Shares of South American Gold Corp. (OTC: SAGD), an exploration stage company engaged in the assessment, acquisition and exploration of mineral properties, tumbled in Friday’s trading session.
The penny stock of SAGD ended the day 25% lower at $0.0057, with volume up from daily average of 846,556 to 37.03 million. The stock fell 94.3% in the last three trading sessions.
According to a 10Q filing made by SAGD last month, the company has not generated any revenue since its inception. During the quarter ended March 31, 2012, SAGD incurred operating expenses of $143,826. The company’s exploration costs for the quarter were $42,318.