As I have stated on another site, the quarterly report said nothing that hadnt already been said.
The interesting information for me was the companys statements re the Phu Kham Copper gold deposit feasibility:
"...... highlighted during the March 2005 quarter, was the indication from several drill holes, including GRD75 of another higher grade zone along the western flank of the southern part of the Resource Area....
and importantly...
"It is envisaged that such high-grade zones will enable the Company to optimise production plans and ADD SIGNIFICANT VALUE to the Project"
The significant value being added to the project leads to an obviously higher valuation. This no doubt will be followed soon after at such an important time for the company. That is, PNA will most likely look to analysts to revise their valuations with amendedments and upgrades.
Currently its 10 cents below its 'current' lower end valuation of around 34 cents.
The gold pour delays have suppressed a share price that should be higher than these current levels.
Fridays market action saw PNA hold the 24 cent level.
Sooner rather than later, we will see another run with PNA as the valuation in all probability will be revised upwards and the economics of the project becomes more robust and delineated.
The disappointment of the delays with the gold pour will be allayed, and the focus will then be on the 'company making' Phu Kham Copper Gold resource.
PNA have a number of aces up their sleeve re exploration surprises over the coming months. My guess is that those surprises will only add further value to an already rich deposit.
As always, time will tell.
PNA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
