$15,315,872 (as of 09/30/2010)
For Q1 June 30-Sept 30, 2010, sales were $4,115,124, which generated a net profit of $3,009,794.
For fiscal year ending June 30, 2010, sales were $6,172,876, which generated a net profit of $2,309,938.
For fiscal year ending June 30, 2009, sales were $3,027,000, which generated a net profit of $489,631.
For fiscal year ending June 30, 2008, sales were $1,250,000, which generated a net profit of $951,225.
Mining Operation Pics
Q1 for period ended September 30, 2010: http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=41335
Prom Resources, Inc. which was formerly known as American Benefits Group, Inc., Lifeline Benefits Group, Inc. and Living Benefits Group, Inc., was incorporated on February 26, 1996, in the state of Florida. The company was involved in the business of viatical settlements. EffectiveJuly 1997, the company ceased its business operations in viatical settlements, liquidated all assets and paid all liabilities. In September 1997, the company was acquired by new shareholders and the company is now in the business of exploring and sampling mining perimeters for mineable material in the Republic of Madagascar and the Republic of Ghana.
In september 2002 Mr. Dror Moradov was elected President and Chief Exeucutive Officer of the company. Under his leadership the company divested all of its subsidiary businesses and focused only on the or further economic viability of exploring and extractions of mineable material in the Republic of Madagascar and the Republic of Ghana
In October of 2006 the company began to secure additional perimeters in the Republic of Madagascar.
As of September 30, 2007 the Company has secured the mining rights in the Republic of Ghana
In January 27th 2009 the company elected Mr. Shyam H. Vasnani as director and Chief Operating Officer. On February 15th he was also appointed as Chief Financial Officer Assets
Prom Resources endeavors to maintain and support its operations through the development of a strong asset base from its Madagascar mining perimeters. Prom Resources' corundum exploration takes place in northern and southern perimeters of Madagascar, the world's fourth largest island, which is located approximately 400 kilometers off the East Coast of Africa. Prom Resources has acquired major interests in well-established and official Malagasy companies, which have corundum concessions in the north and south of the island.
The company’s 80 Gold /Ore Perimeters in the Antananarivo province in the area of Ambohilovolovo has shown potential for significant gold prospects. The initial grab samples taken from these properties that were sent to the refinery yielded as follows:
- Wgt. In (gms) --- 8.93
- Used (gms) --- 0.04
- Wgt. Ret (gms) --- 8.53
- % Au (%) --- 91.30
Much of the work to date on the Ambohilovolovo property has focused on Gold/Ore Grab samples and assays. Mr. Gino Rasamison has begun to evaluate the property and looks to begin a Feasibility Study and program. The prospect is comprised of a linear, gold bearing quartz stockwork exposed along the southern flank of a trending ridge. This zone appears to be parallel to the trend of the ridge and is bisected by a narrow north-south river valley.
The company will continue to ship and process its grab samples and hopes to use the proceeds from these shipments to fund further exploration.
Prom has acquired extensive land holdings with potential for significant gold prospects. The company currently holds approximately 48 Gold /Ore Perimeters of permits in in the Toliara province in the area Ankavandra. These target areas are considered primary targets for the company, and an initial exploration and sampling program is planed for the 2Q of 08.
At this time most of our efforts are directed to the collection of gold bearing mined material from artesianal labor. The Company’s planned second phase will follow the same path of low investment high return pattern that will allow operations to support future growth.
At the first phase a small, one ton per hour washing plant (shake table) will be used to separate the tested ore dug in pits that will be 3m deep at first and spaced 100m apart on a grid. Manual hand drilling of 2m at the bottom of each pit will define if to extend the pit depth to 5m. In areas where positive mineralization will be detected the pitting will be zoomed in to 50m apart spacing.
The Company has secured 64 Corundum perimeters in the Toliara province in the area of Ilaka-Sakaraha. This area is well know for alluvial corundum. Currently the company allows local villagers to hand cob the perimeters and then purchase this material from them at an expectable cost. This process has proven to be economical to date, due to the following reasons
- Current workers have limited resources to dig down past 6 feet
- Material is average grade and can be sold for a high profit
- Current mining laws allow for locals to inhabit this area
Location: Measuring 988 miles in length and 357 mile wide, Madagascar is the world's fourth largest island and is located south of the equator, 250 miles off the East Coast of Africa.
Terrain: The versatile terrain of Madagascar features a chain of mountains that cascade through the east-center of the island into the Indian Ocean, providing shelter and nutrients to a lush tropical coastal plain. To the west of the mountains, a wider, drier plain hosts forests and vast areas of savanna grassland.
Climate: Being located close the equator Madagascar maintains mostly tropical temperatures. However, the temperatures can drop to freezing at higher elevations in the south. Rainfall in Madagascar also varies. The Eastern coast experiences rain on almost a daily basis, whereas the South averages only 51 days of rainfall per year.
Culture: Madagascar is believed to have been virgin territory that was initially inhabited by only a small number of people. By the early 1400's, inhabitants from lands surrounding the Indian Ocean, such as Malaysia, Java, and Africa had settled in Madagascar. During the 1500's Madagascar was a prominent station in the development of trade routes between Europe and the Far East. By the late 1600's pirates ruled the waters surrounding the island. All of these historical events have lead to the assembly of a culturally rich and diverse Malagasy nation.
Language: The first language of Madagascar is Malagasy while the official business language is French. Some English is spoken in Madagascar but is mostly limited to the capital city of Antananarivo and major resort areas. Due to a large early Arabic influence, the many dialects spoken within this island nation have a distinctive Arabic flavor.
How does the political environment of Madagascar factor into PROM's production? Madagascar, a Democratic Republic, has created an atmosphere, through economic reforms and racial harmony, which is favorable to the foreign investor. The Malagasy government is determined to increase foreign investment and has given PROM a strong sense of support. PROM is a welcome addition to the economy of the island Republic, because PROM provides employment, aids economic development, and maintains sensitivity to the Malagasy culture and environment.
What is the current economic condition of Madagascar? Madagascar, classified as a Third World Nation, suffers from insufficient health and educational facilities and a substantial portion of the population suffer from malnutrition. Agriculture, forestry and fishing are the staples of the Malagasy economy, accounting for 35% GDP and 70% of export earnings; but a 3% annual population increase, over-foresting, and a considerable level of land erosion is taking its toll on economic conditions
220 Soi Prem Sombat 5,
Pracha Songkro, Din Deang
Bangkok 10400, Thailand
2875 S. Orange Avenue #500
ORLANDO FL 32806
(as of Nov 3, 2010)
Phone: Ph: 407-956-8677
Bangkok: 66 869 732393
Company Name:Prom Resources, Inc.
Exchanges:NQB (Pink Sheets) http://www.pinksheets.com
Incorporation Date: February 26, 1996
Financial year-end: June 30
Authorized Shares (AS): 20,500,000,000 as of November 3, 2010
Outstanding Shares (OS): 8,418,197,564 as of September 30, 2010
Federal ID No.65-0647122
Transfer Agent:Transfer Online, Portland OR (Ph: 503-227-2950)
Executive Management: Dror Moradov, President and Director Shyam H. Vasnani, director, COO and CFO
Florida's Department of State Website
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