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.Cohen Independent Research Group Issues a 'Buy' Rating With a Target Price of $2.48 for VHGI; 8K filed regarding $50,000,000.00 Treasure Gulch Gold Reserves
36 minutes ago - Pr Newswire
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VHGI 0.23 9.52%
As of 11:07 AM ET 12/9/09
Virtual Health Technologies, Inc. (OTC Bulletin Board: VHGI) and their wholly owned subsidiary VHGI Gold is pleased to announce that Cohen Independent Research Group, Inc., Wall Street's leading independent fundamental research firm, has issued a research report on VHGI with a "buy" recommendation and a long-term target price of $2.48.
Mr. Cohen has been compensated by VHGI for his analysis and distribution of the report; for the full report and more information including complete compensation disclosure please visit Cohen Independent Research Group's Grassroots website
www.grassrootsrd.com and access the icon for VirtualHealth Technologies (VHGI Gold's parent company) or simply click
http://www.grassrootsrd.com/Document...technology.pdf . The report is also available on VHGI Gold's website,
www.vhgigold.com.
"We are pleased to be among the companies covered by Cohen Independent Research Group; we realize that we are a complex entity with operating divisions in both Healthcare technology and Gold Mining," stated Jim Renfro, President, VHGI. "We look forward to updating our shareholders with progress in our mining development plan for the Treasure Gulch Gold Mine as well as appointments to our advisory board in the very near future."
8K Filing With Estimated Value of Reserves and Pro-forma Financials
An 8K has been filed detailing contracted analysis of historical reserves at the Treasure Gulch Gold Mine held under Lease-Purchase Option by VHGI Gold, a wholly owned subsidiary of VHGI. The filing contains an update of the original report entitled "THE TREASURE GULCH AND ZERO MINES", originally prepared for Western Sierra Mining by Gold River Exploration. In addition to this updated analysis, Western Sierra Mining prepared pro forma financial projections relative to VHGI's operation of the Mine assuming the construction of a full scale processing facility onsite.
"At $1200/ oz Au, the report details that total reserves calculate to a gross recoverable value of 45,827 oz of Gold, or $54,992,400.00. Assuming a recovery rate of 92% (typical for a hard rock recovery operation) the extractable value would be $50,593,008. Furthermore, the report estimates an estimate of $ 100 per ton of processed ore, or approximately $200/ ounce Au," stated Jim Renfro, President of VHGI. "Additionally, we are evaluating pro-forma financials for 12 month revenue and income from the construction of a hard rock processing facility for the Treasure Gulch Gold Mine. We are pleased with this initial analysis of the data, and will release further details pending valuation by our staff." For further information please access the complete following on either the SEC website or
http://www.vhgigold.com."
