Investment Highlight
- An updated resource estimate for the Siribaya project increases grade 35% and establishes indicated resources of: 4.01 million tonnes @ 2.39 g/t gold – 308,200 ounces contained.
- Zone 1A, previously thought to be part of the same substructure as 1B has been identified as being part of a second independent sub-structure running parallel to 1B within the extensive Siribaya structure effectively doubling the company’s high potential exploration targets.
- IAMGOLD Corporation has assumed operatorship. We believe this project has a very high potential to be developed into a producing mine.
- At the end of May 2010, the company had $2.33 million in cash and cash equivalents.
- We reiterate our BUY rating and raise our valuation from $0.52 per share, to $0.60 per share.
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