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5 Gold Mining Stocks Under $5

Stocks in this article: GBGRBYNXGBRDRIC

Richmont Mines, a Canada-based company, is involved in the acquisition, exploration, operation, financing and development of mineral properties with major interests in Beaufor Mine in Quebec, Island Gold Mine in Ontario and Louvem Mines. Besides, it holds interests in many mining properties at different stages of exploration. Four analysts covering the stock recommend a buy rating, with the average consensus estimates indicating a potential upside of 88.7% in the upcoming few months. The stock was trading at $4.40 Friday morning.

The company recently declared that its 2010 gold sales increased 14% year-over-year to 68,123 ounces, up 5% from the forecasted 65,000 ounces. On a segmented basis, Beaufor Mine sales escalated 18%, while the Island Gold mine was up 7%. Meanwhile, fourth-quarter gold sales increased 43%, compared to the same period a year ago. Additionally, the company has a strong balance sheet, with $38 million in cash, no debt and no gold hedged forward.

Looking ahead, the company foresees annual gold production in 2011 to come in between 80,000 and 85,000 ounces. Of this, Francoeur mine will contribute 15,000 ounces, with 5,000 ounces produced before the mine begins commercial production in mid-2011. In 2012, when the mine begins full-fledged production, Richmont's annual gold production is seen crossing 100,000 ounces.

>To see these stocks in action, visit the 5 Gold Mining Stocks Under $5 portfolio on Stockpickr.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.
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