Spanish Mountain Gold Ltd (OTCMKTS:SPAZF) Stock Gains Momentum After The News

Sometimes stocks making steady gains over an extended period could be worth tracking and with that in mind; investors could consider having a closer look at the Spanish Mountain Gold Ltd (OTCMKTS:SPAZF) stock.

Market Action

On Monday, SPAZF ended flat at $0.20 with more than 60k shares, compared to its average volume of 91K shares. The stock has moved within a range of $0.1980 – 0.2098 after opening the trade at $0.2098.

Presents Project Update

Over the course of the past week, the stock has managed to emerge as a notable gainer and managed to clock gains of as much as 5%. Yesterday, the company was in the news after it announced that it was thankful to the Chief and Council in addition to the other members of the Xatsull First Nation for having taken a meeting with the Spanish Mountain Gold management.

The Xatsull First Nation had decided to attend the meeting in order to have a better idea about the project that is owned by the company at Likely in British Columbia. The meeting had actually taken place last month on October 14.

At that meeting, the management of Spanish Mountain Gold Ltd provided a lowdown of the project in question and also enumerated the steps that the company is going to take in order to manage the possible environmental concerns. A meeting of this nature could be important for the success of the project and hence, it remains to be seen if it leads to more optimism among investors with regards to Spanish Mountain Gold Ltd.

Key Quote

Larry Yau, Chief Executive Officer, commented, “I would like to thank the leadership team of Xatśūll First Nation for their diligence and professionalism, which allows us to expeditiously formalize the engagement protocol for cooperation going forward. We will now work diligently to complete the Relationship Agreement providing a clear and respectful framework to jointly advance our Project for the benefit of XFN and our shareholders.”

Traders Note

SPAZF stock is trading above the 20-Day and 50-Day Moving averages of $0.19 and $0.17 respectively. However, the stock is trading below the 200-Day moving average of $0.21. The stock is up 29% over the past month.

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