Ann: Quarterly Report as at 30 June 2015, page-19

Two previous projects were duds - Venezuela and Ecuador (I think). BJ's judgement is questionable and he is surrounded by his toadies. No idea why they got that failed ex-CEO from the ex-USSRland project as a director.

MacBank will probably not force them to close because at this stage they still have a chance of getting all their money back from a going concern - which they probably already may have done via the high interest rate and cheap options. I love it that MacBank want to have the 3% royalty paid out up front as part of the debt closure deal rather than over time - really squeezing the balls there at a difficult time for PGI.

Not sure if I saw any details in the report about PGI's end of quarter financial position. No doubt that will have to appear this month in the half yearly financial statement (or annual statement, whichever it is for them). I wonder how their payables are going?

PGI needs to do a capital raising to get the funds to meet MacBank's demands. I think that should have happened already and would have freed things up for the future. I just have concerns that BJ has his business head screwed on correctly given his many poor moves on this project and they two I mentioned above.

Good luck all.

loki (hold onto your cashstash for really low goldie prices inthefullnessoftime)