Ann: Quarterly Report to 31 March 2017, page-4

Good to see this donkey is still alive and munching away on some straw.

I do not get it why the report did not give full details of where the money earned in the quarter went and the total cost per gold ounce produced - since there is more than just operating costs, eg sustaining capital and head office admin, plus outlays on exploration (if still doing any, which they did in 2016).

I had a look at the recent annual report and what took my breath away is that they are paying an effective interest rate of over 21% on their borrowings, plus there are ongoing royalty streaming payments that MacBank onsold. When you factor in these costs with their HQ costs, business studies/attempted deal making etc they are going to continue to struggle to pay out all the loans by the due date even at todays USD1275 gold price, and their estimate of a residual value of 50cents/share is pure fantasy.

I was lucky to get out of PGI in late 2012 after I had an unsatisfactory discussion with BJ.

Jumstart has been the realist on this thread for a long time.

Good luck all. Best to have some cash on hand to buy some better goldies around mid year for the next run up in the gold price (I am expecting a pullback in USD POG and continued weakness in the goldies over the next 4-8 weeks). That is how I recovered my losses and made some useful gains over the last 2+ years.

loki (there is one born every day)