NEW YORK, Oct. 8, 2003 (PRIMEZONE) - The following is an investment opinion issued by Investrend Research Syndicate:
eResearch Mining Analyst Ron Wortel has initiated coverage on AfriOre Ltd. (TSX Venture Exchange:AFO) (Other OTC:AFRIF) with a "Speculative Buy" rating. The analyst assigned a target price of $CAN 2.00 to the stock.
In the report, which is free on eResearch's website www.eresearch.ca/juniormining/, as well as at Investrend Research at http://www.investrendresearch.com, Mr. Wortel noted that "AfriOre operates a specialized coal and anthracite mining business in South Africa that provides cash flow for other exploration and development and in particular its expansion into gold exploration."
Noting that the Company is restructuring its business to focus on gold exploration the analyst went on to state: "The Company has established a diverse portfolio of gold opportunities that include a balance between advanced and early stage projects," and that "the projects in Africa are located in geologic settings where significant gold discoveries have been made by other mining companies. AfriOre's properties may host similar mineralization types. Included in this portfolio is the FSC Project that is based on a concept for an extension of the multi-billion ounce Witwatersrand Basin."
AfriOre Ltd. has paid eResearch a fee of $CAN 4,066 to conduct research on AFO. eResearch (Independent Equity Research Corp.) is an independent equity research firm focused on under-covered, under-followed North American equities. It has based its business model on that of the bond rating agencies. It does not trade in the securities of the companies it covers or accept any stock related compensation for its research services. It conducts no investment banking, consulting or investor relations services for the companies it covers. eResearch's sole business is equity research. eResearch derives its revenue solely from the companies it covers and its subscribers.
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