Ireland (OTC: IRLD), a company that explores and develops precious metals, has seen its stock steadily rising for nearly two weeks straight. The company’s stock closed at $0.75 on July 5, 2012. After dropping $0.015 on July 6, 2012, the stock quickly rebounded and inched up a bit to $0.80 on July 10, 2012. The price stayed level until July 13, 2012, when it gained another dime. The stock earned another $0.08 yesterday, closing at $0.98. It opened this morning at the same price and went as high as $1.05 before closing up $0.02 at $1.00, or a 2% gain over yesterday. The company’s stock price reached its peak on March 30, 2012, when it closed at $1.07.
Volume for Ireland also rose today. Today’s volume of nearly 440,000 exceeded the daily average by more than eight times. However, it still did not come close to the 52-week high of more than 1.6 million shares, which was recorded on August 17, 2011. Volume reached another high point on September 19, 2011, when nearly 1.3 million shares were traded. Those were the only two days in the past year in which the volume broke the one-million mark.
Ireland, based in Henderson, Nevada, is a precious metals company that uses a proprietary method to locate and mine minerals such as gold and silver. The company is currently focusing on its first extraction, the Columbus Project, which consists of nearly 20,000 acres in Esmeralda County, Nevada.
On June 21, 2012, the company announced that it had installed a gravity concentration circuit at the site of the Columbus Project. This means that the site is now capable of producing and leaching concentrates of the sand material located in a section of the property. The company also announced the results of its first test. A gravity concentration test was performed on 10,821 pounds of sand material extracted from the site. The extraction produced 0.5467 ounces of gold and 0.8295 ounces of silver.
Ireland announced on March 16, 2012 that it had completed financing for the project. The company raised $4.78 million for the drilling and extraction activities for the Columbus project.
The company has had no other activity since its June 21, 2012 announcement. Ireland was heavily promoted in penny stock newsletters in April 2011. It was promoted again in September 2011 for unusually high volume, when the volume exploded from nearly 267,000 shares to nearly 1.3 million shares the next trading day. The company has made some steady gains in the past few weeks and saw an increase in volume today. It hasn’t been promoted lately as a hot stock to watch. But will that change soon? Probably so, if the gains continue.
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