pre-open, page-7

re: first ore crushed at the phu bia gold mine, la PNA path forward in the next few months looks interesting really:

1. Heap leach commissioning performance (to be honest I think there is not much upside in this, if anything a risk of disppointment if they have a really heavy wet season. The market will be watching for a quick ramp up to full production and whether ore mined grade and heap leach recovery targets are achieved. However this will probably not be fully known until Christmas)

2. Exploration results - could be good, they have some interesting prospects which have some handy previous drill results. This could surprise the market.

3. Phu Kham - Feasibility result. August if on time? This is the biggie and what the instos are on board for. Could show up a very high project NPV. But what copper price would it based on? The current spot prices would not be the go for financing unfortunately but no doubt the MD will take the opportunity to rev things up with a valuation based on the current spot.....
Personnally I think this is where the biggest leg-up in the PNA price could come from. Maybe by August this crap market will have turned around and the market will actually jump on good news.....

4. Copper prices - looking toppy now? Looking at the chart it would be very easy for copper prices to fall another 10% very quickly. So this could dampen PNA upside IF it happened.

acturtle