Beautifully done report: This Vancouver-based research company has initiated coverage on ANX with high expectations for the future. The report is 33 pages and contains some dramatic photos especially of the open-pit mine site itself; the inside of the mill; and excellent geological mappings. They note that adjacent miners have approached ANX to get ANX to lease their properties with the expectation that there is viable mineralization on these properties. The report notes that Pine Cove is the ONLY pure gold producing operation in the entire Province of Newfoundland and Labrador. The report has now reached Baystreet circles as it is now featured on the Baystreet newsletter. Overall, their opinion is positive so long as the price of gold holds up otherwise they see ANX as undervalued in relation to its peers and have set a starting evaluation on early production start-up numbers of .20cents/share but the report notes that ANX expects to produce 12,500 ozs in this FY 2012 and is very capable of maintaining a throughput of 1,000+tonnes of ore per day and notes that should the other drilling locations at Pine Cove return viable gold deposits, the mill can and will likely be expanded to handle more production. They see the entire property including Pine Cove, Romeo and Juliet and other as prolific with mineable gold. They appear confident that ANX's balance sheet will soon be clean enough to expand mining operations. Their recommendation is a "Strong Buy".