Michael GrayMichael Gray, a mining analyst at Pacific International Securities in Vancouver, British Columbia, also downplayed the report, noting that it contradicts the signals coming from the Ecuador government and mining associations "lobbying for a positive mining industry in Ecuador."
"This is a little bit out of left field. It does not add up, so therefore I am advising clients accordingly," Gray said.
Gray maintains a "buy" rating on the stock with a target price of C$75.00.