Siga Resources Inc. (OTC: SGAE) are continuing to soar today. The penny stock is up 48.04% to $0.265 today on above average volume of 1.33 million, extending its gains in the last three trading sessions to 112%.
So what is pushing this penny stock higher? SGAE has not made any major announcement in the last few days so the big jump could be due to some stock promotion activity. However, last month, the Carson City, Nevada-based company had announced that it completed a purchase agreement with American Hill Aggregates Ltd.
SGAE said last week that it successfully negotiated an agreement to acquire American Hill’s interest in Lot 57, which underlies a part of the company’s Lucky Thirteen Place Claim. The transaction is expected to close by the end of this month.
Edwin Morrow, President and CEO of Siga Resources, said last month that that acquisition consolidates all titles and mining rights on Lucky Thirteen under SGAE’s ownership and this milestone provides for long-term planning and profitable operations producing both gold and premium gravels continuously for over 20 years.
Morrow also said last month that SGAE is looking forward to ground breaking in a short time with production projected in summer of 2012.
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