With regard to your thoughts Panamax, for which I, for one, am grateful, on 1/19/2012, in an Al Korelin interview a question and answer went as follows:

Q: "Why doesn't the company put Buffalo Gulch into production with a partner and finance themselves that way?"

A: (By Del) "We recently beat that question up ourselves. One of the things we did in 2011 was to acquire a piece of ground. . . that will make a substantial difference to the potential permitting time line of Buffalo Gulch. So, we have that in the back of our minds also and it is on the burner."

A recently located governmental document, (which I have personally seen thanks to the work of another shareholder) seems to (as in probably, or likely) indicate that PEM has initiated a leach process operations permit request near Elk City which is (or was) under review by the US Bur. of Land Mgt.

If I were a betting man, I'd bet that PEM is ever so quietly continuing to lay the groundwork for a mining and/or processing operation on their newly acquired privately owned industrial land along the road that leads to and from Elk City, near their old saw mill office building (now upgraded to an on site operations center and field camp). As Del said "it is on the burner." Personally, I believe it. It would be a shocker to the market to realize one day that PEM isn't a few to several years away from having a mine (with some other entity of course). What if they were able to announce one day soon that they have most, if not all, of the requirements in hand for a new mining and/or processing permit? On more than one occassion Del has indicated an interest in seeing a mine operating on the OSZ. Perhaps, just perhaps, one way of the other, whether it be the Friday or the BG, perhaps things are further along than we know or realize.

As an aside, but in a similar regard, across the mountain range to the east, PEM's Montana Chrome Mountain property sits patiently awaiting someone's (maybe Stillwater's) pick and shovel, preferably someone who already has an expanding mine to take the ore to. (Stillwater has been investing a HUGE sum of money in expanding their operation's capability, the plant is located but 1 km away from the PEM property.)

Although it is only a preminition, an opinion, I have often said for a long time now that PEM would probably have a new major investor, a JV partner or a buyer in 2013. Recently my preminition was that we have been getting closer to some game changing news. Something that could happen sooner rather than later. But, then again, I have no way of knowing for sure. It all adds up in my deductive reasoning. Slowly but surely the pieces to the puzzle seem to be coming together. (Maybe. Then again, maybe not. Time will tell, of course.)