Yesterday, El Maniel International Inc (PINK:EMLL) surged 40% on an impressively high volume. 335 million shares changed hands on the session yesterday, signaling that something important had happened and attracted the attention of investors.
In fact, yesterday EMLL announced that there were significant gold findings on the Ghana gold property. EMLL went on to make a projection of the future revenues from the gold reserves. However, no official document was provided to support the news which was published through Globenewswire – an unofficial source of information.
Meanwhile the company had published its unofficial quarterly report. The 10-Q didn't say something which is new to investors:
On the whole, after the published news it wont be surprising if the discussion about EMLL shifts from the search for gold on the Ghana property to an eventual preparation for production. However, currently the stock is entangled in the resistant triple zeros area and it is not clear how much shares will have to be absorbed before the stock can get a solid foundation for growth. Especially, given that there is no information about the public float at present.