GPR a Great among Silver Juniors

TIMOTHY LEE, Salman Partners (01/19/2011)
"A new three-year organic growth strategy was implemented in 2010 with a target of reaching silver equivalent production of 3.8 Moz. at a total cash cost of US$4/oz, net of by-products in 2012 and building a resource base of at least 40 Moz. silver equivalent. Given the exploration success of the first year, the company recently announced that it increased its exploration budget for 2011 by more than twofold, to roughly 60,000 meters. . .Given the more than 30% return to our target price from current levels, our bullish outlook on precious metals, the company's strong liquidity position and attractive valuation, we are initiating coverage on Great Panther Silver with a BUY recommendation."

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