research note, page-8

desouzara

Very interesting comments.

I was into PIR when they were claiming to have a deposit in Mali with average grade of around 4/tonne. After much drilling and re-assessment the consultants downgraded the grade and size of the deposit. I forget which consultant verified the initial resource - it was some South African mob.

AAM is a company which spruiked a resource which they did not have and the share price has tanked to around 2 cents. I was lucky that time to escape with my shin intact, but the profits vanished. Many investors hung on and lost heaps there.

CRK is another with a supposed 4 million resource, now downgraded to under 1 million - I lost some skin there.

I have to admit the huge increase in PVM's resource is what attracted my interest. Now you have me somewhat concerned about the PVM resource. I have no geo skills so I am reliant on the "professional" advice released by companies.

loki