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Thursday, 23 August 2012
Stonecap Securities ups Great Panther target price to $2
Capital markets firm Stonecap Securities (TSE:GPR) has increased its target price on Great Panther Silver (TSE:GPR) to $2 from $1.80 after it acquired Mexican surface rights.
Stonecap retained its "Sector Perform" rating.
Earlier this week, Great Panther acquired surface rights for the San Ignacio project located close to its Guanajuato mine complex. In addition, the company provided a timeline and critical path for development of the project as a source of satellite feed for the Guanajuato mill.
The development of San Ignacio is key for Great Panther to get back on track toward delivering production growth from its flagship 100 per cent-owned Guanajuato mine, Stonecap said.
"Development of the San Ignacio project should allow Great Panther to get back on track in terms of production growth," Stonecap analyst Christos Doulis said in a note.
"As we had been expecting San Ignacio to enter the production queue in late 2014, Great Panther’s announcement that initial production at San Ignacio is scheduled for late 2013 has positively impacted our target price for the company’s shares."
Great Panther is a primary silver mining and exploration company focused on mining precious metals from its two wholly-owned operating mines in Mexico.
It also owns the development-stage property San Ignacio, and an exploration stage property, Santa Rosa, which is located approximately 15 kilometres northeast of Guanajuato.