new research report 11/12/2012

noticed no-one has put this up yet ?

new fox davies research note- price target 25c

buy recommendation

http://fox-davies.com/media/50514/balamara_flashnote_11_december_2012.pdf

Balamara Resources has announced that it is on track to upgrade its resource base
at its Montenegro Base Metals Project (Monty) in central Europe after reporting
thick intersections of high-grade lead, zinc and silver from a further three recently
completed holes.
Comment
The three holes were drilled at the main Brskovo deposit and a further three holes
have already been completed with the assays due in around 4 weeks. The three
holes assayed:
• 28m @4.89% zinc, 3.63% lead, 0.27% copper and 14.3g/t silver from 111m
• 29m @2.25% zinc, 3.61% lead, 0.17% copper and 8.1g/t silver from 101m
• 19m @ 1.85% zinc, 2.18% lead, 0.13% copper and 9.2g/t silver from 100m
The ore is in two zones, with the lower grade characterised by moderate lead and
zinc grades with locally very high grades of silver. The upper zone is typically 20 to
25m wide with a core of around 10 to 15m generally with 10% combined lead and
zinc and 15g/t silver. Both horizons are open at depth, with the upper horizon
open in both directions along strike and the lower zone open to the north-east.
Balamara has always targeted the completion of a JORC resource update by the
end of 2012. The current drilling at Brskovo is ongoing with a further six holes
planned for 765m when another JORC update is expected towards the end of the
half year.
Preliminary drilling including four holes at Visnjica has also been completed.
Balamara is awaiting the assay results. This will be followed by additional drilling
and an update to the JORC resource which is planned for the first half of 2013.
Recommendation
We retain our BUY recommendation on the Company at an unchanged price