Vancouver, BC, June 12, 2014 -.Investment firm Jennings Capital has initiated coverage on Goldrock Mines, symbol GRM on the TSX Venture Exchange. Analyst Stuart McDougall gives the company a speculative buy recommendation and a 12-month target price of $1.15, a premium of 188% to the $0.40 price on June 9th when the report was issued.
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Goldrock, formerly known as Mansfield Minerals, is an emerging gold producer focused on the development of its 100% owned Lindero gold deposit located in Salta province, northwestern Argentina. The company has been granted the primary mining permit allowing it to develop the Lindero open pit, heap leach gold mine.
A bankable feasibility study completed in 2013 outlined enough oxide reserves to support a standard open-pit, heap-leach gold mine, producing an average of 103,000 ounces over 10 years. Cash costs are projected at $647 per ounce and all-in sustaining costs at $702 per ounce.
Analyst Stuart McDougall stated, "Lindero stacks up well against the competition, generating similar or better returns than comparable projects. Payback is also quick, with the initial capex of $170.1 million being recouped two years after production begins, at a base-case price of $1,400 per ounce."
The company is run by industry veterans Paul Matysek and David Keough. Matysek, in the role of CEO, brings considerable corporate experience to the table, having most recently served in a similar capacity at Argentinean-focused Lithium One. Keough, as COO, adds technical depth, having run several mines over his career, including two heap-leach operations in Latin America.
Management has stated that their objective is to become a mid-tier gold producer with annual gold production of 250,000 ounces per year through organic growth and accretive acquisitions of near-term producing assets.
Goldrock's shares currently trade at $0.43, a significant discount to the $1.15 target price, and with 79 million shares outstanding, the company is capitalized at $34 million. For more information please visit the company's website at www.goldrockmines.com (http://www.goldrockmines.com) or contact Paul Matysek, President & CEO, at 604-681-4462.
The company's investor relations is handled by Kin Communications which can be reached at 604-684-6730.
For more information about Jennings Capital or to obtain a copy of their research report, contact your nearest Jennings Capital office. Their branches are listed on their website at www.jenningscapital.com (http://www.jenningscapital.com).
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