New World Gold (NWGC) Stock Continues to Sell-Off: Will it Bounce back This Week?

If you have been looking into gold stocks then you might have noticed that the New World Gold Corporation (OTCMKTS:NWGC) stock has performed poorly over the past week.

The slide in the stock continued on Tuesday as it tanked by another 22% and took its losses for the past week to as much as 40%. There was no fresh news about the company yesterday but it might be a good move for investors to take a look at the update provided to the shareholders by New World Gold last week. It was the second tranche of updates from the company.

The company announced that it has decided to sell a parcel of land measuring 315 acres that is located in Silver Springs, Nevada. At this point in time, the property consists of raw land that is situated to the south of the Lincoln Highway.

In addition to that, it was also announced that this parcel of land is particularly important from the point of view of expansion of mining interests. New World Gold noted that the management was involved in going through all the relevant details with regards to the company and a decision is going to be made at some point in the following weeks.

Market Reaction:

On Tuesday, NWGC stock fell by 22.62% to $0.0065 with more than 88.06 million shares, compared to  its average volume of 103.74 million shares. The stock has moved within a range of $0.0064 – 0.0084 after opening the trade at $0.0084. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0367.

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