Back...had a great visit to the property. It a very impressive, well run and organized project.
Info that might be of interest....2 hour drive to the administration offices outside of Penome, where they have the accounting and geology offices. From there it is another 45 minute drive to the mine. Need to pass security when entering the property.
Met with the head geologist who gave us a very interesting and informative overview of the mine, Ore de Norte, the concession and how the area formed 24 million years ago which left it rich in mineral deposits. The concession is very large and there appears to be multiple areas the company can explore for additional mineral deposits. Over the last 20 years geologists have collected and documented rock chips from around the concession. The head geologist entered the collection data into the computer and plotted it on a map. There are many areas with multiple groups of rock chips with over 1g/t through out the concession which will need to be test drilled to locate other bodies of mineral deposits. In my opinion based on what I viewed, there is a VERY high probability of additional mineral bodies on the concession. It will take money and drilling to locate and define the discoveries.
The mine is will designed, organized and impressive. The processing plant is enormous and impressive. The mining area is realatively small, maybe 20 hectors. FYI - I did not smell any unusual odors on my tour of the property.
Production runs 24x7 and capacity will continue to improve as they improve their processes. The run rate is currently 6,000 ozs or greater per month.
Ore de Norte drill program is 40% complete. It will take an additional 2 months untill the drill program is complete and results published.
I was told that the annual report will be filed tomorrow July 20th.
Refinancing is going very well...but they would not comment on a date.
Inmet is currently build two very significant bridges on the road to the property as part of the infrastructure they need to transport equiptment and materials for their project. I think that PDI is perfectly positioned to win Inmet infrastucture contracts. PTQ can sell PDI road base cheaper than anyone else and they already have the equiptment and infrastructure on site. I think the PDI stock is a total winner for the PTQ shareholders.
Under .50, I see nearly no downside to the stock and significant upside potential for the shareholders. I will continue to accumulate stock at under .50. Stock should continue to improve with production results, refi and drill results.
AI
