Primed -

Thanks for your comments on the future of PEM. I really liked this one -

"I still feel that the best way for PEM to proceed is to prove up and sell or JV the Friday site. This can raise a considerable amount of money with little or no share dilution."

I have long felt that selling off a section (or better yet entering into a JV) has been the best plan for PEM to preserve shareholder value (see my numerous posts to that effect over the last 2 years). There are potential "spin-offs" (so far) in Deadwood, Monday and Zone X.

I trust that Del also realizes this potential and will not sell off the entire property in one fell swoop - especially in the current "depressed" marhet. I have long been fearful that some other company will take advantage of the market downturn and virtually "steal" the OSZ from PEM. So far, that scenario has not unfolded.

I also agree that PEM may not be able to afford diamond drilling (DD) at this point. I think (and so may you) that a reverse circulation (RC) drilling campaign, while not as trusted as DD, will go a long way towards outlining the deposits in the OSZ and lend credence to the multi-million ounce resource that Del is attempting to prove up.

That effort may be the catalyst that gets OSK (and other potential suitors) to decide to "lock-up" the Friday zone and provide PEM with the capital to really move forward. With that capital, PEM may still be well advised to use RC drilling to outline deposits and only bring in the DD when they have identified a viable target.

I also agree that, due to the efforts to "prop up" the value of fiat currency, the price of gold (POG) will not move as much as "it should" in 2013 unless some sort of "black swan" appears on the horizon. Fortunately for the POG (or unfortunately for the general public), there are numerous black swans circling as we speak. Any one of those could send the POG above $2000. Then, the general public may wake up to the real value of gold and a mania could start.

We shall see. GLTA.......

- panamax