first gold from biox® process

Goldman Sachs JBWere initiated coverage on 5/5/05 of
Perseverance Corp (PSV.AU) with an Outperform/Buy recommendation after commencement of gold production at Fosterville plant near Bendigo, Victoria.
Analyst believes PSV undervalued relative to peers at only 5.9x FY06E net profit, with high potential for exploration success and expansion, but notes
production using Bacterial Oxidation extraction process increases risk. However, with base valuation 27 cents and upside valuation 47 cents, analyst believes
PSV, latest 29 cents, offers "access to exploration upside and subsequent expansion potential for free."