Just thought I would post a few excerpts from past PLM NR's to see where we stand:
On Dec.17/97 we received this release:
"The Bullion Mountain property, situated on the prolific Battle Mountain-Eureka
trend in north central Nevada, remains the company's most advanced project. The
comprehensive exploration program Pallaum established last year has been
completed with encouraging results. The program included geological mapping,
geochemical soil studies, outcrop rock and electromagnetic studies, an induced
polarization survey, and a shallow 19 hole reverse circulation drill program.
Further drilling is planned during the spring of 1998."
Hmmmm, let's see we, we have passed through spring, and are half way through summer and nothing yet.
This one is from Feb. 13/98:
"Nevada
Geological reports and recommendations are being received from the company'
geologists, David Blake and Peter Leriche of Reliance Geological Services.
Details of the proposed 1998 work programs, including drilling, will be released
upon finalization.
Pallaum is committed to a solid exploration program in Nevada this year to further
develop its Nevada properties, including a proposed drill program on the CVP
and Bullion Mountain Properties. Pallaum will also start additional work programs
on the recently acquired 100% option on five Nevada properties (see news in
Stockwatch June 17 1997). The W property, which hosts widespread gold
mineralization, including an intersection of 110 feet of 1.41 g/t gold reported from
a shallow drill program carried out in 1987.
The company is committed to the development of its Nevada properties in search
of multi-million ounce gold deposits."
That NR was from 5 1/2 months ago and we still haven't heard anything about detailed work programs. Is that how committed PLM is to Nevada??
This one is from May 6/98:
"Mr. Stanley Ford reports
Pallaum Minerals is entering into its third year of exploration in north central
Nevada's prolific gold belts. Unmined reserves in this region are estimated at over
100 million ounces. The company and its Nevada based senior geologists continue
to be encouraged by the current portfolio's potential to host a large gold reserve.
The preliminary budgeted $1-million (U.S.) work program for 1998 provides for
exploration work on nine properties; potential for joint ventures with major mining
companies; potential for acquisition of additional promising properties are
scheduled to commence this summer.
The $1,960,000 expended on the 1997 work program provided the following: the
Bullion Mountain and WC, were sought by majors; eight properties had work
conducted on them, five of those properties are scheduled for additional
exploration; and five new properties (RM, W, WC, Hill, Buff) were acquired,
based upon previously conducted significant work.
The next stage of exploration on the Bullion Mountain property will ultimately lead
to a deep drilling program along the Coral Canyon Fault. Last year Pallaum
defined gold mineralization over a 3,000 feet strike length associated with a thrust
fault associated off the same structure as the Pipeline deposit. This Coral Canyon
Fault hosts the Pipeline deposit to the south where Placer Dome has defined over
10 million ounces. Between the Bullion Mountain property and the Pipeline
deposits lies Coral Gold's property where Placer Dome is planning a $1.5-million
(U.S.) deep drill program in 1998. This area is a priority target with a potential to
host a multi-million ounce gold deposit.
The CVP property exploration in 1997 was encouraging as there is a possibility
that the bedrock depth is far shallower than previously expected. The lower plate
rocks (which host the Pipeline deposit on the adjacent property) could potentially
be as shallow as 800 feet. On the adjacent property owned by Placer Dome, gold
mineralization at the Pipeline deposit is beneath overburden in the lower plate."
It tells us nothing new, only the same info that they had told us in all the other releases. I mean by now we know the CVP Wedge reached bedrock at 1000 ft., we know Placer showed interest, we know their is gold in Nevada, we know the geologists think PLM has potential. Unfortunately none of that is ever going to help the share price of PLM.
This one is from June 2/98:
"Mr. Stan Ford reviews the company
Nevada Properties
Geological reports and recommendations are being reviewed, and details of
proposed 1998 work programs will be released upon finalization. Pallaum is
committed to a solid exploration program in Nevada this year, including proposed
drilling programs on the CVP and Bullion Mountain properties."
Was it really necessary to tell us the same thing you had told us a month earlier. Instead I would have preferred that we heard that drills were in place and drilling was starting, after all it was spring of '98, the time that PLM was "committed" to begin drilling.
I could continue to post NR's, but I think the point is made. After these NR's we than received 2 more telling us about financing first at .57 then re-priced to .48!! This was wonderful news, especially since the stock was trading in the $.90-$1.05 range shortly before. I guess it would have been too hard to do a financing when the stock price was higher to avoid dilution??
GTR |
