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 >
Encouraging Metallurgical Results from BIOX Testing
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HAYTHAM HODALY, Salman Partners Inc.
(05/08/2009)
"Yesterday, Inter-Citic Minerals released results from metallurgical testing involving bio-leaching from bulk flotation concentrate samples taken from its Dachang project (China). The results of the testing showed gold recoveries of roughly 89%. These recovery levels of gold leach into solution occurred after four hours, with no signs of 'preg robbing' (loss of gold by the re-absorption of dissolved gold cyanide onto carbon materials). 'Overall gold recoveries to doré are predicted to be 85%, assuming 96% for the flotation stage, 89% for the BIOX/CIL stage, and 99% for solution/goldroom losses.' We assume that Dachang would realize about a 90% recovery rate over the life of the mine. Based on our current assumptions for recovery rates for Dachang, we view the testing as positive for the company. We value the shares of Inter-Citic based on 60% of our estimate of Inter-Citic's NAV. Using this methodology, we arrive at our target price of Cdn$1.45 per share. As our target price represents more than considerable upside from current levels, we maintain our SPECULATIVE BUY recommendation on the shares of Inter-Citic." |
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