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Analyst puts sell on Probe Mines (V.PRB), drops stock price target by 60%

Peter Kennedy Peter Kennedy, Stockhouse Featured Writer
3 Comments| June 11, 2014

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Scotia Capital said Wednesday it is expanding its sell thesis and lowering its stock price target for Probe Mines Ltd. (TSX: V.PRB, Stock Forum).

Scotia analyst Mike Hocking has dropped his stock price target to 50 cents from $1.30. “We maintain our sector underperform rating,’’ he said in a research report.

The move comes after Probe released an initial indicated underground resource estimate for the Borden project in Ontario of 1.6 million ounces gold at a grade of 5.39 grams per tonne.

Traders responded by sending the shares down 11% to $2.45 Wednesday, leaving a market cap of $187.1 million, based on 76.4 million shares outstanding. The 52-week range is $3.95 and $1.47.

Hocking went on to explain that Probe shares were purchased because investors thought the company might define a high-grade underground deposit at its Borden project.

“It now appears that Probe has outlined a moderate-grade deposit at an orientation that is awkward for efficient mining,’’ he said.

“We recommend that clients sell their position in Probe Mines.’’


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