The gold rush appears to have ended for traders of South American Gold Corp. (SAGD) as the share price and volume have floundered like a fish out of water. After trading 62 million shares between Monday and Tuesday, less than 7 million have traded as of my lunch order arrival time. SAGD stock gained over 158% from Monday’s open to Tuesday’s peak and appear to be headed into the river at this point.
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SAGD Stock Chart
Last: 0.0055, down -0.0003 (-5.17%)
Volume: 6,983,221
Dollar Volume: $34,969
Authorized: 450,000,000
Outstanding Shares: 79,211,890 as of March 31, 2012
Earlier this month, the Company announced the signing of binding memorandum of understanding to lease, with an option to acquire, the Baltimore Silver Mine, a former producing silver mine in western Montana. While the annual lease fee of $10,000 to $20,000 is within the cash budget of the Company as of March 31, 2012, it is unlikely to be the cherry-popping move that books the Company’s first ever revenues since they began in 2005.
After a number of failed mining claim purchases, agreements, and just flat out inability of South American Gold to make something happen, the new Baltimore Silver Mine is properly named after a city that has deteriorated over the last 100 years just like the current share price.
About SAGD Stock
South American Gold Corp. is an exploration mining company focused on the discovery, acquisition, exploration and development of gold and silver deposits in North and South America. Our strategy is to acquire a pipeline of mining prospects in historic mining districts to explore, develop or joint venture, with an objective of establishing commercial production. The company in the last ten months has acquired mining prospects in Arizona, Nevada, Montana, and continues to consider projects in Colombia, Mexico and other regions.
Bottom Line: SAGD is one penny stocks to avoid at all costs unless you like losing money.
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