I understand from recent discussions with PNA that their cash...

I understand from recent discussions with PNA that their cash costs of production are now near 90 US cents/ lb, and that all their costs, including interest paymants, but excluding loan principal repayments, are some $ 1.20 US cents/ lb.

Of surprise to me, is that steel (for the ball mill) is a very significant cost item - this suggests that as steel prices fall in the future, along with falling cost of oil, and beter than expected prices for gold and silver, that the cash cost of production might fall appreciably below 90 US cents/ lb. Interest rates might also fall under re=negotiated borrowings?

What is clear from the above data, however, is that PNA will have real problems in meeting their obligations under their current borrowing obligations, unless they achieve some significant changes.

Their recent press release flagged, to me, the possibility that they are planning a more significant move to deal with their impending problems with their borrowings portfolio, which move would allow them to not only deal with those problem, but also allow them to progress the development of their mining interests in Laos and Thailand.

Hopefully that is the case, otherwise that release was a lot of bravado, and just kite flying.