AVR: Excellent Surface Targets

PAOLO LOSTRITTO, Wellington West Capital Markets (02/25/2010)
"Ramp up to 200k ounces of gold production must first transition into underground miner in Mali. Crossing into the realm of underground mining in 2010. Transition period in late 2010 and early part of 2011 will be challenging as underground mining presents unique labor intensive challenges. Plans to double throughput should benefit from higher grades. Excellent surface targets that could prove to be game changers. AVR has embarked on an aggressive exploration program that could find additional open pit material. Target characteristics suggest size potential. Maintain our Buy rating but increase our target to $0.80 from $0.75."

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