We know that most explorers can not get funding and most will die on the vine as a result. We know that selling assets for a fair price, at a time like we are in, is next to impossible. We know there have been no buyers for the MT property. We know that if there was a decent one PEM would have sold it. Trust me! That is something we all know. We all know that we need the metals to bottom and to rise convincingly. What we don't know for sure is when. We know that Del will be needing more cash this Fall to get us through these times. We know that he has cut all spending to bare bones. We know that he and his staff have waived income for many months or longer. We know that the only likely full time (unpaid) employee left is, you guessed it, Del. We know that PEM needs to pay all of it's claims in MT and ID in a month, perhaps as soon as September (+or-) which could cost a few to several hundred thousand dollars. We don't know if Del will have enough funds to pay the annual claims fees. We don't know where the next influx of cash will come from or how it will be arranged, if at all. We don't know if Del can arrange sufficient cash for the remainder of the year. We know that many, if not all, debenture investors have had to temporarilly (and hopefully not permanently) waive being paid interest owed to them. We know that there has been no suitor willing to pony up with a fair offer to JV or buy PEM. We know that this game with suitors has likely taken the form of them watching and waiting to see if PEM comes begging or to see if PEM goes under. We know that this is a vulcher's game. We don't know if a fair life saver will be tossed PEM's way to save it from drowing. We know that Del and Christine have a lot of skin in the game. So do many others. We know that the last thing they and we want is for PEM to not be able to wait out the precious metals market's convincing and irreversable bottoming and upturn. What we don't know for sure is whether PEM can survive this market climate for the rest of this year. Aside from needing the market to reverse course and the need for PEM to somehow acquire cash quickly that PEM, and the explorer's sector, will need some other catalyst that would be beneficial for PEM; something that gives real hope, something that convinces shareholders that the dark age is over and that the sun will soon shine again on the company; something that promises better times, a new operational plan, one with some funding to get the ball rolling once again.

The following is something I sent I sent to friends who are in the same boat you and I are in. . . I got an e-mail from a wise one who related how Alpha Minerals consolidated it's shares and then went from .40 cents up to $5.00 in 10 months. I know this is not what always happens. There had to be a catalyst. But it is a lesson in possibilities given the right circumstances. I thought it worthy of mention because it is better to do so as opposed to just sitting back, saying nothing, while a few others take over the megaphone and blast their hate and vile untruths. They seemingly care little whether their false and/or erroneous viperous, venomeous, and malicious tantrums worsen PEM's precarious, unstable, and uncertain immediate future. So what else do we know? We know that PEM is hanging on. We know that there are some who want to drive investor sentiment even lower, and then once they succeed to be able to say "see, I told you so." Psychologists would have a field day with such sentiments.

As I just said, we know that PEM is surviving at the moment. We know instinctively it is better to encourage a sick patient to get well than to pronounce the curable patient as being as "good as dead" when there is still a fighting chance. We know we all have something at stake here. I for one, have always been a fighter, one who does not surrender until the game is irreversably over. I would rather back the company I have put my faith and dollars into than drive it even further into the depths of despair and depression. It serves no purpose, none at all, to be among those who want to tear down PEM at every opportunity. We know we want to, and may, survive. We know that we won't survive if Del surrenders to the pressure, to the seemingly impossible situation, to the times we are in. Work hours are being contributed by Del and others without compensation. That's good enough for me. Who among us would do the same with our current or former jobs? Any of us? Huh? Truthfully? We know that they have a lot at stake themselves, just like us, and I do not believe for one moment that they are careening willy nilly in reckless fashion from decision to decision. We can't change the past but maybe we can help shape the future.

As one wise person remined me, Del has tried to get PEM the best deal possible. Obviously there are no buyers willing to pay a fair price for anything. Del found a couple of ways to raise cash but we all knew that in time that would run out. We know that he tried to do a JV but that it was Del, in the end, who pulled the plug on it because of deteriorating condition that made the deal unworkable. We know that Del has some heavy expenses coming up real soon. We know he needs to raise cash and that is not possible with the share price where it is. We know that his newly announced plan to consolidate shares will open perhaps one last door for salvaging this situation.

So, what do we know and what do we not know at the moment? What we don't know is whether Del can pull all this off or not. It certainly would help if we helped him and the others who are struggling to find a solution that impacts us all. We know we can loose this company. What we don't know is whether there are any viable options left to avoid doing so. I'm betting that the game is still ongoing. It is not over. We know that the "rollback" is perhaps the only viable option from which to choose. What we don't know is whether it will be enough to make the needed difference. Pray that it does, because what we know is that we could go under. What we don't know is whether we will or not.

marwal