Just in... .....according to one analyst:
On June 18th, Colossus Minerals (CSI) provided a development update on the company's 75%-owned Serra Pelada gold-platinum-palladium project in Brazil. In short, the update highlighted the positive progress being made as the company works towards its initial production timeline which CSI has set for Q3/13. With construction progressing to plan, the bulk sample extraction nearing completion and the balance sheet buffered after the recent equity issuance, our confidence in CSI continues to grow. But despite the progress to date and project's risk profile declining, CSI's share price is trading near a 52-week low. As a result, we believe an opportunity has emerged for investors to consider building a position in the name and given the recent insider buying, it seems company insiders agree. Hence, we reiterate our BUY rating at this time. We have however, adjusted our 12-month target to $4.00 (from $4.25) to reflect a higher royalty rate which is being tabled as part of Brazil's mining code revisions.