🕐16.03.11 - 15:27 Uhr
Atlantic Coal - Fox Davies BUY rating with 1.1p price target
Hi there
Please find attached Fox-Davies flash note which gives Atlantic Coal (anthracite producer operating in Pennsylvania USA) a BUY rating with a price target of 1.1p on the back of Atlantic Coals news that it has signed an option to acquire a 158 acre property within close proximity of its current project, the Stockton Colliery having recently raised 12m.
The Board believes that the asset could contain up to 4.7Mt of recoverable coal and a potential 112% increase on the existing Proven Reserve at Atlantics Stockton Colliery.
Due diligence is currently being conducted.
Atlantic is currently trading at 0.68p.
Fox-Davies analyst Peter Rose said: "We will not remodel the company until after the due diligence has been completed and we can confidently add any new resources to the model.
We will also have a clearer idea of estimated production rates, recoveries, CAPEX and OPEX for the target mine.
But, assuming that the due diligence is positive, we see this purchase as a very positive result for Atlantic Coal."
Kind regards
Lizzie
Elisabeth Cowell
St Brides Media & Finance Ltd
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