High River Gold Mines Ltd HRIVF

Olma ammendment, my last post correction

[ccharlwood]

Olma Investment Company has put out a correction of its last research report. The new target is $1.76 with a 'BUY' recommendation, down from $2.53/share. https://freepdfhosting.com/c2578fb7a1.pdf

Also, Mongoose pointed out my mistake on my last post, so here is the corrected version below.

"Severstal reported a 38k oz drop in production for Q1. Berezitovy produced 87k oz in 2009 or 7300 oz/month. The statement in MD&A states that the 'main' crusher was down in Feb. This could indicate some production was still occuring.

HRG produced $433 per oz of cash flow in Q4 on average. If full shutdown and we missed on 7300K oz of production, then this amounts to $3.2M. This would take our cash flow down from $41M to $37-38M. If not a full shut down, then our numbers will be better than this. If there are no write downs in Q1, HRG should still produce a profit.

As Proud says, this is a short lived set back and a 2nd ball mill will allow the mine to eventually beat its peak production - maybe in Q2."

[bart_dc]

That's a substantial change to the target price but then again a lot closer to my own target.What do you guys think about the value of Bissa?What can we expect about total ounces of Gold and when can we expect production will start?Will it keep HRG a 300K+ producer (not counting on Prognoz or other projects that can be bought or developped)?Thanks for yhour insights!Best regards,Bart