With a 35% share spike to $0.155 yesterday on massive volume, the ASX requested a price and volume query response from Mutiny Gold (ASX: MYG), with the company providing interest from brokers, institutional investors and also recent media attention, as potentially reasons for the increased investor interest.
Mutiny stated:
'Since the acquisition of the Gullewa Gold Project on 22 July 2010 the company has significantly increased its marketing to the Australian capital markets, the managing director John Greeve is currently in Melbourne and Sydney to meet with and present to a large number of brokers and institutional investors.'
The company also referred to increased media attention, in relation to the Gullewa Project and the significant Deflector Deposit drill results.
Deflector results from reverse circulation included:
- 16m at 15.3g/t gold and 6.0% copper;
- 7m at 19.2g/t gold and 9.4% copper;
- 6m at 17.4g/t gold and 4.8% copper;
- 3m at 32.8g/t gold and 13.4% copper; and
- 3m at 27.0g/t gold and 0.33% copper.
The company finally added in its ASX response, 'Mutiny has significant interest from brokers and institutional investors wanting to participate in the placement that was closed on 1 December 2010.'
'The company believes that some of the buying pressure may be from those investors who are now buying into the stock.'
Mutiny is currently working on a resource upgrade and a mining study, which the company plans to release before the end of 2010.