Supposedly, the Logan Resources deal is to receive the TSX stamp of approval by the end of this month. Hopefully, all goes smoothly, without time delaying back and forth questions and answers between LGR, PEM and the TSX, which often happens in such matters. Then, once the JV proposal is approved, LGR and PEM will need to "close" the deal, however long that may take. I suspect that if LGR remains dead serious about this arrangement, they will have finances arranged and close as soon as possible so as to allow time for noteworthy drilling this Summer and Fall. In the interim, PEM and LGR need to avoid public comments about the pending JV proposal.

I have heard that LGR has had a representative introduced around the Idaho area to those they will need to know and work with, including government oversight authorities. Word also has it that LGR would take over all Idaho operations, move into the existing facilities, call the shots and execute their own plan and operations. LGR has been developing it's strategy for weeks now. PEM would at that point become increasingly more reliant on LGR's success in Idaho. As we know, LGR has a staff comparable to a stable of thoroughbreds, dozens of them, each with noteworthy track records, all waiting to hit the ground running. The timing of all LGR drilling results will hopefully dovetail with a recovery in the precious metals market. If so, LGR's success will naturally and hopefully pass along to PEM, you, and me.

The land deal, once finalized, (along with some funds from the JV deal), could be used to pay previously unpaid salaries, pay interest payments, reimburse debenture investors, pay a late mortgage payment, and pay for routine ongoing corporate administrative costs for the forseeable future.

Meanwhile, the former Governor of Montana, and another major Stillwater investor, sued Stillwater's management for wasting corporate funds on very costly investments outside of Montana. The arguement was that the Montana property (and surrounds) have enough known proven PGM material to widely expand production that could last for decades. Stillwater's President and CEO will supposedly be replaced and his Chairmanship on the Board was supposedly relinquished to the former Governor. It is believed Stillwater will become more geographically parochial in a place where continued mining is both successful and assured. Perhaps that will mean that surrounding claims may eventually be considered for acquisition, in due course. Additionally, there is every reason to believe Platinum and Paladium will become much more expensive.

I am eagerly looking forward to this necessary but nerve racking veil of silence being lifted so we can hear from Del Steiner and Logan's designated representative on their respective corporate positions and goals.

As for the precious metals market, this correction seems close to bottoming. Perhaps we will see a reversal of fortune sometime between now and the end of the year. The sooner the better. This largly unforseen devastating correction may have already destroyed a majority of the exploration segment of the industry.

Until the LGR JV deal completes, and the market reverses course, we will likely continue to tread water.