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Gold/Mining/Energy : Andina Minerals
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To: labbe who wrote (91)2/16/2010 9:16:32 PM
From: riversides  Read Replies (1) of 106
 
Andina commences 2009/2010 drill season
Andina Minerals announced results from nine initial in-fill holes from its 2009/2010 drill
program at the Volcan project in Chile.
The average grade/width of reported intervals in the nine holes was 0.85 g/t over 315m.
The positive reconciliation of broader intervals in these holes to the block modelled
resource grade was 14%. Management is evaluating the potential to refine the block
model for separate higher-grade zones, which could improve the overall grade of the
deposit. If enough higher-grade (+1 g/t) material can be delineated, it could also allow
consideration of a partial milling scenario beyond the base-case heap-leach plan.
We maintain our SPECULATIVE BUY rating on Andina’s shares. Our valuation is riskadjusted
for a higher discount rate of 10% (versus 5%), respecting the early-stage nature
of the scoping parameters used to define our valuation. Our target price of C$4.00 per
share represents a 0.8 times multiple of our 10% NAV estimate of US$4.84 per share
adjusted for a US$0.95/C$ fx rate.
Investment risks
The typical risks associated with any mining investment include commodity and exchange
rate risk, and permitting and technical (development/operating) risk. In particular,
investors considering an investment in Andina Minerals should consider the early-stage of
the Volcan project, which is still at the resource definition stage.
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