NEW YORK, April 5, 2004 (PRIMEZONE) -- Analyst Barbara Thomae of Investrend Research affiliate eResearch rated Pelangio Mines Inc. (TSX Venture Exchange:PLG) a "Speculative Buy" in an initiating report and set a price target at CDN$2.00.
In the Report, which is free for a limited period of time on eResearch's website http://www.eresearch.ca and http://www.investrendresearch.com, the analyst commented on the Company: "The Company is attractive due to its established historical gold resource of over half a million ounces (measured and indicated) and another 1.2 million ounces (inferred) left by Placer when it closed down the Detour Lake mine in 1999, in addition to its expansive land position in this area. An aggressive program of exploratory drilling is currently underway and the gold resource is being updated on the Detour Mine property."
The analyst added: "The Company has teamed with an experienced miner - High River, which now holds a 19.9% interest in Pelangio, and struck up a joint venture with Trade Winds Ventures to fund exploration programs on a portion of the Detour Lake property. This has reduced Pelangio's risk and, in addition, the Company will have over $9 million in working capital due to a recent financing, more than sufficient to handle exploration for the next year."
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