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Quote from Dror:" 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."
It is a joke at $0.0001.
Group of PRMO investors already hired a law firm and filed a complaint to SEC more than a year ago. No result yet.
Skeleton and bones will follow, if Dror don't keep up with update/reports/filings in timely manner.
Agreed. Management promised "main course will be served". They failed to provide good news in timely manner.
Should be strong gold sale in Q3 & Q4. Also inventory should be growing. Too bad management is hiding all the facts and activities. Can't figure out their business plan. Reluctant to release good news in timely manner. Lack of details doesn't help. IMO.
I agree with the buy out scenario. Based on PRMO has been producing for more than 2 years. Inventory suppose to be growing, close to 10,000kg by now. Management has been selling small volume. They are running a tight budget. Logically, they are looking for a big buyer, possibly 10,000kg or buy out. IMO.
USD is spiralling down the drain, gold index is setting new record high. Gold is still a hot item.
Yes, at this point in time, it is a piece of crap. PRMO's credibility is at ground zero. Fluffy PRs and non-audit financial with all those mining and gold inventory stories. Management is happy with 0.0001 pps. No sign of promoting this stock.
Gold index is at all time high, their business plan is still in hibernation mode. The Q3 & Q4 gold sale suppose to be very strong. However, no words as usual. The 6000 kg (as of Sept 2009) inventory is ready for liquidity (cost $100,000USD for annual storage). But management hesitates to sell big volume due to tax reasons. They just sit on it for whatever reason.
The 20.5B as and 8.4B os doesn't help. It scares investors away.
Having said the above, what if they are real as stated on all reports? What if they want to get rich some day and decide to promote this stock? What if gold index go up to $1,800/oz? What if they find a big buyer for the ~10,000kg inventory? What if they expand the sapphire market (industrial use)? Then we hit a jackpot. It is a lottery play. I won't bet my house on lottery. However, miracle does happen once in a while. IMO.
They have been in gems and stones business for more than 15 years, back in ABFG days. They have tons of precious stones in their pocket. The profit for these stones are exponential. They are keeping things in low profile for a reason. IMO.
They started gold business about 5 years ago. Same business plan, low profile and extremely quiet. Don't care about pps at 0.0001.
I recall it used to supply up to 250kg gold dust per month. The new ad has been dropped to 150kg. It seems their production rate has been reduced. Or they have problem lining up buyers for big volume.
Time for management to buy back from MMs. There must be strong gold sale in Q3 & Q4 and good cash flow. Cut the os down and be happy.
20.5B a/s is ridiculously high. No sign of buy back. Possibly another reverse split. No light at the end of the tunnel.
It has been 0.0001 to 0.0002 for years. Management said they are mining gold and possible gems. They said they have 6,000kg gold bearing material as of Sept. 2009. Inventory suppose to be growing. The un-audit financial reports seems they are spending $350,000 to $500,000 USD a month in mining operation in either Ghana or Madagascar.
The PRs are inconsistent and no follow up. Management do not answer phone call nor reply e-mail. (They only reply e-mail once in the past 3 years.)
High risk and hopefully high return, if it is real company. IMO.
I expect strong gold sale in Q3 & Q4, results in healthy cash flow. Possible buy back. With multiple PRs and audited financial, it will run, if it is real company. IMO.
I wish they update PRMO web-site with Ivory Coast perimeters, name of minority refinery interest, $4.5M equipment and pictures of mining operations. A picture for the ~10,000kg inventory is even better.
Am I asking too much?
Financial reports did not say anything about gems. Nothing about the operation, sale, marketing and revenue. It only says "Wholly owned subsidiary is Madagascar Gold and Gems Ltd in Ghana, which provides gold mining and purchasing entity."
I understand the potential of sapphire and other gems, however, no one knows the status of their operation. Thus pps rock bottom. IMO.
Speaking of credibility, PRMO management has zero. Speaking of pps, it is rock bottom for years. Speaking of PRMO's asset, it is unknown. Speaking of PRMO investors, most people got burnt and holding a piece of paper that worth next to nothing. Speaking of potential gain, it's like holding a lottery ticket.
Since I am still holding shares, I try to look at it from the positive side. Miracle does happen once in a while. If PRMO does mine gold, if it does own ~10,000kg gold dust inventory, if it is still producing gold, if all reports are true, if management are going to promote and push the pps to respectful level, then all investors will be as happy as the management.
What is in management's mind? What is their business plan? Are they going to promote PRMO? Are they real? Do they want to get rich with their 1.5B common share and 350,000 preferred share? These questions need to be answered.
Summer has just started. However, PRMO is back into hibernation mode.
According to PRMO financial reports, they are spending from $350,000 to $500,000 USD monthly on mining operations. It is for labor, fuel, housing, equipment rental, shipping, export tax, inventory storage fee and material testing, etc. In third world country, this money can hire lots of labor and get lots of work done. I am lead to believe the production rate has been increased and inventory is growing.
What is in Dror's mind? What is his business plan? What is the timing of showing the world that he is mining gold and sitting on a huge stockpile?
Ivory Coast perimeters and minority refinery interest indicates PRMO is expanding. But no one know the magnitude of the entire operation. No one know the whole asset and market value of PRMO. It is a mystery. IMHO.
What is in Dror's mind. Does he hate money? His group is holding 1.5B common shares and 350,000 preferred shares. Somedays, they want to be rich. That's the time PRMO will explode. IMO.
They are sitting on a huge gold inventory. They can't eat them. They will find a buyer. It seems they are going for buy out.IMO.
I am guessing the MMs are holding tons of shares and don't know what to do with it.
Gold is shooting for $1,600. Sell more gold and pay tax. Q4 is coming to the end. Can't wait for the financial report.
May be they are waiting for gold index to hit $2,000/oz.
Assuming PRMO has 10,000kg gold dust in inventory, why are they not pushing the pps? It is a mystery.
Late last year, all financial reports removed the tonnage of inventory. Instead, they only stated inventory at cost. They are hiding something for a reason.
6,000kg to 10,000kg inventory at 250kg per month supply.
10,000 / 250 = 40 month or 3.3 years.
I am surprised to see the 250 kg/month ad. It seems the mining operation can produce up gold dust to 250kg / month. What about the inventory? Is it disappear?
From positive side, I hope it is calm before storm. Or may be it is dying.
What happen to the 6,000kg to 10,000kg inventory? Does it slip through the cracks? PRMO is paying $100,000 USD annually for storage. It has to worth something.
No buyer? It is hard to believe. Gold is safe heaven for global financial crisis and unstable economy.
Who is selling? Who own 0.14B shares and want to get rid of it?
Doesn't seems management want to generate $ to run the business. It's only $14,000. Not much money.
I am guessing it is producing from 150kg to 200kg gold dust monthly. Inventory should be growing. Gold index at $1530 should generate good revenue also. With selling program, Q3 & Q4 should be promising.
I agree. I nominate CJ925.
I expect Q3 and June year end financial reports are coming. Also details of minority refinery interest, Ivory Coast perimeters and more gold sale in Q3 & Q4.
I hope the mod position is temporary vacant. Need to be filled immediately.
Looking from the positive perspective, minority refinery interest and new Ivory Coast perimeters and possible more gold sale in Q3 & Q4. It's cash flow should be much stronger now.
It has been producing and inventory must be growing. Investors need to know the quantity and market value of it. PRMO has good potential, if it is real. IMO.
Quote:" he now is a partner and director of a finance company ".
A positive perspective is that he is mingling with big shots. May be he can line up a big buyer to take over PRMO. Just a thought.
CEO wants job satisfaction and be rich. It seems PRMO's CEOs are not rich yet. 3 ways to make money:
Salary / load up on common shares / buy out (preferred shares)
1. They are not drawing any salary.
2. Their 1.5 B common shares are at 0.0001, only worth $150,000. It's nothing.
3. Their 350,000 preferred shares @$10.00 each worth a lots in case of buy out.
They are building up the asset, property acquisition, refinery and inventory for eventual buy out. All IMO.
Looking from the positive side of things, there should be significant gold sale in Q3 and Q4, in which gold index has been from $1400 to $1500. Results in healthy cash flow. Normal business plan should be expansion and possible buy back.
We shareholders have been kept in the dark. The general statements in the reports doesn't help the pps at all. It seems the management is happy with running the operation with the income from gold sale and leave the pps at 0.0001. I am lead to believe they are going for buy out. IMO.
Just got back from vacation. Trying to catch up posts in last few weeks. It seems not much progress, still 0.0001-ish.
Will there be a Q3 (Jan to March) report? Looking forward to see more gold sale as planned.
Or they may just issue annual financial report ending June 2011. It needs more than general statements in order to boost the pps.
Quote from 2008 financial, page 8, as follow:
"As of December 2008, the company has operation in Ghana and has secured 5000kg gold bearing concentrate, which has significant amount of gold."
Quote from 2009 financial, page 10, as follow:
"As of June 2009, the company has operation in Ghana and Madagascar and has secured 6100kg gold bearing material, which has significant amount of gold."
So, according to the reports, the first 5000kg is from Ghana, the balance is from both Ghana and Madagascar.
As I said, they purposely removed the tonnage from June 2010 and quarterly reports. Instead, they only show "inventory at cost" on the balance sheet. They are hiding the tonnage of inventory for what ever reason. Is it gone?? IMO.
It seems people have been looking for quick cash, but very disappointed and took a loss. However, there is always other people who chase the lottery, hoping someday will be his turn.
Good Luck To Longs.
Is it all real or partially real? I think it is partially real. For example, the PR about $4M gold sale, $1M operating cost and $3M net profit seems real.
However, 5000kg gold bearing material by Dec 2008 seems unreal. They are kind of disappeared since June 2010 report. They purposely removed from reports since June 2010. It is gone.
$4M equipment seems real, based on operating cost break down in reports. They seems make sense to me.
I believe they purposely hide info in the reports to ensure the pps stay at 0.0001/2. IMO.
Based on PRMO's history, it is not good for quick cash. I wouldn't bet my milk money on it.