James Russell Securities, a leading Financial Management and Advisory Firm, is pleased to announce it has initiated coverage on Pengram Corp (OTC:PNGM), placing an Outperform rating on the stock with a price target of $0.37.
New York, NY -- (SBWIRE) -- 09/19/2012 -- Pengram Corp (OTC:PNGM) is an advanced gold exploration company with a broad portfolio of strategic gold properties in Canada and the United States.
James Russell lead and highly regarded Wall Street mining analyst, Austin Blackwell, has forecast shares of Pengram to earn $0.05 per share in 2013 on net revenue of $12 million, increasing to $0.10 per share in 2015.
“Pengram has several high quality properties under its control. There is every indication that it’s Golden Snow Nevada project, which intersects actively mined property belonging to Timberline (NYSE:TLR), has a tremendous amount of gold deposits.” Blackwell notes. “Many analysts believe gold will rise to $2,000 - $2,500 oz over the next 12 months. With declining discoveries and an increase in demand, we believe this property will be highly sought after by Timberline or Barrick (NYSE:ABX), both of whom have large properties, with significant proven reserves, in very close proximity to Pengram’s.”
“We have started to see some deliberate movement in this space. We believe that junior exploration company’s with quality properties will be prime acquisition targets in the next 12-36 months.”, Blackwell affirms.
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