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 >
XRA: Room for Expansion at Cerro Moro
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Junior Mining Weekly (02/23/2010)
"Last week Barrick Gold announced it would purchase an additional 25% interest in the Cerro Casale Au-Cu deposit from Kinross for US$475 million, altering the companies' respective interests to 75% and 25%. Exeter's 100%-owned Caspiche Au-Cu prospect is located 10 kilometers north of Cerro Casale, and currently hosts 31.7 M AuEq oz mineral resource, which is characteristically similar to Cerro Casale. Based on Exeter's current market cap, it is being valued at an enterprise value of US$17.1 per AuEq oz (assuming no value for Exeter's other assets) versus an average of about US$34.8 per AuEq oz (US$33 per AuEq oz weighted average) that has been historically paid for gold resources in the Maricunga. We apply a risk-adjusted value of US$25/oz AuEq to the bulk of inferred gold equivalent resources at Caspiche. We have based our metrics on a modest discount (to account for early development stage of Caspiche) to historical takeovers in the Maricunga area that average US$34.8 per AuEq oz. For Cerro Moro, we apply an in situ value of US$75/oz AuEq to NI 43-101 inferred resources the project is estimated to contain (646,000 oz AuEq on 100% basis). We assume resource expansion potential of 600,000 oz AuEq at Cerro Moro (100% basis). Based on our total valuation of US$860.1 million, we have SPECULATIVE BUY rating on Exeter and a 12-month target price of C$11.75." |
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