Ann: Further Significant Intercept at Black Hills, page-51

re: Ann: Further Significant Intercept at Bla... Should be worth around a market cap of approx $15 - $18m plus IMO - another 10 - 15c plus would not surprise the genuine market, without further results, based on the information already known within the public domain and when compared and contrasted with others of the same ilk.

At 26.5c, PNX has an undiluted market cap of only $11.3m with little difference when fully diluted.

Eg:

ADN (undiluted market cap) is $32m (has more cash):

Best results include:

9m at 1.57% cu, 46 metres at 1.24pc, intersected 25
metres at 1.05pc copper, including 9 metres at 1.66pc copper.

PNX awaits results so geological risk, although IMO minimal, is apparent.