http://www.theaureport.com/pub/co/3159
Primero Mining Corp.
TICKER: PPP:NYSE; P:TSX
Primero Mining Corp. is a Canadian-based precious metals producer with operations in Mexico and intentions to become a leading intermediate gold producer. The company offers exposure to unhedged, low-cash cost gold production with a substantial resource base in a low-political risk jurisdiction.
Expert Comments:
Shawn Campbell, Macquarie Capital Markets (5/21/13) "Primero Mining Corp. reported drill results for nine holes from its high-grade San Dimas Au-Ag mine. . .drilling at the Victoria vein could expand the ore body, while remaining open. . .the western extension of the Alexa vein was intercepted from the surface. . .the Victoria vein will contribute to long-hole mining tonnage."
Jordan Roy-Byrne, The Daily Gold (5/11/13) "Primero Mining Corp. is one of my favorites. . .it has held above its 2012 lows, unlike other favored producers and most companies. . .the company is going to be the next Argonaut Gold Inc., and if it can successfully develop Cerro del Gallo in 2015, it will have over 100% production growth within the next three years."
Shawn Campbell, Macquarie Capital Markets (5/10/13) "Primero Mining Corp. exceeded our expectations with adjusted EPS of $0.10 ($0.07 estimate) and on cash flow of $0.20/sh vs. our estimate of $0.14/sh. . .its balance sheet is strong and our analysis of the company indicates it remains fully funded for both the San Dimas expansion and the Cerro del Gallo development project at $1,200 Au and $24 Ag. . .we reiterate our Outperform recommendation. . .Primero is one of out top picks."
Morning Coffee (5/10/13) "Primero Mining Corp. released its Q1/13 results and announced that the Cerro Resources acquisition has been approved. . .the company's Q1/13 adjusted earnings per share of $0.10 came in above consensus estimate of $0.07. . .Q1/13 production of 27,656 oz Au eq at total cash costs of $719/oz Au eq was also above the estimate of 26,400 oz. At $721/oz Au eq. . .the beat was due to better gold grade (4.2 g/t vs. 3.9 g/t) and recoveries."
Chitimukulu Musonda, CIBC World Markets (5/9/13) "Primero Mining Corp.'s San Dimas mine, operationally posted a solid quarter with production matching our estimate of 24 Koz Au and 1.4 Moz Ag. . .cash costs of $710/oz were ~6% lower than our estimate. . .throughput expansion plans at San Dimas appear to be progressing well. . .the stage is set for expansion to 2,500 tpd by Q1/14. . .the company's shares currently trade at very attractive multiples and we maintain our Sector Outperform rating."
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