Generation Mining Limited (OTCMKTS:GENMF) Stock Soars After Announcing Completion of EIS Review

This morning most investors are likely to look into those stocks which may have clocked significant gains yesterday and one of the stocks that could be worth tracking is that of Generation Mining Limited (OTCMKTS:GENMF).

Market Stats

On Wednesday, GENMF stock jumped 12.14% at $0.6030 with more than 35k shares, compared to its average volume of 47.7k shares. The stock has moved within a range of $0.5520 – 0.6061 after opening trading at $0.5959.

Completion of EIS Review on Marathon Palladium-Copper Project

The stock was in focus after the company made a key announced and ended the day with gains of as much as 12%. The company announced yesterday that the review of its Environmental Impact Statement Addendum in relation to the Marathon Palladium-Copper project had been concluded by the federal-provincial Joint Review Panel. The panel concluded that the information provided by the company is enough for the public hearing to proceed.

It was a significant development for the company and the reaction of the investors was understandable. However, in this regard, it is also necessary to point out that there are further steps that need to go in the company’s favour. The next important thing for investors to keep in mind with regards to Generation Mining will be the virtual hearing that will take place on February 15 next year. The hearings are going to take place over a period of 30 days. At this point, it may be a good idea to add the stock to your watch lists.

Key Quote

“This is a major milestone in the development of the Marathon Project,” stated Jamie Levy, President and CEO of the Company. “The Company is looking forward to hearing from all participants on their views on the potential environmental and socioeconomic effects of the Marathon Palladium-Copper project.”

Traders Corner

GENMF stock is above the 20-Day and 50-Day Moving averages of $0.59 and $0.56 respectively. The stock is trading in the neutral zone with the RSI at 54.  The stock is up 4% in the past month.