Penny Stock in Focus: Viking Minerals Inc. (VKMD)
Shares of Viking Minerals Inc. (OTC: VKMD), a pre-exploration stage company focusing on acquisition and exploration of gold, silver, copper and other mineral properties, have fallen sharply in today’s trading.
At last check, the penny stock of VKMD was trading 30.14% lower at $0.0350, with volume at 1.44 million. The stock has now fallen more than 48% in the last three trading sessions. In the last one month, VKMD shares have fallen more than 80%.
VKMD recently announced that it signed an agreement for a 60% interest ownership stake in a known gold-producing property in the district of Miraflores, province and department of Lima, Peru.
Commenting on the development, Charles Irizarry, president of Viking Minerals, said that VKMD has taken this step so that it can position itself to be turned into a fully producing gold mining company. Irizarry said that VKMD has undertaken extensive due diligence on the property and has been advised by its geological team and joint venture partners, Corizona Mining Partners LLC of Peru, that the property can produce gold immediately upon the establishment of the proper infrastructure and an alluvial processing plant on the property.
Under the terms of the agreement, VKMD will pay $500,000 to fund the establishment of a base camp and an alluvial production plant. The company said that all required government and environmental approvals are scheduled to be underway within the next two weeks.
Irizarry said that VKMD wants to move out of exploration and into production as soon as possible. The property is in an area adjacent to other properties that have produced gold for hundreds of years, noted Irizarry. He added that the property is also in close proximity to a property that has a National Instrument 43-101 technical report showing 36,432 ounces of proven reserves with 235,900 ounces of probable reserves.
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