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If the inventory of gold ore is true:
Dec 2008 @ 5,000kg
June 2009 @ 6,100kg
Then it isn't small operations. It has been mining since June 2009. $350,000 USD monthly mining cost. Gold sale has been minimal. The inventory should be approximately 10,000kg by now. If it is a real company. IMO.
One of the images showing mining machine also for sale. It looks like a screener. Probably for screening alluvial gold ore. Interesting.
Hopefully you will find more than a phone and a sign that said "out to lunch".
Probably not. Someone tried their phone in Orlando, it was answering service that only take messages. No one call back.
Someone took a taxi to PRMO's Bangkok office, the taxi driver couldn't find the building.
Dror only reply e-mail once. It was in 2010. He promised "main course will be served". We are still waiting for the main course.
No news for several months. Quarterly report for end of March, 2011, PR for Ivory Coast perimetre and PR for refinery deal without detais early this year.
Pinksheet rating is now back down to STOP, down graded from YIELD. Back to ground zero level.
No sign of promoting this thing. Although they claim $350,000 USD expenditure mining operation monthly and cumulation of gold dust inventory. It's sad.
No relation to PRMO at this point in time. I am following CJ925's suggestion. It is just his wild guess.
"EXPORT TO CHINA" has connection with West Coast Ltd, which is a gold dealer from Ghana. It supplys gold dust at 50kg per bag.
All time high gold price was $1900. Dropped to $1620. It is now back to $1740. It may go back to $1900 soon.
Too bad that PRMO didn't take advantage of these prices. I expect gold buyers lining up at PRMO's door. However, it seems PRMO has difficulty selling 250kg/month. Don't understand this gold business. It is a mystery.
I am still holding, hoping one of these days management decides to get rich, it will fly. IMO.
I am wondering if the perimetre lease in Madagascar expired after 5 years. In this event, PRMO may have nothing left in Madagascar. Also new government in May 2012 may need to re-negotiate new lease. Lots of uncertainty. It is a painful waiting game. IMO.
Based on your observation, PRMO has no mining activity at Madagascar. It seems possibly purchase of gold ore from villagers. The 5000kg as noted on December 2008 could be from purchasing. Gold sale in 2008 are from Madagascar.
Madagascar's political situation is still up in the air. It seems presidential election has been postponed again until May 2012. Lots of uncertainty. It doesn't help mining and exporting.
The mining activity and $4M equipment started in 2009, possibly in Ghana only. 2010 PRs and financial said about mining operation cost at approximately $300,000 to $350,00 monthly.
Can't understand why they keep producing and inventory, but very little gold sale and no profit shown on financial, at all time high gold price. Zero promotion.
IMHO.
PR such as gold sale and refinery deal a few months ago didn't help. The credibility of the management is at ground zero. It probably take more than PR to lift this thing. IMO.
It needs a real promotion program with all facts and details, verified by an audit report.
At this point in time, no sign of promoting this thing. Management is happy with 0.0001.
Agree 100%. Need to verify the costs as shown on all reports.
As of March 31, 2011, $255,000 for shipping, $360,000 for licensing, $111,000 for perimeter property tax, $386,000 for export tax, etc, etc. All need verification.
Audited financial report is needed.
Un-auditted financial is coming. Wish they catch the $1,900/oz gold rush. GLTA.
Management has been selling gold quietly. They don't border to PR the gold sales. Forget it.
PRMO used to PR gold sales back in 2008 and 2009. It was effective promotion to boost pps to respective level. However, they don't PR these good news anymore. Obviously they don't want to see pps higher than 0.0001. IMHO.
What ever the business plan and strategy they have in their mind, definitely do not benefit shareholders at this point in time.
$350,000 USD monthly expenditure for mining operation in more than two years. $100,000 USD for annual inventory storage fee. Production and inventory are growing. However, financial reports still showing zero profit. where is the gold inventory? What are they going to do with the inventory?
It is a mystery.
At all time high gold prices, I expect buyers line up at PRMO's door.
It seems refinery deal is a smoke screen. They have difficulty selling the gold bearing material. Possibly producing low grade gold ore that no one wants it. I recall one of the PRs said they had to sell it at lower price due to quality issue.
It is a mystery. They said they produce and inventory is growing. On the other hand, no proof of mining, gold inventory and perimetres details.
These are old info, unfortunately. More than a year old.
Gold has been at all time high for a long time. Production and inventory have been increasing as per PRs. Minority interest in refinery to purify gold ore. There is nothing to stop management to promote this thing. Disappointment is the appropriate word at this point in time. IMHO.
5.5 months since last PR. No sign of promoting this thing. No gold sale, no details on refinery and Ivory Coast perimetres. No annual financial report. Not much to say. Wait and see.
To find out the facts in Madagascar is a challenge.
I am referring to gold sale in previous 3 years. Gold bearing materials were sold to refineries at lower profit as shown on gold sale PRs.
The recent advertisement for 250kg purified gold dust monthly has no buyer. Just wondering what the problem is to find buyer.
I don't understand this gold sell business. It seems PRMO has difficulty selling the gold dust. With gold price at $1,900, I expect buyers lining up at PRMO's office.
I understand that PRMO used to sell gold bearing material to refineries. With the minority interest in refinery, it can sell purified gold dust at higher prices. How come no buyer for the gold dust?
Late last year, an reply e-mail to one of our investors, Dror said "main course will be served". 2/3 of a year passed by, no bone or carret.
I understand the situation with unaudit financials. Not much creditbility.
It seems Shyam is running the show in Ghana. His name is on several financial reports. Dror is probably is Florida or Las vegas, busy with his own businesses.
No gold? It seems the 5,000kg gold in Madagascar as stated in 2008 financial reports are no longer exist. Those are probably purchaed from Madagascar villagers. Due to the political changes in Madagascar since the presidential take over by DJ jockey in 2009, the gold dust are probably gone.
However, Ghana mining since 2009 to present is probably real. My estimation is approximately 5,000kg gold bearing material by now.
IMO. Inventory is still growing.
5,000kg x 32.15 oz/kg x $1,700/oz x 0.9699 % purity=$265,000,000 USD
When gold was $700-800, management said would wait till higher prices. It seems $1900 was not high enough for them guys. May be they were waiting for $5,000/troy oz.
Unfortunately, today's price is back down to $1,600.
Gold price is going through a major adjustment. It drops from all time high of $1,900 to $1,700. However, it is still relatively high and should be very profitable for PRMO to sell. Are we selling? Anybody interested in buying 250kg / month?
It is still in hibernation. Time to wake up? Unfortunately, winter is coming.
It seems Shyam Vasnani is running mining operations and marketing in Madagascar/Ghana. It doesn't matter where about Dror. Dror may be enjoying sunshine in Florida. Also Dror is busy with his own businesses.
5,000 kg back in 2006 may not exist anymore. The political situation in Madagascar changed so quickly. Also it has different business law over there. Don't expect too much. IMO.
It seems there has been three sources of income.
Selling shares, common and preferred shares
Selling gold bearing materials and gems
Loan from principal
It seems they are still struggling with operating costs. With minimal gold sale and hidden gold inventory, it is not going anywhere.
If management use our money to help out other firms, it doesn't help our situation.
I wish I know. There is no sign to promote this stock. Can't understand their business plan. Definitely hiding lots of positive facts. With millions $ gold sale in the last 3 years, they still can't get the ball rolling. Couldn't bring the pps to respectful level.
They own 1.5B common shares and 350,000 preferred shares. One of these days they want to get rich, it will explode. IMO.
Nothing new. Still waiting for follow up with details in refinery and Ivory Coast perimetres. Annual financial report should be available soon.
As stated in previous two PRs, production and inventory are expected to increase in 2011. However, it seems it is not selling big volume. Too bad they do not take advantage with the all time high gold prices. No sign of coming out from hibernation. Sometimes I wonder if it is a real company. IMO.
I am not here to defend whether it is a real company, or not. Sine I have shares, I am looking for positive signs.
From business strategic perspective, it is slowly but surely moving to the right direction. It is mining & producing from Ghana, it is acquiring perimetres beyond Ghana & Madagascar, minority interest in refinery, selling small volume of gold to run the mining operation, exploring gems and jewelry market, gold inventory is growing. These are positive signs I am looking for with this junior mining and exploration company.
If it is real, it will explode. IMO.
According to the two recent PRs, PRMO's business plan is to increase production and increase inventory. No plan to sell. It's too bad that they do not take advantage of the all time high prices. May be they are expecting $5,000/troy oz.
This pinky is at 0.0001. High risk and hopefully high return. Definitely a lotto play. I wouldn't bet my house on it. GLTA.
As Dror said, production is increasing and inventory is growing. Also minimal gold sale results in huge stockpile in the storage room. Eventually it will explode. IMO.
Ivory Coast and refinery details, also annual financial are coming.
All time high gold prices are no longer trigger here. They have decided to allow the invenotry to grow and kept gold sale at minimum. Eventually it will explode. IMO.
If it is a real company.
20.5B a/s and 8.4B o/s. They sold 8.4B common shares as per June 2010.
The reason for any company to go public is to raise fund, in which to run the business. They sell shares for cash. Nothing wrong with it. By selling shares, PRMO raised several millions dollars. As long as they used it for business purpose, it is perfectly okay.
Back in 2007, PRMO was lacking of cash. They acquired the right to mine and purchase gold bearing material from tribes. They need the cash to run the business.
They sold 8.4B shares and 350,000 preferred shares up to June 2010. No change of o/s since then. No sign of dilution since June 2010. These are facts. IMO.