5. Brigus Gold (BRD) engages in gold mining, extraction, processing, as well as 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.
For the year ended Dec. 2010, the company reported an 82.8% year-over-year increase in revenue to $85.9 million from $47 million, attributable to increased gold sales combined with higher average selling prices. Gold sales soared 52% to 69,922 ounces from 46,016 ounces during 2009, while average realized gold price rose 12% to $981 per ounce from $876 per ounce in the prior year.
The company recently signed a letter of intent (LoI) to sell 75% of its Mexican subsidiary (advanced exploration stage Ixhuatan gold project) to Cangold Limited. After signing the agreement, Cangold will pay Brigus C$1 million and issue 6 million Cangold shares. For a 75% interest in the project, Cangold will be required to pay C$10 million and issue 20 million post-consolidation shares over a three-year period, as well as complete an independent third-party feasibility study on the Campamento deposit.Going forward, Brigus targets gold production for the first quarter of 2011 at 8,500 gold ounces, and 71,500-75,500 ounces for the remaining three quarters, transforming into a full year 2011 production of approximately 80,000 to 84000 ounces of gold. All the three analysts covering the stock rate it a buy. The stock has no sell ratings. On average, analysts estimate 78% upside to $2.63 in value from current levels.
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