1st gold within a week, page-7

SP,

Let's be fair here.

Firstly, one of the banks is Mac Bank - grab the cash before they go to zero lol!

Secondly, is payable over 36 mths. 25% of expected production from CAGP through end 2014

Thirdly, commissioning is notoriously difficult. There is only a couple that have commissioned on time and and on budget that I casn think of.

Fourthly, sensible management doesn't include betting the farm with other people's money, which is what you seem to be indicating that they should have done. That is, forget the loan facility, raise more equity cash - and then keep raising more and more. I've seen what happens to producers that keep going back to the market....crushed even when making money. Check out FML. Unhedged, debt-free, producing, met mine commissioning targets, meeting production targets, missing cost case and beating gold price base case. 6.6c now, were 7c+ as explorer in Dec 2009, super diluted in shares and issuing more. Ridiculously poor performance given the gold price movement, milestones met and progression of business to producer. They did the same as you are suggesting PRU should. Theory doesn't always work out in the gold game.

Last, announcement May 2011 base case is cost US$551, price US$1,150. I have doubts about hitting $551, more likely $650-$700 but they've sold 25% of their gold already at a higher price then base, I'm positive on the $1150 will prove conservative mid term (through 2015 at least), and I hope they are building a business, not gambling on a wing and a prayer, which your approach 12 months prior to production would have been. Is ok to do it with your own money, but I don't want people, especially the wild west of mining managers doing so with mine.

I understand your perspective and the theory behind it, but only for trading, not for creating a steady, wealth generating business that would be attractive for take-over - which is the end game for PRU, probably once Ivory Coast is close in 2013-2013