Mexus Gold US (OTCMTS:MXSG) Stock Sees Selling Pressure At Higher Level

Mexus Gold US (OTCMTS: MXSG) fell 23% after announcing that October 2021 revenue was $128,000. The company expects November sales to exceed $150,000 due to current heap leach pad upgrades and the addition of extra activated carbon cells to capture value.

Market Stats

On Monday, MXSG stock fell 23.08% at $0.0100 with more than 1.10 million shares, compared to its average volume of 794.57K shares. The stock has moved within a range of $0.0100 – 0.0135 after opening the trade at $0.0135.

Company News

At the Santa Elena site, the company continues to make significant progress. As a result, production revenues should continue to rise, with $200,000 in monthly revenue expected by January 2022, allowing the company to begin eliminating and reducing its outstanding debt.

The US-based mining firm has properties in Mexico. There is Santa Elena mining resource is located 54 kilometers northwest of Caborca, Mexico. Also the company owns the Uresmining resource, which is located 80 kilometers north of Hermosillo. This property is 6,900 acres in size and contains both copper and gold claims. Established in 2009, the company is dedicated to environmental protection, mine safety, as well as employing residents of surrounding communities in areas where it operates. So, in the coming months, investors should keep an eye on MXSG.

Key Quote

“We continue to make great strides at our Santa Elena property. Revenues from production should continue to increase and we expect $200,000 a month by January 2022 affording the company the ability to begin reducing and eliminating our outstanding debt.” added Mexus CEO Paul Thompson.

Traders Corner

MXSG stock is trading below the 20-Day and 50-Day Moving averages of $0.0135 and $0.0152 respectively. Moreover, the stock is trading below 200-Day moving average of $0.0232. The stock is down 35% in the past month.