Yesterday Willow Creek Enterprises Inc. (OTC:WLOC) announced the reception of the technical report for its Hercules Property in Nevada. The share price responded with a respectable jump up, but the general attitude towards WLOC does not seem favorable at all.

WLOC closed the last trading session at $0.08 for a share and with a total trading volume of 1.5 million shares for the day. The share price increase from the previous night close was 35.80% and it seems that it happened as soon as the news about the geological results for WLOC Hercules property finally reached the market. The Technical Report was filed with the SEC already on Tuesday, but the company had to issue a press release yesterday to make investors aware of it.

According to the announcement, the indicated in the report inferred resource is approximately 417,000 gold-equivalent ounces, but yet it seems to early for investors to expect millions in revenues and rush in to buy shares for a long-term investment. The company raised recently $500,000 in two equity financing rounds, but that will not be enough to say that the business is taking off. WLOC latest 10-Q report shows that the company has not gone too far with the planning of its drilling and exploration program. In fact, it has not commenced it yet.

Meanwhile, in the middle of last month WLOC signed another agreement with the same company with which it has a contract for the Hercules property. The new agreement gives Willow Creek Enterprises the right to conduct mineral exploration activities on certain mining claims known as the Gilman Gold Property and located in Lander County, Nevada. That newly added mining property was also not good enough to prevent WLOC from losing more value.