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Continental Gold's Buritica PEA Looks Extremely Promising - Shares Are A Potential Double
- Continental Gold just put out the highlights from its Buritica PEA.
- The results are extremely strong and show very low production costs, a large annual production estimate, and an achievable initial capex price tag.
- In spite of the risks, and even in my stress-tested scenario, I see tremendous upside going forward into production.
Update: Continental Gold's Loss Widens On Asset Price Fluctuations, Higher Administrative Expenses
- Continental Gold reported a rather large $10 million in losses for the third quarter, which is substantially higher than in previous quarters.
- The company has also done expensive work exploring its Buritica Project.
- The next major catalyst will be the PEA which is due this quarter, which should reveal an economic project with an increase in resources.
- With weakness in the sector I would wait to see specifics regarding this catalyst before taking my position.
Continental Gold: Its Upcoming PEA Could Be Impressive But Permitting Will Be The Real Catalyst
- Continental Gold has one of the largest and highest grade gold projects in Latin America, with 7.4M oz gold equivalent @ 9 g/t gold equivalent.
- A Preliminary Economic Assessment (PEA) of its Colombian flagship project Buritica is about to be released soon, estimated PEA economics look impressive.
- Notable risks are a lack of follow up studies like a PFS and FS before production, and permitting.
- I don't expect the PEA to be a big catalyst, compared to the possible granting of an environmental permit in H2 2015.
- A sum of parts valuation generates an estimated target range of $3.92-4.83 per share, for a profit of 74-115% when the permit would be granted.
Update: Continental Gold Continues To Find Gold At The Veta Sur Zone On Its Buritica PropertyBen Kramer-Miller • Thu, Oct. 30
- Continental Gold announced 9.6 gpt. of gold and 47 gpt. silver over 30 meters at the Veta Sur Zone of its Buritica Property.
- I had anticipated additional exploration success, although emphasized that it would be on the unexplored parts of the Buritica Property.
- Shares have come down considerably, although investors may want to wait for the company's PEA before jumping on board.
Continental Gold's High Grades: An Encore Of Mining's 'Golden Age'
- Continental Gold is a young gold mining junior with a Colombia focus and it is in the development and exploration phase.
- The company has a strong balance sheet, is debt-free, and intends to commission a pre-feasibility study in 2015.
- Continental's Buriticá project contains very high grade gold: the average grade is unusually high and some veins contain gold of 90-plus g/t.
- In the age of 'Peak Gold, gold of such high grades harkens back to gold mining's 'Golden Age'; these grades are quite rare and would result in low AISC.
- Factors such as those listed above (and others explained in the review) strongly suggest that CGOOF would be an excellent investment at time of publication.
- Continental Gold just released the results from its recent drilling program designed to increase resources and to upgrade resources from inferred to measured and indicated.
- This development is in line with my speculation thesis.
- The shares have been weak, and present an opportunity, although there is heightened risk until management releases the Buritica Project PEA.
Update: Continental Gold Provides A Development Update For Its Flagship Buritica Project
- Continental Gold provided updates on several fronts for its Buritica Project in Columbia including drilling, permitting, and PEA development.
- This is in line with my speculation thesis put forth last year.
- The company remains well capitalized and continues to bring Buritica forward, and I continue to like the stock on weakness.
- Continental Gold reported Q2 earnings reflecting management's progress towards generating a mine plan for its flagship Buritica Project as it updated its resource estimate and commenced a PEA.
- The company went through $12.7 million in cash during the quarter.
- While progress is slower than I anticipated last July the exploration potential I highlight makes the Buritica Project more compelling.
- With the stock under-performing the broad sector despite resource growth Continental Gold remains a compelling speculative "buy.".
Continental Gold Is An Intriguing Speculation Stock
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Continental Gold (TSX: CNL; OTCQX: CGOOF) is a well-funded advanced-stage exploration and development company that is led by experienced mining professionals focused on becoming a leading producer of precious metals in Colombia. The Company's flagship Buritica project is located 75 km northwest... More
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