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Canadian broker Rodman & Renshaw bullish on emerging Nevada gold producer, Pershing Gold

Tuesday, January 10, 2017 9:01
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Canadian broker Rodman & Renshaw is bullish on emerging Nevada gold producer, Pershing Gold Corporation (NASDAQ:PGLC, TSE:PGLC) after the firm’s update yesterday on the progress towards production at its Relief Canyon Mine.

In a note to clients, the broker’s analysts said: “We continue to expect Relief Canyon to enter production in late 2017, with 2018 serving as the first full year of production.

“In short, we think Relief Canyon is primed for production and expect the project to be one of, if not the next project to enter production in Nevada.”

READ: Pershing Gold focuses on Relief Canyon …

The analysts said: “We continue to expect the firm to release a Pre-Feasibility Study (PFS) on the project during 1Q17, and think the economic analysis should pave the way towards a positive production decision shortly thereafter.”

They added: “Given the amount of infrastructure already present at the site, we do not foresee a prolonged construction period and continue to believe the project could enter production in later this year.

“This should be seen as a transformative development following management’s cautious approach towards bringing the project forward.

“In our view, the odds of a positive production decision are likely at this stage, and we feel the release of a positive PFS should serve as a near-term de-risking event for the firm.”

Rodman & Renshaw reiterated a ‘buy’ rating and $9.75 price target on Pershing Gold shares.

In early Nasdaq trading today, Pershing Gold shares were up 1% to US$3.41.

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