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Junior Gold Universe - by production, 2014 Estimate

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Junior Gold Universe

2014E Production (per Canaccord Genuity)





How much do you pay today for One Ounce of expected 2014 Gold Production ?


Symb. : Company-: Gold Oz : Price x ShsOS = MktCap '12MC/Oz : P/E :


EDV.t : Endeavour.. : 481 K : $2.16 x 411.M = $ 887.M : $ 1,844 : .N/A

AUQ.. : Aurico......... : 480 K : $7.78 x 282.M = $2194M : $ 4,571 : 25.0

NGD.. : New Gold.... : 467 K : 10.83 x 476.M = $5155M :$11,039 : 49.9

PRU.t : Perseus...... : 425 K : $2.02 x 925.M = $1869M : $ 4,396 : .N/A

RSG.au Resolute.... : 333 K : $1.49 x 629.M = $ 937.M : $ 2,814 : .N/A

SMF.t : Semafo....... : 280 K : $3.43 x 273.M = $ 937.M : $ 3,346 : 18.6

GSS.. : Golden Star : 278 K : $1.90 x 259.M = $ 492.M : $ 1,770 : .N/A

KGI.t. : Kirkland....... : 230 K : $6.68 x 70.2M = $ 469.M : $ 2,039 : 51.4

TGZ.t : Teranga...... : 218 K : $2.23 x 246.M = $ 572.M : $ 2,624 : 13.5

AR.t.. : Argonaut..... : 213 K : $9.98 x 125.M = $1248M : $ 5,856 : 18.8



LMA.t * La Mancha.. : 203 K : $3.50 x 143.M = $ 501.M : $ 2,466 : 15.4

BTO.t : B2Gold........ : 200 K : $3.95 x 393.M = $1552M : $ 7,762 : 23.4

ATN.t : Atna............. : 189 K : $1.19 x 145.M = $ 173.M : $ 0,915 : 6.90

PAF.L: Pan African.. : 187 K :19.5P x1821M = $ 556.M : $ 2,973 : .N/A

LSG.t : Lake Shore.. : 180 K : $0.91 x 416.M = $ 378.M : $ 2,100 : .N/A

AGI.t. : Alamos......... : 178 K : 15.95 x 121.M = $1930M :$10,843 : 19.3

JAG.t : Jaguar.......... : 173 K : $0.97 x 84.5M = $ 82.0M : $ 0,474 : .N/A

P.t.... : Primero......... : 162 K : $6.45 x 97.2M = $ 627.M : $ 3,870 : 7.60

TRY.au Troy Res..... : 157 K : $3.88 x 89.4M = $ 347.M : $ 2,210 : .N/A

ARZ.t : Aurizon......... : 149 K : $4.74 x 165.M = $ 780.M : $ 5,235 : 18.2


TMM.t : Timmins....... : 136 K : $3.00 x 144.M = $ 432.M : $ 3,176 : 12.5

AVM.L : Avocet......... : 135 K : 65.0P x 199.M = $ 229.M : $ 1,696 : .N/A

BRD.t : Brigus........... : 110 K : $0.94 x 231.M = $ 222.M : $ 2,018 : 12.3

LGC.v : Luna............ : 100 K : $3.45 x 105.M = $ 362.M : $ 3,620 : 33.8

AMZ.t : Amara /Cluff.. : 091 K : $1.58 x 168.M = $ 266.M : $ 2,923 : 15.5

CRJ.t : Claude.......... : 074 K : $0.58 x 174.M = $ 101.M : $ 1,365 : 29.0

IRL.t. : Minera IRL..... : 071 K : $0.81 x 152.M = $ 123.M : $ 1,732 : .N/A

ND.t. : New Dawn...... : 060 K : $0.86 x 45.6M = $ 39.2M : $ 0,654 : 17.5

GG.v : Galane.......... : 050 K : $0.79 x 48.4M = $ 38.2M : $ 0,764 : 0.70



Source :: http://www.endeavour...esentations.asp

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West African gold groups Amara, Aureus and Avocet underrated, says broker


17th Dec 2012, 1:00 pm by Philip Whiterow


The companies together offer exposure to multiple geographies.


Broker Investec has taken a liking to West African gold groups Amara Mining (LON:AMA), Aureus Mining (LON:AUE) and Avocet Mining (LON:AVM), all of which it values well above current market levels.


The companies together offer exposure to multiple geographies and varying stages of project development, thereby presenting a range of risk profiles, it said.

Burkina Faso, Ivory Coast and Sierra Leone-focused Amara is given a price target of 89p.

Amara has a healthy cash balance with reasonable cash flow from the operating Kalsaka Mine in Burkina Faso, but it faces time pressure with Kalsaka running out of reserves.


The recent successful Sega transaction has provided another two years of ore, but management needs to demonstrate the viability of the flagship Baomahun project in Sierra Leone.

Looking ahead, the broker expects exploration to add further growth.


Investec expects a requirement for around US$70mln of equity finance by 2014 to ensure the company has the balance sheet to develop Baomahun and maintain a healthy exploration budget of around US$15mln per annum and pay back debt.


Aureus Mining has taken a significant step towards development of the New Liberty project in Liberia with US$80mln of equity already raised and permits in place.

The resource base at New Liberty is significant, the broker says, with 1.7mln ounces (oz) at 3.5 grams per tonne (g/t) including a reserve of 910,000 oz at 3.3g/t Au (gold), which is high for an open pit, says Investec, but offset by a high stripping ratio.

Exploration upside both nearby and further afield could also support a longer mine life or even another operation.

The target price is 78p/share and is based on a risked net present value (NPV) of New Liberty, cash held post the recent equity raise and exploration potential.

The estimate also uses a flat gold price at US$1,700/oz with a risk factor of 50%.


Avocet has been recently been hampered by operational difficulties including mine fleet under-performance and metallurgical complexities, says Investec.

The team is led by a new chief executive and still has considerable work ahead of it to get its producing mine, Inata, back on course. However, it has a robust balance sheet and is undervalued in the broker’s view.


“We hope to see operational performance improve, reducing the perceived risk and lifting its market valuation. Avocet’s tenements also contain significant exploration potential,” said Investec, which has a price target of 92p.


/source: http://www.proactive...oker-51621.html


West African gold groups :

Amara Mining (LON:AMA) ... update / 091 K : $1.58 = $ 266.M : $ 2,923 : 15.5



Avocet Mining (LON:AVM) ... update / 135 K : 65.0P = $ 229.M : $ 1,696 : .N/A



Aureus Mining (LON:AUE) ... update


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Avocet just bombed yesterday. Has been in a downtrend for some time. I bought into this in 2008, sold a fair bit since, well in profit but still have a small stake left. Was about to flog what was left when this happens, hey ho...




- previous thread-


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Many - but not all - of the Gold stocks have ugly-looking charts now


EDV is one that has been disappointing

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NEWS TRIGGERS Coming / And Sector Picks


Near-Term Potential Catalysts:


+ Alamos Gold (AGI-TSX): We expect approval of the EIA for the Kirazli Deposit in Turkey.

+ Atacama Pacific (ATM-TSXV): Drill results, additional metallurgical and water pump test results are expected.


+ B2Gold (BTO-TSX): We expect 1Q13 production results, formal guidance from Masbate (mid-year), updated reserve &

resource estimates from Nicaragua (2Q13E).

+ Cameco (CCO-TSX): Cigar Lake production start-up mid-2013, ahead of delivery of first uranium pounds by year-end 2013E.


+ Copper Mountain (CUM-TSX): Copper Mountain is currently reviewing plans to add a secondary crusher to expand its SAG

mill capacity. The company plans to make a decision by the end of April 2013.

+ Eldorado Gold (ELD-TSX): Eldorado expects to receive EIA Approval for Perama Hill shortly.


+ First Majestic Silver (FR-TSX): We expect 1Q13 production results, an updated NI 43-101 report for the San Martin mine,

and news flow regarding the ramp up of production at the Del Toro Mine.

+ First Quantum Minerals Ltd. (FM-TSX): Expect an update on its plans and expectations for the newly acquired Cobre

Panama project (3Q13).


+ Lumina Copper (LCC-TSXV): Lumina plans to release a Preliminary Economic Assessment for its Taca Taca project in early


+ MAG Silver (MAG-TSX): Start of development at Juanicipio in 2Q13E (from late-1Q13E). Metallurgical results at Cinco by

mid-year. Drill permits at Cinco and a PEA at the Pozo Seco moly-gold deposit in mid/late-2013E.


+ Paladin Energy (PDN-TSX): We expect additional clarity on further ‘strategic transactions’ to generate cash and reduce debt

by July 2013.

+ Platinum Group Metals (PTM-TSX): Expect PTM to finalize details of the $260 mln debt facility (2Q13).


+ PMI Gold (PMV-TSXV): Management expects to obtain Environmental Permits, finalize a production decision, secure debt

financing, and commence construction for its Obotan Gold project in Ghana over the coming months.

+ Teck Resources Limited (TCK.B-TSX): Expect permit approval for a restart of Quintette coal mine (2Q13), SEIA re-submission

for QB2 (2Q13); a decision by Fort Hills operator Suncor on whether or not to proceed with the oil sands project (3Q13).


+ UEX Corp. (UEX-TSX): We expect a resource update at Shea Creek within the next week or two.




Mining Top Picks:


Gold – Alamos Gold, B2Gold, Continental Gold, Detour Gold, Endeavour Mining, PMI Gold, Sulliden, and Yamana Gold.

Silver – First Majestic Silver, MAG Silver, and Silver Wheaton.

Base Metals & Iron Ore – Capstone Mining, Copper Mountain, and First Quantum Minerals.

PGMs – North American Palladium.

Uranium – Cameco, Kivalliq, and Paladin.


(From Raymond James, Canada)

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Another very bad day for Endeavour


$1.33 Change:

arrow_dn_sm.gif -0.11

Open: 1.41

High: 1.43

Low: 1.30

Volume: 1,185,100 Percent Change:




March 27, 2013


Endeavour Mining Reports 2012 All-In Margin of $130 Million and Updates 2013 Outlook

Vancouver, March 27, 2013 - Endeavour Mining Corporation ("Endeavour" or the "Corporation")


(TSX:

THIS part sounds like good news:


Tabakoto produced 19,985 ounces at a cash cost per ounce of $1,250, and with the restructuring now underway, cash costs at Tabakoto have started to improve significantly during January and February 2013.


During 2013 we expect to increase gold production from our three mines to between 310,000 and 345,000 ounces with growth coming from the nearly-complete mill expansion at Tabakoto, while focusing on managing our costs. As a result of slower than expected access to the higher grade ore at Nzema's Adamus pits, we have revised our 2013 cash cost guidance at Nzema to $850 to $900 per ounce. In addition, we are increasing our 2013 cash cost guidance for Tabakoto to $880 to $920 per ounce due to the time lag for implementing and realizing the benefit of the cost savings measures. Overall, our gold production guidance remains unchanged.

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Avocet Mining (LON:AVM) ... update / 135 K : 65.0P = $ 229.M : $ 1,696 : .N/A






The window to purchase certainly looks open here, although I'm curious to know why the precipitous drop occurred June/July last year.


Here's an article from the Telegraph's QUESTOR back on 6th July 2012;



"Avocet Mining

64½p -3.65

Questor says HOLD


Avocet Mining is the latest gold company to leave investors out of pocket. Is a takeover now the only hope?


Last week the company issued a disastrous statement that saw an already weak share price battered.


Avocet, which is developing the Inata mine in Burkina Faso and has exploration assets in Guinea, cut its production guidance and delayed its growth plans. The news prompted concerns that the group would not now be fully funded for the expansion of Inata.


Because of problems with the grade of gold contained in the rock and waste movement at Inata, its guidance for 2012 gold production was cut to 135,000 to 140,000 ounces from 160,000 ounces.


The cut, essentially down to operational issues and tricky geology, is not in itself huge. However, lower production increases the cost of producing each ounce of gold.


As a result, the cash costs are now expected to rise to $1,000 (£645) to $1,050 an ounce from $800 to $850. In 2013, production is expected to be 150,000 to 160,000 ounces at $900 to $950.


Making the impact even uglier, the company's hedging position will also lose them money.

Avocet will effectively lose $100 per ounce for a quarter of its gold production.


All of this has resulted in massive downgrades to earnings forecasts for the next couple

of years.


The expansion plans at Inata required capital expenditure of $120m. Before the statement, the plans had been fully funded, based on earnings forecasts. But this is now in doubt. Analysts reckon that its cash at the end of 2013 will be about $90m.


This means more capital will have to be raised through debt – or even an issue of equity. The new funding constraints have also put at risk the dividend, which it only started to pay last year. The group was planning to give $20m a year back to shareholders, but this now looks pretty unlikely.


With a meaningful uplift in production not expected until 2014 or 2015, Avocet finds itself in a difficult position. The group is unable to make up production from other operations because it only has one producing asset – and it doesn't have enough cash to buy another mine to bridge the gap. Following the share price plunge, its paper does not have enough value for the group to engage in an all-share deal either."

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