Western Gold Fields (WGI.TO) Buy, Sell or Hold

Western Gold Fields (WGI.TO)

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COMMENT

Not a high-grade operation, but it is substantial. He worries about open pit operations that are not particularly high grade. The greatest cost in an open pit operation is energy and it's the gold is not high-grade; you may not make much money.

TOP PICK

(A Top Past Pick Dec14/06. Up 54.3%.) Gold. Going into production in January. Producers have got a multiple of 1 to 1.5X NAV. Pre-production tends to get a multiple of .5 X NAV. Potential NAV of $6.

BUY

Very highly levered to gold. Had a nice move up, but there is still a discount to NAV to make up. Going into production in January.

COMMENT

Redeveloping an old mine. Construction is about 80% complete now. It would be a good quality levered name to the gold price. Undervalued. Fairly low grade, which can create volatility. He prefers higher grades.

BUY

Gold is one of the better sectors to be invested in the next few years. This is his Top pick in the gold sector. One of the cheapest plays out there. Have a great asset that is just coming into production this quarter. Great management.

BUY

If you like a safer play in the gold space, one of the best ways to play is to go to a company that is not yet producing, but going to be producing in the near term. This company has a great asset in California and will be producing in the next 3 to 5 months. Ahead of schedule and ahead of budget.

TOP PICK

Operations in the US, so costs and revenues are in US$’s. Stronger Cdn$ does not affect them. World-class reserve at almost 4 million ounces. Going into production in January.

TOP PICK

My apologies. Wrong info was put in. I am presuming this was his Top Pick though. Bill

TOP PICK

(A Top Pick Sept 7/06. Up 8%.) Good management. Has brought in world-class mine development team. Good exploration results. Continental US, so no political risks. Fully financed.

COMMENT

The old Mesquite mine in California, which is being put back in production. Fairly low grade, which gives you fairly tight profit margins. Slightly undervalued.

BUY

Will be in production early next year and provides good upside in the near term.

HOLD

A bit more risk, but a high leverage to the gold price. Is undervalued.

TOP PICK

(A Top Pick Sept 7/06. Down 18%.) Still a Buy.

SELL

This does not look like a good chart. He would consider selling.

BUY

Bullish on gold. Production will be coming on in the first half of 2008. One of the few independent gold producers. Significantly undervalued. Takeout candidate.

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Western Gold Fields (WGI.TO)