mirabaud broker research note

http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_3/Mirabaud_Mining_Weekly_170507.pdf

No. 3
Mining Research
17 May 2007 Mirabaud Mining Weekly

Sylvania Resources – planning a hard rock future
(SLV LN, 85.5p, Mkt Cap. £131m – Buy, valuation 142.9p)
Despite strong performances from a number of PGM (platinum group metals) producers/explorers, and even the acquisition of African Platinum, it is Sylvania Resources which remains the best performing PGM share this year. Below we have detailed our valuation for Sylvania, based on the group’s tailings retreatment pipeline and the prospects for the Everest North deposit. We still believe the share price undervalues the group’s assets and we rate the stock a Buy with a valuation of 142.9p per share, 67% above the current share price.