Gold Canyon Resources Inc V.GCU

CIBC World Markets

[retiredcf]

Here are a couple of extracts from the report released this morning. They are being pretty conservative in their assessment but still have a target price 65% higher than it is today (ie. $3.50). GLTA

 

 

 

We believe the near 15% drop in the GCU share price post-release was caused by market expectations for total gold ounces greatly exceeding realistic figures, resulting in disappointment. We expect resource expansion will continue in 2012 and that a revised estimate will be produced in Q3.

 

 

 

Total contained gold is below our initial estimate of 4M oz. but grades are over 15% higher than expected. A significant silver component also helps to reduce estimated costs. The increased gold grade and large silver component offset less gold ounces; our NAV decreases only marginally.