Prom Resources’ stock is currently up 51.5% from Tuesday’s close last week, and has showed continued strength during today’s trading session. Recently the company announced a new office location in Madagascar. The new location will give management efficient access to mine site locations and the ability to rapidly transfer mine site shipments overseas.
Madagascar is known as the world’s major source of sapphire and is estimated to contain more than 50% of the world’s supply. The nation also has a history of steady gold production, but has remained mostly unexploited by big scale mechanical mining.
The President of Prom Resources, Dror Moradov, stated in the press release, “Our Company has been operating in Madagascar for 10 years now and continues to be amazed by the continuing potential and possibilities of this true Treasure Island. Having an office located in the Capital Antananarivo gives us both prominence and the ability to effectively manage our shipping of resources overseas for further processing.”
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