BMO Capital Markets Reiterates Perform, $6 Target on Hecla Mining

BMO Capital Markets maintains its Perform rating and $6 target price on Hecla Mining HL as the company announces resource and reserve increases and provides exploration update. BMO Capital Markets says, "HL reported that aggregate silver reserves and resources increased by 4% and 14% to 148Moz and 281Moz, respectively. Reserves increased by 7Moz silver at Lucky Friday, mostly from expansion of the 30 vein, offsetting a ~1Moz silver reserve loss at Greens Creek after including 2011 mine depletion. Resource growth was largely due to the addition of higher grade material at Lucky Friday and the Gallagher zone at Greens Creek as well as incorporation of the 30% interest in the San Juan property." HL closed at $5.09 a share on Thursday.