Mission Mining Co (OTCMKTS:MISM) f/k/a EnviroXtract, Inc. – Another Gold Miner in the Land of Pennystocks

Up until 6 months or so ago Mission Mining Co (OTCMKTS:MISM) had another name and tried to make it big in another industry. When it was called EnviroXtract, Inc the company was involved in the environmental cleaning of oil spills and other toxic chemicals that require to be separated from any contaminated soil. Despite trying to sell their technology for several years with no revenues and they finally decided to call it quits.

Looking for what to do next, back in October 2012 they decided that gold is the way to go so they changed their name, acquired a new ticker and quickly found a mining property for their operations. But they failed to gain the interest of investors and the ticker barely saw any trading since the switch. All that changed two weeks ago when they finally showed some signs of life.

In that short period they managed to climb from $0.07 to $0.2 before taking a step back to close at $0.189 on Friday. If you are wondering what major event sparked this sudden positive movement, don’t be. The reason is that a paid promotion was initiated for MISM. HoleInOneStocks, PennyStockParlay and MicroCapDiagest, all of them affiliates of GS Media, took the lead by disclosing a $15 000 compensation for their services.

To support the promotion MISM themselves released a press announcement promising a bright future for their investors. The mining property they acquired is supposed to contain billions and billions of dollars in precious metals and MISM is striving to become a fully reporting SEC company.

And as we mentioned SEC, let’s take a look at the financial report for the first quarter of 2013. According to it at the end of the period the company had :

• $43 cash
• $36 thousand total current assets
• $724 thousand total current liabilities
• no revenues
• $26 thousand net loss

In order to boost these dismal figures (43 in cash!), MISM put their mining property as an asset worth $400 million. The company managed to pay for it buy issuing 38,000,000 shares of Series I Preferred Stock. Each share converts into 10 shares of the company’s common stock or more than half of the maximum authorized amount.

Before MISM the same newsletters were part of another pump for another gold mining company – Gold Dynamics Corp.(OTCBB:GLDN). The ticker has lost almost 60% of its value since then illustrating quite efficiently the aftermath of almost any pump.

How are MISM going to pay in order get the gold out of the earth remains a mystery. Even a bigger mystery is how are they going to implement their 5 year plan with so little funds to rely on. In such a long time they might even decide to overhaul their business all over again. Investing in MISM is extremely ill-advised without doing you own research beforehand.