huge volume, page-9

re: up 1.5 cents but On the 3 November 2004 I advised my PNA email database of the following key milestone (see below)...

(Many of the events have come and gone...some are yet to be achieved and others have not as yet been reported though the timeline suggests that they should have been achieved.)

What The Next Few Weeks / Months Hold for Investors...

mid Oct - Construction Contract Awarded to MDM - First Concrete for Plant Footing going down NOW (3/11)
mid Oct - Step Out Drilling at Phu Kham Southern Zone Commenced - See Today's Announcement
w/c 8 Nov - Drilling Programme (Oxide Mineralisation) at LCT Commenced - Moves to Ban Houayxai 1st half CY 2005
w/c 8 Nov - Revised Phu Kham Gold Cap Resource Statement
w/c 15 Nov - Final Ministry of Industry Approval for Mine Plan
w/c 22 Nov - Decision to Mine Confirmed
w/e 1 Nov - Review of Puthep Pre-Feasibility Study Completed - Initial Drilling Programme Planned Feb/Mar 2005
mid Dec - Initial Results from LCT Drilling Programmes expected
mid Dec - Initial Data Compilation for KTL Copper and Phu He Gold Deposits
late Dec - Debt Financing Arrangements with 3 Banks Finalised
early Jan - Mining Operations Start
mid Feb - Revised Phu Kham Cu-Au Resource Statement
early Mar - Phu Bia Gold Project Ore Commissioning
late Mar - First Gold Pour for Phu Bia Gold Project

NB: I have also been reporting for the past couple of weeks that Bell Potter are overdue their updated report on PNA which includes a sensitivity analysis of each project relative to various external elements (e.g. FX, gold price, copper price, etc).

And for those who are yet to fully appreciate the PNA story, I also stated that...

"Hartleys made a comparison with 90 global porphyry Cu-Au deposits with resources of 500Mt or less confirms that PNA's Phu Kham Cu Au deposit falls into the top half. When these deposits are compared on a global equivalent basis, Phu Kham Cu-Au is in the top 25% of deposits.

As at July, PNA has a resource base of 1.8mt copper and 2.4moz gold spread between several advanced projects and recent drilling indicates that significant resources upgrades are highly probable over the coming weeks and months at Phu Kham Gold Cap and Phu Kham Cu Au deposit ("the company maker").

Moreover, gold materialisation at the LCT deposit has been delineated over a strike length of 400m but less than 20% of the deposit has been drilled. At Ban Houayxai, PNA has discovered a dilation zone over a 500m strike length at the southern end of the deposit that has been the focus of the initial drilling efforts. However, a great deal of the Ban Houayxai deposit remains untested with most of the drilling to a depth of only 60m and with a further 700m undrilled."

*** CONSEQUENTLY, SIGNIFICANT POTENTIAL EXISTS AT ALL 3 DEPOSITS FOR FUTURE RESOURCE UPGRADES ***
I believe that this may have been ready in late December but held over to early january so that it might be viewed by more investors for greater impact.

SCD