gold is not my specialty but here goes! PVMCash $35mIssued &...

gold is not my specialty but here goes!

PVM
Cash $35m

Issued & Oustanding Share Capital: 184,934,271
Stock Options Outstanding: 8,305,000
Warrants Outstanding: 47,314,000

Fully Diluted Share Capital: 240,553,271

Warrants
ex m $m
0.10 - 10.000 $1.0
0.20 - 0.650 $0.1
0.10 - 1.837 $0.2
0.20 - 2.062 $0.4
0.20 - 13.773 $2.8
0.30 - 17.240 $5.2
0.50 - 2.000 $1.0
$10.65 in cash

Market cap @ 65 cents = $156m less $45m in cash & warrants = $111m

EV/oz = $55

Two projects, containing 2.1 million ounces of gold Mineral Resources comprised of Indicated Mineral Resources of 761,000 ounces of gold and Inferred Mineral Resources of 1,368,000 ounces of gold beneath the former Obotan and Kubi mines which ceased mining operations between 2002 and 2005.

Significant newsflow is expected, with drilling already underway at Obotan and Kubi utilising multiple rigs

Funds raised pursuant to the Offer to be used to accelerate the progress of drilling, resource discovery and feasibility studies and to progress regional gold exploration.




OBOTAN GOLD PROJECT: Indicated 3.06 million tonnes grading 1.59g/t gold for 156,000 oz; Inferred 15.64 million tonnes grading 2.1g/t gold for 1,053,000 oz. Offers both open cut and underground production opportunities with apparent upside for resource extensions.

Production possibilities to be investigated by a pre-feasibility study for completion by December 2011, followed by a bankable feasibility study. As part of the pre-feasibility study, drilling has commenced and it is intended that the Company expand its drilling program up to 40,000 metres following completion of the Offer.

A planned mining project will significantly benefit from the previous mining history at Obotan.


KUBI:
Adjoins AngloGold Ashanti's Obuasi mine, the largest and
deepest underground mine in West Africa.

An Indicated Mineral Resource estimate of 5.13 million tonnes at 3.66 g/t Au for 604,000 contained ounces of gold and an Inferred Mineral Resource of 5.38 million tonnes at 1.88 g/t Au for 315,000 contained ounces of gold, beneath the former Ashanti Goldfields Kubi pit which produced 59,000 ounces of gold at 3.65g/t at a gold price of below $500 per ounce.

Offers high grade underground potential as a possible satellite mining operation to provide additional feed of up to 50,000 ounces of gold per year to Obotan.

PMI Gold will update a Golder Associates 2008 scoping/prefeasibility study to a full feasibility standard during 2011.

Open at depth with additional exploration targets located along 25 km of two major shear zones of the Ashanti & Kubi trends.

AZM trading at EV of $130/oz

PVM is half price