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Crescent Gold's 40% share spike queried by ASX

Crescent Gold (ASX: CRE, TSE: CRA) has had a strong week on the market, its share price increasing about 40% between Friday December 2 and Tuesday December 6.

The movement in the share price has brought the company to the attention of regulators, with the ASX issuing a “please explain”.

Crescent was issued a speeding ticket for the rapid increase in its price from the exchange yesterday.

The company replied that it was not aware of any information that could explain recent trading that had not been announced.

Focus takeover

In October this year, Focus Minerals (ASX: FML) completed a takeover of Crescent. The new group is targeting a 200,000 gold ounce production target from as early as 2012.

Focus has previously stated its intent to make changes to the Crescent board, and de-list Crescent from the ASX and TSX.