Vancouver, British Columbia, October 22, 2012 - Fundamental Research issues an updated report for Coral Gold Resources (TSXV:CLH). Analyst Siddarth Rajeev reiterates his buy rating, giving the company a fair value of $1.18, substantially higher than the $0.27 price on the day the report was issued.
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Coral Gold's projects are located on the Battle Mountain-Cortez gold trend in Nevada, where the company is focusing on the 100% owned Robertson project adjacent to the Pipeline Mine, one of the world's premier gold operations.
In January, the company issued a Preliminary Economic Assessment based on 3 of the most well defined deposits on the property, the Gold Pan, Porphyry and Altenburg Hill zones. Coral Gold has another 7 zones on this property, which are not included in the Assessment report.
The 3 zones included have a combined inferred resource estimate of 78.2 million tons grading 0.0138 ounces of gold per ton, or 0.39 grams per tonne, containing 1.1 million ounces of gold.
The PEA recommended 2 stages of work, the first to bring the project to a Pre-Feasibility Study stage, and the next to bring it to a bankable Feasibility Study. This included a 2 phase drilling program, of which, the company has completed Phase 1.
Environmental baseline studies have been completed and a Preliminary Environmental Assessment report was submitted to the Bureau of Land Management. Following a response from the Bureau of Land Management, the company recently submitted an expanded Economic Assessment.
These reports set the stage for an Amendment to the Plan of Operations, which will include a blanket permit for 500 drill holes, 60 of which will be part of a phase II drilling program. This is the next stage towards producing a Pre-Feasibility Study, which is expected to be completed by mid-2014.
To support its valuation of $1.18 per share, Fundamental used a price of $60 per in-situ ounce of gold. Fundamental cautions that the value of the company depends heavily on commodity prices and access to additional capital.
The company currently trades at $0.27, and with 34 million shares outstanding, it is capitalized at $9 million.
For more information, please visit the company's website www.coralgold.com (http://www.coralgold.com/), phone 604-682-3701 or email ir@coralgold.com (mailto:ir@coralgold.com).
You can obtain a copy of the Fundamental research report at www.researchfrc.com (http://www.researchfrc.com/).
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