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 >
AR: El Castillo Resource Update and Q410 Production
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JOHN MCCLINTOCK, Mackie Research
(01/11/2011)
"Argonaut announced its updated resource estimate and Q410 production numbers from its flagship El Castillo mine in Durango, Mexico. . .El Castillo resource update and Q410 production exceed our estimates. We had expected Argonaut would grow its global resource from 1.2 Moz. Au to 2.1 Moz., inclusive of 530 Koz. Au of reserves, vs. the global resource of 2.3 Moz. Au, inclusive of 645 Koz. Au of reserves reported. The company also reported record Q410 production of 18,292 oz. Au (but did not give cost guidance) vs. our expectation of 14,700 oz. at total cash costs of US$600/oz. However, we now expect total cash costs of US$552/oz. after adjusting for Q410 production results. . .Due to increasing our 2011 production estimates, our target price changes slightly upwards to $10.30 (was $10.25) based on 1.0x (no change) estimated NAVPS of $10.30 (was $10.25)." |
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