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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: pocotrader	9/24/2007 1:36:05 AM
	of 78411

Amc report CIBC, in a report issued Sept 18, put a Sector Outperformer rating on AMC with a 12-18 month price target of $2.50. Price at the time was $0.84. Alexis is moving towards production and is expected to garner higher multiples once commercial production is achieved early next year. We think the exploration potential of the current land package in Quebec held by the company justifies the current share price. Lac Herbin drilling has intersected a number of high-grade veins that could boost mined grades. Every 1 g/t change in the head grade impacts valuations by US$15 million (US$600 gold/5% discount) or about 50% from our base case. Production is also impacted by about 14% or 6,000 oz/yr. Lac Pelletier is expected to be the second mine in production for the company. Whilst lower grade, the deposit hosts much wider veins capable of being mined by bulk methods. Together the operations could take Alexis to the 100,000 ounce per year level if recent drilled grades hold.

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