any hope, page-3

Hi TC-DRC

I would have thought a decision not to go ahead with Ban Houayxai would be a significant decision for the company. While I would agree that this project is clearly not factored into the share price and only a small value has been ascribed to it by brokers, it offers significant upside potential for the company and shareholders. They are hoping to produce 100,000+ ounces per annum and the project has produced some excellent grades. I'm not sure on what basis you have assessed that this is not a lot of ounces?? Not to mention the fact that PNA have historically been very conservative in their production forecasts. This could end up being 150-200k ounces p.a!

Phu Bia was always a play to try and cover corporate costs and give the company some credibility. While it didn't work as planned, the company learnt a lot from it. Phu Bia is almost insignificant in the scheme of current and future projects!

When the sky looks like it is falling in on top of us, I think it's pretty important to maintain perspective. On any measure, people are giving away PNA at these price.