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7 Mining Stocks With Upside

Stocks in this article: AUMN URRE BRD URG RIC URZ CGC

3. Brigus Gold engages in gold mining, extraction, processing, as well as related activities, including exploration and development. The company owns Black Fox, an open pit and underground mine and mill located near Matheson in the Province of Ontario, Canada.

The company last released its results for third quarter ending Sep. 2010. The company reported a 23.8% increase in revenue to $23.7 million, while a narrowed net loss of $12 million, or 9 cents per share, compared to $16.9 million, or 26 cents per share, a year ago.

During the nine months ended Sep. 2010, the company produced 53,729 ounces of gold as against 31,381 ounces in the comparable period a year ago. Total cash costs per ounce of gold declined 7.6% to $499 from $540, while average realized gold price increased 7.2% to $939 from $876 during the nine months ended Sep. 2009.

Going forward, the company targets production of 16,000-19,000 ounces of gold during the fourth quarter ended Dec. 2010 at an estimated cash cost of $540 to $580 per ounce. The upper range of the company's guidance will take production levels to ~73,000 ounces of gold during 2011. The company targets production of 102,000-112,000 for 2011, representing a y-o-y increase of 40-50%.

All the three analysts covering the stock rate it a buy. There are no sell ratings. On average, analysts estimate 83% upside to $3 in value from current levels.

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