PGOL is still an exploration company out there looking for minerals and has been since 2000.
Since June 1, 2000, the time when the Company entered into the mineral extraction industry, the Company has been in the exploration state. The Company has not realized any revenue from its present operations. During the six month period ended November 30, 2011, the Company incurred a net operating loss of $259,259. During the year ended May 31, 2011, the Company incurred a net operating gain of $74,259 as a result of a nonrefundable payment of $500,000 made by Idaho State Gold Company, LLC pursuant to the terms of the Exploration and Option to Enter Joint Venture Agreement Moss Mine Project. As of November 30, 2011, the Company had an accumulated deficit of $25,940,831.
Over the next twelve months, the Company intends to explore various properties to determine whether they contain commercially exploitable reserves of gold and silver or other metals. The Company does not intend to hire any employees or to make any purchases of equipment over the next twelve months, as it intends to rely upon outside consultants to provide all the tools needed for the exploratory work being conducted.
Current cash on hand is sufficient for all of the Company’s commitments for the next 12 months. We anticipate that the additional funding that we require in the future will be in the form of equity financing from the sale of our common stock.
AKA - Convertible notes that mean dilution.
However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund additional phases of the exploration program, should we decide to proceed. We believe that debt financing may not be an alternative for funding any further phases in our exploration program. The risky nature of this enterprise and lack of tangible assets places debt financing beyond the
credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated. We do not have any arrangements in place for any future equity financing
The Moss Property consists of 104 unpatented claims and 15 patented claims. The property is located in Mohave County, Arizona. The property has been acquired from various individuals and on various dates between November 2003 and January 2005. The costs have been expensed to mining costs on the Consolidated Statement of Operations during the periods incurred. The Moss Property agreements do not require on-going property payments or minimum annual exploration expenditures.
For the six month period ended November 30, 2011, the Company incurred $24,577 in exploration costs for these properties. Since the inception of these Agreements, the Company has incurred $880,384 in exploration expenses and $775,000 in option and acquisition costs related to these properties for a total of $1,655,384.
Net cash flows used in operating activities during the six months ended November 30, 2011 were $255,885 compared to $225,426 during the six months ended November 30, 2010. The increase was due to a larger net loss in the six months ended November 30, 2011 of $259,259 compared to the net loss of $228,526 in the six months ended November 30, 2010. There were no financing activities for either the six months ended November 30, 2011 or 2010.
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