Franklin Mining (OTCMKTS:FMNJ) Stock Sees Heavy Selling Pressure

Although there was a major development with regards to Franklin Mining (OTCMKTS:FMNJ) on Thursday, the company’s stock suffered considerably and tanked by as much as 42% as a consequence.

Market Action:

On Thursday, FMNJ stock decreased 42.86% at $0.0100 with more than 2.61 million shares, compared to its average volume of 295.68K shares. The stock has moved within a range of $0.0100 – 0.0125 after opening the trade at $0.0120.

Franklin Mining CEO Signs Contract for Development of Puqio Norte Mine

In this situation, it is perhaps important for investors to figure out if the falls in the stock could in fact be an opportunity or not. On Thursday it emerged that the Chief Executive Officer of Franklin Mining, William Petty had gone back to Bolivia for overseeing the development of a number of gold mines in the country. It should be noted that Petty and the company’s Vice Presidents of Operations in Bolivia Fernando Freudenthal inked a letter of intent with Bolivia Progressa Coopertiva.

In this context, investors need to keep in mind that the letter of intent is going to allow Franklin Mining to work on developing the Puqio Norte mine. That mine in question has an excellent history as far as production is concerned and it has been suggested that it contains materials to the tune of 10 million tons. Although the news resulted in a steep fall in the Franklin Mining stock price, it might be a good idea to keep an eye on it and see if the stock can make a recovery.