Goldbridges Global Resources (LON:GBGR) - Mixed news

Wednesday, May 02 2012 by

May 02nd 2012 - Edison Investment Research today published a report on Goldbridges Global Resources (GBGR.L, LSE:GBGR, LON:GBGR) entitled "Mixed News". In summary, the report says:

Hambledon’s Q112 activities reported a quarter of “mixed fortunes”, with Q1 gold production of 4,870oz leading to an adjusted 2012 production target of 26,000oz Au (from c 30koz previously). It also raised c US$8.6m (equity issue) and US$3.0m (via a subscription by the European Bank of Reconstruction and Development). Repairs to its tailings dam are underway with consultants Golders onsite supervising the required repairs. Accounting for the maximum Tailings Dam 3 (TD3) penalty of $5.9m (expected by management to reduce), EBRD loans, financing and equity dilution and 2012 gold production of 26koz, our base case valuation is 4.75p/share (at US$1,700/oz in 2012, US$1,600/oz in 2013, US$1,350/oz long term).

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