The Hartley's research report is now on the PMI website.
http://www.pmigoldcorp.com/i/pdf/Hartleys-PVM-20111017.pdf
Interesting that they have a price target of $1.67, but at current gold prices, then it is $2.44.
The valuation is based at $51 oz (fully diluted). PRU (next door) has a current valuation at $165 oz. At a PRU valuation then a corresponding PVM share price is $5.40.
On top of this, according to the report, a "premium" should be placed on PVM due to its higher grade (almost twice that of PRU).
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