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The Madagascar political situation is still uncertain since the take over by the DJ president. It may have an election in May this year. It seems PRMO has difficulty in this country. No mention of any gold mining/purchasing activity here.
All gold bearing material has been produced in Ghana, which is more stable politic-wise. However, management's business plan is to hide everything and run it in top secret. Can't figure out how they make good money when shares at 0.0001. They are holding billions of shares. One of these days, they want to get rich. Then will probably promote this thing. IMO.
This lengthy hibernation is sure frustrating. If it is still producing and mining as stated on financial reports, something big may be on horizon. (I have no prove of this assumption).
Spring is coming in a few months. Hopefully it will wake up soon. IMO.
It seems GGC* has recently gone through restructuring and hired a new president/COO. May be this is needed for PRMO to put new blood in the management.
PRMO's web page has not been updated for years. As you said, needs pictures of equipment and mining site. Also details of operations, production, inventory, perimetres in Ghana, Ivory Coast and Madagascar. Also refinery ownership.
Lots of hidden info and agenda. It is frustrating. IMO.
Gold bearing material inventory as per financial reports are:
Dec 2008 @ 5,000 kg
June 2009 @ 6,000 kg
What is the current quantity and quality/gold content of the inventory? What is the market value?
Dror is sitting on it. What is his next move?
Lots of questions.
PRMO's financial reports indicate monthly mining cost at $300,000. Includes breakdown of expenditure such as, equipment rental, camp supplies, labor, fuel, housing, export tax, property tax, inventory storage fee etc.
However, no details of location of mine, no picture, production rate, quality of mined gold bearing material, gold content, inventory quantity etc. Also un-audit report has no credibility. IMO. It is sad.
Management is sitting on a pile of gold dust (it may not even exist). Don't know what is their next move. Probably waiting for the big pay day. It is a mystery. IMO.
The un-auditted financial says PRMO is paying $100,000 USD annual storage fee for the inventory. Unfortunately their credit is at ground zero. Can't be trusted unless it is verified by qualified accounting firm. It is sad. IMO.
Inventory is probably at ~25,000kg today, if they have been mining and producing. Imagine 91.3% gold bearing material being purified to 96.999, 20 carat gold dust, which is very marketable at $1,700/troy oz. They should have cash to run this thing. IMO.
The MAN behind the scene is in his seventies. Obviously ran out of gas. IMO.
A couple hundred dollars. Doesn't mean much. IMO.
Imagine 25,000 kg 91.3% purity gold bearing material being refined to 96.999%, 22 carat gold dust. Also gold price at ~$2,000/troy ounce.
If PRMO has been mining and producing in the last 3 to 4 years, it worth lots of $$.
However, no sign of any life here. IMO.
The gold bearing material inventory as per financial reports are:
Dec 2008 @ 5,000 kg
June 2009 @ 6,000 kg
It seems 25,000 kg is reasonable estimates. If PRMO has been mining and producing since 2009.
25,000 kg at 91.3 % purity. What is the market value??
PRMO's refinery can turn it to much higher purity and more marketable.
PRMO is paying $100,000 USD annually for storage of the inventory. Where is it?? What is management's plan for this inventory??
Lots of questions. IMO.
No one knows whether anything is happening. Any mining activity or selling gold bearing material or acquire more perimetre????
Gold index is stable at $1700/troy ounce. Good time to sell. If they have any gold.
Totally agree. If PRMO is still producing and inventory has been growing as stated on the financial reports, the market value should push the PPS to respectful level. Lots of question but no answer. It is frustrating.
CEO / Directors / Principals holding lots of shares. One of these days they want to get rich. IMO.
Gold is heading towards $1800. It is unfortunate that PRMO's PPS does not reflect the value of gold. No one knows whether it sell gold or even IF it really owns gold. Too bad.
Financial report (un-audit) says $100,000 annual storage fee for the inventory stockpile. It got to worth a few dollars. If it exist.
In 1997, BR*X jumped from $0.50 to $250.00. They claimed they found 200,000,000 troy oz of gold. If PRMO verifies everything in their financial report, it probably trading in pennies.
BR*X went belly up, cause they were scam. No gold.
Quote from E-mail reply from Dror:-
From: Info (info@promresources.com)
Sent: December 13, 2010 11:09:07 PM
To: xxxxxxx@hotmail.com
Hi xxx,
That false PR was already removed. Shame I was not informed of it sooner.
I still try to get the IP out of them. The contact address is a Gmail account bearing Prom name so no doubt of the intention behind that false PR. It was hit over 900 times so it was clearly causing damage one way or the other. I can only imagine what was said in the private messages sent to those that emailed that contact.
On another note, I think the financials were detailed enough as per past operations. I delivered the appetizer. Main course and the desert will be served in due time. Expectation is part of the fun and I wouldn’t spoil yours.
All I can say is: hang around, it is going to get interesting.
Best regards,
Dror
We need to know the details of inventory, production rate, refinery deal, Ivory Coast perimeters etc, etc.
PRMO jumped from 0.0002 to 0.04 over night back in July 2007. Unfortunately, it was 200:1 reverse split. Hope it won't happen again.
Since they are paying $100,000 annual storage fee for the inventory stockpile. There should be receipt/invoice showing the storage location. There also material testing log for the gold bearing material/concentrate so that they know what they are getting from mining/purchasing.
Lots of facts need to be disclosed.
It seems PRMO sold close to 1,000kg so far. Needs to disclose what is left in the pile. Unfortunately, management purposely removed the inventory quantity from June 2010 financial report. Investors no longer know the inventory situation.
Based on the previous reports on inventory, the gold bearing material stockpile exceeds 10,000kg by now. What is the market value for gold index @ $1,600/troy oz??
Monthly mining operation cost @ $300,000. PRMO is paying $100,000 annually for storage fee. Need to sell some of the inventory to maintain the operation. How much has been sold??
It's time for PRMO to file June 2011 and June 2012 financial reports.
Coming out of hibernation???
Can't wait for reporting the inventory. It has been growing.
Details of minority refinery ownership.
Ivory Coast perimeters. etc. etc.
Since I still holding shares here, nothing I can do but hope for miracle.
If it verifies everything in the financial report by audited report. If investors know it's true market value. If management decides to promote this thing. If it is a real company. It will fly. IMO.
Authorized Shares (AS): 20,500,000,000 as of November 3, 2010
Outstanding Shares (OS): 8,418,197,564 as of March 31, 2011
Also 350,000 (@$10.00 each) preferred shares owned by principals and directors of PRMO.
Also $100,000 USD annual storage fee for a tiny storage room for the inventory. I imagine the inventory can fill a couple of fridges. If the inventory actually exist.
Financial reports said inventory of gold bearing material of 5000kg in 2008, 6100kg in 2009. Continuous production in 2010 to present. $350,000 USD monthly expenditure for mining. $4M worth of mining equipment. Perimetres in madagasgar, Ghana and Ivory Coast. Etc.
Unfortunately, the un-auditted financial reports have zero credibility. IMO. It is sad.
After the 200:1 reverse split in 2007, PRMO was traded at 0.04. It slided all the way to 0.0001 in 2008/9.
Will there be another r/s?????
I wish I have the crystal ball.
Gold index has gone up $70/oz today, or 5%. Unfortunately, it has got no influence to PRMO. Too bad.
Imagine if PRMO send the inventory to their own refinery. The ~10,000kg gold bearing material inventory (my ballpark estimates) becomes purified gold at 96.999% gold content. The market value at today's gold index of ~$1,550/troy oz, should be in hundreds of millions.
It is around $100,000,000 to $300,000,000 range. The pps is probably in pennies.
April 2011 PR and previous financial reports indicate they have been producing and inventory is growing. All they need to do is an auditted report to verify the data..... If it is a real company.
If PRMO is producing and stockpiling inventory as management announced in the last few years. Management is definitely hiding lots of vital informations. The pps can't reflect the market value of PRMO, unless all facts are published. IMO.
The last PR said they have been producing.
What is the production rate? Where is the inventory? How much in the stockpile? What grade is the gold bearing material? What is the market value?
These are the vital information that need to be published. IMO.
Quote from April 20, 2011 PRMO PR: "Over the past year the company has strategically negotiated and added significant properties to its portfolio as well as a minority interest in a refinery. With the addition of this property in Republic of Côte d'Ivoire into our already existing ore bearing and producing properties, we are enhancing shareholders value," said Mr. Dror Moradov, president and CEO of the company.
Over the past two quarters the company has negotiated a minority interest in gold assets and continued to inventory gold bearing material. The company expects to increase production and inventory during fiscal year 2011.
It has been silence for a year since the above PR. What is happening?
I recall PRMO sold several hundred kgs of gold bearing material at ~$800/troy oz to raise cash to run the mining operation. The gold price is now double. Any more gold sale??
What happen to the 5,000kg gold bearing inventory in 2008? What happen to the inventory being produced from 2009 to present?? PRMO is paying $100,000 annual fee for inventory storage. Where is the inventory??
Lots of questions. But no answer. The management has disappeared. It is sad.
June 2012 is just around the corner. However, still waiting for June 2011 annual financial report. It is disappointed.
Shyam Vasnani is the COO and Director that oversee PRMO's daily operations under 40 C. Dror is the President that enjoying the sunshine in Florida.
The financial reports indicate ~ $300,000 USD monthly expenditure for mining operations. It comes with break down on various costs. However, the un-auditted reports doesn't mean a thing. Zero credit. IMO.
Although management/directors own billions of shares, they have no desire to promote this thing. IMO.
It will be triple zero unless management decides to promote this thing. If it is real.