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Orezone Gold Upgraded to Outperformer at CIBC

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Orezone Gold Corp. (ORE.TO) was upgraded to outperformer from neutral at CIBC Capital Markets.

Analyst Cosmos Chiu raised his price target on shares of the gold mining company to CA$6.00 from CA$3.50 following a recent visit to Orezone's Casa Berardi mine in Quebec.

This coincided with the release of the life-of-mine (LOM) plan, at a preliminary economic study (PEA) level.

"After the mine tour, we believe this PEA only reflects a base case scenario, with significant future upside, as no additional drilling from Orezone was included in this study," Chiu said in a note to clients.

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