Ann: Encouraging Initial Argo RC Results, page-11

Hi Dindab, take everything I'm about to say with a grain of salt as this is just my opinion.

PDI has been a market darling in some respects due to their impressive discovery at NEB and the speed at which they have put together their 5.4 million Oz resource. The geology is relatively simple at NEB and the plunge extent is conducive to adding many more ounces into the underground inventory. additionally, the relatively high grades in the open pit resource (circa 1.7 g/t) will lend itself to simple, low AISC mining. Adding to what they have, there is potential upside from regional exploration. with the 800m multi element anomaly at Argo, there is potential to add ounces to the already impressive inventory. If they can add other sources of ounces, there is no reason why they can't produce >350k oz per year in years to come at juicy margins.

Putting this all together with the fact that PDI is located in Guinea, one of the better west African mining jurisdiction's along with some cashed up neighbours, PDI may quickly become a T/O target as soon as mining licence is granted.

AIMHO