Vancouver, British Columbia, May17, 2013 - Investment firm Mackie Research has updated its coverage on Yellowhead Mining (TSX:YMI). Following the release of results of the final 6 holes of the recently completed winter drill program, analyst Matt O'Keefe reiterated his speculative buy recommendation with a 12-month target price of $2.50, a premium of 443% over the $0.46 price the day the report was issued.
(http://www.investmentpitch.com/video/0_gp014zm1/Mackie-Research-updates-coverage-on-Yellowhead-Mining-TSX-YMI)InvestmentPitch.com has produced a "video news alert (http://www.investmentpitch.com/video/0_gp014zm1/Mackie-Research-updates-coverage-on-Yellowhead-Mining-TSX-YMI)" about Yellowhead Mining based on this research report. If this link is not enabled, please visit www.InvestmentPitch.com (http://www.InvestmentPitch.com/) and enter "Yellowhead" in the search box.
Yellowhead's 100% owned Harper Creek Project is a copper-gold-silver volcanogenic sulphide deposit in south-central British Columbia, approximately 150 kilometres by highway, north of Kamloops.
The press release again highlighted a number of holes that intersected grades in-line with the current Measured and Indicated resource estimate that totals 815 million tonnes grading 0.29% copper, 1.30 grams per tonne silver, and 0.03 grams per tonne gold, and an Inferred resource estimate consisting of 80.2 million tonnes grading 0.30% copper, 1.40 grams per tonne silver, and 0.03 grams per tonne gold.
With the winter drill program now complete, and all 37 drill holes now released, the company is expected to release a new resource update by the third quarter, which will include the winter drilling program, as well as 2012 drilling previously excluded from the current resource.
The current resource contains over 5.7 billion pounds of copper and is expected to continue to grow over the next 12 months. Mackie forecasts average annual payable production of 125 million pounds of copper, 12,000 ounces of gold, and 478,000 ounces of silver at an average cash operating cost of $1.50 US over a 28-year mine life, starting in 2017.
The company submitted its Environmental Assessment Certificate Application on April 3rd, and Mackie Research expects an outcome on the screening process shortly, and anticipates approval by year-end 2013, with the Mines Act Permit forecast to follow shortly after the first quarter of 2014.
Analyst Matt O'Keefe stated, "Yellowhead Mining offers an excellent opportunity to invest in an advanced, low-risk copper development story in a proven mining jurisdiction.offering excellent value at current levels with significant upside potential."
The shares are currently trading at $0.40, and with 63.5 million shares outstanding, the company is capitalized at $25 million. As we stated, this is well below Mackie Research's target price of $2.50.
For more information, please visit the company's website www.yellowheadmining.com (http://www.yellowheadmining.com/) or Executive Vice President of Corporate Development, Ronald Handford at 604-681-1709 ext 204 or email rhandford@yellowheadmining.com (mailto:rhandford@yellowheadmining.com).
For more information about Mackie Research or to obtain the report on Yellowhead Mining, contact your nearest Mackie Research office. Their branches are listed on their website at www.mackieresearch.com (http://www.mackieresearch.com/).
About InvestmentPitch
InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing three minute videos based on news releases and research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan@investmentpitch.com (mailto:bmorgan@investmentpitch.com)
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
