Drilling commenced to extend gold resource

First drilling has started at the recently acquired Glencoe gold deposit. The ground already has a gold resource and is close to the Fountain Head project, on strike, so the chances of extending that gold resource and increasing the mine life or throughput are extremely good. The stock is so undervalued and the company is well cashed up to do lots more drilling. PNX's market cap is only a fraction of some of its near production peers, some of which are in the $100-200M group. PNX's market cap is under $30M. Sellers are slowly being absorbed. It has been slow, but good results from this round of drilling should see the share price pick up towards the high of 1.8 cents. Hopefully even much higher.