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Quote:" I did a search for prom and came up with nothing. "
You may try their subsidiaries as follow:
Madagascar Gold and Gems Ltd in Ghana.
Saowani Development SARL in Madagascar.
Stones and Wood Corporate SARL in Gadagascar.
It seems majority of the mining operations are through these subsidiaries. Good luck in your search.
The $4M equipment is from the financial reports. So far, no picture or any physical proof.
I did not made it up. According to page 1 of June 2009 and page 4 of June 2010 financial reports, PRMO purchased gold bearing material from villagers and tribes. So, some of the inventory are from these purchase.
I am not here to defend whether they are true or not. These are un-audit reports. Management is liable to these info.
PRMO's website has not been updated in the last 3 years or more. I understand 3 years ago, PRMO bought gold bearing material from villagers. Thus the guy panning gold was probably villagers back in the old days.
However, in the last 2 years or so, PRMO has been mining with the $4M equipment. Web site needs update to show the recent activities. Management doesn't care about these things.
I nominate Professor Indiana Jones.
According to the 2 most recent PRs, Dror promised to provide details on gold refinery deal and Ivory Coast perimeter acquisition. Looking forward to these details. Hopefully they will PR. Please do not hide them in un-audit financial reports.
PRMO advetisement in Taiwan (provided by CJ) to supply 250kg monthly. I recall it said something about joint venture with 12 other mining companies in one particular mine site in Ghana.
At this point in time, all financial reports are un-audit. This is why shareholders are very concerned the credibility of the materials on these reports. Investors are hesitate to pour money on it.
PRMO web site has not been updated for 2 to 3 years. Outdated info worry people.
PRMO management does not reply phone call or e-mail. Do they even exist? Is Dror,CEO, a real person?
PRMO doesn't operate as normal gold mining conpany. Usually the assay results and estimated gold tonnage are announced so that investor konw the market value of the company. PPS reflects the martket value of the company. PRMO refused to announce the vital information.
Too much unknown. IMO.
Quote:"How do we know the size?"
I calculated the size based on relative density of 10,000kg loose gold bearing material. It is ballpark estimates.
No one know where the inventory is stored. Based on the export tax and shipping cost on the operating expense, millions of dollars already spent. It is safe to assume that it already shipped out of Ghana and Madagascar. I am guessing it is in Thailand or Germany, where lots of refinery and smeltor located. May be in Taiwan? Most likely in Thailand, PRMO has an office in Bangkok. IMO.
The more information they are hiding, the higher potential it will explode. High risk, hopefully higher return. Of course, it can be zero return. Especially it is pinky. IMO.
Quote:"THIS COMPANY HAS FOOLS GOLD LOL!! IS THIS ANOHTER BRE-X??? CLEARLY A SCAM WITH THAT MANY SHARES ON THE ASK, PFF DROR HAS NO GOLD THATS WHY HE DIElutes "
I wish PRMO is similar to BRE-X, at least it's pps jumped from 0.50 to over 250.00. It created lots of millionaires. Of course lots people went belly up when it bankrupt. :0)
PRMO is paying $100,000 USD per year for inventory storage fee. It's lots of money for a small storage space equivalent to a couple refrigerators. It got to worth lots of money.
I believe Dror is sitting on the gold and don't know what to do. He is not selling big volume because he doesn't want to pay tax. No one benefit from the stockpile if it is not sold. What is he going to do?
A simple calculation of inventory based on "at cost" on financial reports.
June 2009 financial has 6100kg, which i $7.3M at cost.
Dec 2011 at cost is $17M at cost.
17M / 7.3M x 6100kg = 14,200kg gold bearing material in inventory
Believe it or not. All IMO.
Quote from page 7 of 2008 PRMO financial report:" As of Dec. 2008, company has secured 5000kg gold bearing material from Ghana operation, which has significant amount of gold content."
Also 6100kg from June 2009 financial. PRMO management is liable for these data.
You are correct. Next to nothing promotion from management. They hate money.
Something I couldn't fugure it out, obviously management are not rich. Why don't they show their cards and make millions of dollars? What is holding them up? Why hide all those vital information? What do they gain from not publishing all those information? They own 1.5B common shares and 350,000 preferred shares. It is a mystery. IMO.
PRMO is not going anywhere higher than 0.0002. They say they have gold, but won't say how much they have in the ground. They are selling approximately 100kg at a time (~$4M), just enough to run the mining operation. They make sure no profit on the balance sheet.
They also say the inventory is growing, but won't say how much in the stockpile. No one know the market value of the inventory.
They say they own shares of gold refinery, but they won't say the name of it and how much share they have.
Too much unknown. Management wants to keep the pps at 0.0001/2. IMO.
They are running an extremely tight budget. With alll the gold inventory that they claimed, they still in debt and need loan from principals. Strange way to run business. IMO.
PRMO management selling 1B to raise money?
With gold at $1500, PRMO suppose selling lots of gold in Q3, they are loaded with cash.
It seems potential for sapphir market. Dror's background is gem and diamond. ABFG/PRMO used to be gem company. However, it sold everything and got out of gem business. The thing is, where did all the gem inventory went when it shut down the gem business a few years back? It was a mystery.
I expect significant gold sale in Q3. PRMO is loaded with cash. IMO.
No way to confirm the share structure. However, in view of principal's move to purchase preferred shares in 2010, I am lead to believe, they are going for buy out or partial buy out for dividend. Preferred shareholders also has priority on dividend. They will get a big chunk of the $. IMO.
Preferred shareholder will have the first crack at the buy out money. The left over belongs to common share holders. It is clearly stated on the financial report.
I am not an accountant, don't know exactly how it works. But principals purchased 350,000 preferred shares in 2010 at $10.00 each. It generated $3,500,000 revenue for PRMO. You can find it on financial report. Also it explains the priority of referred shares.
Also preferred shares are convertible, it can be converted to common shares if they choose to do so. It can be billion shares if pps is very low at 0.0001. IMO.
I have no proof that it is real. It needs audit report, respond to shareholders phone call / e-mail, update web site to show mining activity, housing for miner, picture of the gold inventory etc.
It needs to disclose the inventory in details with assay results, estimated pure gold tonnage in the ground within all perimeters. So that investors can estimate the market value of PRMO and bid accordingly. PPS should reflect the value of PRMO, which I think should be in penny, if it is real. IMO.
The $3M net profit already being spent. It seems that PRMO has more than $10M net profit and they all been spent on mine operation ($550,000 monthly), export tax, shipping, $4M equipment, purchase gold bearing material from villagers etc. I understand PRMO is still in debt, i.e. need a loan from principal and directors. Obviously they are running a tight budget, to ensure the balance sheet showing no profit.
I am curious why they don't sell more gold from the huge inventory, generate cash flow and debt free. I am lead to believe management is going for a buy out scenario. IMO.
Another calculation for next 5 years production, as advertised to supply 250kg/month alluvial gold dust.
250kg x 12month/year x 5 year = 15,000kg
PRMO's financial reports says sufficient gold reserve in ground for next 5 years.
15000kg / 10000kg x $300,000,000 = $450,000,000 net profit
Lots of vital information are hidden in the reports. If it is real, pps should be way up there. IMO.
According to December 29 PR, $4M gold sale, $1M operating cost, results in $3M net profit. This is 75% net profit in Q1. The average gold index was $1,235/oz.
It works out to approximately 100kg gold bearing material.
100kg x 32.15oz/kg x $1235 = $4,000,000
The net profit for current $1,500/oz must be huge. PRMO suppose to have a selling program in 2011. The gold sale in Q3 must be significant. As I said before, PRMO is loaded with cash, if PRMO is real company. IMO.
My ballpark calculation for current 10,000kg inventory (optimistic assumption):
10,000kg / 100kg x $3M = $300,000,000 net profit
Believe it or not.
Yes, those two big transactions are definitely a possibility that shares switching from left to right hands, from one director to another, between MMs or inside trading to friends and family. IMO.
If PRMO is real company and actually selling gold in Q3 as planned, the $40K is peanuts. No need to dilute.
If PRMO dilute in 2011, they would have announced faulty PR and pushed pps higher to steal more money. It seems it is not the case.
It is still a mystery stock.
"Who bought that 40K" is a good question. Another perspective is "who sold the shares"
Who has 200,000,000 shares to sell. They were pre-arranged sale. Buyer and seller agreed on the transaction. No one else can touch it.
Another thing is the OS hasn't been changed since 2009, at 8.4 B. Obviously it is not dilution. It is getting very strange.
According to financial reports, it has sufficient gold reserve in the ground for 5 years production. Also existing inventory on top. It's looking good if it is announced with audit report.
I am taking a wild guess. A big contract to supply 250kg alluvial gold dust monthly?
It seems someone knows something is cooking. Can you smell the main course??
According to quarterly reports, the inventory at cost is ~$17,000,000 USD. Say operating cost is at 25%.
$17,000,000 x 4 = $68,000,000 Market value of inventory
$68,000,000 / 8,400,000,000 shares = $0.008 shares
I believe they mine and produce gold. But they are hiding info in the reports.
In early 2010, India bought 400 tons of gold. Gold index jumped higher than $1000 oz.
PRMO's management and directors purchased 1.5B common shares in 2009. The pps was around 0.0001 to 0.0003. So their average is around 0.0002. If they decide to promote this stock, it can easily be 0.002.
0.002 x 1,500,000,000 = $3,000,000 USD for management / directors
My point is they haven't done any promotion. They are not rich yet. There is still hope that it will explode when the time come. Especially they are sitting on a huge stockpile. IMO.
Dror publicly said PRMO is enhancing shareholders value. At 0.0001/2????????????????????? LOL
I agree, it doesn't make sense for Gerald to sit on $80M stockpile of gold bearing material. However, based on financial reports:
December 2008 - 5000 kg
June 2009 - 6100 kg
My ballpark estimation as of today - 10,000kg
10,000kg x 32.15 oz/kg x $1500 x 0.913(Purity) x 0.75 (net profit) = $330,000,000 USD net profit
So, the $80M is extremely under estimate. All IMHO.
I sent Dror an e-mail asking for detailed info on inventory 2 months ago, no reply.
The inventory in the vault worth more than $80M. Sell it man.