CIBC Ups Price Target On Belo Sun Mining Following Resource Update
Tuesday, January 24, 2022 11:12 AM

CIBC World Markets Inc. raised its price target on Belo Sun Mining Corp.  (TSXV:BSX.V) to $3.00 from $2.60, following the company's resource update.

Jeff Killeen, an analyst at CIBC, maintains a "Sector Outperformer" rating and increased his target to reflect NAV increase based on increased tonnes and grade. He expects continued resource growth in 2012 with a Q2 revision planned. The global resource is expected to exceed 4M oz in Q2, he said.

The Canadian development-stage mineral exploration company announced a revised resource estimate for the Volta Grande project on Monday. The total resource has grown by 11% to 3.8M oz and overall grade increased 31% to 1.7 g/t. Ounces in measured and indicated categories increased by 70%.

Killeen views that continued resource growth and drilling results will be significant catalysts to help the stock to outperform peers in 2012.

Shares of Belo Sun Mining, formerly Verena Minerals Corp., fell 1.8 percent to $1.07.