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 >
"Really Big Minerals" Just Doesn't Have the Same Ring
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NICHOLAS CAMPBELL, Canaccord Genuity
(03/12/2009)
"This week, Colossus closed an 11.5 million-unit offering, raising gross proceeds of $24.7 million for the company. With the financing, the company should have in excess of $31 million in the bank. Canaccord Adams Metals & Mining Analyst Nicholas Campbell expects the company to spend roughly $10 million in 2009 on its 75%-owned Serra Pelada gold/PGM project in Brazil. The 2009 program will likely include 10,000m of core drilling, analysis of rock mechanics, metallurgy and environmental base line studies, with the objective of submitting a Final Exploration Report on the Serra Pelada project by the end of the year. The final exploration report is required before a Mining Lease can be issued on the Serra Pelada Project. If the company can keep to this timeline, a Mining Lease could be approved on the project by mid-2010. An option payment of ~US$5.9 million is payable to COOMIGASP 60 days after a Mining Lease is granted. With this financing, Colossus should have sufficient funds to complete its Phase II and Phase III programs at Serra Pelada and make the option payments to COOMIGASP as part of its earn-in agreement. Campbell believes that the Serra Pelada project has the potential to host a 3.5 million gold-equivalent resource. And remember that is not your average 3.5 million ounces of gold, the economics at Serra Pelada should be drool-worthy given the amazing high-grades Colossus is coming up with. The highlight interval reported by Colossus in earlier February was Hole FD-072, which returned a 7.88m interval grading 406.4 g/t gold, 98.4 g/t Platinum, 115.7 g/t Palladium, 2.74 g/t Rhodium and 1.52 g/t. As spot prices, this is a 7.9m interval grading 547.6 g/t AuEq!" |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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