short term trading week beginning - 1st oct, page-80

Some perspective for PIO

IGR in the process of being taken over by SLR for a combined market cap of $1.3 billion. IGR is pretty much valued on this ground and is currently sitting on a market cap of $540m. SLR have other projects but it's important to note that they held the ground next to IGR and the Mt Monger deposits are pretty evenly distributed either side of their borders. So it's fair to assume that a fair chunk of SLR's $820m market cap is attributed to this ground.

This map shows where Juglah Dome sits in relation to these deposits. The light brown is SLR/IGR's combined holding. The darker brown are tenements SLR has most of by JV.

Aside from the rather chunky Mt Monger and Randalls projects there's another resource just to the north owned by TSX listed ASR ($3b market cap) Alacer Gold. It's part of their SKO project and has been converted to a mining lease. It's not as big as the SLR/IGR resources but the fact it's there means Juglah Dome is literally surrounded on all sides by commercial deposits.

To get all that into perspective it's worth taking another look at PIO's EV. $9m compared with the valuations of what's just outside the Juglah borders. And drill results from that block due any day now.