research note, page-5

I have been into PVM pretty much since it listed in Oz, very interesting ground and with better management now in place feel more comfortable. Early setback due to overstatement of Kubi numbers (?)by consultants (SRK). They have also done this latest set of numbers. I detect a bit of scepticism by some due to size of upgrade, (maybe professional jealousy). I got a few professional gold hands to review and feedback was that the 43-101 will give a more detailed assessment. I believe this should be released within 45 days of material change to resource (28/11/11). If the numbers stack up that is likely trigger for rerating.
Chart seems clear that we are in consolidation b/w 98 and 119. The longer the consolidation the stronger the base for next upmove.
Think we shall see a good market for gold stocks over next few months and am hopeful PMI will be at the forefront. Would imagine a great deal of management credibility is at stake here.
Target on breakout is conservatively 160-180.