Ann: Share Purchase Plan Announcement , page-9

Look, it needs to survive, in order to explore its ground effectively. So, it needs money. The ground they have is evidently very prospective.

The two mistakes which cost PRE were: going to resource estimation too early (and only getting 100Koz) and spending all that money on a dry oil/gas well in California. Having said that, at the time I thought both of those decisions were the right ones, so what do I know?

The most unfortunate thing to happen to PRE was that it did both of those things within 12 months of the biggest crash in this gold boom. So, just when they needed the market to say, "Oh, well, bad luck but you still have prospects, here - have some more exploration money," the markets actually said, "Money? You want money? If I won't give it to a Big 200 company, I most certainly will not give it to you!"

PRE was a very expensive lesson for me, however I have had a few of them in the past 18 months, I can tell you! Now, I have a few winners again, but I'm keeping tight stops this time round.