New York, NY (1888PressRelease)
June 20, 2008 - Stockhouse reports that Norambac Mining (TSX-V: NMB) has also received notice of a trading halt this morning (along with Pediment Exploration (TSX-V: PEZ). The reason for the halt is the classic "pending news." In the case of Norambac, however, unlike Pediment, news had not yet hit the wires as of 10:06am EST.
The stock chart for Norambac has been filling out a long-term pennant pattern, down from highs near 80 cents in April, 2007, to current 45-cent levels. The stock appears to have been finding support along this trajectory at about 35 cents. It is up from near 5 cents back in late 2006.
With respect to recent news releases from the company, Stockhouse member 'ewa999' said, "Well, we got a bit of that sun over the last couple of days. It's only a matter of time for the 0.48 price reached today will be the bottom price. Looking good [sic]."
Earlier, another Stockhouse member 'resource' had expressed the following thoughts: "Can't believe the stock is this cheap considering the drill results that have been coming out. I think this baby is due to make a move higher. In Mexico hole VMP-18, which returned 1,014 grams per tonne silver, 2.31 per cent lead and 1.82 per cent zinc over 4.50 metres; VMP-17, which returned 351 g/t over 5.40 m and hole VMS-12, which intersected 550 g/t Ag over 5.05 m. These are great results [sic]."
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