25 May 2012

Orogen succumbs to profit taking

03/10/2011 Miles Nolan

Well followed sub-penny share Orogen Gold (ORE) has fallen by over 30 per cent today, despite issuing positive soil sampling results.

The AIM listed gold explorer has collected almost 3,000 soil samples from a previously unexplored area between the historic Rusman and Gindusa mines in Serbia. Having sampled a five kilometre strike length of the Deli Jovan structure, the intention was to identify previously unknown or unworked gold veins. Orogen has announced that the results include a zone of gold soil anomalies, with partly coincident copper and arsenic anomalism.

All soil anomalies will be checked in the field, with follow up programmes expected to lead to subsequent diamond drill testing. The main focus for Orogen is the re-opening of access to mines which were last in operation over 70 years ago, however the soil samples provide a clue to the possible wider scope of its concession area.

Orogen is a classic example of 'buy on the rumour - sell on the fact' following a ramp in its share price over the last week. The news today is actually pretty positive, so at the current level of 0.7p, it provides a good opportunity for investors with a risk appetite to buy in. With trading volume of over 80 million shares, this is an extremely well traded stock on AIM.

Tags: AIM market, Day traders, Penny shares, Serbia

Sector: Mining

Companies: Orogen Gold

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