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Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten

The company whose shareholders were better than its management

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safeharbour

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Here we go

posted on Jul 24, 2008 12:27PM

From Genuity

"Webelievethat Kinross's bid will be the start of a bidding war for oneof themost coveted undeveloped gold deposits in the world. Althoughrecentcomparable transactions have averaged EV of US$140/oz gold (insitu), weapply a significant approximately 30% discount to US$100/ozgiven thepolitical uncertainty, including the potential forgovernmentparticipation to develop FDN. We also believe Kinross canafford to payapproximately US$200/oz (recoverable). On this basis, wevalue ARU at$1.78 billion or $11.00 per share, maintain our BUYrecommendation, and increase our target price to $11.00."

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