adding: 2324 GMT -- UBS thinks Perseus Mining has finally turned the corner, so upgrades the stock to buy. Perseus looks to have overcome operational setbacks at its Edikan gold mine in Ghana and was able to bring its second mine, Sissingue in the Ivory Coast, into production on time and budget. "The share price has already started to reflect this, re-rating from 0.5 times price to net present value to 0.8 times, but we think it can go further," UBS says. By operating in two countries, Perseus's country risk is lessened. It also has a third growth option: the Yaoure gold deposit in Ivory Coast. So, UBS thinks the market "could re-rate Perseus toward 0.9 times price to net present value and potentially capture a gold premium."
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