UPDATE: Salman Partners Initiates Kimber Resources at Speculative Buy on Resource Estimate Update
Salman Partners initiated coverage on Kimber Resources (NYSE: KBX) with a Speculative Buy rating and a $1.25 price target.
Salman Partners commented, "The updated resource estimate for the Carmen deposit contains M&I resources of 640,000 ozs Au at 1.65 g/t Au and 29.1 million ozs Ag at 75 g/t Ag for the combined open-pit and underground areas (after incorporating the 2011 drill program of ~35,000 meters using a cut-off of 0.3 g/t AuEq for the open-pit and 2.0 g/t AuEq for the underground). The Inferred resource totals 295,400 ozs Au at an average grade of 3.22 g/t Au and 4.6 million ozs Ag at 50 g/t Ag."
Kimber Resources closed at $0.50 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Salman Partners