maxvalue -

Like you, I have no idea why the market values PEM so little. I agree that PEM should be over $.20 a share (based on proved resources and potential resources. However, the market is unwilling to assign a reasonable value to PEM or to most any other gold (or silver) mining company for that matter. I know this because I own shares in a few of them.

Just as the market places far too low a value on almost all mining shares today, I believe that one day soon (i.e. the next year) the market will place far too high a value on those same mining shares. I hope to sell many of my shares at that time.

Turning to PEM in particular -

Did they make mistakes in developing the resource? Maybe but hindsight is always 20/20. I don't know enough about the mining business to fault any of their decisions.

Did they have some bad luck? Absolutely, starting with the unfortunate death of Wilf Struck and culiminating with the forest fire that delayed work on the resource - right as the market was starting to turn south. That delay "took the wind out of the sails" of PEM.

Is the Logan deal the best offer that PEM could have gotten? I find it hard to believe that Del would have turned down a better deal. He holds several million shares (seven?) and taking less than the best offfer would not be in his best interest.

Why is Del "unavailable?" I believe that the rules of the Venture Exchange require him (and other corporate managers) to remain silient until the Logan deal is finalized. Once that happens, I do expect that he (and Logan) can share their plans for success with the PEM shareholders.

I am also frustrated by the share performance of PEM. However, I find their low price is not an anomaly in today's market place. All of my mining exploration stocks (except ZEN) suck right now.

I am going to hang in there and see what unfolds. If I don't see real action being undertaken as a result of the PEM/Logan merger, I too will become a critic.

- panamax