going up and with very strong buy, page-16

Nope, they price they were asking for at toward the end of last year was an inflated price, price of gold was in the very high 800's-900's/ounce, therefore, they decided to not take the offer. Considering that PAN had no gold extraction experience, it is too costly for a mine site they are not even 50% familiar with. Think about it, the market crashed, value of even PAN's own shares dropped from $5 - sub $1, and that is a company that had over 200million in the bank, long term supply contracts, no debts, so what makes you think other company is in better position to offer more?

I stand by the board's decision, and I think they are right about no buying. Even myself, I would not want to pay that much for it. At todays market, that mine is worth about 30% less than what they are asking for it now.

Regards