AR: Production Growth Not Factored into Share Price

JOHN MCCLINTOCK, Mackie Research (03/28/2011)
"Argonaut has already released Q410 production results and 2011 production guidance; however, the big takeaway is that we see this quarter as further evidence of AR management's ability to consistently execute. Action—Buy Now or Have Regrets: We continue to value AR at CAD$9.50/share. . .however, future production growth is yet to be priced in."

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