When QE-2 ended last summer some said the metals, their equities, and some commodities could be negatively effected. Yet, most of the industry spokespersons, such as John Embrey, Eric Sprott, Rick Rule, John Hathaway, Frank Holmes, James Turk, Jim Sinclaire, and so many others were saying week after week, month after month that new highs in the metals should blast off in a matter of days. They all were wrong! Meanwhile, many explorers/juniors went down like it was 2008 all over again. PEM suffered more then most. Dundee's selling millions of shares certainly did not help things. Del saw a market downturn coming, in spite of all the industry hype. He correctly "took cover," and reigned in spending. But, the correction has lasted longer than almost anyone thought it would. In the middle of it all, PEM did a small financing (given low share prices) enough to do most or all the needed infill drilling this summer. More funds could have been raised, but were not, due to share price. Some PP investors were turned away. Additional financing will be done when needed hopefully when share prices are more in PEM's favor.

At the moment Del and Mike O are on site making final arrangements for the start of the infill drilling. Mike O. unofficially thinks it possible for the Friday to have 4m, 5m or more ounces. Perhaps we will get close to 2m ounces this summer. The infill drilling will be completed in a matter of weeks.

Meanwhile, the old 43-101, which had been accepted by the authorities, was sent back to PEM for adding new information based on increased information requirements. the newly updated 43-101 will be completed in a couple of weeks and submitted to the BCSC. Once approved the results will be announced. I wonder if the old Bema drill hole's were located. If so, might the assay results be included?

I read from time to time on the bb's erroneous information about Del's small stock sale last summer. For the record, He and his wife had sold their home quite a while ago to help finance starting up PEM. Last summer Del sold a very small amount of his shares to obtain some funds to purchase a home for his wife and himself after having rented for a number of years.

Most do not know this, but in the past PEM senior staff have taken temporary pay cuts to help get through tight times, such as in 2008-2009. I would not at all be surprised to learn of some of our PEM team making such a sacrafice for the company and for shareholders once again. At least that's my impression. The PEM team, I have learned, is so very rare in this regard in the industry. In addition they are fiercly loyal to the company, it's shareholders and to Del. Such commitments are worthy of our respect, commendation and gratitude.

There has been somewhat consistant interest in PEM by institutiuonal investors and other companies. That is a fact. The company reportedly has corporate policy in place to ward off any unwanted hostile takeover attempts should they occur. I note that there is an additinal posting on Mr. Korelin's web site today (Thursday) about another possible suitor, if interested in reading about it. There will be more interest once we get close to 2m to 3m ounces at which point a mining operation and processing plant becomes increasingly more desirable.

No one disputes PEM's record 100% near drilling success, it's various test results, it's historical placer mining record, it's soil samples, it's acquisition of a local headquarters building on the newly acquired commercial land, the establishment of a new exoploration, if not a mining, camp at that new location, the so-called "Treasure Map" they have compiled, and everything else the huge land holdings have to offer. Whether there be 20 million ounces or 40 million ounces or more on PEM's land, only future drilling will prove the accuracy of such estimates.

PEM has successfully "hunkered down and kept it's powder dry" through this market sector correction. We have "kept the faith" in PEM and it's dedicated and loyal people. We impatiently await the results of the infill drilling, the new 43-101, the upturn in the precious metals market sector, the soil sample results, and an update on Chrome Mountain. It won't take much for the share price to go up 100%, 300%, 500% even 1,000% or more from where we are today. It can happen at any time and could happen quite quickly. Maybe a QE-3, maybe a great new 43-101, maybe getting close to 2m ounces this summer, or maybe something else will reverse share price. Such increases, it seems to us, is not a matter of if, but more a matter of when. Beyond those increases lie even greater possible fortunes. Much greater if all goes well as time goes by. Based on the above, and much more, like so many others, these are but some of the reasons why we have made small additional share purchases in recent weeks. In the interim, as we await this summer's drill results, we have no intentions of selling.

Thank you for indulging me and this longer than usual posting.

A happy Father's Day (coming up soon) to those who are fathers.

Sincere thanks to all who comprise PEM.

Marwal, family and friends.