This is truely the most frustrating stock I have ever owned....

This is truely the most frustrating stock I have ever owned. Every quarter they miss their targets and their is always a plausible plan going forward. And even though they miss their plans the future potential always seems to get bigger and the share price lower.

I can calculate and re-calculate, add assumptions, change assumption's but it all comes back to getting the Albion circuit to work more efficiently than it is today.

If I assume that they get albion to work then I can easilly value PGI at greater than 50 cents. While this sounds like a outlandish claim it is not. On the flipside I would not be surprised if PGI trades below 3 cents at some stage in the next few months.

In the latest quarterly PGI mention the processing of imported concentrate enabling them to produce between 150,000 and 180,000 ounces.

While this has attracked liitle comment this is a hugely significant development and adds significant value to the company. As such I would expect the company for fast track this concept. As long as they can acquire suitable refractory deposits at a reasonable price then this is a game changer.

Without having a mining background it would seem obvious that the concentrate would enter the Las Lagunas process after the floatation circuit and prior to the Ablbion circuit.

As the concentrate is much higher grade than the flotation concentrate at Las Lagunas you can calculate that the actual number of tons being processed post floation is no more than we are processing today so we currently have the capacity already to produce 150,000 ounces if we were using concentrate on a 2:1 basis.

It also means that we only process around 265,000 tons pa through Las Lagunas floation circuit versus current 800,000 tons.

This has a addittional long term benefit as we would now only produce around 400,000 tons of tailings versus current 800,000 tons per annum. So this adds many more years mine life before the tailing storage is full.

So the summary is

We could produce 150,000 ounces for little or no addittional cost at las lagunas but would incurr the additional cost the purchase, concentrate and ship the concentrate to Las Lagunas.

Unfortunaley however the very significant potential this may add may never be realised if they cant get the Albion circuit to work efficiently

As I said earlier, every quarterly report seems to add more future potential while resulting in the share price going lower.

I am one very frustrated shareholder