This explains the drop.(Wesdome downgraded)So, we should all go to sleep for at least 6 months. This won't see $2 for a while.
Wesdome Gold Mines downgraded to "hold"
Wednesday, April 11, 2007 2:13:37 PM ET
Research Capital
NEW YORK, April 11 (newratings.com) - Analyst Barry Allan of Research Capital downgrades Wesdome Gold Mines Ltd (ticker: RKVA) from "buy" to "hold." The 12-month target price has been reduced to C$1.60.
In a research note published this morning, the analyst mentions that the company has reported gold production of 53.0 koz, and direct operating costs of approximately $523/oz for the full year. Wesdome Gold Mines has reduced its production guidance for 2007 to 70 koz, which represents half of its capacity, due to the potential negative impact of the underground development of a new ore zone at Eagle River on the 2H07 output, and of the ore grades and throughput at the Kiena mine on 1H07 results. The NPV estimate for 2007 has been reduced to reflect higher capital and operating costs, the analyst says.
https://www.newratings.com/analyst_news/article_1509946.html