San Gold Corp. (SGR.TO), which operates the Rice Lake project in Bissett, Man., may be able to beat its production guidance for the year, given improvement in ore throughputs in the current quarter, CIBC World Markets Inc. analyst Barry Cooper is cited in the Globe and Mail as saying.

"But much depends on whether grades improve as planned, and that will be a challenge as mined grades have so far fallen far short of those indicated by project reserves," he reportedly said.

Cooper, noting that he adjusted his modelling to assume a more modest build-up in production for 2012 and lowered cash flow multiples, cut his price target to $3.60 from $5.50.