Pan Asia Corporation (ASX: PZC) has received a price and volume speeding ticket form the ASX after the company's shares hit an intra-day high of $0.195 yesterday, up 82% from the closing price on Monday 30 January.
Pan Asia responded to the ASX saying that it was not aware of any material information that has not been released to the market, which may explain the sudden investor interest.
Look a little further though, it appears investors are starting to re-rate the stock, and there are definitely some supporting reasons to do so.
Towards the end of 2011 Pan Asia received a major 115% JORC Resource boost to 114.6 million tonnes at the Transcoal Minergy Coal Project in Indonesia - which importantly has 62% of the resource in the higher confidence categories of Measured and Indicated.
The size of the upgrade was better than expected at the time, and supporting the company's belief that the project has potential to be an initial open pit mine and bring project cash flows forward while generating a preferred entry for future underground mining.
A$0.92 price target
Throwing some weight behind the company, in November 2011 a research firm placed a speculative buy on Pan Asia based on the JORC Resource upgrade - while placing a A$0.92 price target on the stock.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/25081/pan-asia-corporations-receives-asx-speeding-ticket-after-82-share-spike-25081.html