Dahlman Rose Maintains Buy on Allied Nevada Gold (ANV)

Dahlman Rose is out with a report on Allied Nevada Gold ANV after ANV announced recent drilling results. In a note to clients, Dahlman Rose writes, "Highlights from this drilling include 30 meters grading 1.02 g/t AuEq (0.70 g/t Au and 18.5 g/t Ag) and 21 meters grading 1.20 g/t AuEq (0.95 g/t Au and 14.1 g/t Ag) and 11 meters grading 2.13 g/t AuEq (1.20 g/t Au and 52.7 g/t Ag). The company will look to resume the exploration program in January 2011, with an objective of drilling 10,000 meters utilizing two core rigs and two reverse circulation rigs. Our Buy rating reflects our positive view of ANV's strong gold and silver leverage, development upside, and the current (low) oil price environment." Dahlman Rose maintains a $30.48 PT on ANV. ANV is trading at $24.05, down 2.75% from yesterday's close.