Shares of Brilliant Resources Inc (TSXV: BLT), engaged in the acquisition, exploration, development and mining of mineral properties, recorded over 47.0% gain during each of the past two consecutive trading sessions with significant number of shares exchanging hands. BLT was among the top performers in the Canadian diversified mining sector after gaining 47.6% and closed at C$0.16 Thursday, while recording significant trading volumes of 5.0 million shares. The strong upward movement in the stock’s price resulted with the company’s announcement that its wholly owned subsidiary Ivory Resources Inc. has agreed to relinquish all its rights and interests under the terms of its Exploration Services Agreement with the government of the Republic of Equatorial Guinea and to work with the Government to open up the Río Muni area of the country to mining. Under the terms of the agreement, the Government agreed to pay Ivory Resources US$31.5 million in cash in three installments with the first installment of US$11.5 million due in seven days. During the past 5-trading sessions, BLT gained 106.7% with daily average trading volumes of 1.1 million shares, while the stock accumulated 244.4% gain during the past one month with daily average trading volumes of 226,809 shares. The stock is up 210.0% year-to-date.
Company Description:
Brilliant Resources, Inc. (TSXV: BLT) explores for base and precious metals and oil and natural gas. The company holds exclusive preferential exploration rights in Equatorial Guinea in exchange for providing a national airborne geophysical survey.
1-Year Stock Chart:
Source: Bloomberg
