Agriminco Corp. (ETPHF)

[river_run]

if you scroll down to the bottom of this page, you can see their targets on a number of fertilizer developers.

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Mackie Research Capital - Morning Comments
Agriculture & Fertilizer
ETHIOPIAN POTASH CORP. - (FED - CAD
.67)
Target Price: CAD$1.60 Recommendation: SPECULATIVE BUY
First Assayed Drill Results Appear Solid

FED released drill results this morning from the first six holes of its 2011 drilling campaign at its Danakil potash property in Ethiopia. Holes DAL-002, -004 and -007 yielded an average grade of 21.3% KCl over an average true width of 19.8m. Included in these results are high grade sylvinite zones including 4.5m at 34.2% (DAL-002), 6.0m at 33.0% (DAL-004) and 3.0m at 37.2% (DAL-007).

These drill results are late in coming as the company had problems finding a lab that could process the drill data in a timely manner. The core for the first 19 holes (totalling 3,760.4m) has now been logged, sampled and shipped to the Saskatchewan Research Council for analysis.

These drill results represent an important step towards publishing an updated 43-101 resource estimate. The company states that it expects to be in a position to commission a new 43-101 compliant resource estimate on its Southwest Discovery Zone in January.

Our investment thesis on FED rests on the fact we believe its potash resource will ultimately prove to be similar in scale and grade to that of Allana Potash's Dallol property, at shallower depths than are prevalent on Allana's property. As FED rolls out more drill results and ultimately an updated 43-101 resource for the SW portion of its property (and a maiden resource for the northern portion of its property), we expect the valuation gap between FED and Allana to close.

We maintain our SPEC BUY rating and our 12-month target of $1.60 per share. While FED is behind schedule in publishing its drill results, the fact that the core for the first 19 drill holes is now in Saskatchewan and ready for analysis should provide significant information over the next 60 days that moves us closer to an updated 43-101 resource.

By Jaret Anderson - 2011/12/12