You have to wonder about the actions of some punters. Today two sellers have appeared before the morning opening of trade offering 200,000 shares at 12.5 cents another 200,000 at 13.0 cents and another 200,000 at 13.5 cents. It seems to be a ploy to stack the sell side to frighten off buyers presumably with the same sellers having buy orders in perhaps with a different broker at prices below 12.o cents. I don't have enough experience of investors colluding to try to manipulate the share price to know if I am right in my assumptions. But if I am with this stock why bother?
We are all waiting for the next release of assay results which may or may not happen this week, it all depends on how busy Intertek is and where MGV stands in the queue. If we get some good results the share price will move quickly passed where it is today and those sellers will get taken out. If the results disappoint the share price will drop like a stone and and the sellers' if they are also buyers and unless they are quick, will be caught buying into the rush for the exits.
My guess is the results will continue in much the same vein as they have so far. With three good sets of results why should the next ones disappoint when the holes yet to be reported on have been better targeted as a result of earlier drilling.
My layman's view of the grades so far suggest they are better than many companies reporting drilling results that they describe as "significant new discoveries". RW has yet to be persuaded that BoD is a "significant new discovery" or rather he knows it is but is not prepared to say so until more holes are drilled.
There's that old adage, the share market takes money from the impatient and gives it to the patient. Looking forward inparticular to the results of those 7 extra holes drilled from the west targeting the twilight lode.
MGV Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
