The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Updated Resource Estimate for Santa Elena Project
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SIDDHARTH RAJEEV, Fundamental Research Corp.
(03/02/2009)
"A recently updated mineral resource estimate on the Santa Elena project in Mexico increased indicated gold and silver resources by 150% and 173%, respectively. Updated NI 41-101 resource estimates are: 339,600 oz gold, 11.93 million oz silver probable; 190,600 oz gold, 11.82 million oz silver indicated and; 116,235 oz gold, 7.98 million oz silver inferred. We are encouraged not only by the increase in indicated resources, but also the increase in grade of these resources as we expect this will likely lead to decreases in per-ounce operating costs once production is underway. As a result of the increase in resources, our DCF valuation on the Santa Elena, and the Cruz de Mayo properties, increased from $0.73 to $0.91 per share. Based on our revised valuation models, and review of the company's progress since our previous report, we reiterate our BUY rating, and maintain our fair value at $1.98. Although the comparables valuation has dropped, the DCF value has increased which shows that the company is progressing its projects in the right direction while the market continues to be volatile." |
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