In today’s volatile market, investors are looking for somewhere safe to put their money. Gold and other minerals have always been the first haven for investors in time of economic trouble. This time is no different; gold last week hit an all-time high of over $1000 dollars an ounce. Other minerals are trending upward as well. All of this is good news for Redlake Exploration. Yesterday, the stock traded at a record volume, or 330% higher than the average.
As of late last year, the company began mining exploration in the third region of Chile. The company acquired Minera Polymet to hold their Chilean mining operations, which consist of a total of twelve sites. According to the company, one of these properties has been meticulously investigated and, based on preliminary results, shows highly promising results. The company signed an agreement to purchase the property for $300,000 plus 1.5% of minerals extracted.
The company is currently completing analysis on the eleven other mining sites, and intends to conduct further, detailed investigation. Experts have been contracted to evaluate the viability and sustainability of the mines, and to prepare written reports of their findings. As of now, the company is concentrating its efforts on the Chilean operations. If these continue to prove promising, the company has stated that it will acquire additional mining properties.
These sites have so far shown tremendous potential. With stockpiles of copper extremely low, and gold hitting record highs, this company’s stock appears ready to soar. Investors eager to benefit from the prospering metals market should definitely take a close look at this stock.
$0.4 (03/20/08)
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