Macquarie Raises Target on BTO

MICHAEL GRAY, Macquarie Research (04/01/2011)
"Yesterday before market open, B2Gold reported a significant increase in reserves and resources at its 95%-owned Limon and 100%-owned La Libertad gold mines. . .with 2P reserves increasing by 16%, M&I by 11% and inferred by 7.7%. We rate B2Gold with an Outperform recommendation but have increased our 12-month target price to CAD$3.85 (was CAD$3.25) to incorporate the revised resource estimate, including Jabali into our model."

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