broker recommendation, page-2

Here's a excerpt from the brokers report. Valuation of $1.90 plus on todays gold price with a buy recommendation

The Obotan PFS incorporates a maiden ore reserve of 30.3mt @ 2.32g/t Au for 2.26Moz, which has exceeded expectations, as PMI was originally targeting ~2Moz for the DFS which would allow for a 200Kozpa operation over 10 years. The reserve release de-risks the operations, providing further
confidence that the project will be developed. Importantly the Obotan resource base and reserve position are interim with near-term growth expected. PMI has a new resource update due at the end of February 2012,incorporating results from +28,800m of diamond drilling. We expect
incremental resource growth with resource upgrades, an improvement to resource categories will enable further resource conversion into reserves, but we don?t include this in our current valuation. Larger reserves will equate
to increased mine life or higher production, both of which will have a positive impact on value. The Company remains undervalued on our conservative valuation, cheap when compared to many of its West African gold peers
despite having a grade advantage over most, and retains considerable exploration upside.