INTERESTING UPDATE:
First a clarification of a few things one being the shares outstanding
after this recent warrant exercising - 19,000,000
Cash on hand presently $11,000,000
PFG has been informed by one of Barricks top personal working on the
Diablillos that there WILL be a mine on the property.
Upon completion of this latest 7,000 metre program Barrick will make a
definate decision to either hand the property over, or drill one more round, (depending on the results), in order to make an offer to PFG. This will work in PFG's favour either way. The reason being is if Barrick does decide to hand over the property it is a HUGE asset for PFG. They would then decide how to go about maximizing shareholder value with the property, which could be a whole array of options.
When Tom Shrake was in Toronto, he had the opportunity to have two full days of meetings with institutional investor's, which apparently went quite well. They are also planning two promotional swings, headed by Mcleod which should be starting shortly.
The Barrick executives gave an inside chance of drilling to be fully completed within 6 to 8 weeks.
In summary in appears to be a win-win situation for PFG.
Regards,
Ric Staya |
