more options, page-19

Dull

You wrote:
'we have no choice but to show confidence in the management and their performance.'

And thats where you and a lot of frustrated holders on here differ.

Your statement above albeit remains the same. However, with a contradictory view by some. Some holders confidence in management is dented and the issue of options that are only $0.025 out of the money with three years to excercise can be perceived and i guess has been by some holders as a management 'rort' on shareholders. Confidence in their performance may also be to the negative. A 64% decline in share price from highs.

With regard to performance i note that management issued an announcement upon banking of rights moneys that $15 mill in exploration spending was approved and was to be undertaken for financial year 2008. They spent $9.5 mill. 37% less. That may be perceived as good. But it also may be perceived as bad contributing to a go slow in project and mine development.

Cash in the bank is all good, yes. However, consider that of $42.5 mill raised at $0.50 (i feel for those minorities whom participated at $0.50) $20.7 mill of that come from PDN at a lot of dilution to other shareholders. Also PDN would have contributed a large amount of the previous balance (circa $20 m) also at dilution.


cheers