grossly oversold, page-3

foxgold

You wrote

"Traders have a very short memory when it comes to this sort of stuff in my experience and a few decent drill results from Fekola will see this back in the mid 70's before end of June."

Unfortunately we are getting into the seasonal "sell in May and go away" period when people sell their under-performers and there is a low in the seasonal POG, so even if there are good drilling results I doubt the share price will be back in mid 70s by end June (although I hope it is). Really good drill results may get us back to 55-60 cents in the short term with the prospect of another push up in the second half of 2011 when the goldies take off again. In case you have not noticed, the goldies have done poorly so far this year despite the elevated USD POG.

We need another 500k ounces of gold in the resource base to make things happen again. I think this (or even better) can be achieved within the next 10-12 months if Fekola is as good as it has appreared.

The market sentiment towards gold, goldies, and PIR will also be very important factors to a restoration of PIR's share price.

loki