WAYNE HEWGILL, Regulus Resources Inc. (07/21/2010)
"The San Jose mine is planned for completion and commissioning at a rate of 1,000 tons per day (tpd) in the Q311. At full production, the mine is planned to operate at a rate of 1,500 tpd and produce 5 Moz. silver eq., boosting the company's annual silver eq. to 7 Moz. Fortuna is well on its way to developing water and power resources for the mill facility. With US$74M in the bank and the US$20M credit facility, the company is fully funded to construct the San Jose mine. We are upgrading our recommendation to BUY from NEUTRAL while maintaining our 12-month target price of $2.45, with a SPECULATIVE risk rating."

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