** mining gold has started **, page-3

Hi backspace,

I have completed a comprehensive Discounted Cash Flow Valuation for PNA which conservatively ranges (depending on production scenarios) between $0.54 - $1.03 per share (fully diluted and taking into account future share placements for capital raising) by June 2007.

The figure of $0.54 is really a nonsense because it is widely understood that the company will achieve both higher production and higher commodity prices than those represented in the Phu Bia Gold Bankable Feasibility Study (US$375oz Au) and the Phu Kham Copper-Gold Preliminary Study (US$1.00 lb Cu).

For todays valuation, I would suggest the following information may aid the your valuation...

The company had approx $35m in the bank which is worth 6c per share. the Phu Bia Gold Mine is worth plus 10 per share.
Now, what price would you place on the company make - Phu Kham Copper-Gold Project - which is well advanced through the Bankable feasibility Study and likely to be worth 8x the Phu Bia Gold Project???

In addition, there are other known deposits (e.g. KTL which looks similar to the Phu Kham Copper Gold Project only with richer Au credits) AND extension drilling at LCT and Ban Houyxai Gold deposit which will extend the mine life and cash generation of Phu Bia.

This is alot to consider...in short, I am surprised that PNA is not trading closer to 30c today.