http://www.silvaterra.on.ca/bullboard/b_of_m_lsg.pdf

Lakeshore Gold was one of their 15 outperform picks while San Gold was a market perform.

SGR reported EPS in line with expectations, despite reporting 24% lower production at the Rice Lake mine. San Gold (SGR.TSX) Market Perform (S); Target – C$4.00

SGR announced Q3/10 adjusted EPS of (US$0.01), slightly below the BMO Research at $0.00 and in line with consensus at (US$0.01). Q3/10 sales of 10.4k oz gold from the Rice Lake mine were 24% lower than the BMO Research forecast of 13.7koz.The miss in Q3/10 gold sales is attributed to a lower-than-expected average grade of 6.25g/t gold, versus the BMO Research forecast of 7.3g/t. The recovery rate of 92.8% was in line with the BMO Research estimate of 93%. Cash costs of US$1,080/oz were higher than BMO Research at US$719/oz.