TODAY'S DISCOVERY, TOMORROW'S FUTURE

Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.

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Message: Steer sale

The current price can be explained with the market evaluations since the announcement of the Magino deal without invoking upside speculation. The market priced this stock in the 30-40 cent range when we acquired 1.6 million oz of mineable ore, even after pricing in dilution. If you increase the resource by 50 % then, in theory, we should be around 50 cents. They would presumably use this as part of the selling appeal for the PP at 45 cents, plus some upside speculation. There was a delay from the announcement of the resource increase until the share price moved, but that also occurred when the Magino deal went down. Some 4 million shares were sold at 20 cents or less after the deal was announced, despite the fact that PDG went from 2 projects, Golden Mile and Milestone, of dubious mineability to Magino with 1.6 mil oz and an open pit upside. Another pricing perspective is to calculate the current implied value per oz. Using 221 mil shares FD, a share price of 44 cents and a resource of 2.5 million then I get about $ 39/oz , which is reasonable for this stage of development. If Brian is doing a dog and pony show then he needs to demonstrate the potential for resource expansion. I did sell my trading shares bought at 26 and 34 cents to capture some profit. There's no guarantees in this business.

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