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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: architect* who wrote (39211)	11/12/2012 11:21:57 PM
From: Wade	Respond to of 48092

Agreed. BRD is a hidden gem. It took more than two years to show some "potentially" meaningful results. Many investors had run out patience and moved on. We'll just have to see what they can deliver. Its current price is really attractive. <G> I don't have the report, but their website indicates Steven Butler is the analyst for BRD. I guess we have to be their customer to access their reports.

To: architect* who wrote (39211)	11/13/2012 9:15:01 AM
From: Veteran98	1 Recommendation Read Replies (1) \| Respond to of 48092

BRD... don't have a link to the research report but here are their Morning Coffee comments.... Brigus Gold* (BRD : TSX : $0.94), Net Change: 0.03, % Change: 3.30%, Volume: 474,681 Reasons to get excited. Canaccord Genuity Precious Metals Analyst Steven Butler initiated bullish coverage on Brigus Gold, highlighting that the company is in the process of increasing production from its Black Fox mine and mill (in Ontario) which will be further expanded to accommodate the satellite Grey Fox deposits. Also noting that, long-term growth may come from developing the company's Goldfields project in Saskatchewan and exploration upside at both Black Fox and Grey Fox. Butler believes Brigus currently represents an attractive valuation, unrecognized growth potential and superior gold price leverage. On a NAV basis, the shares trade at a multiple of only 0.43x our 5%/diluted NAV @ spot gold versus the junior producer average of 0.71x. Butler believes that the expansion of underground mining capacity and the development of the Grey Fox deposits justify a likely mill expansion from 2,200 tpd to 3,500 tpd by mid-2015. The shares also offer superior NAV leverage to changes in the gold price – approximately 30% leverage for a 10% change in gold price. With the focus clearly on ramping production at Black Fox, Butler said the market has paid little attention to the company’s Goldfields project. However, management indicated that Goldfields is a core asset that it will focus on developing for potential production by 2017. Additionally, given Brigus' growth profile associated with Black Fox/Grey Fox and the Goldfields project, Butler thinks there is a reasonable optionality associated with Brigus Gold as a merger target

To: architect* who wrote (39211)	11/13/2012 9:45:26 AM
From: Veteran98	3 Recommendations Read Replies (2) \| Respond to of 48092

BRD... here we go the Canaccord report ... Brigus Gold Corp. Steven Butler 1.416.869.7918 sbutler@canaccordgenuity.com John Kratochwil, PEng 1.416.869.6592 jkratochwil@canaccordgenuity.com Adam Melnik, MBA 1.416.687.5428 amelnik@canaccordgenuity.com BRD : NYSE MKT : US$1.05 BRD : TSX BUY ? Target: US$2.10 ? COMPANY STATISTICS: 52-week Range: US$0.69 - 1.52 Avg. Daily Vol.: 885,382 Market Cap (M): US$272 Shares Out (M) basic: 259.2 Shares Out (M) fd: 267.0 LT Debt (M): US$86 Working Capital (M): US$43 EARNINGS SUMMARY: FYE Dec 2011A 2012E 2013E 2014E Gold Eq. Production 000oz: 56 77 101 110 Gold Eq. Total Cash Costs (US$/oz): 332 749 677 657 P/E: (37.4) 9.5 4.3 3.7 CFPS (US$): 0.08 0.25 0.35 0.33 P/CF: 14.0 4.3 3.0 3.1 EPS (US$): Q1 (0.03)A 0.02A 0.06E 0.07E Q2 (0.01)A 0.02A 0.06E 0.07E Q3 0.01A 0.02A 0.06E 0.08E Q4 (0.00)A 0.05E 0.06E 0.07E Total (0.03) 0.11 0.24 0.28 SHARE PRICE PERFORMANCE: Source: Interactive Data Corporation COMPANY DESCRIPTION: Brigus Gold is focused on exploration and development of precious metals projects in North America; under the stewardship of Wade Dawe, President and CEO. The company's cornerstone assets include the Black Fox mine and satellite Grey Fox project near Matheson, Ontario and the Goldfields project near Uranium City, Saskatchewan. These assets contain a gold reserve base of 1.86 Moz and measured, indicated, and inferred resources of 1.04 Moz. All amounts in US$ unless otherwise noted. Metals and Mining -- Precious Metals and Minerals Q3/12 RESULTS DEMONSTRATE LOWER BLACK FOX COSTS AGAIN Investment recommendation We reiterate our BUY rating on Brigus Gold following the release of Q3/12 results which continued to reflect the trend of lower unit costs (Q1 $858/oz, Q2 $799/oz, Q3 $728/oz). We continue to expect a sequentially stronger fourth quarter with the incremental benefit of more underground tonnage milled and the initial contribution from longhole stoping in the West Zone. Investment highlights ? Basic and diluted EPS was $0.04, but adjusted fully-diluted EPS was $0.02 versus our estimate of $0.03 and consensus of $0.02. The variance to our estimate was due to slightly higher than expected G&A, due to the effect of one-time severance charges. ? The company pre-released Q3/12 production of 19,526 at 3.34 g/t. However, sales were slightly lower at 19,064 oz. The trend of lower cash costs continued in Q3/12, with lower cash costs of $728/oz versus our estimate of $743/oz. Lower sales volumes were offset by lower cash costs which was primarily due to lower underground costs ($94/tonne versus our estimate of $100/tonne). ? Longhole stoping commenced in the West Zone at the end of Q3 and is expected to ramp up to 400-500 tpd in Q1/13. In addition, the 10% mill expansion to 2,200 tpd is now essentially complete and in commissioning mode, although we will maintain Q4 throughput equal to Q3 levels, i.e., 2,075 tpd. ? In Q3, the underground mined at 473 tpd versus our estimate of 450 tpd. Our Q4 assumption is 575 tpd, ramping to 700 tpd in Q1/13, 800 tpd in Q2/13, and 1,000 tpd by Q1/14. ? Our 2012 EPS estimate has been revised to $0.11 from $0.12. Valuation We maintain our 12-month target price of US$2.10 based on 0.65x our 5%/peak NAVPS estimate of US$3.22 (previously US$3.20). The shares remain undervalued at 0.47x 5%/spot P/NAV versus the junior average of 0.71x, and 3.0x 2013E P/CF versus the junior average of 8.9x.