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North Shore Uranium Ltd NSU


Primary Symbol: V.NSU

North Shore Uranium Ltd. is a Canada-based company, which is engaged in the exploration for uranium deposits at the eastern margin of Saskatchewan’s Athabasca Basin. The Company conducts its exploration programs on its two properties, the Falcon Property and the West Bear Property. The Falcon Property is located approximately 35-kilometer (km) east of the former Key Lake Mine and the active Key Lake uranium mill which processes ore from the McCarthur River Mine. The West Bear property consists of five mineral claims totaling 4,511 hectares located at the eastern edge of the Athabasca Basin which hosts two producing uranium mines.


TSXV:NSU - Post by User

Bullboard Posts
Post by scissors14on Jan 11, 2006 10:49am
354 Views
Post# 10153880

Update From Canaccord

Update From CanaccordNevsun Resources (NSU : TSX : $2.46) - Speculative Buy - Target: $4.10 Analyst: Steven Butler Comment: Nevsun updates Bisha Resource Nevsun reported results of its 2005 drill program at its Bisha property in Eritrea. Total measured and indicated resources have increased 15% for gold, 15% for silver, 20% for copper and 1% for zinc. Improvements have come as a result of improved tonnage and grade and the discovery of a new zone with greater than 0.5% copper but less than 2% zinc. Tonnage in the inferred category has increased over 100%, resulting in a 43% increase in copper and a 122% increase in zinc in that category. Nevsun will incorporate these results into the Bisha feasibility study expected out in mid-2006. These results are generally in line with our expectations, but we currently value the Supergene zone on an in-situ multiple basis. A DCF analysis of the deposit could add approximately 10-15% to our company valuation. We also expect the update to be received positively by the market as it demonstrates progress at the Bisha property. We are currently reviewing our commodity price outlook and expect to revise our estimates in the coming week. We maintain our SPECULATIVE BUY rating on Nevsun's shares. Near term catalysts for Nevsun include the expected Q1/06 declaration of commercial production at Tabakoto in Mali and the expected release of the Bisha feasibility study in mid-2006. Our target price of C$4.10 represents 0.8 times our 5%/$525/oz peak gold NAVPS of approximately C$5.10.
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