pan valuation, page-8

In the past 12-months, Nickel prices have been through many ups and downs. It was at ~ U$11/lb around a year back and now it's around U$8/lb. That's more than 30% fall but not close to the 100% fall seen in PAN's sp. Nickel prices could fall further, may be to $6 or so if there's more bad news from Europe. It was around the $5-6 range in 2008. If that's where we are headed, who knows what the sp would be but 60c may be a possibility.

For all the gloom though, I do think that a rebound will occur. PAN's fundamentally strong. It's looking to diversify through acquisitions albeit a bit slowly. Divvy is there. I will be topping up if there's another 20% drop in the sp.

Look good to holders.