emr 22/2012, page-18

Primo

Don't put too much faith in the vocabluary used by Panax management they are careless in their use of language.

I just checked back on the Quarterly report for period ending 31/03/12 which was published on 19/04/12. It stated PPA for Ngebel was imminent and PPA for Dairi Prima would be executed in the coming quarter, still haven't happened.

As I have stated in previous posts I am hopeful of PPA's by end of this quarter however I am not holding my breath.

I have stayed faithul for a long time and do believe it will happen but don't believe what management say.