www.nationalpost.com/todays-paper/story.html?id=1702947 -
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Published on: 6/17/2009
Last Visited: 6/17/2009
Daniel Earle
Business
Financial Markets
...
Everyone is talking about Ventana Gold Corp. (VEN/TSX) these days, and TD Newcrest analyst Daniel Earle thinks the hype is justified.
Following a visit to the company's La Bodega project in Colombia, Mr. Earle wrote in a note that Ventana "may be in the early stages of making a world-class discovery.
As a result, he hiked his target price from$4 a share all the way up to $10 a share.
This is a company that traded at precisely 4ยข last November, before some of the amazing drill results from the La Mascota zone at La Bodega started to flow in.
In his model, Mr. Earle assumed the project generates production of 550,000 ounces a year at total cash costs of just US$295 an ounce.
His target is based on a multiple of one times his net asset value (NAV) estimate, using a gold price of US$900 an ounce.
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