up steam gaining 160% already this month. The recent gains are actually bout 4X that amount for the slew of persons issued shares for various reasons in the last 3 years plus.
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MXSG Stock Chart
Last Trade: 0.20, down -0.02 (-9.09%)
Dollar Volume: $72,576
20 Day Moving Average: 0.125
20 Day Average Volume: 229,914
Shares Authorized: 500,000,000
Shares Outstanding: 184,467,187
A few weeks ago, the Company issued updates on their two current projects: Placer Operations Caborca and Hard Rock Operations Caborca, both which are situated in the State of Sonora, Mexico. The projects situated on the Caborca Properties are moving forward on schedule with both the Placer and Hard Rock operations entering the production phases.
The Hard Rock project’s equipment, scheduled for installation at the Julio quartz deposit, is now complete. The 120 ton per day crushing and milling recovery plant was successfully tested and is now in production producing and recovering gold as expected at an estimated 30,000 ton mine dump from previous mining attempts. Heh-Heh, they said dump.
Mexus is expecting the average overall gold content to be approximately 7.5 grams per ton. However, when it comes to shares issued for services, sold to accredited investors or notes converted, MXSG takes the cake. The recently filed 10-K has the longest list I may have ever seen. (see here towards bottom of filing) Since March 31, the Company has:
• Received $85,500 during April in exchange for a common stock payable of 1,425,000 shares of common stock ($0.06 per share), and
› Issued 334,250 shares of common stock payable for services valued at $6,467 ($0.02 per share).
• Received $115,003 during May in exchange for a common stock payable of 2,116,735 shares of common stock ($0.06 per share),
› Issued 183,333 shares of common stock payable for equipment valued at $15,000 ($0.08 per share),
› Issued 142,857 shares of common stock payable for services valued at $10,000 ($0.07 per share), .
Issued 583,333 shares of common stock payable in satisfaction of notes payable and accrued interest valued at $35,000 ($0.06 per share).
› Issued 1,425,000 shares of common stock to satisfy obligations under share subscription agreements for $85,500 in cash included in share subscriptions payable, and
› Issued 873,333 shares of common stock to satisfy obligations under share subscription agreements for $37,877 in services, $20,000 in cash, and $3,000 in equipment included in share subscription payable.
• Received $67,500 during June in exchange for a common stock payable of 1,350,000 shares of common stock ($0.05 per share), and
› Issued 2,766,700 shares of common stock to satisfy obligations under share subscription agreements for $152,501 in cash included in share subscriptions payable.
That said, CEO and Sole Director holds 76,904,175 shares directly and indirectly, so its not a total dilution machine.
About MXSG Stock
Mexus Gold US is an exploration stage mining company engaged in the evaluation, acquisition, exploration and advancement of gold, silver and copper projects in the State of Sonora, Mexico and the Western United States. The Company’s President and CEO, Paul Thompson, brings over 40 years experience in mining and mining development to Mexus Gold US and is currently recruiting additional management personnel for its Mexico, Nevada, and submarine Cable Recovery operations to assist in growing the company.
Cluck here to view the SEC filings for MXSG.
Bottom Line: The share structure of MXSG could lead to a massive run on the penny stock should any of those who received shares at under a nickel were to decide to have a go at the top traded list on the OTC. Keep MXSG on your radar for some additional momentum following this recent volume surge.
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