Medinah Minerals, Inc. (PINK:MDMN) Goes Overboard on News Expectations
23 Dec 2010

Medinah Minerals, Inc. (PINK:MDMN) share price overcame some long-term resistances yesterday and looked aimed at the next one. No news or updates were behind the jump up, but it provided for speculations and discussion on the online message boards.

Yesterday, the share price of MDMN broke its trading channel and jumped 10.39% to close at $0.0425. Though the scarcely available financial information about the company, as well as the lack of any SEC filings or even press releases, MDMN shares seem loved by traders and received again a trading volume of 7.07 million shares.

According to the latest statement of income and expenses of the company published on the OTC markets homepage, Medinah Minerals had in the nine months ended September 2010 $38,5000 in revenues from unidentified sources and almost three times higher expenses. Additionally depicting the questionable value of the company’s business, the balance sheet for the same period shows total assets of $7.46 million, $6 million of which represent the capital costs of some mineral properties in Chile.

It looks like for many traders that properties are holding worthy hidden potential, valued by the market currently at almost $29 million and maybe based on the beliefs from a message board post claiming that a number of Medinah’s projects in Chile are mentioned in a book titled “The Pursuit and Capture of Hidden Treasure” by a mining engineer and professional geologist.

On that same message board, also the rumors about future Joint Venture plans of the company are still running, with a corresponding press release to come out any moment. Comparable traders’ expectations were spread already in August this year, but as the company keeps silent on its plans MDMN share price may have to further rely on speculations to attract investor attention.

No comments
Leave a comment

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word