General Thoughts, page-4632

Had a 20min chat with Iain on the phone, here's a rough summary of questions and answers:

He started off the chat without prompt by saying he would love to release more to the market and he understands that shareholders are being very vocal about lack of newsflow. He said all small cap explorers love to have a constant newsflow to market but to release things to market without proper analytical work on them would be a problem. He said that some shareholders have said to him that WDS are in control of PanCon and he said it's simply not the case at all.

Is the licence at risk of not coming through, are you concerned?
-We are not concerned but frustrated, there has been some changes in the government which may have affected the timing but not the outcome, it is a simple 4-5 page document that just needs rubber stamp (he could not give me a timeline for this happening)

Are PCL at risk of not doing their "continuous disclosure" Re 3d seismic results/leads?
- We would love to release more about these but this work, particularly the AVO work is ongoing and to release things to market without the proper work and interpretation would be problematic if we have to backtrack at a later date.

Are you happy with the what you are seeing so far with the 3d?
-Let's just say we are still very much encouraged

At the end of the call he mentioned that they have not compared data with WDS for a couple of months and that's due to happen soon.

I was happy with his responses and his demeanour seems positive but frustrated at the position PCL is in at the moment, he did mention that they noticed the big sell yesterday and spoke to brokers in the market and their understanding was it was one seller who needed the capital out of the market.