"There's Gold In That There Hill"A very extensive and bullish report [30 pages] from CIBC. Here is a brief thesis of the project...
" CAN is conducting exploration on a recently dicovered gold deposit in the Handeni region of Eastern Tanzania. The HandeniProperty contains several targets for advanced exploration but the company's current focus is on the Magambazi ridge. The ridge hosts five recognized mineralized lodes that are being defined by diamond drilling. The lodes offer a blend of potential open-pit and underground development targets. We expect a resource containing several million ounces of gold will be indentified at Magambazi over the next 12 to 18 months and addition to the resource beyond this timeframe is probable. We anticipate open-pit grades will be nearly 60% higher than the African average for open-pit gold mines and that a premium should be applied in valuation of CAN. The Magambazi lodes will need to show continuity in detailed drilling to meet our expectations for grade, particularly within the portion we have allocated for open-pit extraction. We believe the share price of CAN will be driven by step-out and infill results at at Magambazi, by the initial resource estimate scheduled for release in the next six months and by drilling results at regional targets outside the Magambazi area, along the MK trend."