News: PAN Panoramic Resources announces Gum Creek Gold initial public offering, page-5

"I would be wanting a whole lot of info on the project before stumping up any more cash thats for sure."
Agree with this Viper! They are saying the asset is undervalued currently and that providing development capital will unlock value. Yes the PAN shareholders currently own it and should be given a discount of some kind over new investors to recognise this.
Why have PAN management not been able to complete a trade sale on a gold asset in a hot gold market?? What have buyers seen that makes them walk away? The words refractory ore makes me very dubious about the project. I see no issues about the gold being there and the mining of it. Need to see some clear metallurgical studies showing that the gold can be recovered.