Dundee just released their update on sangold. They reduced their price target from $5.50 down to $5.30 because of the recent dilution yet it is still a top pick and they are understanding and cautiously optimistic. Some highlites.
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As SGR continues to work through the development process, grade variability is normal
and expected.
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a rich reward may be in store for investors willing to exercise patience; hence our
BUY rating and $5.30 target price.
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We continue to view San Gold as a "2011 story" and with some positive changes in 2010
(George Pirie joining the company), the path ahead looks promising.
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While 2010 exploration at Rice Lake demonstrated promise, 2011 will be focused on
production as the exploration program will shift closer to identified deposits in order to
assist in the planning of future production.
This was all followed up with the full financial spreadsheet.
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