Over the course of the past week, the Western Sierra Resource (OTCMKTS:WSRC) stock has been in the middle of a wild rally and although it corrected slightly on Monday, the stock is still sitting on handsome gains.
The stock went down by 16% yesterday but it should be noted that last week it had gone up by as much as 650%. The stock went on such a run after it emerged that it was on the verge of acquiring as much as 70% of the common stock in Silver State Mining. The news of that acquisition seems to have excited many investors about the prospect of Western Sierra.
In this regard, it is perhaps also important to point out that Silver State Mining also has an ownership stake of 49% in the Sage Hen Mining claims that are located in the state of Nevada. The claims span across an area of as much as 460 acres.
There are ambitious plans in place regarding the project as well. The two companies are planning to work on mining 100 tons a day initially and eventually take it to 1100 tons a day. Investors could consider keeping track of this stock in the coming days.
Market Reaction:
On Monday, WSRC stock fell 13% to $0.2240 with more than 23.65 million shares, compared to its average volume of 7.13 million shares. The stock has moved within a range of $0.2045 – 0.3025 after opening the trade at $0.3025 Over the past 52-week, the stock has been trading within a range of $0.0040 – 0.3789.
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