The following came from Canaccord to my inbox today:

The past week has been difficult for precious metals mining equities with the
senior/intermediate producer 5%/spot P/NAV average falling from 0.92x to 0.86x week
over week. Economic uncertainty including the potential for a US “fiscal cliff”, the
deteriorating situation in the Middle East and disagreements in Europe over what to do
with Greece helped fuel weakness in the market. Equities were down approximately 6%
on average in a week which saw gold decline by only 1%. Amidst the recent pull-back in
valuations, we highlight two names which we believe are set for stronger than average
performance in the near-term: Centerra Gold and IAMGOLD.
Shares of Centerra Gold were materially impacted in June as a Parliamentary
Commission report issued on June 18, 2012 made numerous assertions regarding the
operation of the Kumtor project including: challenging the legality of the historic
agreement with the Kyrgyz Republic, non-compliance with Kyrgyz environmental laws,
and inefficient and improper management of the Kumtor mine. News of this sent shares
on a decline from C$13.00 to a low of C$6.35 on July 23, 2012. A State Commission was
formed and was to complete its review and produce a report by mid-November, but the
timeline has since been pushed back to the end of the month. Shares are currently
cheap on various metrics including 5%/spot P/NAV (0.42x), 2013/2014 P/CF of 2.5x and
1.9x (vs the sr/int average of 8.0x and 6.2x) and implies a 38.4% IRR to the current
share price. We have risk-adjusted Kumtor in our valuation by discounting the asset at
7.5% to reflect uncertainty of ownership/royalty changes. Assuming a positive outcome,
de-risking Kumtor could add approximately $3.35/sh (12%) to our 5%/peak ($2,000/oz
Au) valuation profile.
Shares of IAMGOLD saw a single-day 19.4% decline (full week decline of 23.7%)
following the release of weaker-than-expected Q3/12 results and a reduction in 2013
production guidance. Earnings in the quarter were largely hampered by the timing of
sales (production late in the quarter not being sold until October). The guidance for 2013
was lowered due to weaker-than-expected performance at Sadiola (a non-core asset for
the company) and slower startup of Westwood. While the results were not optimal for
the company, we feel that the sell-off is overdone and shares present a buying
opportunity at these levels. Shares are currently cheap on various metrics including
5%/spot P/NAV (0.55x), 2013/2014 P/CF of 5.3x and 7.0x, and implies a 17.1% IRR to
the current share price.

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P.S. I am also very keen on Duran Ventures; alex black CEO of Rio Alto joined DRV's board and has a plan to generate cash flow with minimal dilution (this is the same guy that took his company from 36 cents to over $5 in 3 years). Here is recent insight on how it will be done is URL.