Dallas, Texas 11/01/2013 (Financialstrend) – Laredo Resources Corp. (OTC Markets:LRDR) is a penny stock with a market cap of $8.5 million. The company is into gold extraction. On October 9, the company announced that it had contracted hauling company “M & W Milling and Moen Excavation” to truck out the gold ore which has been accumulated at the Pony mining site to a better situated staging area which has been identified at the base of the mining property. At the staging areas the ore would be further crushed and made suitable for shipping to processing plant. The goal miner has also disclosed that the “ The department of Environmental Quality DEQ” has already given its go ahead and issued authorization for the above described activities.
The ore will be subjected to testing to determine the extent of gold content by a in house geologist before the crushed ore is allowed to be shipped out of the mining property. This final leg of testing is being considered a add on test, since the ore dumps have already been subjected to bulk sampling by a dedicated team directed by “Moen Excavation over the past several months”. The ore samples have also been subjected to an ICP scan which is designed to estimate the “levels of impurities and/or contaminants’.
Laredo is taking this precaution to prevent any untoward contamination of the ore at a later date post the ore leaving its mining property. Next in the sequence of events is the situation of a 100 tons per hour processing capacity crusher on the mine premises. Readers should note that the “Pony Mountain Gold property” is situated in the gold yielding “Mineral Hills District in South Western Montana”. As of 9:30 ET on November 1, the stock of this micro cap gold extraction firm was up 22% to trade at $0.049 per share.