Dutch Gold Resources, Inc. (PINK:DGRI
, DGRI message board
) is trading unusual volumes this months which resulted in the share price jumping up above the 50-day MA and crossing the 200-day MA. It looks like traders have built optimistic expectations about the scheduled for tomorrow press conference of the company.
The session yesterday closed with a 5.40% increase in the share price of DGRI at $0.0039. More than 85.4 million shares of the company were traded for the day which represents trading volume at least a few times larger than the daily average. With no other news or events, all points that it is only the announced at the beginning the months press conference that catches the interest of traders for DGRI shares.
The date for the significant event got explicitly confirmed through a second press release on Friday last week. According to it, tomorrow Dutch Gold intends to announce "important new corporate developments and an expansion of its business strategy", and the meeting with investors would also contain a Question and Answer session for investors interested in the company.
Looking at the company's financial and operational condition, and considering that yesterday DGRI filed a notification of late filing of its latest quarter report, one would suggest that the momentum that the share price has built is based mostly on some speculations.
Although DGRI has set its goal to become a major gold produces, it has not managed a lot so far. In its last 10-K, the company says it has not discovered any proven or probable reserves on its properties yet, and with its lastly reported cash position of $623 it will barely be able to sustain its exploration activities.