My broker has a new report out updated due to the EPCM contract...

My broker has a new report out updated due to the EPCM contract award for the Niquel project in Brasil.

GRD valuation is has increased to $3.22. However the 12 month price target remains the same at $4.60. This is because the contract award was factored into the broker's price forecast but the valuation only increases as the significant events unfold.

Broker's report says that the benefits of the contract are:
- Relationship with CVRD as one of the worlds largest diversified mining companies and world's largest iron ore producer.
- Large scale project 100% managed by GRD Minproc
- The project puts GRD Minproc on the "radar" of large North American resource companies that have operations south of the equator.
- It is understood turther large scale study work has already commenced on the back of the relationship with Niquel.