proactive investors - latest fri, oct 26, 2012, page-3

Hi Galba,

Firstly, we need to look at who are the majority of shareholders that hold PEX shares, answer equals the Directors.

Then we should look at are any of the Directors earning an excess/high salary or the Directors actually putting all the funds directly into the drilling exploration? answers is into the drilling, which means the Directors are also wanting to see the SP rise as much as we do to have a strong return on their investment, and thus any dilution on PEX market cap will impact their investment in PEX.

Secondly, IMO it seems like CBH are funding everything at the moment, hence why there has been and will be no need for a CR.

Galba, i'm not sure you understand the significance and importance of having CBH part of a JV with PEX. Many junior exploration companies would jump at the opportunity to enter into a JV with such a massive company as CBH, why? funding secured, fixed assets secured and "EXPERIENCE" no one can buy, which basically means we can actually make the transition to production.

As a long term shareholders myself, IMO this provides sound assurance that my investment with PEX is safe, because a JV with CBH will secure any funding requirements, whilst the transition to production will be alot easier.