Pan Asia Corporation (ASX: PZC) has been on an upwards share trajectory this week, hitting an intra-day high of A$0.175 yesterday, marking a 67% increase on last Friday’s close of $0.105.
Shares were up 6.9% to $0.155 today as the broader Australian market wiped off some of yesterday’s gains, shedding 8.4 points, or 0.2%.
While the Australian market has spent most of the week in the red, Pan Asia continued to buck the trend, rising 9.52% to $0.115 on Tuesday January 31.
The company rallied further on Wednesday February 1 with shares jumping 21.74% to $0.14.
While there has been no news released this week besides the company’s quarterly reports, investors appear to be finally realising the potential Pan Asia possesses.
A recent US$1 million commitment in funding from Kopex for drilling through to final Feasibility Study at Pan Asia’s flagship Transcoal Minergy (TCM) Coal Project in South Kalimantan, Indonesia, vindicates the quality and potential of the TCM project to "feed" hungry Asian energy markets.
Pan Asia chief executive officer Alan Hopkins said recently, “The terrific progress on the TCM project is building a good platform for 2012 and the coming six months hold much potential.”
TCM has a JORC Resource of 114.6 million tonnes, with an overall exploration target of 200 million tonnes over the next 24 months.
Pan Asia expects to deliver a final Feasibility Study in the first half of 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24853/pan-asia-corporation-takes-the-asx-by-storm-shares-up-67-for-the-week--24853.html
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