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Reverse Split.
Insiders loading up ?? Preparing for RS ?? IMO.
Madagascar presidential election is over. New president has been elected. Results in stable environment politicwise. May help mining firm such as PRMO. PRMO may resume purchasing / mining / shipping / selling gold ore. IMO.
R/S = 500:1 ??
R/S coming?
10:1
100:1
200:1
500:1
Hope it won't go through the same 2007 cycle again.
Based on the track record of the CEO, president and directors of PRMO, there is no hope here. IMO. However, miracle does happen once in a while.
Is there appetizers? Main course to follow? Or just shares changing hands for what ever reasons. Just curious.
Who is selling? Why selling in big volume. Who is buying? Why spending 40-50 grands?
Is there light at end of tunnel? Wait and see.
"to approve electing new company's director to replace the company's director whose term has ended;"
- I understand Dror's term has ended. It probably refers to replacing Dror.
"to approve appointing auditors, and determine the company's audit fee for 2013;"
- Finally the financial report will be auditted. If this happen, it is a positive sign. IMO.
"message from president..."
This message has been on PRMO's web page for a few years. Probably 5+ years. PRMO management failed to update the web site for many years.
Other than gold, Madagascar also has sapphire. PRMO has been in gems business for many years. Good potential if it is real company. IMO.
Although it is still in hibernation mode, miracle may happen.
Madagascar presidential election is over and new boss is in charge. Although the DJ remain behind the scene, it seems more stable political-wise. Hopefully the mining industry recover.
Still waiting for light at the end of tunnel.
$300,000 USD monthly expense for mining. In third world country, lots of work being done for this expenditure. Looking at the break down of the costs, it seemed they were in serious business. However, this is all paper. No solid prove of the actual work. IMO.
2.5 years of complete silence. Wondering what PRMO management are up to these days.
Madacasgar?? Ghana?? Ivory Coast?? Minor interest in gold refinery?? Gold bearing inventory?? Inventory probably be >10,000kg by now, if they are really mining. IMO.
I am talking gold mining industry in general. At this point in time, no solid prove of PRMO mining or purchasing from villager. All financial reports are un-audit. PRs need to be proven.
Madagascar presidential election is coming this Friday. Things may change with new president. Gold mining may be back to normal. Wait and see.
I guess these operation in third world countries, especialy Madagascar, are considered high risk and lots of uncertainty. The political situation (presidential election) in Madagascar is up in the air, it doesn't help the mining industry. Different law and business culture. IMO.
Thus, it should not be treated same as western world. It is unfortunate that I picked an extremely high risk investment. IMO.
Failing to update the website indicates management has nothing to show the investors that they are real company. They have no desire to promote this thing unless they want cash and sell more shares. IMO.
Financials said the monthly expenditure for mining was ~$300,000 USD. The break down of expenditure such as labor, fuel, housing, tax, shipping etc seems they were real business. Unfortunately, these are fairy tales. IMO.
All those PRs in regard to million of dollars of gold sells are meaningless. IMO.
The 5000 to 6000 kg (2009 data)inventory disappeared. It's unbelievable. It probably never exist.
The gold price is below $1,300. It is uneconomical to mine gold, since production cost has been skyrocketing. Gold mining industry has been quiet. No good news.
What is happening in Ivory Coast.
ORLANDO, FL -- (Marketwire) -- 12/29/10 -- Prom Resources Inc. (the Company) (PINKSHEETS: PRMO) is pleased to announce negotiating interest in a gold refinery.
The company is currently negotiating, a minority interest in a gold and silver refinery. This move will assist the company in consolidating the gold bearing material it has on hand into a purer form when exported and optimize returns. The company expects to increase production and inventory in fiscal year 2011 and while continuing our program of selling gold material that was held back on our second quarter for tax reasons.
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It has been complete silence since this PR. No details of the refinery minority ownership. No word on further gold sell. No news on mining activity nor inventory quantity / quality. This is why I kept saying it is mystery. IMO.
Madagasca presidential election has been postponed numerous times in last couple years. The political uncertainty impacts the mining industry significantly. PRMO's share went from 0.0004 to over 0.001 in 2008. It went down to 0.0001 in 2009 when the president was over turned by the DJ. It seems gold mining/purchasing in Madagasca went to a complete stop. IMO.
It seems PRMO switch the operation to Ghana in 2008/09. Mining of gold bearing material results in gold sell in 2009/10. Then gone to complete silence in 2011 to 2013, for what ever the reason. It is a mystery at this point in time. IMO.
Do they ever own any gold?? What happen to the 6100 kg gold bearing material they claimed in 2009?? What happen to the increased production in 2011 as they claimed?? Lots of question need to be answered. IMO.
Based on a previous 2009 quote from Gerald Sklar to a shareholder.
No solid prove.
ORLANDO FL -- (Marketwire) -- 12/20/10 -- Prom Resources Inc. (the Company) (PINKSHEETS: PRMO) is pleased to announce clarification of its Sales.
In the company's first quarter ended September 30, 2010, we had gross profits of $4,115,124. The company's operating expenses were $1,105,330 and the net profit, $3,009,794, resulted in an average of $1,235 per troy oz on the sale of gold material. The company expects to increase production and inventory in fiscal year 2011 and while continuing our program of selling gold Material.
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Lots of gold mining companies has been struggling with high operating costs. The average production cost is around $1,100/oz. Based on PRMO's PR, their operating cost is on the low side. Also the inventory worth lots of $. Can't understand why management not promoting this thing.
Do they own any gold?? Are they still mining??
As per June 30 2009 financial report:
Common shares = 8,418,197,564
$5.00/share x 8,400,000,000 common share = $42,000,000,000 USD
Unbelievable.
PRMO principals and directors own lots preferred shares. ~300,000 at $10.00/share. In case of buy out, they grab a big chunk of the profit. Next to nothing for common share holders. It is sad. IMO.
What is the market value of 30,000kg gold bearing material?
At this point in time, PRMO sold close to 1,000kg for ~$15,000,000.
30,000/1,000 x $15,000,000 = $450,000,000 USD
It seems PRMO worth more than a penny. However, do they really own all these gold? The un-audit financials can't prove anything. IMO.
Based on the way Sklar runs Eastern Asteria Inc. Not much hope here with PRMO. IMO.
Sklar is in his mid-seventy. Seems run out of gas. IMO.
However, 2010 Financial Report and all other quarterly reports did not say anything about the 6,100 kg. Just wondering why they are hiding this vital information. Where is it??????? What is the current quantity??????? What is the market value??????? Does it ever exist?????
PRMO is paying $100,000 annual storage fee!!!
Also 6000 kg gold bearing material inventory that worth over $100,000,000 disappeared in thin air. They sold several hundred kg for $15,000,000. If they have been producing as stated on financial reports, the inventory should be around 10,000 kg or more.
Where is it??????????
At this point in time, haven't seen any evidence of the real operation in any country. PRMO web site has several photo that does not indicate any specific site or operation. All reports are un-audit. The inventory stockpile disappeared suddenly. All management staffs seem not exist in public eyes. Seems not interested in reply to any phone call or e-mail. It is a mystery operation. IMO.
Don't mean to pick on anyone. In fact, Mr. Sklar is in his mid seventy. May be run out of gas ???? IMO.
According to previous announcement, PRs and financial reports, PRMO sold several hundred kg gold bearing material for $15,000,000. What happen to the 6,000 kg (2009 quantity) in inventory as noted on financial reports. It costs $100,000 USD for storage annually. What is the market value?? What are they going to do with it?? Does it exist??
Lots of questions.
PRMO claimed they sold several hundred kg of gold bearing material in 2008/09. Profit goes to running the mining operation. Gold was $800-900/troy ounce. They sold more in 2010 at higher price. Total sale was ~$15,000,000.
Gold is now at $1,660. If PRMO really owns gold and still producing, there should be lots of good news. It is puzzling why management hiding all the good news. It is mystery. IMO. Don't they want to get rich??
If PRMO is still producing and stockpiling inventory, it will probably shine. However, it is a big "IF".