Double Crown Resources Inc (OTCMKTS:DDCC) shares were up 11.11% on Wednesday to $0.0100 and flat in after hours trading. Share prices have been trading in a 52-week range of $0.01 to $0.02. The company has a market cap of $5.37 million at 507.31 million shares outstandnig.
Double Crown Resources Inc is an exploration-stage company whose business plan focuses on building a portfolio of producing mineral properties through acquisition of properties that are in production or have the potential for near-term production. It intends to participate in negotiations and discussions with joint venture parties regarding sourcing frac-sand, barite, guar gum and other industrial chemicals and establishing the infrastructure to deliver these materials to oil and gas drilling sites.
In yesterday’s press release, Double Crown Resources Inc announced that it acquired a controlling interest of major gold, silver, and precious metals property in the Puebla region of Mexico. Earlier in the year, the company was able to establish working relationships and contracts with international gold buyers for high volume shipments and this acquisition of Puebla mineral rights can allow it to fulfill these orders and accelerate its business.
Mines in this Puebla region have yielded an abundance of precious metals resources, which will help Double Crown Resources Inc fulfill multiple high value supply projects over the next several years. The company plans to invest up to $1,000,000 towards the funding of this acquisition.
In the first phase of operations, Double Crown Resources Inc anticipates that new revenue flow from the gold tailings processing and sales will begin within 60 days. This involves employing an environmentally-safe technology that can give higher yield for precious metals. Representatives from this partnership have stated that they support this new technology that can also stimulate gains for the local economy.
From this the company is laying out plans to set up complete production operations at the established mining sites in Mexico. It will send a team out to the region to immediately begin the initial gold tailings processing phase of the plans.
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