UPDATE: BMO Capital Markets Initiates Pretium Resources at Market Perform on Brucejack Resources
BMO Capital Markets initiated coverage on Pretium Resource (NYSE: PVG) with a Market Perform rating.
BMO Capital Markets commented, "The Brucejack project is an advanced-stage gold project. The company completed a preliminary economic study on the project in February 2012. Current resources total 13.2Moz (measured + indicated + inferred) grading 13.5g/t gold. … Pretium's shares are trading at a 43% discount to the 10% NAV estimate (0.57x P/NAV) of US$15.54 per share using the spot gold price of US$1,604/oz. Junior and emerging gold producers in BMO Research's coverage universe trade, on average, at a 29% discount (0.71x P/NAV) to 10% NAV estimates."
Pretium Resources closed at $8.97 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.