TD Newcrest Raises Target BTO

STEVEN GREEN, TD Newcrest (04/01/2011)
"The company released its reserves and resources statement; total resources now stand at 66.3 Mt. grading 1.55 g/t containing 3.3 Moz. gold. . .[and] an initial resource estimate at the Jabali zone at La Libertad of 3.5 Mt. grading 4.58 g/t containing 522 Koz. gold. This near-surface resource is a significant addition, in our view, as it should allow Libertad to grow production with declining costs in the near future with no additional capex; raising our 12-month target price to CAD$3.75 from CAD$3.50."

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