from May 12th:

http://www.theglobeandmail.com/servl...

National Bank Financial is naming names in a gold sector that the investment bank sees as ripe for consolidation.

Working from the logic that there has never been more pressure to cut deals in junior mining, National Bank Financial analyst Brian Christie published a report Tuesday that highlights the most likely takeover targets.

The three top targets among development plays, in National Bank Financial's view, are Anatolia Minerals, which owns a property in Turkey, Fronteer Development Group and Kodiak Exploration, which gave away a gold bar at the recent PDAC convention in Toronto.

The likely candidates for consolidation among junior plays are Allied Nevada Gold, Aurizon Mines and San Gold Corp.

What will drive takeovers? Mr. Christie rolled out a long list of factors, familiar to any investor who has followed the junior mining plays through the credit crunch and recession. The analyst said gold company takeovers will result from, in no particular order, “production growth; time to production; project diversification; creation of value; better liquidity; strengthening of management and boards; organic growth issues and asset replenishment; lofty valuations and high cash balances; and financial distress.”

The key reason there have not been more takeovers up to this point, according to National Bank Financial, is "entrenched management teams."
“For many management groups, there has been no financial incentive to complete a transaction. This may change as option positions get reset,” said Mr. Christie.