4. Keegan Resources acquires and explores mineral resources in West Ghana, Africa. Its principal properties are the Asumura and the Esaase projects, and the company hopes to advance the latter project to commercial development. It also holds a portfolio of other Ghanaian gold concessions in various stages of exploration.
During fiscal 2011, Keegan acquired a 100% interest in the 10.4-square-kilometer Dawohodo prospecting concession from a private Ghanaian company for $1.1 million. The acquisition provides additional land that can be used in the development of the Esaase project.
The company recently announced the latest assay results from the Esaase project. It said it has encountered significant gold intercepts in its resource infill-drilling program, and the company's chief executive said that these new drill results indicate strength and consistency of mineralization in the current resource and strong potential from exploration of new zones. Currently, Keegan has almost 88 drill holes pending assay and intends to continue its aggressive development and exploration drill programs.Of the six analysts covering the stock, five rate it a buy and the rest rate it a hold. There are no sell ratings on the stock. On average, analysts polled by Bloomberg expect the stock to gain an average of 56.4% to $25.85 over the next 12 months.
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