Junior Mining Penny Stock Mustang Alliances, Inc. (OTC: MSTG ) has nearly doubled in price in the last three weeks. After announcing Robert Faber (no relation to famed contrarian investor Marc Faber) as President on Wednesday announced Friday the purchase of mine processing equipment for its Potosi property in Southern Honduras.
MSTG traded as high as $1.34 in Friday’s trading session.
MSTG closing price Friday, February 3rd was $1.33, up +8.13% (+0.10).
MSTG traded volume of 1,719,395.
MSTG is trading:
- $ 0.29 above its 10 day moving average,
- $ 0.16 above its 5 day moving average and
- $ 0.09 above its 3 day moving average.
MSTG has a Market Cap of $133.05M with a 31.59M Share Float.
Mustang will deploy this equipment at the Potosi Property as part of a pilot test program to determine the best gold extraction and production techniques.
Mustang expects the pilot test program to allow the Company to determine concentration ratios, expected recovery per ton, mining and milling costs.
This will permit Mustang to establish the scope and equipment requirements for commercialization and move towards establishing commercial production. This is an internal company test and is not subject to independent oversight. Following successful completion of the test program, Mustang expects to do future testing following independent “Chain of Custody” protocols.
During 2011, Mustang completed considerable testing on the Potosi Property, including taking over 100 surface and near-surface samples and compiling historical data which includes over 1800m of drilling to depths ranging up to 125m.
Based on those test results, the Company believes that certain defined mineralized areas of the property could support a small-scale test mining production of approximately 1000 oz of gold per month.
Mustang will continue to focus on its goal of short-term production. In addition to initiation of a test-mining program, the Company will continue to explore its concessions to define proven quantities of commercially extractable gold and silver, with the goal of completing a 43-101 resource report in the future.
About Mustang Alliances, Inc.:
Mustang Alliances, Inc. is a junior mining company that is exploring and developing for gold and silver deposits in the Choluteca district of southern Honduras. The Company’s concessions cover more than 4,400 Hectares of strategically located and on trend with world class gold mines in the prolific Central American gold belt.
More than 22 million ounces of gold and 220 million ounces of silver have been produced from several major mines along with numerous smaller operations across the region including El Limon, La Libertad, Marlin and San Andreas.
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