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I wouldn't bet my house on this pinky. But, high risk, hopefully high return.
I like the potential for this junior mining company. They are strategically doing their things underground. Low profile can get things done more efficiently, especially in third world country, which need a troop with AK47 to deliver the pizza.
Time will tell. Patient is the key for this pinky. It could be weeks, months or years. IMO.
It was a wild guess. It didn't happen. Have a good weekend.
My biggest hope is the inventory is growing. They must have a plan to get rid of them (selling). They cannot be rich if they sit on it. IMO.
May be a surprise PR 10 minutes before closing before the long weekend. Keep my fingers cross.
Have a good Easter.
So far, news with promises only. Meatless PR won't do any good to pps. Management is trying very hard to keep pps at 0.0001/2.
When management decides to promote, it will fly. Could be weeks, monthes or years. IMO.
PRMO's history tells me that this is not a good place for quick money. When guru talked about PRMO a few monthes back, some people looking for quick cash. Most of them got burnt. They didn't study the history of PRMO. Too bad.
The reason I pick Nigeria is that Shyam, COO, worked in Nigeria prior to joining PRMO. He has connection over there. He also worked in Liberia, other potential location.
PRMO is a junior company. It takes time to build up the business. As I said before, based on PRMO's history, this is not a good place for quick money. IMO.
As I said before, management seems happy with 0.0001/2 at this point in time. No sign of changing their business plan. Wait and see is my strategy for this pinky.
Nice to see they are expanding in Africa. Nigeria may be next. IMO.
Quote:" while continuing our program of acquiring minority interest in small operation throughout Africa. "
Ivory Coast is adjacent to Ghana. It seems PRMO is expanding in Africa. Good long term business planning. Nigeria may be next since it has lots of gold. Shyam has connection in Nigeria. Interesting.
Someone from this board went to Bangkok early this year, hop into a taxi, gave the driver PRMO's address. The taxi driver couldn't find the office. It is a mystery.
PRMO bought gold bearing material from villagers in 2008/9. They have been mining/producing since 2009. They still don't know the gold content and tonnage of inventory. They don't know what they have been buying and producing? It's unbelivable.
The operating cost include big $ for material testing. Where is the results?
PRMO is paying $100,000 annual storage fee for inventory. Judging from the export tax and shipping cost, it has been shipped away from Madagascar and Ghana. Where is the inventory? How much has been put away in storage room? 5000kg? 6100kg? or over 10000kg?What is the gold content? 91.33% or 96.699%? What is the estimated market value? Over $100M ????????
Normal practice in gold mining industry is that they drill test holes within perimeters. Take them to qualified lab for assay. They announce the assay results, estimate the gold tonnage in the ground, they are trading in pennies or higher without even production and sale.
PRMO is running this business in an unusual way. They say they have perimeters, they are producing and they are selling and have millions of dollars revenue and net profit. But they fail to say the estimated amount of gold in the ground and in the inventory. These are vital information in this industry and in the investment world. Investors can bid according to the estimated total market value of PRMO. The pps should reflect accordingly. All IMO.
Quote:"we are enhancing shareholders value," said Mr. Dror Moradov"
We need strategic business plan to get the pps out of the basement. This PR cannot even create a ripple. We need PR that create tsunami.
Multiple PRs with all the goodies and facts should help. IMO.
I saw it. Thanks. But it is temporary posting. It would be nice to see it posted on this site for future reference. TIA.
Please post PR and quarter reports on this board. Thanks.
It's time for multiple PRs for all the good news and activities. Gold sale, refinery details, growing inventory, increase production rate, additional perimeters, additional refinery, jewelry and saphire market, big contract to sell 250kg monthly.
It has been a mystery. Very often, mystery movies have surprise and happy ending.
I see your point. Good opinion.
However, if PRMO sold gold in Q3 (since January), they should be loaded with cash to pay for their daily operations. No need to chase the little money. Today only ~$20,000 change hand. All IMO.
Burn shares? Who is selling and who is buying? The OS is at 8.4B for almost the last two years. Some of today's big blocks are probably pre-arranged sale. I am just guessing. May be MMs passing the ball?
Are you saying the gold sale PRs are lies?
I hope management is shooting for big game animal, not the little ducks in a little pond. It is peanuts as compared to tens of millions of dollars in inventory and in the ground. IMO.
As I said before, management loves the 0.0001/2. They have their own agenda.
Hopefully, one of these days, they decides to get rich for a change. PRMO will fly. IMO.
It is critical for gold to break $1500. The sky is the limit.
Who was buying and who was selling? Those are pre-arranged order for particular reasons. Not that you and I can pick up those shares. All IMO.
No dilution. The OS has been sitting at 8.4B shares since June 2009. IMO.
I think it is just shares changing hands. Sometimes MM passing the ball around. IMO.
Quote:" PROMO D-U-M-P "
Disagree. PRMO has done very little promotion. The recent PRs and quarterly reports are meatless. They are actually hiding vital informations that could boost pps. They are trying very hard to keep the pps at 0.0001/2.
On the other hand, if they announce lots of fause good news, they are lying. This is not the case. They did not announce good news to try to boost the pps. So, I don't think "PROMO DUMP" for this case. Just IMO.
Gold is testing $1500 this week. PRMO must be selling.
Need PR for gold sale, inventory and details of Madagascar Gold & Gem Co..Need multiple PR to bring the pps to respectful level.
This gold rush won't last forever. History tells us gold index will come down. What goes up, must come down. So, take advantage of the gold rush and get rich, before it is too late. IMO.
PRMO needs to provide details of MGGC and its operation in Ghana. The join venture with 12 other firms can be huge asset or next to nothing. This is why it is trading at 0.0001/2. Too much unknown. Management not willing to share facts. IMO.
I am lead to believe management is going for buy out, or selling entire Ghana operation for a lum sump. IMO.
MGGC is sole subsidiary od PRMO, mining in Ghana. It seems a join venture with 12 other companies.
Quote:"Madagascar Gold & Gem Comopany (MGGC)
We are a new local miners in Ghana.we own a very big mining site of about 250acres of virgin Gold Mining Land. We are 13 mining group combined together as one team which our head is the PRINCE.We have about 125 workers. "
MGGC's ad. Seems like join veture.
Gold index at $1495. Management likes the 0.0001/2. Inventory keep growing. Gold sale is minimal. PRMO need $550.000 to cover monthly operating cost. They are running the business in extremely tight budget.
It seems they are going for buy out. May be they are looking for buyer for the big stockpile. Or buyer for entire Ghana operation for hundreds of millions of dollars. Lots of favorable scenarios. One thing for sure, they have lots of confident for this lottery play. Someone is going to hit a jackpot soon. Hopefully shareholders will get a fair share of the pie. IMO.
You are correct. PRMO is junior mining company. 5 years reserve:
250kg/month x 12 month x 5 year x 32.15 oz/kg = 480,000 oz
Inventory @ ~10,000kg x 32.15 = 320,000 oz
Total gold bearing material is 800,000 oz. We are small potato as compared to senior mining company.
Barri*k Gold's producing cost is ~$450/oz. They probably looking for low cost gold mine to bring their average cost down. PRMO is a potential low cost company. IMO.
I read all PRs and reports from 2006. They are on PRMO's web site and OTC site. Lots of information are hidden in the reports. I simply sort them out and put them in perspective. With some logical assumptions, they make lots of sense to me.
PRMO's monthly operating cost is $550,000. They They are capable of producing 250kg monthly. Say using 200kg for calculation.
200kg x 32.15oz/kg = 6,000 oz
$550,000 / 6,000 oz = $100/oz
Producing cost is extremely low. I am not surprised to see Ghana mining operation being sold for hundred of million of $. PRMO can keep Madagascar mining.
I understand PRMO probably use sluice box method to extract alluvial gold bearing material near a river, which supply free water. Thus producing cost is very low. As compared to other countries such as Mexico, using crusher for much higher cost.
Lots of investors are looking safe heaven investment. They are probably lining up at Dror's door now. IMO.
As I said before, PRMO production rate has been increased, inventory is growing, but minimal gold sale. They are looking for big buyer or big contract. Stay tuned.
Based on PRMO's history, this is not a good place for quick money. The roulette in Las Vegas probably more fun and better chance. I wouldn't bet my house on roulette or PRMO. It is lottery play for me.
Who ever bet their house on roulette or PRMO, it's too bad.
Look at the bright side, PRMO is gearing up for a real run. High risk and hopefully high return. If you want to call taking high risk investment is stupid, that is your choice. I don't know why you are on this board. Do you own any PRMO share?
I got a feeling that something big is going to happen soon. Since the inventory is growing continually. Production rate is increasing. There has been minimal gold sale due to tax reason. The only explanation of this situation is that management is looking for big buyer or big contract. Otherwise, they wouldn't keep producing with very tight budget.
It's calm before storm.
Just my own opinion. No fact to support this idea.
I don't know any other source about PRMO's preferred share situation. I hope someone with accouting background can shed some light on it.
Preferred share is on June 2010 financial, Q1 & Q2 reports. There were typos, it says 3,500,000 preferred shares. Actually, should be read 350,000 preferred shares.
Principal / directors purchased 350,000 at $10.00 each in 2010. So, PRMO raised $3,500,000 through sale of preferred shares.
The reports also say preferred share has priority in case of buy out and dividend. They receive money prior to distribute to common share holders. They are also convertible if they choose to exercise this option. i.e. convert to common shares. Like I said, the lower pps, the more it can be converted. IMO.
No, they don't want to see pennies. I think it has something to do with preferred shares that management own. Something is fishy here. The lower the pps, the more it can be converted.
I am not an accountant, I am not sure how preferred shares work in the case of buy out/dividend. It seems they have priority in getting the money as compared to common share holders. IMO.
250kg x 32.15oz/kg x $1400/oz = $11,000,000 USD
@ 75 % net profit and 0.96999 purity
$11,000,000 x 0.75 x 0.9699 = $8,000,000 net profit monthly
On top of the above, the inventory is between 6100kg to 10,000kg.
Looking good if they publish all these goodies. IMO.
To run a mining operation that costs $550,000 USD /month in third world country, there has got to be lots of labor, equipment activities in full swing. I have seen video showing hundreds of workers in a mine site in these countries. These are the vital information to boost the pps. Management is hiding these information. They didn't border to update the website with pictures of mining operations. They have their own agenda. They are happy with 0.0001/2. IMO.
We are currently in scenario # 2. Miracle does happen once in a while. Hoping scenario # 3 will occur.