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Market: TSX
Sector: Gold Mining
Epic: TSX-LSG
News: Latest news
Web Site: Lake Shore Gold Corp
Other Articles: 18-02-201018-01-201026-11-2009

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Lake Shore Gold Corp

Lake Shore Gold Corp

Lake Shore Gold Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral properties with prospects for hosting economic gold deposits in the Canadian Shield in Ontario and Québec. The Company holds a number of 100% owned and joint ventured gold properties in Ontario and Québec, acquired the Bell Creek Mine and Mill Complex and has commenced sinking a shaft on its 100%-owned Timmins West gold deposit near Timmins, Ontario. Lake Shore is a reporting issuer in British Columbia, Alberta, Manitoba, Ontario and Québec, and trades on the Toronto Stock Exchange under the symbol LSG.

Friday, November 20, 2009

FD capital raises Hochschild Mining target to £3.45 after expansion of Lake Shore Gold stake

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Broker Fox-Davies Capital has retained its “buy” stance on Hochschild Mining (LSE: HOC) and upped its target price to £3.45 per share after the silver producer and FTSE 250 constituent increased its holding in Lake Shore Gold (TSX: LSG) to 36% from 32%.


The company purchased 26.1 million shares in Lake Shore Gold for C61.6 million following its combination with West Timmins Mining earlier this month to up its stake from 26% to 32% and has now bought another 19.2 million to bringing its ownership of the enlarged company to 36%. The latest purchase of Lake Shore shares for C$4.43 per share represents a 10% premium over the closing price on 17 November.


FD Capital expects further purchases in view of Hochschild’s intention to maintain its shareholding in the company at 40%. The broker’s valuation model used the market capitalisation of Lake Shore Gold multiplied by the percentage of Hochschild’s ownership, resulting in the increase of the target price to £3.45 from £3.24 per share, while the “buy” recommendation was reiterated.


Since 2008, Hochschild has invested a total of C$343 million in its stake in Lake Shore Gold at an average price of C$2.68 per share. The investment to date reflects its confidence in the significant production potential and long-term growth of Lake Shore Gold, which has a current market capitalisation of approximately C$1.3 billion.

Lake Shore Gold’s combination with West Timmins Mining set up a new large-scale, wholly-owned Timmins West Gold Mine complex. Lake Shore Gold has announced a production target of 100,000 ounces of gold in 2010, building production over the following three years to upwards of 350,000 ounces annually over the next several years and accelerating its development as Canada's next mid-tier gold producer.


Shares in Hochschild last traded at £3.02 in London.

 

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