The Globe and Mail reports in its Thursday edition that Stifel's Ralph Profiti commenced coverage on Wesdome Gold Mines with a "buy" recommendation. The Globe's David Leeder writes that Mr. Profiti continues to target the shares at $24. Analysts on average target the shares at $22.36. Mr. Profiti says in a note: "Wesdome is focused on organic growth through exploration and operational optimization, supported by a debt-free balance sheet and strong free cash flow generation; and is uniquely positioned among a scarce peer group of Canadian-based, mid-tier (0.1-0.5Moz) gold producers. Our value proposition is driven by a resource-generative approach to brownfield exploration evaluating continuity of deposits both laterally and at depth, integration of drill results into asset optimization studies to extend mine life at existing operations and increased utilization of the 1,200tpd Eagle River mill and 2,040tpd Kiena mill that are each currently operating at approximately 50 per cent of permitted capacity. We estimate every additional year of mine life at Eagle River and Kiena increases our mine NPV by 10 per cent and 6 per cent, respectively, with both Eagle River and Kiena surrounded by underexplored greenstone belts."