CORAL GABLES, FL / ACCESSWIRE / June 18, 2015 / The mining and metals space has begun to heat up amidst speculation on a rebound in gold. Many mining and energy penny stocks have begun to grab hold of a new trend in the market where investors have started to diversify holdings during times of financial uncertainty overseas. Meanwhile, it was announced that the Bank of China would soon become the first Chinese bank to help set gold prices. Analysts suggest that this move would "lead to more trading volumes and greater price transparency." Mining and metals stocks like US Precious Metals, Inc. (OTCQB: USPR), Midway Gold Corp. (NYSE Market: MDW), and FreeSeas, Inc. (NASDAQ: FREE) have begun to see a reaction as mining and energy continues to build more interest in the market.
US Precious Metals explores and develops precious and base metal properties in Mexico and owns exploration & exploitation rights to approximately 37,000 acres of land in Michoacán, Mexico. In a recent drill update, David Burney, USPR's geologist stated, "We are seeing significant zones of mineralization with Bornite, Pyrite and Chalcopyrite clearly visible. This is indicative with what we have seen from our prior drilling campaigns and we are eagerly awaiting the assay results to confirm our observations."
Aside from traditionally drilling, US Precious Metals has also taken a firm stance in committing to the local community. The Company has helped the village of el Zapote de Cuendeo by developing local roads and by offering amenities.
Midway Gold Corp recently announced the results of its 2015 Annual General and Special Meeting of Shareholders. Of note, results included the election of all nominees listed in the management information and proxy circular being elected as directors of the Company. Though the stock had previously taken a tumble from previous highs of $0.82 earlier in the year, shares of MDW have increased in price. From lows of $0.0412, Wednesday's highs marked a rally of more than 218% on above average volume.
FreeSeas Inc has also seen a rally in the market. After opening the week at $0.049, FREE shares have climbed as high as $0.179 this week. The company announced earlier this month that it has acquired a 51% controlling stake in the newly formed Standcorp International Limited. Standcorp will engage in the commercial operation of product and crude oil tankers covering a large array of sizes, by contracting them through time charter or bareboat charter arrangements, and subsequently deploying them in the spot market or in fulfillment of contract cargoes.
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