Globe says Goldcorp seen heading straight toward Detour
Goldcorp Inc (2) (C:G)
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Last Close 2/11/2009 $39.05
Thursday February 12 2009 - In the News
Also Detour Gold Corp (C:DGC) In the News
The Globe and Mail reports in its Thursday, Feb. 12, edition that Canaccord Adams says Detour Gold is a top takeout candidate. The Globe's Andy Hoffman writes that many big bullion producers have the cash to go shopping, and from Canaccord's point of view, Detour Gold is ripe for the pickings. Detour is endowed with a total resource of 13.2 million ounces at its Detour Lake gold project in northeastern Ontario. Mr. Hoffman notes that Detour's property certainly has the size to attract the big boys. Detour's market value is just $361-million (U.S.), or about $27 (U.S.) an ounce of gold. Canaccord identifies only one potential suitor for Detour -- Goldcorp. "We would put Goldcorp near the top of the list of potential interested buyers given its regional presence in Northern Ontario with three operating mines, Porcupine JV, Musselwhite and Red Lake," says Canaccord analyst Steven Butler. Detour Gold stock climbed eight Canadian cents Wednesday on the Toronto Stock Exchange to close at $9.98 (Canadian). The stock has a one-year range of $2.86 (Canadian) to $25.40 (Canadian). Wellington West Capital Markets rated Detour "buy" in The Globe on May 7 when it could be had for $18.17 (Canadian).
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